Mohammad Hafeez, the Pakistan vice-captain, faced 281 deliveries to end day one of the second Test in Colombo on a personal best score of 172. It was also the opening batsman's fifth Test century. Lakruwan Wanniarachchi / AFP
Mohammad Hafeez, the Pakistan vice-captain, faced 281 deliveries to end day one of the second Test in Colombo on a personal best score of 172. It was also the opening batsman's fifth Test century. Lakruwan Wanniarachchi / AFP
Mohammad Hafeez, the Pakistan vice-captain, faced 281 deliveries to end day one of the second Test in Colombo on a personal best score of 172. It was also the opening batsman's fifth Test century. Lakruwan Wanniarachchi / AFP
Mohammad Hafeez, the Pakistan vice-captain, faced 281 deliveries to end day one of the second Test in Colombo on a personal best score of 172. It was also the opening batsman's fifth Test century. Lak

Mohammad Hafeez justifies his place in Pakistan side


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Mohammad Hafeez roared back to form with a career-best 172 not out as Pakistan made Sri Lanka pay for a failed gamble in the second Test, in Colombo today.

Pakistan, trailing 1-0 in the three-match series, took advantage of the surprise decision by Mahela Jayawardene, the Sri Lanka captain, to field first on a good batting track at the Sinhalese Sports Club.

Hafeez led the Pakistani charge with his fifth Test century - and the first after 10 innings - as the tourists moved to a commanding 334 for one by stumps on the opening day.

The Pakistan vice-captain has put on 256 for the unbroken second wicket with Azhar Ali (92 not out) after sharing an opening stand of 78 with Taufeeq Umar (65).

It was the first time since making 379 for four against India in Faisalabad in 2006 that Pakistan scored over 300 runs on the first day of a Test match.

Hafeez's ton helped overcome the sting of losing the first Test by 209 runs in Galle, where he led Pakistan in the absence of the banned Misbah-ul-Haq.

The all-rounder had been under pressure to retain his place in the Test side after a barren run since making his previous best of 143 against Bangladesh in Chittagong last year.

Hafeez smashed 18 boundaries and a six off Suraj Randiv that sailed over the midwicket fence.

"Finally, I did something good for my team," Hafeez said. "I have been working hard at the nets. It was tough not to be scoring because the top order has to perform in these conditions.

"I was under pressure, but Taufeeq lifted some of it by his superb batting and then Azhar came and gave me solid support. I just needed some luck and it all came good today."

Azhar was content to play second fiddle at the other end, scoring just six fours, as the second-wicket pair laid the foundation for a big first-innings total. Azhar will resume today needing just eight runs to complete his third Test century.

Graham Ford, Sri Lanka's South African coach, conceded the decision to field first backfired, but insisted a lot of thought had gone into taking that call.

"Clearly, we got that wrong, but no one thought the pitch will play so well in the first hour," Ford said. "If we had got some early wickets, we would have put Pakistan under pressure.

"The decision to field was not taken lightly. There was a lot of discussion and debate and we all felt it was worth having a crack at the ball. But it did not work out the way we wanted.

"We must give credit to the Pakistan batsmen for playing so well. We now have a lot of work to do."

Hafeez earned a break just before tea when he was caught down the leg-side by the wicketkeeper Prasanna Jayawardene, but television replays confirmed Angelo Mathews had sent down a no-ball.

When Hafeez was on 171, the umpire Simon Taufel turned down Rangana Herath's confident appeal for a catch at the wicket even as TV replays indicated the ball may have gone off the bat.

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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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Favourite pastime: Family and friends, meditation, discovering new cuisines

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Al Ghaf Honey

The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year

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