Sri Lanka see off brave Bangladesh

DHAKA // Dammika Prasad struck two decisive blows before Muttiah Muralitharan completed a 10-wicket haul to kill off Bangladesh's hopes of an unlikely record run chase as Sri Lanka won the first Test by 107 runs. Set a world record 521-run victory target, the hosts were all out for 413 in their second innings a little over an hour after the lunch break on the fifth and final day. They home side were on course for a stunning victory when they went to lunch on 373-6 needing a further 148 runs with Shakib al Hasan and Mushfiqur Rahim set fair at the crease on 82 and 40 respectively. However, Prasad ended their 111-run seventh wicket stand when Shakib dragged a short and wide delivery onto his stumps just four short of a maiden Test century. His Test-best score and six-wicket haul were enough to earn him the man of the match award but he would have readily swapped the honour in favour of a Bangladesh victory. Shakib was dismissed with the score on 403-7, already the home side's best fourth innings total and easily surpassing the 285-5 they accumulated against Zimbabwe in 2005. Prasad soon forced Mashrafe Mortaza to edge a catch behind for two before Muralitharan ended the resistance of Rahim, caught by Tillakaratne Dilshan at midwicket for 61, to take his match tally to 10 wickets for a record 22nd time. Mahbubul Alam was the last man to depart, his run out for two completing a dismal collapse for the hosts, who lost their last four wickets for the addition of just 10 runs. Bangladesh's brave but ultimately futile tilt at victory means the highest fourth innings run chase remains the 418-7 scored set by the West Indies in their three-wicket defeat of Australia at St John's in 2003. Earlier in the morning, skipper Mohammad Ashraful gave Bangladesh a very good platform with his fifth Test century after resuming on 70. Ashraful batted elegantly, reaching his fourth century against Sri Lanka by driving Chaminda Vaas exquisitely over long on for a boundary shortly before he was trapped lbw for 101 by the same bowler. The dismissal brought to an end his 112-run sixth wicket stand with Shakib. Bangladesh added 119 runs in 34 overs in the session after starting the day on 254-5. The hosts were dismissed for 178 runs in the first innings in response to Sri Lanka's 293. Sri Lanka declared their second innings on 405-6. The two-Test series moves on to Chittagong, where the second match will start on Saturday. *Reuters

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TEACHERS' PAY - WHAT YOU NEED TO KNOW

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

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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1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP

Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan

Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri

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