Amjad Ali led the way for the UAE with a top score 49 against Kenya. Pawan Singh / The National
Amjad Ali led the way for the UAE with a top score 49 against Kenya. Pawan Singh / The National

UAE in fine form to beat Kenya by five wickets at World Cricket League Championship



The UAE proved that life goes on without their inspirational former captain Khurram Khan after beating Kenya by five wickets in the first of their World Cricket League Championship double-header in England on Thursday.

Amjad Ali top-scored with 49 with Mohammed Shahzad hitting the winning runs with a boundary for a score of 27 as Aaqib Javed’s men rattled off 173 for five in 41.4 overs. Kenya posted 171 in 40.5 overs after being sent into bat by Mohammed Tauqir and his bowlers rewarded their captain’s faith, with Mohammed Naveed and Manjula Guruge taking seven wickets between them.

All-rounder Khurram announced his retirement earlier this month after the UAE’s Intercontinental Cup defeat to Ireland by an innings and 26 runs, but the national team bounced back with a convincing win in the 50-over match at the Rose Bowl in Southampton. The second match takes place on Saturday at the same venue.

Ashes warm-up

Elsewhere, Chris Rogers turned attention back to his cricket, rather than his business interests, with an unbeaten fifty on the first morning of Australia’s Ashes tour opener against Kent in Canterbury.

Australia, having been sent into bat by Kent, were 108 without loss at lunch at the St Lawrence Ground on the first day of this scheduled four-day clash.

Rogers was 53 not out and Shaun Marsh, a rival for an opening spot alongside David Warner when the first Test against England begins on July 8, was unbeaten on 45.

Left-handed opener Rogers found himself having to apologise on Wednesday after he unwittingly contravened ground regulations by trying to re-sell tickets for next month’s second Test at Lord’s as part of a hospitality package.

Australia, led by Test captain Michael Clarke, rested Warner from this match, with the bowling attack featuring experienced pacemen Mitchell Johnson, Ryan Harris and Peter Siddle, plus leg-spinner Fawad Ahmed.

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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.”

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