DUBAI // Given Australia’s performance in the Test defeat to Pakistan in Dubai, it might be safe to assume Adam Gilchrist’s presence in town would have something to do with them.
Having lost the first match by 221 runs, and with a series to save in Abu Dhabi this week, they could probably do with some input from their greatest ever wicket-keeper/batsman.
However, the recently-retired gloveman is in the city for a cause which has the interests of UAE cricket, rather than that of his homeland, at its core.
Gilchrist presented his eponymously-named Sports Award to Dan D’Souza, an Abu Dhabi-born batsman, at the University of Wollongong Dubai.
As a product of the UAE’s Under 19 World Cup team, D’Souza is one of the leading young cricketers in the country.
The award provides him with a 50 per cent waiver on tuition fees while he studies for his finance degree. Importantly for UAE cricket, it also means he will remain in the country.
He was referred to UOWD by David East, the Emirates Cricket Board chief executive, as the governing body seek to remedy the long-standing talent drain of players aged 18 to 21.
The pathway from playground to international arena is broken when talented sportsmen leave the country to attend university abroad. Often, they do not return, at least not to play representative sport.
“I think this is a good initiative by the university and the cricket board to bridge that gap,” said D’Souza, 20, who attended British School Al Khubairat in Abu Dhabi.
“It means we get a lot more competitive cricket, and it not only benefits us, it benefits the country in terms of keeping the home grown talent here.
“That means you can push through some youngsters in terms of the national team.”
Having deferred entry to university to devote himself to playing for UAE in the Under 19 World Cup, D’Souza expects to complete all his further education in Dubai.
However, he hopes to be able to spend some time on a placement in Australia, at the main campus near Sydney, playing grade cricket.
“We understand there is a void period for local talent being nurtured and continuing on in the system,” Gilchrist said.
“If these opportunities and programmes can allow students to stay home, continue to further their education, yet still work at a passion outside of that, I think that will be more productive for this region. Hopefully it will produce some positive results.
“It would also broaden Dan’s horizon from a cricket and educational perspective to be able to spend some time at the main campus.
“He is eager to progress through the rungs of UAE cricket, so that is going to enhance UAE cricket’s knowledge base.”
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Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
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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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
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