On the weekend when UAE was celebrating its Golden Jubilee, it seemed appropriate the rugby club that gave the country its most enduring sports event should return to the winners’ podium.
Even more fitting, still, that their longest serving player should guide them to it.
Justin Walsh first joined Dubai Exiles aged four. He was their captain as the club – which predates the formation of the UAE itself by five years – beat Dubai Tigers 24-12 in the final of the Gulf Men’s League at the Emirates Dubai Sevens.
“I’ve been with Exiles since I was four, so it is 25 or 26 years playing with them,” Walsh said.
“I’ve been in four finals on the main pitch and won two, so very chuffed with this. Being captain this time, it means a lot more. We have worked hard this season to build a culture.
“We have a lot of young boys, and we have been trying to build and build and build, and to put all the pieces together in a final like that is good.”
After Exiles took the lead at the start of the game, Walsh was given two minutes to think about the size of the occasion, as he was sent to the sin-bin for a high tackle.
His side then went another man down after Jaen Botes followed him to the naughty step. And yet, the five who were left did not just survive, but they thrived.
They kept possession with such skill that, by the time Walsh returned to the fray, he found himself on the receiving end of a pass which left him with the task of rampaging over the line for Exiles’ second score.
“I literally ran on, and as I was running on, I got the offload from Conor [Kennedy], and had a bit of a point to prove,” said the former Wellington International School and Jumeirah College schoolboy.
“We have got better and better every game. We just wanted to put our front foot forward. It means a lot to me, and it means a lot to the club.
“This is a second home for me. We wanted to go out there and make a statement and do things well.”
Walsh was one of four players who were part of the side the last time the Exiles won the title, back in 2017, along with Botes, Matt Mills, and Carel Thomas.
“It was a tougher final this year, for sure,” Mills said.
“We have a nice balance, with a few old heads in the squad and some up and coming youngsters there, too, to provide pace. It fired today.”
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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Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
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Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
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6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
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Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
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COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
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What are the regulations?
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