Dubai Desert Classic notebook: MENA players mix it with the big guns, McDowell earns his keep

The National’s John McAuley and Paul Radley provide an insight into the happenings on and off the Majlis golf course.

Transatlantic translation

As one of the few Americans to first follow a path on the European Tour instead of its counterpart in the United States, Peter Uihlein, left, must be fast becoming familiar with the subtle differences in dialect on this side of the pond. After posting a first-round 65 yesterday to sit joint second, the Massachusetts-born golfer was asked if playing the Majlis’ snooker-table greens facilitated his low score. “We call them pool tables,” he said. “But same thing.”

Lucky 13 for Gallacher

The start of Stephen Gallacher’s pursuit of a hat-trick of Omega Dubai Desert Classic titles followed a similar pattern to previous efforts. Namely, generally solid scoring, interspersed with some imperious shot-making. His past successes were notable for the number of unlikely holed iron shots. He was at it again yesterday, as he chipped in from a bunker for eagle at the 13th. “I seem to always hole a shot when I come here for some reason,” said Gallacher, who finished 6-under. “I’m starting to expect it now.”

Mixing with big guns

The Classic’s decision to award the Mena Golf Tour’s leading lights a place in the event is always a welcome one, as it allows the players on the developmental circuit, organised by Golf in Dubai, to gain some experience. That faith was rewarded yesterday, when Ahmed Marjane fared best of the seven Mena players. “I don’t see anything wrong with my game — it’s a question of stringing together all parts of the game,” said the confident Moroccan, 22. “Maybe, tomorrow is the day. Let’s see.”

Baby boom

Graeme McDowell says he was coerced back onto the course in Dubai after an extended winter break by his wife, demanding he earn some money to pay for nappies. The Northern Irishman, who proposed to Kristin on the helipad at the Burj Al Arab three years ago, has a five-month-old baby daughter. “It is getting hard to leave the nest, but she told me to go make a few quid to buy nappies and formula,” said McDowell, who went around in 5-under.

— Rory McIlroy continues fine UAE form at Dubai Desert Classic

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

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Earth under attack: Cosmic impacts throughout history

- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon

- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.

- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater

- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.

- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.

- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.

-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.

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.”

Jordan cabinet changes

In

Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
Dr Bassam Samir Al Talhouni, Minister of Justice
Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
Falah Abdalla Al Ammoush, Minister of Public Works and Housing
Basma Moussa Ishakat, Minister of Social Development
Dr Ghazi Monawar Al Zein, Minister of Health
Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth

Out

Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
Hala Noaman “Basiso Lattouf”, Minister of Social Development
Dr Mahmud Yassin Al Sheyab, Minister of Health
Yahya Moussa Kasbi, Minister of Public Works and Housing
Nayef Hamidi Al Fayez, Minister of Environment
Majd Mohamed Shoueika, Minister of Public Sector Development
Khalid Moussa Al Huneifat, Minister of Agriculture
Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
Mounir Moussa Ouwais, Minister of Water and Agriculture
Dr Azmi Mahmud Mohafaza, Minister of Education
Mokarram Mustafa Al Kaysi, Minister of Youth
Basma Mohamed Al Nousour, Minister of Culture

Main report

Ten years on, the UAE's stateless people reflect on how life has improved and on the challenges ahead

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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UAE currency

What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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UAE cricketers abroad

Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.

Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.

Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.