All-rounder Shadab Khan says misfiring Pakistan can still qualify for the World Cup semi-finals, insisting that "miracles happen" in cricket.
After starting strongly with wins over the Netherlands and Sri Lanka, the 1992 champions were soundly beaten by India and Australia before being humbled by neighbours Afghanistan.
They will likely now need to win all their remaining pool games, starting with a clash against big-hitting South Africa in Chennai on Friday.
"We have under-performed in all three departments – batting, bowling and fielding," admitted Shadab. "We have not played good cricket but have bounced back from such situations."
With four group games remaining, Pakistan can still make the semi-finals but there is no margin for error.
But on top of needing results - and fast - they'll also likely need to improve their poor net run rate, which could yet prove pivotal in deciding the final four.
"If you have belief, miracles happen," added Shadab, vice-captain to skipper Babar Azam. "We have not played like we were playing before the World Cup but from tomorrow we have to start a winning streak. When you are in a do-or-die position then I think the pressure is less because you have nothing to lose."
Pakistan have found themselves under heavy fire from a critical domestic media, scathing former players and a disgruntled fanbase following their shock eight-wicket loss to the Afghans.
The noise grew so loud, the Pakistan Cricket Board on Thursday released a statement asking for everyone to get behind the team, but offering no guarantees to skipper Azam and those in positions of power above him.
"The PCB acknowledges the emotions and sentiments of cricket fans following the three consecutive defeats faced by the national team in the ICC World Cup 2023," the statement read. "In this challenging environment, the board administration hopes that the cricketing fraternity and fans will continue to support captain Babar Azam and the entire Pakistan cricket team.
"Addressing the media scrutiny directed at captain Babar Azam and the team management, the board's stance, echoing that of former cricketers, is that successes and defeats are part of the game. Captain Babar Azam and Chief Selector Inzamam-ul-Haq were given freedom and support in forming the squad for the ICC World Cup 2023.
"Looking ahead, the board will make decisions in the best interest of Pakistan cricket based on the team's performances in the World Cup."
Shadab insists victory over the South Africans will change the conversation.
"I always tell the players that if you are going to a tournament like this, you have to cut off from the social media," said Shadab.
"If you perform then everyone says that 'he is doing so well', but when you are not performing then the same people will say 'he is not good enough'."
He added: "It's the mentality that when someone is not in the team, then they are the best and when someone is in the team they are the worst."
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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.”
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Results for Stage 2
Stage 2 Yas Island to Abu Dhabi, 184 km, Road race
Overall leader: Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Fernando Gaviria COL (UAE Team Emirates) 2. Elia Viviani ITA (Deceuninck - Quick-Step) 3. Caleb Ewan AUS (Lotto - Soudal)
