Dubai Wasps hope to carry their current win streak into the Sharjah 10s today. Jake Badger for The National
Dubai Wasps hope to carry their current win streak into the Sharjah 10s today. Jake Badger for The National
Dubai Wasps hope to carry their current win streak into the Sharjah 10s today. Jake Badger for The National
Dubai Wasps hope to carry their current win streak into the Sharjah 10s today. Jake Badger for The National

Dubai Wasps are hungry for more rugby hardware


Paul Radley
  • English
  • Arabic

SHARJAH // The Dubai Wasps hope to embellish their celebrations by playing some "champagne rugby" at the Sharjah 10s on Friday, having finally taken possession of the Gulf Conference trophy.

The three-year-old club were presented with their most noteworthy piece of silverware to date by West Asia rugby officials at a special ceremony in Dubai on Thursday night.

The Wasps won that title by a single point ahead of the Abu Dhabi Saracens in the league standings, having claimed victory by a similarly tight margin on the field in Doha last Friday.

They secured a 32-31 win in Qatar thanks to a penalty kicked by James Bywater, their schoolboy fly-half, with two minutes of the season left.

While Bywater's thoughts will now have switched to the fact that his Dubai College team will contest the final of the UAE Under 18 Schools competition tomorrow, his Wasps colleagues have other things on their mind.

They have been drawn in the same pool at the Sharjah 10s as a charity side representing the Early Learning Centre for Down Syndrome Awareness (ELC).

As such, they will have to come up with a way to stop Carlos Spencer, the former New Zealand player, Conrad Jantjes, the ex-South Africa full-back, and the other imported stars who are making a guest appearance for ELC.

"We are in the same group as the ELC charity team and it will be good fun to play against Carlos Spencer," said Craig Gibson, the Wasps chairman.

"It has been a tough year, but we have ended it the way we hoped and hopefully the guys can play some champagne rugby in Sharjah.

"Our incentive is to win some more silverware but we understand that it is a social tournament as well and we will be having fun."

The unexpected appearance of the international players in the ELC side is a neat fillip for a long-running tournament which had threatened to have its thunder stolen as it clashes with the West Asia grand final in Abu Dhabi.

"After a season that had its ups and downs, the club are now all set for what will hopefully be the best Sharjah 10s tournament yet," said Shane Breen of the Wanderers.

"We have held on to our tradition of holding this tournament throughout years. We have great support from teams across the Middle East, without whom we couldn't continue."

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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.

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