David Warner, left, and Steve Smith were both handed 12-month bans for their roles in a ball-tampering scandal. Getty Images
David Warner, left, and Steve Smith were both handed 12-month bans for their roles in a ball-tampering scandal. Getty Images
David Warner, left, and Steve Smith were both handed 12-month bans for their roles in a ball-tampering scandal. Getty Images
David Warner, left, and Steve Smith were both handed 12-month bans for their roles in a ball-tampering scandal. Getty Images

Steve Smith and David Warner link up with Australia teammates in Dubai: 'Like we never left'


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Steve Smith and David Warner have been welcomed back into the Australian fold with "hugs and cuddles" at a team meet-up in Dubai, and said it was like they had never left.

The disgraced pair, whose year-long bans for ball-tampering expire this month, were invited by coach Justin Langer as part of their re-integration after the scandal in South Africa that rocked the cricketing world.

Australia are in Dubai as they prepare for an upcoming series against Pakistan in the UAE following their upset one-day international series win against India.

"It's been awesome. It's like we didn't really leave, the boys were very accepting of us coming in and with open arms," Warner. "A lot of big hugs and cuddles. It's been great.

"It's good to see the spirit they're in after a great series win in India, and I am obviously looking forward to watching them play against Pakistan here and hopefully they win that series as well," he added.

The "sandpapergate" scandal in Cape Town, which also saw opening batsman Cameron Bancroft banned for nine months, had far-reaching consequences for Australian cricket.

Then-coach Darren Lehmann quit and there was a clean-out of top executives from Cricket Australia after a scathing review said its "arrogant and controlling" culture was partly to blame for players bending the rules.

Australian cricket has since undergone a host of cultural changes under Langer, and Warner and Smith were brought up to speed at the meeting on how it now worked.

"Making sure we're in line with team values moving forwards," Warner said of the meet-up, which also discussed the squad's preparations for the upcoming World Cup.

"Obviously [we've] been out for 12 months and there has been a big change, which is great, and it's about accepting that and playing what our role should be in the team."

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Brothers coming home

Smith, who was stripped of the captaincy and is barred from being considered for any leadership role for a further 12 months after his ban ends, echoed Warner's comments.

"It seems like some really good energy among the team at the moment," he said. "It's great to be back around the group, they've been really welcoming and almost like we've never left."

While the cheating row initially unleashed a torrent of vitriol against them, that sentiment has eased significantly and they are expected to be slotted straight back into the team.

Smith said the Dubai catch-up went through "the values that are instilled in the team at the moment and making sure we are on the right path looking forward to what's coming up; a huge World Cup and an Ashes series in England".

The pair, who are both returning from elbow surgery, are eligible for the final two games of the Pakistan series. But selectors decided it would be better to ease themselves back at the upcoming Indian Premier League.

Langer, who has been vocal in championing their return, said it was like "two brothers coming home".

"They have been received really well, we had a good night together and had some great meetings today [on Saturday] so it's been really positive," he said.

"As a coach when you have got two guys with as many runs and experience as they've got coming back into a team that's playing well, that's very exciting."

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A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

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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