In one of his first interviews on taking up the post of the International Cricket Council (ICC) chief executive in April 2008, Haroon Lorgat said the organisation needed to transform to meet the demands of the modern world.
It was the kind of empty line any eager incoming executive might throw around, a bright smile, a fresh suit and firm handshake tossed in as accoutrements.
It is only now, as he prepares to depart four years later having left the game with the Lord Woolf report to deal with, that it emerges he might have been serious.
In his time, much has changed and is changing.
The Indian Premier League (IPL) was still two weeks from bursting into our heads when he was appointed.
That year he would have to postpone the Champions Trophy and move it from Pakistan because of security concerns, an issue that would assume much greater urgency the following March.
Pakistan would continue to be problematic, the spot-fixing kerfuffle one headache, a diabolically dysfunctional administration another migraine.
There was much else, not least the former Australian prime minister John Howard; hitherto only a divisive figure in the real world, his failed vice-presidency nomination would bring similar friction to cricket and reopen old divides within the body of race and culture.
And all the while, each day that came brought with it further proof that the game was not being run as much as squeezed of as much as it could give.
Administration was whatever financially powerful boards wanted it to be, built on bullying and hotel corridor wheeling-dealing.
It is these daily aches, more than the headline issues, that have weighed heavier on Lorgat's mind.
The Lord Woolf governance review, instigated by Lorgat and made public to the nervousness of all cricket boards, is the mirror that nobody has before held up to the game.
The assessment is not shocking and its prescriptions not really radical. But the act of it being said and written is as important as its content.
The report calls for a complete overhaul of the way the game is run because it believes - and this is the most damning conclusion in its 68 pages - that the "ICC reacts as though it is primarily a Members club; its interest in enhancing the global development of the game is secondary".
That is exactly what it is.
Prime among its recommendations is the creation of a stand-alone, independent ICC, until now only a myth in the heads of many.
For every wrong in cricket the ICC is blamed, without the accompanying realisation that the ICC is merely the sum of its member boards' interests and decisions.
It is not some independent body that is in control and at fault.
So the report calls for the creation of an independent tier of directorship from outside the member boards and the game as well, so that the executive board is less dominated by the bigger members and thus, by its own self-interest and more accountable to an even development of the game.
It also believes that ICC directors should not hold posts with member boards as is the case currently, so that there cannot be conflicts of interest between what is good for the game and what is good for one board. Their primary commitment should be to the ICC.
The immediate benefit of such independence would be firmer control over, for example, the Decision Review System (DRS).
It might also bring more stability, uniformity and fairness to the Future Tours Programme (FTP).
There is much else, almost all of it eminently sensible.
It says that full membership - currently accorded only to Test-playing nations - should be opened up to high-performance countries who do not play Tests, to give them more of a stake and a voice in the game.
It calls for a revamp of the ICC's funding models, both in the generation and distribution of revenue.
Here it highlights again a central discord at the heart of the ICC's function: "We believe there is an inherent conflict between the consequences of the ICC's objective to increase the commercial revenues from ICC events to maximise distribution to members and its objectives to develop the global game."
All of it is so sensible that there is almost no chance any of it will be implemented (even though the review details measures to make the transitions smoother).
The full members are expected to discuss the report at the next ICC meeting in April.
But one official, when the report was presented, remembers members wanting the report to be put away in a drawer and forgotten.
Another is sure it will never be implemented.
And how can it? How can full members - these ones in particular- agree to cut their own powers and share of revenue?
In an interview with The National recently, Lorgat expressed hope that there could be implementation pointing to the example of members who have independent directors on their own boards.
But privately, he more than anyone will know it won't happen, having seen self-interest prevail over the Test championship, World Cup participation and DRS.
He has been part of some fierce battles inside the ICC on these very issues; at the recent meeting in Dubai, he was asked by directors to actually leave the room, ostensibly because they wanted to discuss his replacement but also because of a continuing, tetchy relationship with other directors.
The concluding irony in all this is that even if the recommendations - absolutely necessary as they are - are implemented, the ICC is only set on a road map to become like other sporting bodies around the world, say Fifa as one.
And what an aspiration that is.
osamiuddin@thenational.ae
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More from Neighbourhood Watch:
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.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Results
Stage three:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Tom Dumoulin (NED) Jumbo-Visma, at 14s
4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
5. Joao Almeida (POR) UAE-Team Emirates, at 22s
6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s
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1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s
4. Tom Dumoulin (NED) Jumbo-Visma, at 14s
5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
6. Joao Almeida (POR) UAE-Team Emirates, at 22s
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
All or Nothing
Amazon Prime
Four stars
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
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ABU DHABI CARD
5pm: UAE Martyrs Cup (TB) Conditions; Dh90,000; 2,200m
5.30pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 1,400m
6pm: UAE Matyrs Trophy (PA) Maiden; Dh80,000; 1,600m
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige; Dh100,000; 1,600m
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige; Dh125,000; 1,600m
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1; Dh5,000,000; 1,600m
India Test squad
Virat Kohli (c), Mayank Agarwal, Rohit Sharma, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Rishabh Pant (wk), Wriddhiman Saha (wk), Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill
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Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
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'I Want You Back'
Director:Jason Orley
Stars:Jenny Slate, Charlie Day
Rating:4/5
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners