Rovman Powell of Dubai Capitals hits out on his way to a score of 97 off 41 balls in his side's DP World International League T20 victory over MI Emirates at the Zayed Cricket Stadium, Abu Dhabi, on January 22, 2023. Photo by Vipin Pawar
Rovman Powell of Dubai Capitals hits out on his way to a score of 97 off 41 balls in his side's DP World International League T20 victory over MI Emirates at the Zayed Cricket Stadium, Abu Dhabi, on January 22, 2023. Photo by Vipin Pawar
Rovman Powell of Dubai Capitals hits out on his way to a score of 97 off 41 balls in his side's DP World International League T20 victory over MI Emirates at the Zayed Cricket Stadium, Abu Dhabi, on January 22, 2023. Photo by Vipin Pawar
Rovman Powell of Dubai Capitals hits out on his way to a score of 97 off 41 balls in his side's DP World International League T20 victory over MI Emirates at the Zayed Cricket Stadium, Abu Dhabi, on J

Rovman Powell and Joe Root star in record score for Dubai Capitals in ILT20


Amith Passela
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Rovman Powell and Joe Root powered Dubai Capitals to a tournament highest 222 for three, a total that sent MI Emirates crashing to their first defeat in four games in the ILT20 at the Zayed Cricket Stadium in Abu Dhabi on Sunday.

Powell was in destructive mood, thumping 10 sixes and four fours in a blistering 41-ball 97 while Root struck eight fours and three maximums in a 54-ball 82.

Root played the anchor role sharing two valuable partnerships. He put on 78 in 53 balls with Robin Uthappa (26) for the opening wicket and put on 119 in 63 balls with Powell for the second wicket.

Root departed in the second last over to a catch at backward point by Fazalhaq Farooqi off Zahoor Khan.

Powell fell to the final delivery of the innings to fellow West Indian Kieron Pollard, going for a big one and ending up skying the ball for Will Smeed to run from deep cover to get under it.

Set with a record chase, the MI emirates were left struggling after three wickets tumbled for the addition of one run, and they eventually went down by 16 runs.

Fred Klaassen and Hazarat Luqman sent down two overs each as MI Emirates took their score to 25 before Chamika Karunaratne struck with his second delivery by removing Muhammad Waseem (10).

Luqman then provided a double blow in his third over. He had Smeed (13) caught behind by Uthappa and Nicholas Pooran (0) playing on his last delivery of that over for the local lad to return with 4-0-24-2.

Pollard made a valiant attempt to keep MI Emirates in the game by hammering a 38-ball 86 but his dismissal in the 16th over to fine catch from Karunaratne, who ran to his left along the boundary rope to get the big man off the pitch.

Pollard hit half a dozen sixes and eight fours, and dominated a fourth-wicket stand of 118 from 60 deliveries with Andre Fletcher (35 off 34).

Najibullah Zadran (30 off 9), who arrived at the crease after the fall of Pollard, dispatched Karunaratne for 29 that included four sixes. However, Klaassen got rid of the danger man with his second delivery in the penultimate over to put the Capitals back on track.

Meanwhile, Gulf Giants notched up their fourth win to maintain their perfect record in the tournament after a five-wicket triumph over Desert Vipers in the early game at the Dubai Stadium.

Chris Lynn (42-ball 71) and Shimron Hetmyer (35-ball 70) shared a brilliant 117-runs stand in 56 balls for the fourth wicket to take the Giants score past the Vipers' 195 for four with three deliveries to spare.

Lynn smashed eight fours and three sixes while Hetmyer blasted five sixes and an equal number of fours, before David Weise (19-ball 22) and Liam Dawson (nine-ball 16) completed the job for their side in the top-of-the-table clash.

Alex Hales had earlier thumped 99 off 57 balls for the Vipers to post a challenging score on the board but that excellent knock was overshadowed by the two knocks from Lynn and Hetmyer.

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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
How to protect yourself when air quality drops

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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.”

Updated: January 22, 2023, 6:33 PM