South Africa's Aiden Markram celebrates after reaching his century, the fastest ODI World Cup hundred, off 49 balls against Sri Lanka in Delhi. Reuters
South Africa's Aiden Markram celebrates after reaching his century, the fastest ODI World Cup hundred, off 49 balls against Sri Lanka in Delhi. Reuters
South Africa's Aiden Markram celebrates after reaching his century, the fastest ODI World Cup hundred, off 49 balls against Sri Lanka in Delhi. Reuters
South Africa's Aiden Markram celebrates after reaching his century, the fastest ODI World Cup hundred, off 49 balls against Sri Lanka in Delhi. Reuters

South Africa register record win over Sri Lanka in Cricket World Cup 2023


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South Africa broke a number of records as they defeated Sri Lanka by 102 runs in Delhi in their World Cup 2023 opener on Saturday.

The Proteas posted the highest ever World Cup total of 428-5 while Aiden Markram smashed the fastest tournament century in just 49 balls to set up victory.

South Africa bettered the previous World Cup high of 417 made by Australia against Afghanistan at Perth in 2015. Their total of 428-5 was also the ninth highest in all One-Day Internationals.

Markram, who made 106, beat the previous record for fastest World Cup century which was claimed by Ireland's Kevin O'Brien off 50 balls against England at Bengaluru in 2011.

It was a run-fest at the Arun Jaitley Stadium where three of South Africa's top four batters smashed hundreds.

Quinton de Kock struck 100 and Rassie van der Dussen hit 108 but both were overshadowed by Markram's incendiary 106 off 54 balls.

Sri Lanka put up a brave fight, getting dismissed for 326 in 44.5 overs after brief fightbacks from Kusal Mendis (76), Charith Asalanka (79) and Dasun Shanaka (68).

A staggering 31 sixes were hit in the match, to go with 74 fours, on a belter of a track that produced 754 runs.

South Africa's Rassie van der Dussen, centre, and Quinton de Kock also hit centuries. AFP
South Africa's Rassie van der Dussen, centre, and Quinton de Kock also hit centuries. AFP

"Happy for us. I can't find fault with the batting," South Africa captain Temba Bavuma said.

"We were not quite clinical with the ball, but we will take that confidence into the next game."

For Sri Lanka, the figures made for grim reading with two of their bowlers - Matheesha Pathirana (1-95) and Kasun Rajitha (1-90) - conceding more than 180 runs from 20 overs.

It was a remarkable display of big-hitting by a South African side who were skittled out for just 99 the last time they played at New Delhi's Arun Jaitley Stadium in October 2022.

"From a team like South Africa, we expected 350 anyway in these conditions. If we'd managed to keep them to 370 it's manageable," said captain Dasun Shanaka.

"We had the momentum especially the way that Mendis and Asalanka played. But their total was a little too much for us."

De Kock, who is playing in his final international tournament, hit his 18th ODI century off 83 balls with 12 fours and three sixes.

De Kock put on 204 runs for the second wicket with Van der Dussen before being dismissed off the next ball he faced after reaching 100, top edging a delivery from Pathirana to Dhananjaya de Silva at mid-on.

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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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Updated: October 07, 2023, 6:39 PM