ILT20: Rovman Powell backs UAE's aspiring stars to produce 'something special'

Rovman Powell, the West Indies batter, hopes UAE’s aspiring stars can thrive among the household names of the international game, when their home T20 league commences.

Powell will captain the Dubai Capitals, who will play against Abu Dhabi Knight Riders in the opening fixture of the first DP World International League T20 on Friday.

The new, six-team competition is the most high-profile 20-over event for UAE players. Each of the squads features four players from the host nation.

In Friday’s opener in Dubai, for example, home hopefuls such as Chirag Suri, Jash Giyanani, Hazrat Khan or Akif Raja could line up alongside Powell, Bhanuka Rajapaksa, or Joe Root for the Capitals.

In the other dressing room, Zawar Farid, Fahad Nawaz, Matiullah and Sabir Ali will be rubbing shoulders with Indian Premier League royalty in the form of Sunil Narine and Andre Russell.

“This is a start of something special,” Powell said on the eve of the competition’s launch.

“Not from a personal standpoint but from the team and franchise standpoint. This is a good chance for the UAE players to showcase their talent.

“The DP World ILT20 is a good launching pad for them and hopefully they'll utilise this opportunity.”

One of the most recognisable of the overseas professionals will be multi-tasking on the opening weekend.

Denly and Sharafu visit school kids to drum up support

Dwayne Bravo will be playing for MI Emirates when they open their campaign against Sharjah Warriors on Saturday.

First, though, he will be playing a set at the opening ceremony on Friday, an event which will also see Badshah and Jason Derulo performing. The show is due to start at 5.15pm, with the match set to begin at 6.45pm.

The cricketers maintain they are focused on performing on the playing field, with Bravo hoping he can share some of his expertise over the course of the next month.

“It's important for me to pass on whatever knowledge that I have about the game to my teammates and also develop the next generation of cricketers,” Bravo said.

According to Tom Moody, the Desert Vipers director of cricket, the competition will benefit UAE cricket over the long term.

“I am very excited about this project, mainly because this is the first time we have seen a franchise tournament that belongs to the UAE,” Moody said.

“We have seen a lot of cricket here in UAE over the years, through ICC tournaments and Pakistan having to play a lot of their cricket here.

“But I think, for the UAE to have their own cricket tournament, with as many international superstars playing in it across the six teams, I think is really important for the development of cricket in this region.

“I know with Phil, and conversations we have had with other management, it is very much a priority for us to make sure we are part of helping develop that side of cricket here in the UAE.

“This is not a short-term project. It is long-term, and hopefully our involvement can help fast track the game in this region.”

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Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

Results:

6.30pm: Maiden Dh165,000 2,000m - Winner: Powderhouse, Sam Hitchcott (jockey), Doug Watson (trainer)

7.05pm: Handicap Dh165,000 2,200m - Winner: Heraldic, Richard Mullen, Satish Seemar

7.40pm: Conditions Dh240,000 1,600m - Winner: Walking Thunder, Connor Beasley, Ahmed bin Harmash

8.15pm: Handicap Dh190,000 2,000m - Winner: Key Bid, Fernando Jara, Ali Rashid Al Raihe

8.50pm: The Garhoud Sprint Listed Dh265,000 1,200m - Winner: Drafted, Sam Hitchcott, Doug Watson

9.25pm: Handicap Dh170,000 1,600m - Winner: Cachao, Tadhg O’Shea, Satish Seemar

10pm: Handicap Dh190,000 1,400m - Winner: Rodaini, Connor Beasley, Ahmed bin Harmash

UAE currency: the story behind the money in your pockets

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.”