Just as a road to riches has opened up for Lucas Glover, fellow American Phil Mickelson has been confined to a place in the record books which he would not have wished on himself.
After an unlikely, but ultimately well-deserved, victory in the 109th US Open, Glover has many more opportunities ahead of him and can carry new-found confidence into the rest of the game's majors and world championship events.
He started the year at No 177 in the world rankings, and was still a lowly 71st when he arrived at Bethpage, but leapt 53 positions to 18th with a performance as tough and impressive as the notorious Black course itself. Spurred on by an army of fans, Mickelson gave everything before having to settle for a share of second place with David Duval and Ricky Barnes.
His record fifth runner-up finish in the US Open takes him one ahead of four golfing greats: Sam Snead, who never did win the title, Jack Nicklaus, Arnold Palmer, and Bobby Jones.
It could have been so much better. The world No 2 was tied for the lead with four holes left, but as we have seen so many times, he missed short putts at crucial times, from four feet at the 15th and six feet two holes later, and his chance of a fairy tale triumph was gone.
At the start of the week you would have had to look very hard to find anyone who felt Glover might win. But the 29-year-old from South Carolina hit more fairways than any other player, was second in greens-in-regulation and produced some of his best golf when the pressure was at its greatest.
Most crucially, when tied for the lead with Mickelson and Duval as the last-round tension grew, Glover collected a priceless birdie at the 479-yard par four 16th while they both bogeyed the par three 17th.
At one point in the third round it had seemed like a two-horse race as Barnes became only the fourth player to reach 11-under par at any stage in US Open history, with Glover three shots away and the rest of the field flagging.
With his lead slashed to one for the final onslaught, Barnes was a bundle of nerves as he faltered and the pack closed in on Glover.
Tiger Woods briefly reminded us that he was still in the hunt, but birdies on the 13th and 14th could not hide the fact the real Tiger was not at Bethpage. It was a week when every aspect of his game fell short of his own standards.
I'm not sure if Woods realises how much better he putts than the rest of the world's top players. At the end he was left lamenting his lack of success on the greens, but the reality is he had what was, for the average Tour player, a normal putting week.
His long game was not far off, but he never had the consistency for such a demanding course. Having said that, he finished one shot away from a tie for second.
Apart from Glover's success, the main story was Duval, a former world No 1 who started the week at No 882 in the world rankings.
This was the Duval of old. He played the difficult holes well, but luck was not on his side. His first hole on the final day brought a plugged lie in the bunker and led to a triple bogie. He fought back strongly and had a share of the lead after a run of three successive birdies from the 13th, but bogeyed the 17th to finish in a tie for second.
It was a roller coaster rider for Barnes, who had a lot of different swings during the week, especially when he felt the pressure, but held it together over the last five holes.
Ross Fisher played beautifully from tee to green, hitting more greens-in-regulation than any other player without finding the killer finish. But the Englishman will gain a lot of confidence from his performance.
As for what happened to Ernie Els, there is no short answer. He has always been a family man and in recent times has become increasingly active in his work for charity, making special efforts to raise awareness of autism after his son was diagnosed with the illness two years ago.
The family moved from Wentworth, England to Florida so his son could attend a special school, and, after working with David Leadbetter for more than 10 years and enjoying great success, Ernie switched to Butch Harmon.
It was a big move, but Ernie felt it was necessary, and while his swing is improving it is still not a finished product.
It's a similar story with Padraig Harrington. A lot has been said about his swing changes, although I did not see a great deal of difference and it's clear he needs to work hard on feel and club head awareness over the next three weeks if he is to have any chance of winning a third successive Open Championship at Turnberry next month.
@Email:pparkin@thenational.ae
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
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.”
Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.
How Beautiful this world is!
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Company%20Profile
%3Cp%3ECompany%20name%3A%20EduPloyment%3Cbr%3EDate%20started%3A%20March%202020%3Cbr%3ECo-Founders%3A%20Mazen%20Omair%20and%20Rana%20Batterjee%3Cbr%3EBase%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Recruitment%3Cbr%3ESize%3A%2030%20employees%3Cbr%3EInvestment%20stage%3A%20Pre-Seed%3Cbr%3EInvestors%3A%20Angel%20investors%20(investment%20amount%20undisclosed)%3C%2Fp%3E%0A
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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