Latif proposes Pakistan play Afghanistan



Rashid Latif, the former Pakistan captain, has proposed a one-day series between his country and Afghanistan to help combat the troubles in the region. The two countries have faced a wave of Taliban attacks in recent years that have killed thousands of people. "Both countries have been badly affected and a cricket series between them can serve as a reminder to the people that they must fight this threat together," Latif said.

The former wicketkeeper, who played 37 Tests and 166 ODIs before retiring in 2003, spoke after returning from Kabul where he is starting a new job as Afghanistan's batting coach. He will accompany the team to Scotland on a training tour this month. A militant attack on the Sri Lankan cricket team in Lahore in March 2009, in which six policemen were killed and five visiting players wounded, led to the suspension of international cricket in Pakistan and they lost the right to host 14 matches of the 2011 World Cup.

"I will request the Pakistan board to host the Afghanistan team for a one-day series later this year," Latif said. "I am confident that it will eventually pave the way for the return of international cricket to Pakistan." The former captain said he enjoyed his coaching assignment in Afghanistan and saw plenty of cricket potential. "The enthusiasm and skill level of the players in Afghanistan is amazing considering the problems they have been through in recent years," Latif said.

Afghanistan raised their standing in international cricket last year when they beat the Netherlands - their maiden first-class win - at a tournament for non-Test playing associate nations. They reached the final stages of the qualifiers for the 2011 World Cup, although they did not go through. They also competed in the World Twenty20 in the Caribbean before being eliminated by South Africa. * Reuters

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

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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.”

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Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
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  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
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