DUBAI // The UAE Rugby Federation (UAERF) will meet May 20 to officially endorse a new committee to oversee rugby league in the country.
The 13-a-side code is suspended after Sol Mokdad, who had been piloting its development as the president of the Rugby League Commission, was detained by police last week.
The UAERF, as the government-appointed rulers of all rugby, had taken action against him for “falsely representing the UAE government and rugby in the UAE”.
While the appointment of the new committee is the only workable solution if league is going to be played here, it contravenes the views of the Rugby League International Federation (RLIF), the sport’s ruling body.
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> Sol Mokdad, president of Rugby League Commission, detained by Dubai Police
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“Both World Rugby and RLIF recognise that the sports of Rugby Union and Rugby League are led by sovereign International Federations and neither has any jurisdiction over the other sport,” said David Collier, the RLIF chief executive on Sunday.
World Rugby, union’s global rulers, are aware of the situation but unwilling to make an official comment. It is understood they have also been involved in finding a solution.
Whatever the outcome of next week’s board meeting, it seems unlikely the league campaign, which was to have its final at Al Ain on Friday, will be completed. James Agus, the coach of Xodus Wasps, who were preparing to play for a place in the final when the league was suspended, said his players were disappointed.
“The lads are gutted it ended so quickly. We do believe we could have gone on and won it,” Agus said. “I hope it does get resolved quickly and league will be back next year.”
Andy Cole, the chairman of Abu Dhabi Harlequins, another of the clubs who play both league and union, said the row has left a stain on the reputation of the sport.
“The UAERF were correct in doing what they did, although the extent it reached, I don’t think, was in keeping with the spirit of the sport,” Cole said.
Mike Wolff, the chairman of Dubai’s oldest club, the Exiles, said the UAERF is doing a “superb job” in governing union, and hopes the furore would not overshadow that.
“The early stages of getting a sport off the ground in a new location are always challenging for a variety of reasons,” Wolff said. “I am certain the intentions behind establishing and growing rugby league in the UAE were all good ones, if perhaps a little misguided and naive in terms of understanding how that process should follow local regulatory and cultural norms.
“I am surprised and concerned that matters have reached the point they have, and I hope world opinion does not turn negative towards any form of rugby in this great country as a consequence.
“I am sure dialogue between all stakeholders and agreeing mutually beneficial objectives will see a resolution to this issue, and allow people to get on with playing their chosen form of rugby with good governance in place.”
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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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