Ajay Jadeja is the nephew of the current ruler of Jamnagar, Shatrusalyasinhji Jadeja. Getty Images
Ajay Jadeja is the nephew of the current ruler of Jamnagar, Shatrusalyasinhji Jadeja. Getty Images
Ajay Jadeja is the nephew of the current ruler of Jamnagar, Shatrusalyasinhji Jadeja. Getty Images
Ajay Jadeja is the nephew of the current ruler of Jamnagar, Shatrusalyasinhji Jadeja. Getty Images

Former Indian cricketer Ajay Jadeja named heir to royal throne of Jamnagar


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Former Indian cricketer Ajay Jadeja has been named heir to the royal throne of Jamnagar – an erstwhile princely state in Gujarat.

The current ruler Shatrusalyasinhji Jadeja declared his nephew and former international player as his successor. Ajay, 53, played 196 One Day Internationals and 15 Tests for India between 1992 and 2000. He is a descendant of the royal family of Jamnagar, previously known as Nawanagar.

After his playing days, Ajay became a commentator and even coached the Afghanistan team during last year’s ODI World Cup in India.

"Today, on Dussehra, I am equally happy, as I have found a resolution to one of my dilemmas thanks to Ajay Jadeja, who has accepted to be my heir," Shatrusalyasinhji Jadeja said.

"Ajay Jadeja taking up the responsibility of serving the people of Jamnagar is truly a boon for its people. I express my sincere gratitude to him."

Ajay was one of the most prominent white-ball cricketers for India in the late 1990s and early 2000s. He was well known for his electric fielding and street-smart batting abilities.

However, he was also entangled in the match-fixing controversy that rocked Indian cricket at the turn of the century and even though a cricket ban imposed on him was overturned by a court, Ajay did not work with the Indian cricket establishment again.

Royalty and cricket

Indian cricket has deep ties with royal families going back to the country's pre-independence days.

Mansoor Ali Khan, the Nawab of Pataudi, became India’s youngster captain in 1962 at the age of 21 and played 46 Tests for the country. He is celebrated as one of the finest captains in post-independence India.

India’s premier domestic first-class tournament Ranji Trophy is named after another ruler of Jamnagar – Ranjitsinhji, the first prominent Indian cricketer. Another member of the Jamnagar royal family – Duleepsinhji – lends his name to India’s first-class competition Duleep Trophy.

History of Jamnagar

Jamnagar has a rich history and remains one of the most significant economic centres of India.

Indian conglomerate Reliance Industries has set up one of the world’s largest oil refineries there. The company’s owners – the Ambanis – recently held a lavish pre-wedding celebration that was attended by some of the biggest celebrities from around the world.

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UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
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  • £250m to train new AI models
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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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VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

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At a glance

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Updated: October 12, 2024, 12:38 PM