The Gaddafi Stadium in Lahore could be abuzz if it hosts the Pakistan Super League matches in March. Arif Ali / AFP
The Gaddafi Stadium in Lahore could be abuzz if it hosts the Pakistan Super League matches in March. Arif Ali / AFP
The Gaddafi Stadium in Lahore could be abuzz if it hosts the Pakistan Super League matches in March. Arif Ali / AFP
The Gaddafi Stadium in Lahore could be abuzz if it hosts the Pakistan Super League matches in March. Arif Ali / AFP

Pakistan Cricket Board has plenty of wrinkles to iron out


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The Pakistan Cricket Board (PCB) launched its very own Twenty20 league, the Pakistan Super League (PSL), in Lahore last week. All told it has taken over three years for them to reach the point where they have a logo in place for it; talk of such a league first emerged as early as 2008.

The PSL is now scheduled to take place in March, with five franchised teams playing 23 matches over 15 days, all at one venue. Grand as the launch ceremony was, however, a number of questions remain and not too much time.

Does international cricket need another Twenty20 league?

Probably not, given that India, Sri Lanka, Bangladesh, the West Indies and Australia already have their own versions of it, eating into the international calendar and sometimes players' commitments to national sides.

But Pakistan does need one. Nearly four years and counting of no cricket at home has taken a toll, exacerbated by no bilateral ties with India.

Financially the board believes itself to be on secure if not thriving ground for a couple of years (the hosting rights money from the 2011 World Cup and an imminent broadcast deal this year help).

But this is insurance, a welcome first sign that the PCB is willing to look inward – as it must – to generate revenue and income to sustain and thrive, even as it goes without international cricket at home.

Is Pakistan's economy robust enough to sustain such a league?

Having chosen to go with the Indian Premier League model of ownership (where the board owns the product and leases franchise rights in perpetuity) it is worrying that with two months left, the PCB does not actually have nailed-down franchise buyers in place. That is a pretty important wrinkle to have creased over by now.

Pakistan's economy may not be flourishing, but cricket sells and, ostensibly at least, has sold more in the last five strife-ridden years than ever before. Board officials are confident, having approached potential buyers, that they will be able to sell franchises at healthy prices.

There are interested parties not only within Pakistan – and this is key – but also expatriate Pakistani businessmen; Shahid Khan, the Pakistani-American owner of the Jacksonville Jaguars American football franchise has been mentioned in reports.

How much money can be made out of this?

All told, the PCB's number-crunchers expect the value of the league to be over US$100 million (Dh367m) in seven years. Franchises will make money as they do across the world as well as receiving, collectively, 80 per cent of the broadcast deal.

That sounds excessively optimistic not just by the numbers but by the expectation that the PSL will be around that long.

This, remember, is a board that has changed the format for its main domestic event, the Quaid-e-Azam trophy, almost every season for 60 years and added and subtracted tournaments from the calendar randomly.

And a board where chairmen come and go, each with his own administration, plans, stakes and aims. Can the board convince buyers that there will be enough administrative stability for them to eventually make money after taking two to three years to recoup their investment? That is the more important question.

Are there enough players in Pakistan to ensure quality contests?

There are only five teams – city-based probably – to begin with so why not? Pakistan's domestic Twenty20 tournaments involve more teams and have generally been of decent-enough quality (give or take a couple of sides). But a strong core of Karachi, Lahore, Islamabad/Rawalpindi, Faisalabad and Sialkot could easily provide for quality cricket.

Will foreign players take part?

On the day the league was launched, a series of horrific blasts in Quetta and Swat took over 100 lives. It does not matter who the targets were because it only reinforced the idea Pakistan is not yet safe to play cricket in.

The PCB claims there is interest from players in Sri Lanka, Bangladesh and even India who are negotiating through an agent; one official is confident enough, suggesting that in today's environment, money talks.

But it is still difficult to see top international players taking part this season at least (there may be the usual motley crew of retired or castaway stars) and they form a large part of any such league's appeal.

Will it happen at all?

Sure this might sound like a needlessly cynical question, but given that, as of now, they do not have franchises, a pool of local or international players, or a broadcast deal – given, in fact, they only have a logo as of now, it is not so unnecessary. But last minute is sometimes how the PCB works best. And in spirit, they have been gauging interest and honing this idea for years.

In Salman Sarwar Butt, they have involved not only someone with great corporate credibility and pedigree, but also an undying love for the game (he was also the force behind Pakistan's first domestic Twenty20 tournament).

And not to put too much pressure on it, if it does happen and take off, it could be a seminal moment in Pakistan's cricket.

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5 of the most-popular Airbnb locations in Dubai

Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:

• Dubai Marina

The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.

Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739 
Two bedroom: Dh627 to Dh960 
Three bedroom: Dh721 to Dh1,104

• Downtown

Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure.  “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."

Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154

• City Walk

The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena.  “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”

Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809 
Two bedroom: Dh682 to Dh1,052 
Three bedroom: Dh784 to Dh1,210 

• Jumeirah Lake Towers

Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.

Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629 
Two bedroom: Dh549 to Dh818 
Three bedroom: Dh631 to Dh941

• Palm Jumeirah

Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.

Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770 
Two bedroom: Dh654 to Dh1,002 
Three bedroom: Dh752 to Dh1,152 

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While you're here
Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

Our legal consultant

Name: Hassan Mohsen Elhais

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

England v West Indies

England squad for the first Test Cook, Stoneman, Westley, Root (captain), Malan, Stokes, Bairstow, Moeen, Roland-Jones, Broad, Anderson, Woakes, Crane

Fixtures

1st Test Aug 17-21, Edgbaston

2nd Test Aug 25-29, Headingley

3rd Test Sep 7-11, Lord's

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.”

How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
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SCORES

Yorkshire Vikings 144-1 in 12.5 overs
(Tom Kohler 72 not out, Harry Broook 42 not out)
bt Hobart Hurricanes 140-7 in 20 overs
(Caleb Jewell 38, Sean Willis 35, Karl Carver 2-29, Josh Shaw 2-39)

New schools in Dubai

Veil (Object Lessons)
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About Seez

Company name/date started: Seez, set up in September 2015 and the app was released in August 2017  

Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer

Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon 

Sector:  Search engine for car buying, selling and leasing

Size: (employees/revenue): 11; undisclosed

Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A 

Investors: Wamda Capital, B&Y and Phoenician Funds 

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Kareem Abdul-Jabbar 38,387
Karl Malone 36,928
Kobe Bryant 33,643
Michael Jordan 32,292
LeBron James 31,425
Wilt Chamberlain 31,419

ESSENTIALS

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Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes. 

The trip

From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

RACE CARD

5pm: Maiden (PA) Dh80,000 1,400m
5.30pm: Maiden (PA) Dh80,000 1,200m
6pm: Arabian Triple Crown Round-1 (PA) Listed Dh230,000 1,600m
6.30pm: HH The President’s Cup (PA) Group 1 Dh2.5million 2,200m
7pm: HH The President’s Cup (TB) Listed Dh380,000 1,400m
7.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,200m.

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

UAE SQUAD

Mohammed Naveed (captain), Mohamed Usman (vice captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan