Australia's Steve Smith has remained in India for the five-match T20 series. AFP
Australia's Steve Smith has remained in India for the five-match T20 series. AFP
Australia's Steve Smith has remained in India for the five-match T20 series. AFP
Australia's Steve Smith has remained in India for the five-match T20 series. AFP

Australia's World Cup celebrations on hold as T20 series begins in India


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It has been just a few days since Australia defeated home favourites India to lift the 50-over World Cup title in Ahmedabad.

As Travis Head scored a scintillating century in front of over 92,000 fans at the Narendra Modi Stadium, Australia's incredible 2023 season had reached its pinnacle. Winning the World Test Championship final, retaining the Ashes and lifting the 50-over title in a calendar year is as good as it gets.

The dust has still not settled on Australia's celebrations but the players will be back out on the field again, in a T20 series between the World Cup finalists that starts on Thursday – just four days after the 50-over world title clash.

The dissonance in the cricket calendar could not be more stark, asking players who participated in a physically and emotionally draining event like the World Cup to put their kits back on again the same week.

While India have rested almost all of their first-choice players who participated in the World Cup, the Aussies have surprisingly retained seven members of their World Cup-winning squad for the five-match T20 series.

That is possibly one of the reasons why Australia captain Pat Cummins received a subdued welcome on his return home following the World Cup win, with other members of the victorious group returning in batches. A proper ceremony to felicitate the World Cup winners could be some time away.

"We've all split off our own different ways, there's T20s coming up, some guys are on aeroplanes at the moment getting home as well," wicketkeeper-batsman Alex Carey said upon arrival in Adelaide.

"It's probably pretty odd scheduling now that you look at it, to win a World Cup and a few days later you're playing again."

Australia will be captained by wicketkeeper Matthew Wade, with World Cup knockouts hero Head, Josh Inglis, Glenn Maxwell, Steve Smith, Marcus Stoinis, and Adam Zampa among those who have remained in India for the T20 series.

The home team, on the other hand, will be captained by Suryakumar Yadav, with the squad light on experience but filled with T20 specialists.

Wicketkeeper Ishan Kishan will get a chance to cement his spot in the white-ball team, while explosive batsmen Rinku Singh and Shivam Dube will be hoping to make their mark as teams shift their focus to the T20 World Cup in the summer of next year.

The T20 series opens in Visakhapatnam on Thursday, followed by games in Thiruvananthapuram on November 26 and Guwahati on November 28.

Shreyas Iyer will join the squad as vice-captain for the last two T20s, in Raipur on December 1 and in Bengaluru on December 5.

ARGENTINA SQUAD

Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez

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At a glance

Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free

Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland

UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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.”

Company profile

Name: Thndr

Started: October 2020

Founders: Ahmad Hammouda and Seif Amr

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Sector: FinTech

Initial investment: pre-seed of $800,000

Funding stage: series A; $20 million

Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC,  Rabacap and MSA Capital

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Updated: November 22, 2023, 9:56 AM