The former Pakistan coach Geoff Lawson has accused Kevin Pietersen, pictured, and his fellow England cricketers of double-standards for quitting their tour of India.
The former Pakistan coach Geoff Lawson has accused Kevin Pietersen, pictured, and his fellow England cricketers of double-standards for quitting their tour of India.

Lawson criticises England for abandoning tour



SYDNEY // England's cricketers were guilty of employing double-standards for quitting their tour of India because of security fears, the former Pakistan coach Geoff Lawson said today. Lawson, who was sacked by the Pakistan Cricket Board in October, urged England's players to return to India and complete the series, citing the case of the 2005 Ashes series in England that went ahead despite bombings in London.

"It's interesting that England are heading home and certain players don't want to play the Test series and yet we go back to 2005, bombs went off in London while there was a big series on there and it didn't affect one iota the cricket," Lawson told a Sydney radio station. "I think a few of the England players should reflect on what happened in their country before they start pulling out of cricket matches in India."

England's players returned home last week during the attacks in Mumbai, abandoning the last two matches of their seven game one-day international series. They are waiting on security reports before deciding whether they will return for the scheduled Test series but Lawson said they should. "If you stop events that aren't particularly and directly threatened you're just succumbing to terrorism and they succeed," Lawson said.

"So far, the facts are, no sporting event, let alone a cricket event, has ever been threatened." Lawson, who was highly critical of his native Australia when they refused to tour Pakistan earlier this year, also called on the International Cricket Council to proceed with plans to play the 2011 World Cup on the Indian subcontinent amid media speculation it may be moved to Australia and New Zealand.

"No matter where you hold that event in the cricket world it could be open to terrorism," Lawson said. "Whether it's going to be Christchurch or Alice Springs, it's not really going to matter. If they want to do something they'll find a way." *Reuters

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.”

What is the Supreme Petroleum Council?

The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.

Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
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