Sport

Scalp of Bevan is one to savour

Nigel Fernandes, the captain of the Fly Emirates cricket team, takes two world-class scalps against the defeated Lord's Taverners.

Paul Radley
Paul Radley
Dubai

March 06, 2010

  • English
  • Arabic

DUBAI // Nigel Fernandes probably thought life as the captain of the Fly Emirates cricket team could get no better than the day an email dropped into his inbox confirming that Shahid Afridi was going to be joining his side. The fact that the world's most dynamic all-rounder will be taking orders from him in a fortnight's time, when he turns out for the home side in the Emirates Airline Twenty20 at The Sevens, is obviously exciting. But it can wait.

For now, Fernandes has another story about his cricketing exploits to dine out on: the day he took six wickets for nine runs, including a player rated among the greatest one-day batsmen, as well as a recent Ashes winner. Fernandes, the former UAE national team batsman, sent down his occasional left-arm off-breaks to dynamic effect against Lord's Taverners yesterday. His first victim was Michael Bevan, the former Australia limited-overs batsman, who was followed quickly back to the new pavilion by his opening colleague, Geraint Jones, the former England wicketkeeper.

Once the rot had started, the touring charity side from England tumbled to 107 all out, which Emirates overhauled with relative ease, despite facing up to a bowling attack that included the likes of former England pacemen, Devon Malcolm and Andy Caddick. "I have the ball as a souvenir and hopefully Michael Bevan will sign it for me," said Fernandes, an airport services supervisor who has lived in Dubai for nine years after moving from his native Mumbai.

"I'm actually a batsman who can bowl, rather than a genuine bowler, but my team needed me to bowl today. It was my lucky day. I have never taken six wickets before." The match was of great significance to the cricket-loving public of Dubai. It marked the first use of the city's new cricket complex, with the main, floodlit oval soon to be supplemented by another grass field, as well as four sand pitches.

The Taverners will get the chance to avenge their defeat when they play the last game of their two-match tour at the same venue tomorrow. pradley@thenational.ae

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Labour dispute

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- Abdullah Ishnaneh, Partner, BSA Law 

INFO

Everton 0

Arsenal 0

Man of the Match: Djibril Sidibe (Everton)

Men's football draw

Group A: UAE, Spain, South Africa, Jamaica

Group B: Bangladesh, Serbia, Korea

Group C: Bharat, Denmark, Kenya, USA

Group D: Oman, Austria, Rwanda

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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

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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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UAE currency
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EXPATS
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France is her favourite country to visit

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The children worked as young volunteers in social, education and health campaigns

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Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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