England paceman Stuart Broad heaped praise on Bangladesh for their determined resistance in the ongoing first Test in Chittagong, saying it was one of the top five Tests he has played in.
Bangladesh, chasing a target of 286 runs, battled to 253 for 8 at stumps on the fourth day on Sunday, needing 33 for their first-ever win against England.
Broad brought England back into the contest just when it appeared to be slipping out of their hands with two late wickets that could prove vital.
He bowled some reverse swing balls and was unlucky not to have more success with debutant Sabbir Rahman, unbeaten on 59 overnight, who showed strong determination to survive the day.
“What a fantastic Test match to be a part of,” Broad said after the end of fourth day’s play.
“Coming back for day five, we need two wickets with 33 runs to get.
“Things you tell yourself as a bowling and fielding unit: two deliveries, two good balls, who can have the character to bowl two unplayable deliveries, or beat the batsman’s defence or test his ego.”
Broad added: “I think Bangladesh has played fantastically well.
“I think the Test match has been up there among the top five that I have played in, exciting-wise.
“I have played 99 Tests so I know I will get two-three hours kip (sleep) tonight through worry. So it is good fun,” he said.
Broad expressed his satisfaction in his own performance on a crumbling pitch that was exploited by spinners from both side.
“It is tough for a seamer,” he said.
“It is not Trent Bridge. It is a different mindset. You have to tie down the batsmen, try to create pressure for the spinners.
“Your time to strike is when you get a bit of reverse swing like Stokes.
He added: “It is a patience game. You have to wait for things to come into your favour and strike.”
All-rounder Ben Stokes picked-up 4 for 26 in the first innings owing to reverse swing and Broad followed the same route in the second innings to unsettle Bangladesh’s lower order.
“I think Bangladesh will be very proud with their performance. We are proud we have utilised our skills in these conditions,” Broad added.
“This was our first Test match here for six years. There’s going to be 11 very disappointed and 11 delighted guys tomorrow. This is not going to be a draw,” he said.
*Agence France-Presse
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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MATCH INFO
Inter Milan v Juventus
Saturday, 10.45pm (UAE)
Watch the match on BeIN Sports
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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