The seventh hole on the Wadi Course at Emirates Golf Club was designed by Nick Faldo, this year's European Ryder Cup captain.
The seventh hole on the Wadi Course at Emirates Golf Club was designed by Nick Faldo, this year's European Ryder Cup captain.

Green and pleasant valley



The Wadi course at the Emirates is named after the arabic word for 'valley' in recognition of the sunken dry river path that runs through the middle. It was originally opened in 1996 but re-designed in 2005 by Nick Faldo, this year's European Ryder Cup captain. It was then reopened a year later, giving its visitors an extra shot (par 73) to negotiate the treacherous but enjoyable 7,348 yards in front of them.

Faldo gained a reputation for precision and caution during a career which brought him six Major championships, one of which was won with 18 pars on the final day. This intriguing fourth hole typifies the Englishman's approach to course design. If you are tackling this monster in the afternoon the wind is likely to be in your face, making the back tee a no-go area for all but the biggest and most confident of hitters.

It involves a carry of 250 yards over water to the sanctuary of the fairway. Play it in the morning, as I did, with the wind behind and it can be a breeze to put your drive in play.Not that your problems are over if you remain dry off the tee. The safe approach is to aim left to stay away from the water at the front of the green, although a well-placed "sentry" bunker, another of Faldo's penal additions, will catch anything slightly off-line.

The approach is aimed at a green that slopes towards the water, especially if the pin is on the right, and is struck with the imposing Burj Al Arab hotel as the most pleasant of backdrops. Depending on the wind, it can be anything from a four iron to a wedge. Barney Coleman, the club's assistant director of golf and a former European PGA official at The Belfry in England, was my guide around what is occasionally described, unfairly in my opinion, as the poor relation of its Majlis sister course.

When the wind is helping, Coleman has a mischievous response. "If we want to we can create some really nasty putting situations on competition days," he warned. @Email:wjohnson@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.”

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
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Fuel economy, combined: 8.1L / 100km (estimated)