Bangladesh have decided to tour Pakistan, but who will officiate in the middle is the question.
Bangladesh have decided to tour Pakistan, but who will officiate in the middle is the question.

ICC board pads up for reforms



DUBAI // Security surrounding Bangladesh’s tour of Pakistan later this month is “absolutely not negotiable”, the ICC said yesterday following a two-day meeting of the executive board in Dubai.

The sports governing body is still waiting for the Pakistan Cricket Board’s security plan, following which they will conduct their own assessments.

And this could determine whether elite umpires and other match officials travel to the country.

“We all know safety and security is a fundamental issue,” Haroon Lorgat, the chief executive of the ICC, said. “It is absolutely not negotiable, but we are confident that in some way or the other, we will be able to make some progress with getting cricket back into Pakistan.”

Bangladesh are to play a one-day international on April 29 and a Twenty20 match the following day, both in Lahore. The big question is who will officiate in these games.

“We have still got to assess the security plan, canvas our elite panel of umpires and see whether we can get appointments,” Lorgat said. “So it’s still something that we have got to deal with, but the board has agreed that non-neutral umpires may stand in that fixture.”

The directors also discussed the Woolf Report and confirmed the necessary amendments to the constitution to split the role of the ICC president and chairman of the board.

Lord Woolf was the head of an Independent Governance Review Committee appointed by the ICC and his report contains 65 recommendations on the restructuring of the ICC’s executive board to make it more independent and less dominated by the bigger countries.

It also recommends a re-examination of the rights and benefits of the Full Member nations, calling for measures to increase transparency in dealings between the ICC and its members.

The role of the president will be reformed after the annual conference in 2014 to separate the chairman of the board position from that of the president. The vice-presidency will cease to exist.

The term of the president will be one year and it will rotate among the members. The chairman will be appointed by the board, with a maximum tenure of three two-year terms. Both he and the president will be non-voting members of the board.

“Those amendments will now be taken forward to the annual conference in Kuala Lumpur at the end of June for adoption,” Lorgat said. “Once that is done, I think that is a significant step forward in reshaping the governance of the ICC or the board.”

The directors have also adopted the Woolf recommendation on creating targeted funding for member nations, and will discuss the other recommendations of the report among themselves for a “clearer understanding”.

"It [the Woolf report] is a comprehensive piece of work," Lorgat said. "There are real implications for the ICC, for members and it is something that we need to be careful and take out time in properly dealing with it."

arizvi@thenational.ae

UAE currency: the story behind the money in your pockets

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.”

World Cup warm up matches

May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff

May 25 England v Australia, Southampton; India v New Zealand, The Oval

May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff

May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval

May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff

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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

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%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3EMax%20Inferno%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20Mac%2C%20Nintendo%20Switch%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%26nbsp%3B%3C%2Fp%3E%0A
GULF MEN'S LEAGUE

Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2

Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers

 

Opening fixtures

Thursday, December 5

6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles

7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers

7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles

7pm, Pitch 5, Bahrain v Dubai Eagles 2

 

Recent winners

2018 Dubai Hurricanes

2017 Dubai Exiles

2016 Abu Dhabi Harlequins

2015 Abu Dhabi Harlequins

2014 Abu Dhabi Harlequins

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The specs

Price, base / as tested Dh12 million

Engine 8.0-litre quad-turbo, W16

Gearbox seven-speed dual clutch auto

Power 1479 @ 6,700rpm

Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds

Top speed 420 kph (governed)

Fuel economy, combined 35.2L / 100km (est)