Shakib Al Hasan of Bangladesh answers question at a media session on Tuesday ahead of his side's 2015 Cricket World Cup quarter-final match against India in Melbourne. William West / AFP / March 17, 2015
Shakib Al Hasan of Bangladesh answers question at a media session on Tuesday ahead of his side's 2015 Cricket World Cup quarter-final match against India in Melbourne. William West / AFP / March 17, 2015
Shakib Al Hasan of Bangladesh answers question at a media session on Tuesday ahead of his side's 2015 Cricket World Cup quarter-final match against India in Melbourne. William West / AFP / March 17, 2015
Shakib Al Hasan of Bangladesh answers question at a media session on Tuesday ahead of his side's 2015 Cricket World Cup quarter-final match against India in Melbourne. William West / AFP / March 17, 2

Shakib Al Hasan: Bangladesh must play ‘fearless’ against India to have a chance


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Bangladesh will have to play fearless cricket to reproduce their shock 2007 Cricket World Cup win over India and knock the defending champions out in their quarter-final, Shakib Al Hasan said on Tuesday.

The all-rounder hit a pivotal 53 as the Bangladeshis ran down India’s 191 to win by five wickets in Port-of-Spain, Trinidad, at the 2007 World Cup in one of the minnows’ biggest achievements in international sports.

India, unbeaten in their six pool games, are expected to add Bangladesh to their tally at the Melbourne Cricket Ground on Thursday and confirm their superiority over their neighbours in an all-Asian knockout game.

But Shakib says confidence is high inside the camp after their three wins and rained-out point with Australia and anything is possible in a one-off game. Reflecting on that famous win eight years ago, Shakib said: “I think we played fearless cricket and we all want to play that brand of cricket that we played.

“And, so far in this World Cup, I think we’re doing it. If we do exactly what we did against England or New Zealand, I think we’ll have a very good game. It depends on the day, we need to start well, whatever we do, and if we keep doing that and we keep the momentum in our favour then anything is possible.”

India have only lost to Bangladesh three times in 28 ODIs and are, along with New Zealand, the only unbeaten team at the World Cup.

“India have a very good team, they are the defending world champions, they’ve got some world-class players but we’re doing well in this World Cup, our confidence is high enough and we’re up for the match,” Shakib said.

“Obviously, on pen and paper, India is a better team than Bangladesh, no-one has any doubt about it. But on the day it’s a one-off game and if we have a good day and they have a bad day, you never know.”

Bangladesh sent their country into raptures with their 15-run victory to knock England out of the tournament last Monday to set up their first knockout game at a World Cup.

“In the subcontinent, people always expect a lot from you and because we’re playing well there is some expectation,” Shakib said. “But we need to focus on the game and how well we can play the game, that’s the key thing. And if we do that I think the result will take care of itself. It doesn’t matter, win or lose, if we play our best cricket, that’s the key thing.”

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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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7pm: Wathba Stallions Cup for Private Owners Handicap (PA); Dh70,000; 1,400m.
7.30pm: Handicap (PA); Dh80,000; 1,600m

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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

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Rating: 4/5

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