Mani's dream team of all Emirati cricketers


Amith Passela
  • English
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ABU DHABI // Dilwar Mani, the chief executive of the Emirates Cricket Board (ECB) has spoken of his dream to field a national team of Emiratis. The team, currently under the caretaker management of Mudassar Nazar, is made up entirely of players born in the subcontinent who qualify to play for the UAE on residency grounds. The last Emiratis to play for the national side were Fahad al Hashimi, the bowler, and the all-rounder Mohammed Tauqeer. But they have not played for the national team since February and no longer even play club cricket. The lack of nationals is replicated at the age-group level. The Under 15s were unable to compete in the Asian Cup in Nepal earlier this year because they do not have three Emirati passport holders. Mani is confident the situation will be addressed. "It has been an area of deep concern but we will eventually overcome and have the Emirati youth involved in cricket," he said. "It is not very far from our ongoing plans. I have said it before and I say it again and again, in an ideal world, in my dream team, there would be 11 Emiratis playing and representing the UAE." Speaking at a press briefing at Zayed Cricket Club on Thursday, Mani announced a new directive that will require all players, teams, academies, indoor cricket centres, coaches and umpires to register themselves with their respective councils. Cricket in Abu Dhabi and Al Ain will be governed by the Abu Dhabi Cricket Council; Sharjah, Ras al Khaimah and Fujairah under Sharjah Cricket Council; Dubai under Dubai Cricket Council and Ajman and Umm Al Quwain under the Ajman Cricket Council. Previously, any individual could arrange a corporate tournament and make money by securing sponsorship and charging entry fees for the teams. More important, the various academies - and the coaches - in the country will have to be registered with the ECB and any overseas tours, which are funded by charging the parents of the players, will have to be sanctioned by the ECB. The move is designed, according to Mani, to "bring cricket under corporate governance and prevent it from commercial exploitation". "This process will make every regional council aware of the cricket activities taking place within their jurisdictions," Mani said. "It shall be the responsibility of the councils to ensure development in these jurisdictions and encourage participation in the sport of cricket. Uniform playing conditions developed under the ICC guidelines shall be strictly followed in all formats of the game by the respective councils. He said the process on the ECB's domestic cricket policy to focus on development and governance began in June, adding that "We are now ready to implement it in full, with immediate effect. All data will be fed into a central database maintained by the ECB and accessible by the regional councils and umpires to ensure teams and players are allowed to participate in various approved cricket activities." He said the private organisations would require approval of the regional councils of their jurisdictions. A rate card would be established by each council for sanctioning their tournaments and their activities. Failure to do so, he said, would make any concerned party ineligible to participate or exercise their selected field of functions." apassela@thenational.ae

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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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Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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