UAE cricket fans will see neither Josh Hazlewood, pictured, or Pat Cummins on Australia's tour of the UAE to face Pakistan in October. Getty Images 
UAE cricket fans will see neither Josh Hazlewood, pictured, or Pat Cummins on Australia's tour of the UAE to face Pakistan in October. Getty Images 

No UAE action for Hazlewood and Cummins as Australia pair ruled out of Pakistan series



Fast bowlers Pat Cummins and Josh Hazlewood have been ruled out of Australia's Test series against Pakistan in the UAE after failing to recover from injuries, further depleting an already inexperienced side.

Australia head to the UAE for a test series slated for October without two of their most experienced campaigners, with former captain Steve Smith and his deputy David Warner suspended after a ball-tampering scandal in Cape Town in March.

With Cummins and Hazlewood still recovering from their lumbar bone stress injuries, much sting has been taken out of the attack of the Tim Paine-led squad.

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"Pat and Josh are progressing well from their lumbar bone stress injuries but are not bowling, so unfortunately they will not be at the level required for Test match intensity come October," team physiotherapist David Beakley said in a statement.

"Barring any setbacks, we are hopeful that Pat and Josh will return via the back-end of the (domestic) JLT One-Day Cup, with the aim of them being available for the ODI Series against South Africa in November as they build towards the Indian test series."

Australia play South Africa in the first one-dayer of the three-match series in Perth on Nov. 4 before hosting India for three Twenty20, four tests and three one-day internationals.

Australia's pace spearhead Mitchell Starc, however, remains on track to be fit to face Pakistan, however.

"On a positive note Mitchell Starc is back to unrestricted training and remains on track for the Test Series against Pakistan," Beakley said.

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.”

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

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Hometown: Bogota, Colombia
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