Snooker is the second most popular sport in China. The world No 11 Ding Junhui is the country's top player.
Snooker is the second most popular sport in China. The world No 11 Ding Junhui is the country's top player.
Snooker is the second most popular sport in China. The world No 11 Ding Junhui is the country's top player.
Snooker is the second most popular sport in China. The world No 11 Ding Junhui is the country's top player.

New proposals on the table


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He does not play the game professionally, but in his role as the chairman of World Snooker, Sir Rodney Walker, seems to attract as much scrutiny as its leading protagonists. Three days before the balls start being sunk at this year's world championship, a British broadsheet newspaper yesterday questioned Walker's scruples in his role as the sport's custodian.

An article titled "why snooker's finances have gone to pot" claimed Walker and a company he owns have earned more than £370,000 (Dh2million) from the sport over the past three years. It branded such a situation "astonishing" after several staff members at World Snooker were recently sacked apparently due to the financial crisis enveloping the sport. Critics have been beating the organisation over the head with the butt end of a cue by asking how a sport with such mass appeal can lack finance.

Far from needing to be rescued, snooker's struggle seems to be in outing itself in the way golf's European Tour managed in the 1980s, or even how darts has reinvented itself. Snooker is the second most popular sport in China behind basketball. Television audiences of 100million regularly watch tournaments in China. It has vast viewing audiences on the satellite broadcaster Eurosport, who have marvelled in its interest in countries such as Germany and Poland.

The main criticism seems to be channelling its popularity into a force for good by raising awareness and attracting money. It is ironic that most of the problems relating to sponsorship seem to be stationed in the United Kingdom, the sport's traditional home. Whatever adjectives are used to describe Walker or whatever is made of his business acumen, one can hardly question his desire to see the sport succeed and increase its popularity through the world championship.

Ronnie O'Sullivan will chase a fourth title when this year's tournament begins at the Crucible Theatre in Sheffield on Saturday. It will start with a new sponsor, and a pot of £2m (Dh11m) over four years. The UK Championship and the Masters have been left without sponsorship in recent times, prompting a need to carry the sport to new destinations. Walker has welcomed Dubai's interest in hosting the world championship in 2011 but is keen to safeguard the existing contract with the BBC. Snooker returned to the Middle East with the Bahrain championship last November after a 14-year absence, but Walker is wary of packing up the suitcase and making snooker a permanent fixture overseas.

"People don't seem to understand that it is not just the money that is on the table, it is the consequence in relation to the BBC contract," said Walker. "It is a contract that is very valuable to world snooker, and if it moves out of the UK then the TV contract may be put at risk. "That is the most important contract we have, but it is obviously of great importance to us if there is interest in places like the United Arab Emirates.

"Last year, we did a tournament in Bahrain. We are presently looking at another tournament in the Gulf - not the Emirates - for the next season. "Commercially, the Bahrain tournament was a success but we paid for it. What we are hoping for is that people will sponsor a event. "I have no doubt that if we are patient and have the right partners, we can establish snooker and some ranking events in the Gulf region. My medium-term ambition is to have two events in the Gulf region as permanent fixtures."

Walker's remit was brought into sharp focus by the world champion O'Sullivan during the Masters in January when he claimed the sport was dying due to a lack of entertainment. He called on the television personality Simon Cowell to give it the X factor, but Walker remains at the helm after five years. World Snooker's response has been to champion a shorter format of matches, the 'Super6' that will see frames of six reds rather than the traditional 15, a bit like Twenty20 cricket. It will be experimented during the world championship, a tournament that sold out three weeks ago.

"I'm looking to the Super6, and also to change the way the ranking points work, so we have smaller tournaments that our leading players can chose whether to play in, a bit like golf," said Walker. Walker can usually be discovered on the final night of the world championship standing with the winner. After the brickbats that been tossed in his direction in recent times, he may be happy just to be standing by the sport.

dkane@thenational.ae

Results

2-15pm: Commercial Bank Of Dubai – Conditions (TB) Dh100,000 (Dirt) 1,400m; Winner: Al Habash, Patrick Cosgrave (jockey), Bhupat Seemar (trainer)

2.45pm: Al Shafar Investment – Handicap (TB) Dh80,000 (D) 1,200m; Winner: Day Approach, Ray Dawson, Ahmad bin Harmash

3.15pm: Dubai Real estate Centre – Handicap (TB) Dh80,000 (D) 1,600m; Winner: Celtic Prince, Richard Mullen, Rashed Bouresly

3.45pm: Jebel Ali Sprint by ARM Holding – Listed (TB) Dh500,000 (D) 1,000m; Winner: Khuzaam, Pat Dobbs, Doug Watson

4.15pm: Shadwell – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Tenbury Wells, Royston Ffrench, Salem bin Ghadayer

4.45pm: Jebel Ali Stakes by ARM Holding – Listed (TB) Dh500,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson

5.15pm: Jebel Ali Racecourse – Handicap (TB) Dh76,000 (D) 1,950m; Winner: Rougher, Pat Dobbs, Doug Watson

THE BIO

Favourite place to go to in the UAE: The desert sand dunes, just after some rain

Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude

Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE

Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally

Favourite subjects in school: Mathematics and science

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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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ABU DHABI ORDER OF PLAY

Starting at 10am:

Daria Kasatkina v Qiang Wang

Veronika Kudermetova v Annet Kontaveit (10)

Maria Sakkari (9) v Anastasia Potapova

Anastasia Pavlyuchenkova v Ons Jabeur (15)

Donna Vekic (16) v Bernarda Pera 

Ekaterina Alexandrova v Zarina Diyas