For the second time in seven months, Dubai Hurricanes snatched a coveted title out of the hands of Bahrain, as they were crowned Gulf Men’s League winners at Dubai Sevens.
Their 24-21 win on Sunday afternoon means the Hurricanes now hold all the major titles in regional rugby simultaneously. They are reigning UAE and West Asia Premiership champions in XVs, and they are now kings of the abridged format again, too.
Back in April they stole the regional title from Bahrain in the dying moments of the grand final on the adjacent field, Pitch 2, at The Sevens.
It was the only time at any stage in the 15-a-side season that the previously unbeaten Bahrain had not led the race for the title.
Again, the tourists finished top of the table in the six-team pool phase of the Sevens this weekend. But, yet again, the Hurricanes beat them to the silverware.
“Last year, we were two of the best sides in the comp and any team that plays either of us knows that, and they sort of raise their game to play us,” said Toby Oakeley, the Hurricanes captain, who scored two tries in the final.
“Whenever we go against each other, it's always a hard, competitive battle and we enjoy it and get stuck in.
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“It doesn't get any better [that playing in a Dubai Sevens final]. As soon as you step on Pitch 1, you know the whole club is behind you, friends and family are in the stands watching, and it just creates an incredible atmosphere.
“That just gives you that extra energy to go to the last minute, and the last couple of seconds.”
The Hurricanes are no strangers to success in this competition, but they have been absent from the podium since before Covid.
They won back-to-back titles before the world stalled because of the coronavirus. The club tumbled down Gulf rugby thereafter, and this is the latest confirmation they are back.
Oakeley was the only member of the current Hurricanes squad still around from those dual successes at the end of the last decade.
“Back in 2018 and 2019, we won the double and then Covid hit and we had to rebuild the structure,” Oakeley said.
“We made the final two years ago against Dubai Tigers, when there was a similar league structure to what we had this year. It means it's all to play for, and every game matters.
“It was fantastic to get back on the Pitch 1 and even better to win it. It was unbelievable from the boys, and I couldn’t be happier for them.”
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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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
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Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
