Suresh Kalmadi, the Commonwealth Organising Committee chairman, has formed a three-member panel to investigate the charges against the officials.
Suresh Kalmadi, the Commonwealth Organising Committee chairman, has formed a three-member panel to investigate the charges against the officials.

Commonwealth Games officals indicted, another steps down



The treasurer of the Commonwealth Games Organising Committee (CWGOC) stepped down following allegations that he gave a contract to his son's firm while three other officials have been suspended in another development. In the latest setback to hit the event, Anil Khanna, who is also the executive secretary general of All India Tennis Association, had resigned in the wake of allegations that his son's firm had been contracted to lay 14 synthetic surfaces at RK Khanna Tennis Stadium. Khanna has denied the report. "I joined the organising committee in January 2010 ... and by that time the contract was done, so I don't have a conflict of interest in the deal as it was over by December 2009," Khanna said.

Khanna said he been thinking for sometime about parting ways with the organising committee when the corruption allegations against him surfaced. He also said that his family was not happy when he joined the organising committee. "My conscience is clear," Khanna said. "I don't want to be seen as somebody associated with corruption or financial [irregularities]." Corruption allegations have dogged the Commonwealth Games, which will take place October 3-14 in New Delhi. A probe panel has indicted three senior officials for irregularities during last year's Queen's Baton Relay in London. Joint Director Generals TS Darbari and M Jeyachandran, and Deputy Director General Sanjay Mahindroo were suspended following their report. The CWGOC chairman Suresh Kalmadi set up the three-member panel headed by chief executive Jarnail Singh to look into the charges after India's Sports Ministry asked him to remove the officials involved.

The Indian government's anti-corruption agency has identified 16 projects where financial irregularities are suspected. Earlier this week, Commonwealth Games Federation president Michael Fennell had pressed for a full report on the allegations. "It is something which is very disturbing and we do feel that the matter needs urgent attention by Indian authorities," Fennell told local television NDTV. The corruption allegations are just one of a myriad of problems facing the event. Construction delays have led to price rigging and substandard equipment and material being used and safety checks compromised in race against time to compensate for construction delays for the biggest sporting event in the country since Asian Games. * Agencies

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Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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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.”

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Profile of Whizkey

Date founded: 04 November 2017

Founders: Abdulaziz AlBlooshi and Harsh Hirani

Based: Dubai, UAE

Number of employees: 10

Sector: AI, software

Cashflow: Dh2.5 Million  

Funding stage: Series A

LA LIGA FIXTURES

Thursday (All UAE kick-off times)

Sevilla v Real Betis (midnight)

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

Veil (Object Lessons)
Rafia Zakaria
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