McCarthy is prepared to take the heat


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Today will be the moment of truth for Mick McCarthy. His Wolves side will be firmly in the spotlight when they host Burnley for a game so decisive for the manager that he rested 10 first-choice players for the trip to Manchester United. It was a decision that saw him become a pariah as a weakened Wolves lost 3-0. The debate has been raging in England since as to whether McCarthy was within his rights to rest so many players.

In particular, the Wolves fans who had paid a handsome sum to travel north for the game, as well as United's title rivals, were not particularly happy. McCarthy has been a model of defiance since Tuesday following a Premier League demand for him to explain the line-up at Old Trafford - and criticism from various quarters. Arsene Wenger, the Arsenal manager, said McCarthy's move "damaged the international credibility of the Premier League".

But the Wolves coach will hope to use the negative comments to inspire his side - just like he did when he came under fire from Roy Keane during the 2002 World Cup when in charge of the Republic of Ireland. Instead of wilting under the vitriolic assault from the then Ireland captain, who questioned his ability, McCarthy responded by leading the side to the last 16 where they were defeated cruelly on penalties by Spain.

His current charges are behind him as the striker Sylvan Ebanks-Blake, Wolves' top scorer last season, said: "Decisions like this rest with the manager and when you take that away, you take away a part of the club. As players we are totally behind him and both understand and agree with the decision he has made." What McCarthy will also need are the Wolves supporters on his side, something not lost on him as he denied any intentional offence.

"My job is to maximise the resources of this club. That is what I am doing and I would do it again," he said. "I am paid to make decisions. I make them and stand by them. I take the heat. Don't think that I don't understand that it has added a bit more pressure to the game, but that is on me." The heat will be on at Molineux. Burnley, without an away win this season, will have the neutrals in their corner.

They have gained admiration for their attitude as well as their ability upon their top-flight return. Owen Coyle, the Clarets' manager, did not follow McCarthy's lead in midweek as they gained a point against Arsenal that could be crucial in the final analysis. It is not his style while many of his players know this top-flight experience may not come their way again. Take the captain Graham Alexander, who scored the penalty equaliser against the Gunners. At 38, he has been on the pitch for all but 46 minutes of Burnley's campaign so far. It is testament to his and the club's character.

Coyle added: "We have some gifted individuals, but our strength is in the group. "My players are the lowest paid in the Premier League and budget-wise we are a shadow of anyone else, but there is an honesty and a freshness about us." akhan@thenational.ae Wolves v Burnley, KO 5.30pm, Showsports 1 & 2

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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.”

Notable salonnières of the Middle East through history

Al Khasan (Okaz, Saudi Arabia)

Tamadir bint Amr Al Harith, known simply as Al Khasan, was a poet from Najd famed for elegies, earning great renown for the eulogy of her brothers Mu’awiyah and Sakhr, both killed in tribal wars. Although not a salonnière, this prestigious 7th century poet fostered a culture of literary criticism and could be found standing in the souq of Okaz and reciting her poetry, publicly pronouncing her views and inviting others to join in the debate on scholarship. She later converted to Islam.

 

Maryana Marrash (Aleppo)

A poet and writer, Marrash helped revive the tradition of the salon and was an active part of the Nadha movement, or Arab Renaissance. Born to an established family in Aleppo in Ottoman Syria in 1848, Marrash was educated at missionary schools in Aleppo and Beirut at a time when many women did not receive an education. After touring Europe, she began to host salons where writers played chess and cards, competed in the art of poetry, and discussed literature and politics. An accomplished singer and canon player, music and dancing were a part of these evenings.

 

Princess Nazil Fadil (Cairo)

Princess Nazil Fadil gathered religious, literary and political elite together at her Cairo palace, although she stopped short of inviting women. The princess, a niece of Khedive Ismail, believed that Egypt’s situation could only be solved through education and she donated her own property to help fund the first modern Egyptian University in Cairo.

 

Mayy Ziyadah (Cairo)

Ziyadah was the first to entertain both men and women at her Cairo salon, founded in 1913. The writer, poet, public speaker and critic, her writing explored language, religious identity, language, nationalism and hierarchy. Born in Nazareth, Palestine, to a Lebanese father and Palestinian mother, her salon was open to different social classes and earned comparisons with souq of where Al Khansa herself once recited.

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May 20 2020: PM and Carrie attend 'bring your own booze'
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Dec 14 2020: London mayor candidate Shaun Bailey holds staff party at Conservative
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March 4-8: First Test, Rawalpindi  

March 12-16: Second Test, Karachi 

March 21-25: Third Test, Lahore

March 29: First ODI, Rawalpindi

March 31: Second ODI, Rawalpindi

April 2: Third ODI, Rawalpindi

April 5: T20I, Rawalpindi

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