Steyn is in for injured Pienaar


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The South Africa coach Peter de Villiers is confident his side's rhythm will not be affected by replacing the injured Ruan Pienaar with Morne Steyn in their Tri Nations game against New Zealand on Saturday. Pienaar is known as a running fly-half while Steyn is more of a kicking fly-half. "There will always be injuries so there is no use crying about it. Morne is a very good player, he is a match winner and he has shown that with his franchise side, the Bulls," De Villiers said.

Pienaar twisted his ankle during the Springboks' 28-19 win over All Blacks in Bloemfontein last weekend. South Africa's only other changes were the fit-again lock Andries Bekker replacing No 8 Ryan Kankowski and centre Adrian Jacobs taking Steyn's place on the bench. "As a precautionary measure the coach and the selectors have deemed it fit to give Ruan Pienaar a rest for the upcoming Test," the team manager Arthob Petersen said.

John Smit will become the most capped international captain when he leads his team for the 60th time in Durban but he was more concerned with the challenge ahead. "What they [the All Blacks] will bring to Saturday's match is that they will be far better prepared. Last week they only had a few days in the Republic before they had to play at altitude. "Now they have come to a venue that they are comfortable and familiar with and they have had a week to analyse the game that has passed," Smit said.

Inside centre Juan de Villiers and winger Bryan Habana will both reach 50 Test caps for South Africa on Saturday. Habana was cleared by South Africa Rugby after a newspaper reported that he had broken the team curfew and returned late on the night of the win. An official said Habana had returned two hours earlier than reported and the report was "devoid of any truth." * With agencies

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A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

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Sector: Financial services

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Thursday April 25:  Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm

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The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
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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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The specs

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