Todd Lowrie of the Storm is tackled during the game against the Warriors in Melbourne.
Todd Lowrie of the Storm is tackled during the game against the Warriors in Melbourne.
Todd Lowrie of the Storm is tackled during the game against the Warriors in Melbourne.
Todd Lowrie of the Storm is tackled during the game against the Warriors in Melbourne.

Warriors blown away by emotional Storm


  • English
  • Arabic

Rugby League legends, including Glenn Lazarus, Tawera Nikau, Matt Geyer and Scott Hill, travelled to see the troubled Melbourne Storm end a tumultuous week with a stunning 40-6 win over New Zealand Warriors yesterday. Storm played like defending champions, not like a club in disgrace and disarray following the revelation that they had broken the salary cap.

Stripped of all points for this season and of their two premierships since 2007, Craig Bellamy, the coach, rallied his troops over the past three days, saying they would stand up for themselves and fight their way back. The players answered his call, crushing the hapless Warriors before 23,906 cheering fans. Cameron Smith, the captain, said after the match that he did not know what to expect of the players after the shock of losing their premierships and points for this season on Thursday.

"The first few days were heart-breaking," he said. "Earlier we didn't know how we were going to get through this game." Despite the club unable to accrue any points, Smith pleaded for the fans to continue to show their support and said they would be repaid with a 100 per cent effort. "Every time we put on this jersey to play for our club we're going to do our best and we hope you'll all turn up. Hopefully for the rest of the year we can do what we did tonight."

All 15 NRL clubs have backed the controversial ruling that prevents the Storm earning any points in 2010. In a telephone conference yesterday, which did not include the Storm, all chief executives supported the NRL's strict penalties. But the NRL's decision to deny the Storm the right to earn points for the rest of the year drew criticism for being detrimental for the 2010 season and too heavy a blow for the rebuilding Storm.

However, Shane Richardson, the Rabbitohs boss, said the punishments were justified. "There are people running agendas around this debate but it is absolutely the right decision," he said. "They can't be allowed to finish ahead of any other club in the competition. "It's all very well to say move three or four players perhaps even against their wishes but who is going to take them?" Brisbane and Newcastle, two clubs who said they did have room available within their salary cap to buy players, ruled out any support for the Storm being "broken up" now in an attempt to bring them under the cap.

"It would be a clear disadvantage to the other teams who do not have room in their cap," said Bruno Cullen, the Brisbane Broncos chief executive. "We are one of the few clubs who would have some room because of some of the events this year but it wouldn't be fair and we support the NRL's decision as it stands," Cullen added. All clubs insisted they had no issue with playing the Storm in the weeks ahead, accepting that it would mean all clubs played against the same opposition throughout the year.

"They have been caught cheating," the Warriors' Wayne Scurrah said. "If it was at the end of the season they would lose all their points and at this point of the season they can't be allowed to earn any points," he said. In yesterday's other games, St George Illawara beat the Sydney Roosters 28-6 while Canberra lost 26-24 at home to South Sydney. * PA

Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

First Person
Richard Flanagan
Chatto & Windus 

yallacompare profile

Date of launch: 2014

Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer

Based: Media City, Dubai 

Sector: Financial services

Size: 120 employees

Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)

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.”

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million