Virat Kohli has stepped down as captain of the India Test side following their series defeat by South Africa.
The 33-year-old first led his country in red-ball cricket temporarily during the winter tour of Australia in 2014 before he permanently took the reins from MS Dhoni at the end of the series.
During his tenure as India’s Test captain, Kohli helped them become the number one side in the ICC Test rankings and saw them finish runners-up in the World Test Championship Final last summer.
“It’s been seven years of hard work, toil and relentless perseverance every day to take the team in the right direction,” Kohli posted on Twitter.
“I’ve done the job with absolute honesty and left nothing out there. Everything has to come to a halt at some stage and for me as Test captain of India, it’s now.
“There have been many ups and also some downs along the journey, but never has there been a lack of effort or lack of belief.
“I have always believed in giving my 120 per cent in everything I do, and if I can’t do that, I know it’s not the right thing to do. I have absolutely clarity in my heart and I cannot be dishonest to my team.”
The India batter relinquished the Twenty20 captaincy after the T20 World Cup in November and was also replaced as one-day skipper by Rohit Sharma last month.
Kohli was in charge of India’s red-ball team on 68 occasions, winning 40 matches but he signed off following a 2-1 series loss at home to South Africa this week.
Kohli's major wins as captain included victory over Australia in 2018-19 - India's first series win Down Under and one that Kohli at the time described as the "proudest" moment of his career.
He also led India to a 2-1 away series win over England last summer, with the final match at Old Trafford being cancelled due to Covid-19.
Kohli added: “I want to thank the BCCI [Board of Control for Cricket in India] for giving me the opportunity to lead my country for such a long period of time and more importantly to all the teammates who bought into the vision I had for the team from day one and never gave up in any situation. You guys have made this journey so memorable and beautiful.
“To Ravi Bhai [Shastri] and the support group who were the engine behind this vehicle that moved us upwards in Test cricket consistently, you all have played a massive role in bringing this vision to life.
“Lastly, a big thank you to MS Dhoni who believed in me as captain and found me to be an able individual who could take Indian cricket forward.”
Kohli has played 99 Tests and scored 7,962 runs at an average of 50.39. He has hit 27 Test centuries but not passed three figures in red-ball cricket for his country since November 2019, a run of 15 matches and 27 innings.
“BCCI congratulates Virat Kohli for his admirable leadership qualities that took the Test team to unprecedented heights,” said a BCCI statement. “He led India in 68 matches and has been the most successful captain with 40 wins.”
No announcement has been made about who will take over as India's next captain, although opener KL Rahul's name has already started doing the rounds.
The board's secretary Jay Shah wrote on Twitter after Kohli's surprise announcement: “Virat turned the team into a ruthless fit unit that performed admirably both in India and away. The Test wins in Australia & England have been special.”
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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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%3Cul%3E%0A%3Cli%3EStorstockholms%20Lokaltrafik%20(SL)%20offers%20free%20guided%20tours%20of%20art%20in%20the%20metro%20and%20at%20the%20stations%3C%2Fli%3E%0A%3Cli%3EThe%20tours%20are%20free%20of%20charge%3B%20all%20you%20need%20is%20a%20valid%20SL%20ticket%2C%20for%20which%20a%20single%20journey%20(valid%20for%2075%20minutes)%20costs%2039%20Swedish%20krone%20(%243.75)%3C%2Fli%3E%0A%3Cli%3ETravel%20cards%20for%20unlimited%20journeys%20are%20priced%20at%20165%20Swedish%20krone%20for%2024%20hours%3C%2Fli%3E%0A%3Cli%3EAvoid%20rush%20hour%20%E2%80%93%20between%209.30%20am%20and%204.30%20pm%20%E2%80%93%20to%20explore%20the%20artwork%20at%20leisure%3C%2Fli%3E%0A%3C%2Ful%3E%0A
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.
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
Kalra's feat
- Becomes fifth batsman to score century in U19 final
- Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
- Scored 122 in youth Test on tour of England
- Bought by Delhi Daredevils for base price of two million Indian rupees (Dh115,000) in 2018 IPL auction
TO ALL THE BOYS: ALWAYS AND FOREVER
Directed by: Michael Fimognari
Starring: Lana Condor and Noah Centineo
Two stars
