Who to support when the UAE’s new franchise cricket competition, the International League T20, starts next year?
Three teams have ready-made fan bases before a ball is bowled. Dubai Capitals and Abu Dhabi Knight Riders are representatives of the Indian Premier League franchises in Delhi and Kolkata whose names they bear, while MI Emirates are tied to Mumbai Indians.
And the other three? At this stage, it feels a little like intrigued supporters might have to pick their favourite investment firm, and plump for them.
The teams have no obvious geographical link. The player pool is fluid. Azam Khan’s involvement as the only Pakistani player is still yet to be confirmed. No Indian stars will be involved.
In the case of Desert Vipers, they might hope to pick up supporters from the other teams with which they are affiliated, too – although not in cricket.
The Vipers are owned by Lancer Capital, which is a private equity firm based in the United States. The company’s chairman, Avram Glazer, is part of the family who own the Tampa Bay Buccaneers and Manchester United.
Might his new cricket venture in the UAE be able to pick up the residue from those teams?
“I hope so,” Tom Moody, the Vipers’ director cricket said, when asked if they will become the cricket team of choice for Manchester United fans.
“If we get only a small percentage of them, we have a big following, haven’t we?”
In reality, the cricket operation has little overlap with the other teams in their owner’s portfolio, but Moody is grateful for their sporting expertise.
He is, after all, attempting to build a team from scratch, to compete with franchises who already have years of experience in cricket’s most lucrative league.
The Capitals, Knight Riders and MI Emirates teams are even entitled to pick players who represent their IPL versions.
“There is no doubt they have an infrastructure that has been in place since the inception of the IPL,” Moody, a two-time World Cup winner in his playing days with Australia, said.
“I suppose they do have an advantage to a certain extent. But we have a very experienced management team and support staff who have been involved in IPLs and other franchise tournaments around the world. That has brought us back up to speed.
“We come from a unique backdrop because we come from an ownership with other sporting interests, so there is already a global interest there.
“We also want to play a brand of cricket that people will want to follow. We hope that through that brand of cricket we introduce some new stars locally.
“We hope those players become dominant players not only here in the UAE. And, who knows, maybe first choice players in other franchise leagues around the world.”
The Vipers will seek to make marginal gains where they can. Which is why, on Wednesday afternoon in Jebel Ali, they hosted trials for some of the UAE’s leading emerging talent.
Each of the ILT20 squads are due to include four home-based players, with at least one per starting XI.
“We have arranged this to give us an opportunity to check out the local talent,” James Foster, the former England wicketkeeper who is the Vipers’ head coach, said.
“We have a draft coming up at some stage in November, and this gives us an opportunity to see the skillsets, and identify the areas which we as a side might want.
“When you go into an auction, you never know how it is going to unfold. You don’t know what pick you are going to get, so you have to be very flexible and be aware how the UAE players can fit into your side.”
Moody insists UAE cricket is set to benefit from the advent of the new tournament.
“I think this is going to be a unique opportunity for the UAE, more than anything else,” Moody said.
“We have seen the success of franchise cricket around the world – in Pakistan, India, the Caribbean, Australia and so on. Everywhere it has given an enormous injection to the local talent.
“Having the international talent sharing the same arena and professional environment with the UAE players, they will grow with that experience.
“Not only because of those players, but because of the coaching structure that are going to be set up. It will be an experience they won’t have had before.
“Hopefully in time we will see the UAE national side, and the whole depth of infrastructure, benefit from having their own franchise tournament.
“Instead of having tournaments fly in and use facilities now they have [a tournament in] their own backyard, and they own that. Hopefully that will allow their game to flourish.”
Plan to boost public schools
A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
Aspects of the school model will be extended to international private schools, the education minister has previously suggested.
Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
The%20specs
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
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MATCH INFO
Barcelona 5 (Lenglet 2', Vidal 29', Messi 34', 75', Suarez 77')
Valladolid 1 (Kiko 15')
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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.”
UAE currency: the story behind the money in your pockets
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The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now