Sixteen LIV Golf players, including Lee Westwood and Ian Poulter, have threatened legal action against the DP World Tour if their fines for joining the breakaway tour are not rescinded by Friday.
DP World Tour members were banned from three upcoming DP World Tour events and fined £100,000 ($121,230.00) each after playing in the Saudi Arabia-backed LIV Golf's opening event in the UK. It means the players are currently unable to compete at the DP World Tour and PGA Tour co-sanctioned Scottish Open next week, a key tune-up tournament for the Open Championship.
"Instead of spending our time, energy, financial resources and focus on appeals, injunctions and lawsuits, we would implore you ... to reconsider your recent penalties and sanctions," the letter read, according to the Daily Telegraph.
The players called on the tour to "rescind your fines and suspensions by 5:00 p.m. on Friday".
"If not, you will leave us with no choice but to employ the various other means and methods at our disposal to rectify these wrongs."
The US-based PGA Tour, which announced a 13-year partnership with the DP World Tour this week, has also suspended players for joining the breakaway circuit.
The players said in the letter that the alliance would have a negative impact on DP World Tour players.
"Approximately 40 DP World Tour members who would have been eligible for the Scottish Open on the DP World tour will now not be eligible, and instead will only have the option to go and play on the PGA Tour in Kentucky the week before The Open, for less money but at a higher cost to participate," the letter read.
"That the DP World Tour top performers will now earn PGA Tour cards serves only to solidify the DP World Tour as second fiddle to the PGA Tour and depletes the DP World Tour's top rising talent even further."
The second LIV event teed off in Portland, Oregon on Thursday at the Pumpkin Ridge Golf Club, going head-to-head with the PGA Tour's John Deere Classic.
The letter in full
“In Mr Pelley’s latest communication, he uses the statement that every action in life comes with a consequence. We agree, and we are concerned that the actions of the Tour against us, LIV Golf, and golf in general will have adverse consequences on the DP World Tour, a tour and an organisation that, despite our recent interactions, we care deeply for.
“The intention of this letter is not to further divide us, but to respond to Tour statements and to pose questions that the Tour should answer and we should discuss in detail. Instead of spending our time, energy, financial resources, and focus on appeals, injunctions, and lawsuits, we would implore you, the custodians of the DP World Tour, to reconsider your recent penalties and sanctions, and instead focus our energies on forging a path forward that is better for the DP World Tour members and the game of golf.
“To this end, we ask that you rescind your fines and suspensions by 5:00 pm on Friday, July 1, 2022. In addition, we represent over 5 percent of the DP World Tour membership and, under its articles of association, we ask you to convene a meeting of Tour membership to discuss these important matters further. If not, you will leave us with no choice but to employ the various other means and methods at our disposal to rectify these wrongs.
“We appreciate that the argument being put forward is that the ‘strategic alliance’ with the PGA Tour will provide overall benefit to DP World Tour members - hence the competitive threat to the PGA Tour being treated differently when it comes to releases and other matters.
“To begin with, we do not accept that protecting the PGA Tour through this alliance could in any way justify this disparate treatment. Even if it could, what are these benefits? This a question we have asked for many months.
“Thus far, the option to play the Barracuda Championship instead of the Scottish Open doesn’t appear to be one that benefits the membership at all. Ultimately, approximately 40 DP World Tour members who would have been eligible for the Scottish Open on the DP World Tour will now not be eligible, and instead will only have the option to go and play on the PGA Tour in Kentucky the week before The Open, for less money but at a higher cost to participate.
“In addition, PGA Tour players have been encouraged to play the Scottish Open through a stipend to cover travel costs, but the same benefit is not afforded to DP World Tour members?! That the DP World Tour top performers will now earn PGA Tour cards serves only to solidify the DP World Tour as second fiddle to the PGA Tour and depletes the DP World Tour’s top rising talent even further. And without regard to whether this collaboration is lawful, would this collaboration be happening without LIV Golf entering the market?”
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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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%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WallyGPT%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2014%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESaeid%20and%20Sami%20Hejazi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%20%3C%2Fstrong%3E%247.1%20million%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%20round%3C%2Fp%3E%0A
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.”
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
