Shabab turn on the style ahead of Bunyodkor clash


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Riding on Mehrdad Oladi's brace Al Shabab cruised to a comfortable 6-0 win over a 10-man Al Khaleej in a 16th round match of the Pro League on Sunday night. The victory helped the defending champions leapfrog into fourth on the league table with 21 points, 15 behind leaders Al Ahli. It should also give them a massive boost ahead of Wednesday's AFC Champions League clash at home against Uzbekistan powerhouses Bunyodkor. Salem Saad, starting a game after a long stint on the sidelines, put the hosts ahead in the 40th minute with a typically swift finish. Oladi then doubled the tally in the 59th minute with an opportunistic volley and scored his second from a penalty eight minutes later after being brought down by the visiting goalkeeper Jaber Jassim. Bader Abdulrehman added the fourth in the 85th minute and seconds later substitute Mohammed Nasser got on the scoresheet as well. Waleed Abbas then completed the rout three minutes into injury time. Jassim received his marching orders for the infringement on Oladi, which brought down the curtain on an impressive performance between the posts. Shabab could have won by an even bigger scoreline, but for some good saves from the Khaleej custodian. Before his opener, Saad was thwarted twice - first by the horizontal bar in the 16th minute as he headed in a Marcos Assuncao floater and then by Jassim five minutes later when he volleyed in Badr Abdulrehman's cross. In the 40th minute, however, he sprinted past the defenders and placed the ball over the advancing Jassim for his first goal of the Pro League since the opening round. In the 55th minute, Jassim was outstanding as he dived to his left to fend away a scorching volley from Adel Abdulla. But four minutes later, he had no chance as Oladi pounced on a deflection and nailed it to his left. Eight minutes later, Oladi and Saad raced into the box and, with no defenders in sight, Jassim raced out and tripped the goal-bound Oladi. He got a red card for it and Shabab earned a penalty, which Oladi converted. Shabab then took advantage of their numerical superiority to add two more to their tally in the closing minutes. Badr Abdulrehman caught the Khaleej defence napping as he sprinted into the box in the 85th minute and he angled the ball past the substitute keeper Obaid Khamis. Nasser also had plenty of space as he ventured into the box a minute later and he slipped the ball past the hapless Khamis. Waleed Abbas then struck the final blow seconds before the final whistle.

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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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Dubai World Cup nominations

UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer

USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.

Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.

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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


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Fixtures:

Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final

Dubai World Cup factbox

Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)

Most wins by a jockey: Jerry Bailey(4)

Most wins by an owner: Godolphin(9)

Most wins by a horse: Godolphin’s Thunder Snow(2)