Ricky Ponting, the Australia captain, arrives at the opening ceremony in a rickshaw at Bangabandhu Stadium in Dhaka yesterday.
Ricky Ponting, the Australia captain, arrives at the opening ceremony in a rickshaw at Bangabandhu Stadium in Dhaka yesterday.

World Cup fever? Come back and see when the quarter-finals start in five weeks



While pondering the value of World Cups in sport, Ed Smith, the former England batsman turned leader writer for The Times, suggested they have one essential failing. Namely, they render all the other intervening events in that sport more or less meaningless.

"World Cups are sport's grey squirrels: once they've scuttled their way into the system, they dominate the whole ecosystem, killing off all rivals," he wrote in last month's edition of GQ.

"Strangling more deserving competitions is what World Cups do best."

Cricket's version is like the daddy of grey squirrels, but with a masochistic bent: it is so tireless in its attempt to suffocate the game, it actually squeezes all life out of itself, to the extent that all other cricket is a joy by comparison.

Sorry to start off on such a downer. Come back to me in five weeks time, when the quarter-finals, and perhaps some excitement, are about to start. If cricket's version of water torture has not done for you by then, that is.

Happily for the powers that be, the players remain on side.

"I don't really have to say much about people thinking the tournament will start from the quarter-finals," MS Dhoni, the India captain, said at the opening press conference.

"I think it will be interesting right from the very start. Don't forget it was the boring games which took the whole excitement out of the last World Cup."

By that last sentence, he meant the predicted mismatches, like Pakistan versus Ireland, were the ones which gave the World Cup in the West Indies its colour.

Ireland's stunning victory over Pakistan was one of the highlights of the 2007 tournament.

Yet his clumsy phrasing conveyed a far more accurate picture. Too many non-matches make the World Cup dull for too long.

"I think the format is perfect this time, not like in the last World Cup," Shahid Afridi, the Pakistan captain, said. "Now you get a chance to play each and every team."

He would say that. The group stage is so long now, Pakistan will probably be able to fit in at least three of their trademark meltdowns and still cruise happily into the knockout phase.

To their credit, the International Cricket Council (ICC) have heeded the criticism. The next World Cup will only be for the 10 best teams in the world.

As a counterweight to that, the pool of non-Test playing nations participating in the World Twenty20 will mean an expansion of that competition to 16 teams.

However, flaws remain. Cricket's supposedly most important trophy is played for in a 50-over format which is neither the game's highest form, nor its most popular anymore.

Even the tournament's tagline - "The Cup that Counts" - is debatable. For many, it remains far less sought after than an ancient little urn.

The Barmy Army, England's travelling supporters group, numbered thousands for the recent Ashes series in Australia, compared to a few hundred making the trip to India.

"There is no doubt we'd prefer to win The Ashes," Paul Burnham, co-founder of the Barmy Army, said when given the choice of Ashes or World Cup success.

"It is absolutely the biggest event in cricket as far as I am concerned. The World Cup is OK

" Our people are not professional layabouts. They had been saving up to go to the Ashes in Australia since 2009."

The muted regard for the World Cup in England and Australia contrasts with those on the ground in the subcontinent, where the tournament will be jointly hosted by India, Sri Lanka and Bangladesh, according to the powers that be.

"The board was pleased to hear that excitement was reaching unprecedented heights around the [World Cup]," Haroon Lorgat, the ICC chief executive, said in a press release after this week's executive board meeting in Dubai. "All indications and reports point towards an eagerly-awaited event as teams look forward to annex "The Cup that Counts".

"Whether it is in Bangladesh, India or Sri Lanka, the interest in the event is evident and we are grateful to the three hosts for their splendid efforts in preparing well for the tournament.

"The World Cup promises to be a showpiece full of colour and passion and will be the pride and joy of each host nation."

This tournament had originally been pencilled in to be staged in Australia and New Zealand.

The Tasman countries have not had the 50-over flagship since 1992 - four years before the last Asian World Cup - so, by the previously established run of events, this was their turn.

However, in 2006 the ICC did away with the cyclical process, and staged an open bidding process.

Not surprisingly, the all-powerful Asian block won out, and they successfully argued that every third World Cup should be staged on the continent as it is the main market for cricket.

So Asia will also stage the 2023 and 2035 events. If man - and 50-over cricket - is still alive.

As part of the trade off, Australia's right to stage the competition was edged back four years.

England got the 2019 event, and were handed the sweetener of a new competition for 2009, the then-yet-to-be-branded World Twenty20 Championship (now the World Twenty20).

Who really got the booby prize there?

Australia and New Zealand suffered most from the deal, but England did all right.

They were laughing all the way to the bank when T20's popularity suddenly exploded.

The fixture between India and England at Lord's in the 2009 World Twenty20 is said to have attracted the biggest television audience ever for a single cricket match.

India, Sri Lanka and Bangladesh have been left with a bloated, fossil of an event, played in a format of dwindling popularity.

Yet, apparently most importantly, the 50-over version of the game remains a cash-cow that can be milked.

According to IS Bindra, the influential Indian cricket administrator who headed the 2006 Asian bid team, the promise of US$400 million (Dh1.47 billion) extra in profits from the competition swung the vote in their favour.

He did not stop there with the grandstanding.

"We can promise that the 2011 Cricket World Cup will be as big as the football World Cup," Bindra was quoted as saying at the time.

Now there is nothing wrong with ambition, but really? Bigger than the football World Cup? Not quite sure on what level that forecast will stand up.

In terms of spectators, they have no chance.

For the least appealing match of the 2010 football World Cup in South Africa, a group fixture between New Zealand and Slovakia, 23,871 people turned up to watch.

They will be lucky to get a 10th of that when Kenya play Pakistan in Hambantota in Sri Lanka. When Canada meet Zimbabwe in Nagpur, there will almost certainly be more security guards than spectators.

And possibly even more big grey squirrels.

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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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