Manny Pacquiao is aiming to bring his Maharlika Pilipinas Basketball League to the UAE next year for the inaugural season of its Emirates-based competition.
Entitled the MPBL-UAE, the league will feature a team from each of the seven emirates, with the campaign scheduled to run from February 5-November 28.
Boxing’s only eight-division champion, Pacquiao is an avid basketball fan, and founded the Maharlika Pilipinas Basketball League (MPBL) in his homeland in 2017.
Last September, he brought an exhibition event to Dubai, where the current WBA (super) welterweight champion took part in two matches. Dubbed "Dubai Invasion 2019", it was the first time the semi-professional league had visited the Middle East.
“Our ambitious plan of staging the MPBL-UAE remains as one of the league’s top priorities next year,” said Pacquiao, a sitting senator in the Philippines.
“Filipino basketball cagers, from ex-professionals, former amateur and varsity players currently based in the UAE, will be given a once-in-a-lifetime chance to rekindle their love for the game of basketball. I hope that all our Kababayans [fellow Filipinos] will continue to give their all-out support to MPBL-UAE.
“These are extraordinary times, but we remain hopeful that we will overcome all the challenges in this pandemic and beyond. We will continue to help the needy and give inspiration and inspiration to our fellow Filipinos.
Established with support from the Dubai Sports Council, matches will be played every weekend, with teams facing off in a double-round elimination. The top four teams then progress to the semi-finals, with the finals a best-of-three series.
David John, managing director of organisers DJMC, said: “It’s going to be a great first season not only for the players, but for all basketball fans across the UAE.
“We can already feel the excitement from the ever-growing basketball community here and we will make sure to bring the best sporting experience through basketball.”
In its third season in the Philippines, the MPBL has grown from 10 teams to 31, although the competition has been postponed because of the pandemic.
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UAE SQUAD
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Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
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Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
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Oman, UAE, Namibia
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Oman beat UAE by five wickets
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Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
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Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
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Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
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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.
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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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Champions League Last 16
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MEFCC information
Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.
