UAE captain Muhammad Waseem smashed 160 runs off 82 balls against Singapore. Subas Humagain for The National
UAE captain Muhammad Waseem smashed 160 runs off 82 balls against Singapore. Subas Humagain for The National
UAE captain Muhammad Waseem smashed 160 runs off 82 balls against Singapore. Subas Humagain for The National
UAE captain Muhammad Waseem smashed 160 runs off 82 balls against Singapore. Subas Humagain for The National

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Cricket

UAE fall just short of 500-run barrier in Asia Cup qualifier thrashing of Singapore

National team are bowled out for 471 before going on to secure a 201-run victory in Nepal

The National

April 23, 2023

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Vriitya Aravind and Muhammad Waseem both smashed huge centuries as the UAE almost broke through the 500-run barrier during their ACC Premier Cup demolition of Singapore on Sunday.

On a remarkable day of run-scoring for the national team in Kirtipur, captain Waseem battered the bowlers around the ground with a 82-ball 160, that included nine fours and 16 sixes.

Aravind, the 20-year-old wicketkeeper who hit 185 against Kuwait last Wednesday, managed a mere 174 this time round – his knock coming off a more sedate 133 balls, containing 17 fours and seven sixes.

The duo's 246-run partnership for the second wicket – opener Aryan Lakra had managed just 12 before being bowled by Adwitya Bhargava – put the UAE on their way to a mammoth total.

And the 500-run mark looked in touching distance after teenager star Aayan Afzal Khan's 50-ball 74, that included nine fours and three sixes.

But when the talented all-rounder fell with the score at 460-7, the UAE's final three wickets fell in quick succession and they ended up all out for 471. Medium pacer Bhargava finished with 4-85 from his eight overs.

The UAE's victory – in a fixture that did not have full one-day international status – never looked in any danger as Singapore reached 270-9 in reply, with Manpreet Singh (66 from 64 balls) and Thilipan Omaidurai (52 from 56) showing some resistance.

The wickets were shared around the UAE's bowling attack with 17-year-old whizz-kid Aayan (2-53), Karthik Meiyappan (2-37) and Sanchit Sharma (2-32) all claiming a couple of wickets each.

The UAE now sit second in their group after three games following the 201-run victory, level on points with Hong Kong who have played a match less.

Whoever wins the 10-team event in Nepal will qualify for this year’s Asia Cup, which is set to be played in the ODI format in Pakistan as a precursor to the 50-over World Cup.

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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Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Updated: April 24, 2023, 6:30 AM
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