Tahir gets rewarded already after promising debut



South Africa

The new spin star Imran Tahir has been handed a year-long national contract. The Pakistan-born leg-spinner, 31, who was granted citizenship in January, made his debut for South Africa this week and took four for 41 as they won their opening match against West Indies by seven wickets. The batsman Colin Ingram, who made a debut century against Zimbabwe earlier this season and went on to play 11 one-day internationals, has also been given a contract.

England

Stuart Broad missed practice yesterday morning with more stomach problems, but he is expected to be fit to face India today. Broad began having problems almost as soon as England arrived on the subcontinent two weeks ago. But captain Andrew Strauss seemed confident that the new-ball bowler will recover in time for today's key Group B match. Broad went down with stomach trouble within hours of England's flight to Dhaka for their two warm-up matches, but he took a five-wicket haul in each of those two fixtures and played in the opening win over Holland.

Canada

Despite opening their campaign with a heavy defeat, the captain Ashish Bagai believes the World Cup will provide his younger players with a chance to gain experience. The Canadians lost by 210 runs to Sri Lanka in their first World Cup fixture, but have a chance for a win - or at least a competitive game - tomorrow against Zimbabwe. "All these youngsters are highly talented but they don't have the experience at this level," said Bagai, 28, a native of Delhi in India. "There are things you can coach, but it's all about having the experience and getting that belief that they can also compete against the top players. This experience they will definitely take to improve in the future."

Ticket problems

The ICC chief Haroon Lorgat said he does not want to see a repeat of the scenes in Bangalore, where police used bamboo sticks against irate fans queuing for tickets for today's match between India and England. The trouble broke out when fans were informed that the 7,000 tickets on sale for the general public had sold out. Lorgat said the ICC and local cricket associations had their own allocations, which led to a limited availability of tickets for the general public. "All tickets, one way or another, find their way to the public whether through clubs, boards, the ICC. It is unfortunate that there are only a few tickets for the public," he said.

Kenya

Eldine Baptiste, the coach, has fallen out with some of his senior players at the World Cup, the country's leading cricket official suggested yesterday. Kenya were well beaten in their opening match against New Zealand and play Pakistan on Wednesday. "The coach has his own way of doing things which did not go down well with some senior players," Samir Inamdar, the Cricket Kenya chairman, told Reuters in a telephone interview from Mombasa. "But ultimately, the coach has a duty to do and the players as well have a duty. I hope they will overcome those differences and play well."

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
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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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