Australia's T20 captain Aaron Finch, left, and David Warner will play central roles for the hosts when the Twenty20 World Cup is eventually played on home soil. AFP
Australia's T20 captain Aaron Finch, left, and David Warner will play central roles for the hosts when the Twenty20 World Cup is eventually played on home soil. AFP
Australia's T20 captain Aaron Finch, left, and David Warner will play central roles for the hosts when the Twenty20 World Cup is eventually played on home soil. AFP
Australia's T20 captain Aaron Finch, left, and David Warner will play central roles for the hosts when the Twenty20 World Cup is eventually played on home soil. AFP

Twenty20 World Cup braced for delay to 2021 due to coronavirus risks, says Cricket Australia boss


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The Twenty20 World Cup is under "very high risk" of not being hosted this year due to the coronavirus pandemic, Cricket Australia boss Kevin Roberts has said.

Like most major sport, professional cricket has been in lockdown since March, causing the cancellation and postponement of numerous international series and franchise competitions. That includes the Indian Premier League (IPL), which has continuously pushed back its start date.

"Obviously, we’ve been hopeful all along that it could be staged in October-November but you would have to say there is a very high risk about the prospect of that happening," Roberts told reporters in a video call on Friday.

"In the event that doesn’t happen, there are potential windows in the February-March period, October-November the following year.

"And there are implications here for the ICC over a number of years. So there’s a lot of complexity for the ICC to deal with."

The International Cricket Council (ICC), the sport's world governing body, has the final say over whether the October 18-November 15 event will go ahead.

On Thursday, the ICC deferred decisions over the tournament until its next board meeting on June 10.

India's cricket board (BCCI), which is set to host the following edition of the tournament in 2021, is keeping a close eye on developments as a postponement could open up a window for the IPL.

The lucrative franchise-based tournament, which was supposed to start at the end of March, had to be postponed indefinitely due to the pandemic and the BCCI faces a $530 million (Dh1.95 billion) dip in revenue if the competition fails to go ahead.

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Paul Radley's Top 20 cricketers under 20

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The IPL's move to an October-November slot could impact Australia's scheduled T20 series with West Indies (October 4-9) and India (October 11-17) confirmed on Thursday, with a number of Australian internationals contracted to IPL teams.

Australia's cricketers would need exemptions from CA to be excused from international duty and play in the IPL but Roberts declined to say whether CA would grant them.

"The question of the IPL will be addressed when a decision is made around the T20 World Cup, that’s the key influencing factor there," he said.

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UAE currency: the story behind the money in your pockets
RESULT

Norway 1 Spain 1
Norway: King (90 4')
Spain: Niguez (47')

THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

Scoreline

Australia 2-1 Thailand

Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'

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%3Cp%3E%3Cstrong%3EEquestrian%3C%2Fstrong%3E%3Cbr%3EAbdullah%20Humaid%20Al%20Muhairi%2C%20Abdullah%20Al%20Marri%2C%20Omar%20Al%20Marzooqi%2C%20Salem%20Al%20Suwaidi%2C%20and%20Ali%20Al%20Karbi%20(four%20to%20be%20selected).%3Cbr%3E%3Cstrong%3EJudo%3C%2Fstrong%3E%3Cbr%3EMen%3A%20Narmandakh%20Bayanmunkh%20(66kg)%2C%20Nugzari%20Tatalashvili%20(81kg)%2C%20Aram%20Grigorian%20(90kg)%2C%20Dzhafar%20Kostoev%20(100kg)%2C%20Magomedomar%20Magomedomarov%20(%2B100kg)%3B%20women's%20Khorloodoi%20Bishrelt%20(52kg).%3Cbr%3E%3Cbr%3E%3Cstrong%3ECycling%3C%2Fstrong%3E%3Cbr%3ESafia%20Al%20Sayegh%20(women's%20road%20race).%3Cbr%3E%3Cbr%3E%3Cstrong%3ESwimming%3C%2Fstrong%3E%3Cbr%3EMen%3A%20Yousef%20Rashid%20Al%20Matroushi%20(100m%20freestyle)%3B%20women%3A%20Maha%20Abdullah%20Al%20Shehi%20(200m%20freestyle).%3Cbr%3E%3Cbr%3E%3Cstrong%3EAthletics%3C%2Fstrong%3E%3Cbr%3EMaryam%20Mohammed%20Al%20Farsi%20(women's%20100%20metres).%3C%2Fp%3E%0A
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Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
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Apple product price list

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Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Match info

Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')

Southampton 0

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.”

The five types of long-term residential visas

Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:

Investors:

A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.

Entrepreneurs:

A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.  

Specialists

Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.

Outstanding students:

A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university. 

Retirees:

Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.