ABU DHABI // Khurram Khan played the captain’s role again to guide the UAE to a 14-run win over the United States and book their passage to the knock-out round in the World Twenty20 Qualifier.
He stroked 61 not out for his team to post 151 for five and took three wickets, including two in one over, that turned the match in the host team’s favour on Sunday in Abu Dhabi.
The US needed 17 runs in the last over, and Shadeep Silva, the left-arm spinner, bowled an excellent six deliveries to take two wickets for three runs for the UAE to bounce back from their 67-run defeat to Italy on the previous day.
“I had a good opening spell and when the captain tossed the ball at me with the task of bowling the last over, I was quite confident to do the job for the team. I just stuck to my task of pitching it on the right areas,” Silva said.
The US were well-placed at 104 for two, needing 48 from 38 balls, when Rohan Mustafa removed Karan Ganesh (22 off 12 balls) to break a threatening third-wicket partnership.
“Everybody played their part,” Khurram said. “The openers gave a steady start and then it was up to me to carry on. I did that and we managed to post a competitive total.”
Khurram struck a double blow in the next over to send back the opener Steven Taylor (42) and Srini Santhanam (2) in successive deliveries to turn the game in the UAE’s favour.
“The match was slipping away,” Khurram said. “Rohan bowled a beautiful over and then I came in and took two wickets.
“All credit goes to Shadeep as his spell was simply exceptional. If you turn around things in such way, you really feel proud of the boys.”
The UAE finished third in Group A behind Ireland and Hong Kong, and they face the Netherlands in the knock-out round on Wednesday. Hong Kong face Nepal in the other game.
The winners of the two games between the second and third teams in the groups will join Ireland and Afghanistan in Bangladesh next year as the table toppers, irrespective of the outcome when they play each other in the knock-out round.
“We don’t mind playing against any team, as it is the knock-out stage,” Khurram said.
“We will have to keep up this good work. I’m sure this performance will lift the team after that loss against Italy [on Saturday], which shows that the boys have lot of character.”
For Ireland, it will be their fourth successive qualification for the World Twenty20, while Afghanistan will be playing in their third tournament.
Ireland rounded off their campaign with an 85-run win over Hong Kong, winning all their matches, barring one that was abandoned because of rain. Afghanistan won six of their seven games in Group B.
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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.”
Who is Ramon Tribulietx?
Born in Spain, Tribulietx took sole charge of Auckland in 2010 and has gone on to lead the club to 14 trophies, including seven successive Oceania Champions League crowns. Has been tipped for the vacant New Zealand national team job following Anthony Hudson's resignation last month. Had previously been considered for the role.
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Profile of Hala Insurance
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