Coach Harvison out to lure more players into league



DUBAI // Rugby League is growing rapidly in the country, going by swelling in the ranks within the UAE Falcons team. The Falcons boasted of nine reserves for Friday night's friendly against English amateur side Saddleworth Rangers. The hosts and the visitors were also impressed by the turn-out at the stadium. Falcons coach Dougall Harvison attributed this growth to hard work by Emirates Rugby League.

Having said that though, several Falcons play the union as well as league codes, and Harvison hoped to wean them away from the union. "That is a difficulty there," the former Australian National Rugby League player said yesterday. "We are going to try to drag them away from that. "Union is well established here and we are trying to get a foothold. But I think there are enough people in the UAE to provide us as a sustainable code.

"It is going to be a tough uphill battle, but I think we can do it. We are going all right and we just got to look forward. "There are many more players. That comes from the administration, from the development with guys coming out from training and actually learning, which is what we want to do. We want to develop the game and have as many people at a good level." The 20-64 loss on Friday was the Falcons' first of the season. They had earlier defeated Lebanese team Liban Espoir twice.

The team will travel to Beirut next month for the third and final match of the Test series on Aug 22. And despite the loss to the Rangers, Harvison said there were plenty of positives from the game that his side could build on for the Lebanon visit. "It was a good preparation with everyone having an idea of what is expected," he said. "I think everyone has come away with what we can improve on. We just have to come up with a few more strategies, fitness techniques that are also enjoyable for the guys."

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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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While you're here

Michael Young: Where is Lebanon headed?

Kareem Shaheen: I owe everything to Beirut

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