South East Asia has produced more than its fair share of professionals in snooker, pool and billiards.
Snooker and billiards featured at the recent 2013 SEA Games, with Thailand topping the medals table, but it is in the professional sector that the real money lies.
Thailand’s most successful snooker player, James Wattana, can lay claim to career earnings that currently stand at US$2.7 million. The 43-year-old has suffered a recent slump in form but is still ranked number 65 in the world.
Wattana has made $29,099 so far in the 2013-2014 season but is unlikely to ever replicate his earnings of the early 1990s when he was ranked number 3 in the world and consistently earned $150,000 to $450,000 every season.
Two up and coming Thai prospects to look out for are Ratchayothin Yotharuck and Noppon Saengkham who will both be looking to follow in the footsteps of Wattana by becoming the next Thai players to break the milliondollar-mark in earnings.
Yotharuck, 18, has made $9,572 so far in his inaugural season on the tour while Saengkham, 21, boasts career earnings of $45,751.
The current snooker season has $13,126,202 in prize money on offer and other notable Thai snooker players involved include Dechawat Poomjaeng. He has earned $78,559 in his career to date but 2013 ended in ignominy for another Thai, the 101st-ranked Passakorn Suwannawat, who was placed under investigation due to irregular betting patterns during a match in Shanghai.
The Philippines can lay claim to the world’s top pair of pool players after Lee Van Corteza and Dennis Orcollo triumphed at the 2013 World Cup of Pool, the international annual single-elimination tournament for doubles teams in nine-ball competition, held in London.
The Filipino pair were awarded $30,000 each for that win which has contributed towards Corteza being the second highest earning pool player in 2013, according to AZBilliards.com. His income for the year was estimated at $111,525.
Orcollo was only marginally behind his doubles team partner after earning an estimated $106,770 in 2013 and the AZBilliards.com list of top performing pool players features a healthy contingent of Filipinos with notable names including Francisco Bustamante, who came in 8th with $66,442, and Carlo Biado, who was 12th with $49,350.
Leading the way for the region in the ladies game is Rubilen Amit. The 32-year-old became the first Filipina to become a world pool champion in 2009 and last year she won the Women’s World 10-Ball Championship for a second time, earning an estimated $27,300 in 2013.
With 15 Filipinos currently ranked in the top 100 for the men’s game by the World Pool-Billiard Association there is no question which country is the game’s regional powerhouse but there are representatives elsewhere who also deserve a mention.
Vietnam’s Anh Tuan Nguyen claimed a bronze medal in 10 ball pool singles at the recent SEA Games, with the Filipinos Dennis Orcollo and Carlo Biado coming first and second respectively, and he is currently ranked number 47 in the world and earned an estimated $3,570 last year.
Flying the flag for Singapore is 59th-ranked Lian Han Toh who earned an estimated $2,500 in 2013 a total that as bettered by his compatriot Aloysius Yapp who despite being ranked 40 places lower by the World Pool Billiards Association earned $3,570 last year, according to AZBilliards.com.
Indonesia, the world’s fourth most populous country, is represented at elite level pool by Irsal Nasution. His career highlight was a second-place finish at the 2010 Guinness World Series of Pool in Jakarta.
Major international pool and billiards events are not held in South East Asia as commonly as some regions but the 2013 Women’s World 10 Ball Championship was hosted at Resorts World Manila.
The event proved to be an emphatic success from a Filipino perspective as the local favourite Amit defeated America’s Jennifer Barretta in the final to win the tournament and the $21,000 prize money, helping to cement Manila’s status as a viable venue for world class pool.
The best pool players can earn hundreds of thousands of dollars but the prize money on offer pales in comparison to the sort of rewards available to elite snooker players. So while Filipino players like Amit, Van Corteza and Orcollo are undoubtedly at the pinnacle of the sport, they still can’t expect to earn as much as Wattana did during his heyday.
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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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.”
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
UAE currency: the story behind the money in your pockets
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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
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Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
KILLING OF QASSEM SULEIMANI
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About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47