If there are two things expats from the subcontinent are crazy about, it’s cricket and films. Put them together and you get the Indian Premier League (IPL) – a heady mix of batsmen, big bucks and Bollywood. Founded in 2008 by the Board of Control for Cricket in India (BCCI), the IPL has swiftly become the highest-profile showcase for Twenty20 cricket globally. And of the eight teams playing in this year’s league, three boast a strong Bollywood connection.
1 Shah Rukh Khan – Kolkata Knight Riders
The team
At the first auction in February 2008, Bollywood’s king Shah Rukh Khan, 48, acquired ownership of the Kolkata Knight Riders (KKR) for US$75 million (Dh275.5m), under his company Red Chillies Entertainment in partnership with the actress Juhi Chawla and her husband Jay Mehta. He is the team’s brand ambassador and usually performs in the tournament’s opening ceremonies. The team’s livery is designed by Manish Malhotra, Bollywood’s go-to fashion designer.
The celebrities
Khan is one of Bollywood’s most powerful stars and topped Forbes India’s celebrity rankings in 2013. He also lays claim to more than 30 Filmfare Award nominations and 12 awards, eight for Best Actor.
Chawla, meanwhile, has nine Filmfare nominations, of which she has won two, including one for Qayamat Se Qayamat Tak in 1988. Chawla and Khan went on to become one of the most popular on-screen couples of the 1990s and have appeared together in more than a dozen films since their first, 1992’s Raju Ban Gaya Gentleman, also one of Khan’s earliest films.
In the news
In 2008, Khan was barred from entering the team’s dressing room during games. In 2012, he was banned from a Mumbai stadium for arguing with officials.
SRK has remained media-savvy, promoting KKR in a video, a music album with top singing talent and a TV documentary titled Living with KKR that was broadcast on National Geographic.
2 Preity Zinta – Kings XI Punjab
The team
The bubbly actress Preity Zinta and Ness Wadia of Wadia Group – her boyfriend at the time – snapped up Kings XI Punjab in the tournament’s debut year, in partnership with Karan Paul of Apeejay Surrendra Group and Mohit Burman of the Dabur group, for $76m.
The celebrity
An A-lister, Zinta, 39, debuted in 1998 with a bit role in Shah Rukh Khan’s Dil Se, which got her a Filmfare Award for Best Debut. With 11 Filmfare nominations and two gongs for Best Actress, Zinta is credited as one of the actresses who has redefined the Indian film heroine.
In the news
Zinta has struggled with her role as the owner of a cricket team, going as far as to admit feeling out of place at times. She broke up with Wadia in 2009, but the two have remained business partners. Zinta is seen at most IPL auctions, games, conferences and promotional events, leading Khan to comment in February this year that she’s one of the better team owners in the league.
3 Shilpa Shetty – Rajasthan Royals
The team
The least-valued team at the inaugural auctions in 2008, the Rajasthan Royals went on to win the first IPL championship after defeating the Chennai Super Kings. This spurred the actress Shilpa Shetty and her husband Raj Kundra to acquire a 11.7 per cent stake in the team for $15.4 million, at the second auction in 2009.
The celebrity
Shetty is an A-lister, too. The 38-year-old gathered a huge international fan following after her 2007 appearance on the fifth season of the British reality television show Celebrity Big Brother, especially when she got caught up in controversy after another contestant subjected her to racist remarks. Shetty ended up winning, with 63 per cent of the final votes.
In the news
In 2010, Rajasthan Royals was terminated by the BCCI but managed to secure a stay order from the Supreme Court.
In 2013, Kundra was accused of betting on games his team played, but the case was later closed. Last we heard, a fresh probe had been ordered.
The Kolkata Knight Riders take on the Mumbai Indians today at 6.30pm at Sheikh Zayed Stadium
artslife@thenational.ae
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
COMPANY PROFILE
Name: Grubtech
Founders: Mohamed Al Fayed and Mohammed Hammedi
Launched: October 2019
Employees: 50
Financing stage: Seed round (raised $2 million)
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
ENGLAND SQUAD
Goalkeepers Henderson, Pickford, Pope.
Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.
Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.
Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Jawab Iteiqal
Director: Mohamed Sammy
Starring: Mohamed Ramadan, Ayad Nasaar, Mohamed Adel and Sabry Fawaz
2 stars
