Russia's first Rugby World Cup marks the biggest step yet in their designs to become a superpower in the sport.
Rugby World Cup
Eagles aim to rock Rugby World Cup boat
With just two wins in the six previous tournaments, Mike Petri, the United States scrum-half, says the team are counting on rival sides underestimating them.
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The Russians have a plan, and it is picking up pace. When they knew their bid for the 2019 World Cup would not succeed, they withdrew and targeted the 2013 Sevens World Cup - and got it. This year, at the sevens in Hong Kong, Russia reached the quarter-finals for the first time at a major event.
Since sevens' new Olympic status brought aboard government support, the sport is being adopted by schools, and there is a professional league of eight teams.
They want rugby union to become a top-five sport in Russia, said Howard Thomas, the executive vice-president of the Rugby Union of Russia.
"When Russians sample rugby they enjoy it," he said, "It's a sport that's fast, physical, aggressive and skilled, and that's a Russian sportsman."
Thomas said they want to be one of the world's top 12 teams by 2015, and a quarter-finalist at the 2019 World Cup. And they are to bid for the 2023 tournament.
"We are on a high and now what we need to do is follow through," Thomas said. "We have got to show that we deserve to be at the World Cup. Everyone here understands we have got more difficult yards ahead of us than behind us."
Georgia will be making their third World Cup appearance. Since France 2007, they have proved to be the best side in Europe outside of the Six Nations teams. It is no surprise. All but seven of the 30-man squad ply their trade in France.
Steve Thompson, the England hooker, knows what they are capable of. "I have played with and against Georgians in France and they are great rugby players now," he said. "They've just got better and better. They are not just massive men and strong, but they are organised as well."
Meanwhile, Romania, the last team to qualify, could be one of the first heading home. They are missing Sorin Socol, the longtime captain, who withdrew from the team in a dispute with the coach Romeo Gontineac, and another 2007 veteran, the 22-try winger Catalin Fercu, who withdrew this week because of a fear of flying.
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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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
'Outclassed in Kuwait'
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