Lahore tragedy instilled a collective belief



After March's tragic events in Lahore, 2009 has been a difficult year for Sri Lanka's cricketers - the whole team believed we wouldn't come out of that situation. In the following weeks, everyone had sleepless nights, nagging doubts and asked themselves "is it all worth it?" Now, less than six months later, we are celebrating our first Test series win against Pakistan.

The victory came despite losing both wicket-keeper Prasanna Jayawardene and spinner Muttiah Muralitharan to injuries, just two days before the first Test. Missing two such high-calibre players was a big blow. But our captain, Kumar Sangakkara, made the tough calls and picked new faces. We engineered a 2-0 series victory which evoked everything we have learned as a group since the tragedy; it has fostered the belief, confidence and quality that exists in our emerging team. It has instilled a collective belief that anything is possible. We now fear nothing in life or on the pitch, every day is important and we're enjoying ourselves on the field.

Better still, we're doing it with our own distinctive brand of cricket. Sri Lanka do not play like Australia or India - we play the Sri Lankan way. A combination of natural ability, courage and instinct make our style of play unique; we must harness it, as we did against Pakistan. Behind in the first two Tests, we believed Pakistan were susceptible to collapsing if we applied enough pressure. We rallied to win both.

With Pakistan only needing 170 to win the first Test, the team came together and never gave up. It was one of the most focused sessions of cricket I have ever played in and showed our solidarity, confidence and ability. Pakistan were 300 for two in the second Test, but our hard work continued. We knew we would create something. United, we fought for everything. Then, we batted out five sessions to draw the third Test and claim an historic series.

Under Sangakkara we have a natural leader - both on and off the field - and are building momentum. We are in the habit of winning at just the right time. We haven't played many ODIs in the last eight months and these matches (five ODIs against Pakistan, starting today) are vital for our build-up and confidence ahead of the Champions Trophy. After reaching the Twenty20 World Cup final, we know we have what it takes to play well.

It's great for us to go straight into the one-dayers after a Test series victory but the Pakistan one-day side will be completely different. They are a great team with talented individuals and they'll be wounded by the Test losses. When I was captain, I always tried to keep my captain and batsman duties separate. However, as a senior player, more time in the nets has not only boosted my batting, but allowed me to help along the junior members.

We need to maintain the momentum and it's important for our youngsters that we build up the team's culture, define their individual roles in the overall unit and keep progressing. We know we will lose at some point, but we will not be disheartened or grumpy. Everyday day is a new one and we're ready, focused and driven for our next match - we're loving cricket again. sports@thenational.ae

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Company name: Blah

Started: 2018

Founder: Aliyah Al Abbar and Hend Al Marri

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Skewed figures

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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.

“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.”

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

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Ministry of Interior
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