Smith ready to rule the world


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MELBOURNE // South Africa are just one win away from becoming the best Test side in the world after inflicting a first series defeat to Australia on home soil in almost 16 years following a nine-wicket victory at the MCG yesterday. The Proteas - led by a fluent 75 from the captain Graeme Smith - overhauled a modest victory target of 183 for the loss of only one wicket on the final day to take an unassailable 2-0 lead and seal a first Test series triumph in Australia.

Hashim Amla stroked the winning runs shortly after lunch as South Africa became the first team to overcome Australia at home since the West Indies in 1992-93. That was also the last occasion Australia lost back-to-back Tests at home. The days of South Africa squandering winning positions against their illustrious opponents now appear to be gone, while Australia's 13-year reign at the top of world cricket could also soon come to an end.

Another loss in the final Test at Sydney would see Australia being whitewashed for the first time in a series since 1984 - also against the West Indies - and mean Ricky Ponting's side would be unseated by their opponents in the world rankings for the first time since they began. For the moment though, Smith, could not stop smiling. The captain was almost lost for words as he gave his victory speech. "It has been such a special moment for all of us, it has been an incredible team effort," he said.

"I have been smiling non-stop since we hit the winning runs. To be 2-0 up after this game was something we only dreamt of." South Africa were never under any pressure in their run chase. Needing a flurry of wickets early on the final day to have any hope of winning, Australia did not get a breakthrough until 16 minutes before lunch when Smith was trapped leg before by Nathan Hauritz. Smith had dominated a 121-run opening stand with Neil McKenzie and it was a shame for the South African skipper he was not there at the end having once again shown the kind of leadership befitting a man who was made captain of his country at the age of 22.

He cashed in on Australia's attacking approach, striking seven of his 10 boundaries with cuts and deflections through a vacant third man region. But Smith was unexpectedly the first to go as the captain had previously been untroubled at the crease while McKenzie appearing the most vulnerable of the opening pair. While unconvincing, McKenzie - who had made scores of two, 10 and zero in his three most recent innings - dug in and managed to eke out an unbeaten 59.

He survived strong lbw shouts from Brett Lee, who was bowling despite nursing an injured foot that will keep him out of the Sydney Test, and Mitchell Johnson. He reached his half-century with a boundary after being missed by Matthew Hayden at first slip off Johnson's bowling. Jacques Kallis, who has been on the end of some stinging losses at the hands of the Australians, said the feat was just as big, if not bigger, than winning the World Cup.

Kallis, who picked up his 250th Test scalp during the match and is now just 53 runs away from becoming the eighth man to reach 10,000 runs, could barely hide his excitement at his team's performance. "At the MCG, what better place to want to do it. I've had some individual high moments here but...this one takes the cake," Kallis, who is on his fourth tour of Australia, said. "Having won a Test match here beats all those feelings, it is an unbelievable effort."

But Kallis said there were still some nervous moments in the dressing rooms despite the relatively small run chase. "I don't think it's ever easy when you're chasing a total," he said. "There are always some anxious moments." The Australia skipper Ponting remained upbeat ahead of the Sydney Test and said his team would not give up the top ranking without a fight. "We've dominated world cricket for a long period of time. I'm still very positive and very sure with some of the young guys coming on that in a few years' time that we can get back up there and be dominating world cricket again," he said.

"A lot of players in the team aren't accustomed to losing Test matches let alone Test series." * PA Sport

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.”

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

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Biography

Favourite drink: Must have karak chai and Chinese tea every day

Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour

Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour

Best vacation: Returning home to China

Music interests: Enjoys playing the zheng, a string musical instrument

Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes

Favourite book: Chairman Mao Zedong’s poems

LA LIGA FIXTURES

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

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5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
Winner: M'A Yaromoon, Jesus Rosales (jockey), Khalifa Al Neydai (trainer)

5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
Winner: No Riesgo Al Maury, Antonio Fresu, Ibrahim Al Hadhrami

6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi

6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: Mahmouda, Pat Cosgrave, Abdallah Al Hammadi

7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: AS Jezan, George Buckell, Ahmed Al Mehairbi

7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
Winner: Dolman, Antonio Fresu, Bhupath Seemar

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