DUBAI // Hong Kong, the joint masterminds behind the formation of the Emirates Cup of Nations, are currently getting significantly more out of the competition than their hosts.
The UAE and Hong Kong, the two leading amateur nations in Asia, came up with the idea of this tournament as a means of raising standards and closing the gap on the continent's leading side, Japan.
The part-time players of the UAE, or the Arabian Gulf, the representative side's former guise until the start of this year, rarely played any international rugby other than the annual Asian Five Nations.
For Hong Kong, the tournament replaces their annual winter tour of Europe, and they are grateful both for the warmer playing conditions as well as the standard of competition.
"Due to snow over there, we have decided to can that idea and play in this tournament instead," Pale Tauti, the Hong Kong captain, said.
"It is way better than we expected, having four teams of different calibre, from different parts of the world and continents. It is a fantastic competition."
It is no surprise that Tauti holds the new competition, which it is hoped will become an annual feature of the UAE rugby calendar, in such high regard given the form his side have displayed on Pitch 2 of The Sevens ground.
Hong Kong followed up their thrashing of the Emirates with another polished display in their 44-17 win over Kenya yesterday evening.
Charles French, their towering second-row forward, scored two tries, while each of their back-three, Adam Raby, Rowan Varty and Mike McKee also crossed the whitewash.
The UAE can expect a forward-dominated battle from their final encounter against Kenya on Friday.
All three Kenyan tries arrived from close-range pushovers, but the Asian side were down to 14 men when each of them was scored.
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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.
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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.
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