The cricket heads of Pakistan and India had what was said to be a “fruitful” meeting on Sunday at the headquarters of the International Cricket Council (ICC) in Dubai.
But the results of the much-anticipated meeting, and the fate of the first series between the two sides in three years and the first to be “hosted” by Pakistan in nearly a decade, will only be clear on Monday.
One official, not present at the meeting but an important stakeholder, said there had been positive developments. One strong possibility now is that the two sides play a series in Sri Lanka, consisting three ODIs and two Twenty20s.
That would be a compromise that please both sides as it allows India to not play in the UAE, as the BCCI has wanted, and allows Pakistan to not tour India.
Shaharyar Khan, head of the Pakistan Cricket Board (PCB), and Shashank Manohar his counterpart at the Board of Control for Cricket in India (BCCI), had an hour-long meeting on Sunday afternoon at the ICC offices.
Giles Clarke, who is the president of the England and Wales Cricket Board (ECB), acted as the facilitator for the discussions, and it is Clarke now who will provide more details on Monday of the outcome of the meeting.
As well as being a senior ICC figure, Clarke is the head of the ICC’s Pakistan Task Team, a body set up first in 2009 to help Pakistan through the impact of not playing at home and revived at the ICC’s AGM this year in June.
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Part of the original remit was to find a way to restart cricketing ties between the two countries, which have been effectively been on hold since the Mumbai terror attacks.
“The outcome was that we had a fruitful meeting between the three sides,” Shaharyar told The National. “Giles Clarke will give detailed briefings tomorrow. We cannot comment any further.”
The meeting actually began with just Clarke and Shaharyar. Manohar joined them a little later.
Najam Sethi, another senior PCB official, was also present. Manohar is ostensibly in Dubai in his capacity as the new chairman of the ICC but sat in the meeting in his position as the head of the BCCI.
The memorandum of understanding (MOU) signed between the two boards last year in May stipulates that this series, the first of six in eight years between the two, is a home series for Pakistan.
According to the MOU, it is to be played in the UAE, or at a “mutually agreed venue”.
But the BCCI prevaricated initially over whether or not they will play the series in the first place. Now, over the past couple of weeks, they have insisted that the series should be held in India.
They have not stated any reasons as to why they do not want to play in the UAE. The PCB, which has hosted most major full members in the UAE over the past five years, has refused the invitation to take the series to India.
On Saturday, Shaharyar told The National that any decision will now be taken by the Pakistan government. Going to India has been ruled out, but at least until before the meeting, the door was not shut on another neutral venue. As well as Sri Lanka Bangladesh has also been mentioned, though at the moment that could be politically tricky for Pakistan.
osamiuddin@thenational.ae
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Killing of Qassem Suleimani
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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Zayed Sustainability Prize
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
if you go
The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.
The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
