Clark overcomes Westwood to win Players Championship



For the second time in a month Lee Westwood has lost a big tournament he was leading to a guy shooting 67 on the last day. At the Masters it was world No 2 Phil Mickelson, but at The Players Championship in Florida last night it was little known South African Tim Clark - winless in more than 200 events in America - who snatched golf's richest prize from three behind. And this time Westwood did not even have the consolation of coming second and moving up to third in the world for the first time in his career. Needing a birdie-birdie finish at Sawgrass to force a play-off, Europe's top player hit a wedge into the water on the short 17th, double-bogeyed it and dropped to joint fourth. From hopes of the £1.1million (Dh5.9m) winning cheque he had to settle for £239,960. After a ragged 74 that would have been worse but for two earlier long putts Westwood said: "I'm disappointed, but it's not something I'm going to pull my hair out over. "If you don't play well you don't deserve to win and I just didn't play well over the weekend. "As the course got harder you really needed to be on your game and I wasn't striking the ball solidly enough. "You needed to hit more fairways, have more control of the ball and I just didn't have that. "It all needs fine-tuning. I'll keep working on things, just trying to get a bit better for next time." The shot that disappointed him most was his approach to the long 16th. Two back at the time he came up short in the bunker and when he lipped out for birdie from nine feet he knew the odds were stacked against him. "It was just a rubbish five-iron. I should have been able to hit that," he commented. But while he is still waiting for his first victory in America since April 1998 Clark is celebrating ending a barren spell on the PGA Tour that goes back to his debut the week after Westwood's win in New Orleans. "That's as good as I could have played," said the 2005 Scottish Open champion, whose 66-67 finish from seven behind Westwood at halfway was one outside the tournament record. "I felt like I hit every shot I wanted to." And this on a day when Davis Love was the only other player to break 70. "Obviously I'm over the moon, but no-one is going to talk to me any more - now I'm just another guy with a win! "I'm hoping that this will give me that little extra confidence that I needed. This may just be what gets me started. "I had the last two weeks off and didn't even hit balls I was playing so badly, but I just found something that clicked." Clark had had eight second-place finishes in the States, but you never would have guessed he was striving for his first win when he had five birdies in six holes from the seventh to grab a lead he never relinquished with six closing pars. Australian Robert Allenby was the one who just missed out by one, narrowly missing an eagle attempt on the 16th and then an 11-foot birdie try at the 17th. But, like at Augusta, Westwood ended up as the only European high up the leaderboard. Next best was Italian Francesco Molinari in ninth spot. The next big one for them both is the European Tour's flagship BMW PGA Championship starting at Wentworth on Thursday week. The next major is the United States Open on Pebble Beach on June 17-20. After going third-third-second in the last three Westwood will hope that is the week he finally gets over the line first. * PA

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.”

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The Bio

Favourite place in UAE: Al Rams pearling village

What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft

Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans

Best time to swim in the sea: When there is enough light to see beneath the surface

How to donate

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

if you go

The flights

Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes

The package

Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January

The info

Visit www.gokorea.co.uk

JUDAS AND THE BLACK MESSIAH

Directed by: Shaka King

Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons

Four stars

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Profile of Tamatem

Date started: March 2013

Founder: Hussam Hammo

Based: Amman, Jordan

Employees: 55

Funding: $6m

Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company