ABU DHABI // The Abu Dhabi inter-school cricket tournament is entering its fifth year with a few improvements.
Young cricketers from the capital’s schools will enjoy playing at one of the best facilities in the country – the newly laid turf wickets of the Abu Dhabi Cricket Council’s (ADCC) Nursery Ovals.
The tournament format has changed from 25-over-a-side games to Twenty20 and the ADCC have also struck a sponsorship deal with Abu Dhabi Commercial Bank.
“We are trying to create a pathway to nurture the next generation of cricketers,” David East, the chief executive of the Emirates Cricket Board, said.
“It is a significant development to provide the turf facilities for all age groups.
“We hold the inter-school tournament in high esteem. This tournament is a stage for the young cricketers to showcase their talents and abilities, and performances will serve as notice for selections for the UAE in various age groups.
“Apart from providing the youngsters the playing opportunities, we are also looking for talented players to emerge from such competitions.”
The school tournament was first played on cement wickets and rolled sand.
Some games were eventually moved to turf pitches and the finals at the Zayed Cricket Stadium strip.
“We have got the facilities and from now on, the inter-school tournament will be played on the turf. School cricket is the best way forward,” East said.
The former Essex wicketkeeper batsman insisted on switching to T20.
“This format provides an early introduction to the players to adapt and it is better time serving,” East said.
The Cambridge High School, the two-time winners of the Under 19 title, play newcomers Glenelg School in Group A, while the British School Al Khubairat meet Asian International School Bida Zayed in Group B on Thursday’s opening day.
Cambridge High School are the favourites again, with a team consisting of Shivank Vijaykumar, Moaaz Qazi, Bilal Passela, and Bikramjeet Singh, all of whom have represented the UAE at youth level.
Sheikh Khalifa bin Zayed Pakistan School, runners-up twice to Cambridge, will be hoping to make it third-time lucky.
Ahmed ur Rehman, the player of the tournament in the previous event, leads the team that also includes the UAE Under 16 international Simon Charles.
Abu Dhabi Indian School and Asian International School Bida Zayed complete the six-team competition. The top two teams from the two groups will advance to the semi-finals
Sheikh Khalifa bin Zayed Pakistan School are the defending champions of the U16 tournament, scheduled for next month.
Abu Dhabi Indian School was the winner of the U14 competition, which will take place in January.
apassela@thenational.ae
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.”
HAJJAN
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