International cricketers may be obsessed with taking the positives out of defeats, but seldom can a loss have had such a shimmering silver lining as when the UAE went down to Scotland yesterday.
The national team may have sacrificed a trophy by way of the 41-run reverse to Scotland in the final of the World Cup qualifier in New Zealand.
They gained so much more, though. As a consequence of finishing runners-up in the 10 team event, the UAE have been pitted into Pool B at the 2015 World Cup.
Meaning they have 12 months to prepare for fixtures against India and Pakistan, amongst the rest of the world’s elite.
If the reality of what they had achieved by qualifying had yet to sink in, then maybe the idea of sharing a field with MS Dhoni and the rest of the Indian Premier League millionaires should do the trick.
Aaqib Javed, the former Pakistan Test player who now coaches UAE, believes the India and Pakistan fixtures in particular could have a significant impact on the sport here.
Aaqib wants the leading 20 players in the country to be released from their work duties for the next year to give the national team the best chance of succeeding.
That requires a sizeable funding boost and he hopes corporate sponsors will be enticed by the fact the team have been drawn against the giants of Asian cricket.
“It adds a lot because back at home people will be very excited to see their team competing against India and Pakistan,” the coach said.
“I think these two fixtures will definitely attract sponsors to support UAE because playing against India and Pakistan is a huge thing.
“I want the players to report for training at the ICC Academy in Dubai at 9am every day and work like professionals.”
The UAE have already had a small taste of what it feels like to play in front of a global audience as their final yesterday was screened live online on the ICC’s website.
That meant viewers got the chance to see a Khurram Khan square drive in high-definition, as well as Vikrant Shetty having his helmet smashed by a bouncer in ultra-slow motion.
“Congratulations go to both Scotland and UAE for a tremendous effort in reaching the World Cup, and for their exceptional performances,” said Alan Isaac, the ICC president.
“I am delighted that fans around the world could enjoy the high standard of cricket.”
Khurram was somehow overlooked for the player of the tournament award, despite scoring a competition record 581 runs and taking seven wickets, with a parsimonious economy rate of 4.8 runs per over with his left-arm spin.
He was beaten to the award by Scotland’s captain, Preston Mommsen, whose unbeaten 139 in the final proved the difference between the two sides.
Khurram echoed his coach’s view that the players will need to work like professional players, rather than part-timers, if they are to impress at the World Cup.
“We are going to go back and start working hard, it is not going to be easy from here on,” Khurram said.
“When we left the UAE, everyone said the conditions are not going to suit you, but I think they did a wonderful job coming here and qualifying. It was an amazing experience.”
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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
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.”
