It is highly likely the FairBreak Invitational will not come back to Dubai.
The new T20 tournament is a privately organised venture, run in conjunction with Cricket Hong Kong.
It only came to the UAE for its pilot edition this month because of the logistical challenges of the lengthy Covid quarantine process in that territory.
In his closing comments after Sunday’s final, Shaun Martyn, the tournament’s founder, said he is already looking forward to welcoming everyone to Hong Kong in March 2023.
Which is a pity. It has been a blast. But at least we can say we were there when cricket was re-imagined for the better.
In some ways, it was exactly like every other start-up tournament. Six teams with no discernible identity. Spurious names. Flashy kits.
A plain format – round-robin, then semis and a final. All played at a stadium which had seen it all before. After all, more T20 cricket has been played the Dubai International Stadium than any other cricket ground in the world.
And yet it was so, so much more. The pervading feeling among the FairBreak players could not have been anymore different to the atmosphere of the travelling circus of men’s T20 cricket.
All too often, the samey shows of the franchise circuit in the men’s game carry with them a strong air of entitlement. The usual players, turning up to perform on demand, and perhaps wondering: “Who is it we are playing for again today?”
Contrast that with FairBreak. For the majority of the tournament it felt as though at least two-thirds of the players involved were pinching themselves and thinking: Am I really here? Is this really happening to me?
Take the testimonies from two of the tournament’s great success stories. Sita Rana Magar, who played for the eventual winners - the Tornadoes - works in the Armed Police Force of Nepal when she is not bowling left-arm spin.
Her wicket celebrations gave the event some of its most vivid images. First, via the “Pushpa” hand gesture which went viral in cyberspace.
Then by way of a salute which brought to mind Sheldon Cottrell’s trademark celebration, but more likely was in reference to her day job.
“It’s been nothing less than a dream come true for me,” Magar said. “A great learning experience and a lifetime of memory playing for Team Tornadoes.”
Then there was Anju Gurung, a left-arm seamer from Bhutan for whom the tournament was memorable for two reasons which stick out more than most.
Firstly, her Falcons team made it to the final. And, secondly, she went to a beach for the first time.
“Me being part of the campaign, to be honest, has changed my life,” Gurung said.
“I can believe, I can dream, and now I have the strength to break the barriers. I am not anymore the same.”
Everywhere you looked, there were players who could echo those sentiments.
A Rwandan seamer who dismissed the world’s No 1 allrounder. Argentine pace bowlers. Brazilian all-rounders. Malaysian trailblazers.
And a Palestinian engineer who was so engaging she turned her hand to conducting the pitch report before one game, too.
All of which is all very lovely and everything. But it would not have stacked up had players from cricket’s nether reaches been no good at playing.
And if this tournament showed anything, it is that talent can blossom anywhere, given the chance.
With an even playing field, the best of the rest showed that they can play alongside the best of the best, and thrive.
FairBreak Invitational team of the tournament
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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