Spaniard Jose Maria Olazabal criticised the European Tour’s decision to launch the EurAsia Cup team matchplay event next year and said officials should have re-established ties with the Royal Trophy.
Olazabal is captaining Europe in the seventh edition of the Royal Trophy matchplay event, where Asia require 3.5 points from today’s eight singles matches against Europe to defend the trophy.
It was launched in 2006 by his former Ryder Cup teammate and compatriot Seve Ballesteros and is backed by the Japan Golf Tour and China Golf Association (CGA). The European Tour supported the venture before dropping it, then opted to launch a similar tournament in Malaysia next year with the Asian Tour, which used to host CGA tournaments before the Chinese opted to side with the rival OneAsia Tour.
“I know the European Tour sanctioned this event for two years and then a split occurred for some reason,” Olazabal said in a statement yesterday. “But I do think they must sit down with the Royal Trophy people and work out their differences, because it is such an important issue.
“The Royal Trophy will continue even if it is not sanctioned by the European Tour, because it has great support from the Japan Golf Tour, the China Golf Association and other important parties in Asia.
“But I know the organisers are keen to resolve this issue, and I would call on both sides to sit down and sort this thing out.”
The Royal Trophy is being staged in China for the first time, after Brunei hosted it last year and Thailand for the first five.
While the inaugural Royal Trophy boasted famed major winners Nick Faldo and Ian Woosnam as well as then-world No 12 David Howell, Swede Henrik Stenson and Ireland’s Paul McGinley, the current edition lacks the same gloss. Thailand’s Thongchai Jaidee is the top-ranked player competing in China at world No 46, while Howell is back but now No 93.
Thongchai will be team captain for the inaugural EurAsia Cup in March, but Olazabal thinks the new tournament is not necessary and that European Tour chief George O’Grady should focus on finding new full-field, stroke-play events instead.
“We do not need another Asia v Europe match involving a maximum of 20 players when we already have a well-established Royal Trophy,” said Olazabal, a former European Ryder captain and two-time Masters champion. “But we do need more full-field events, and I know other players feel the same way.”
The biennial EurAsia Cup will be held over three days at the Glenmarie Golf and Country Club in Kuala Lumpur from March 27-29, with Spain’s Miguel Angel Jimenez playing and captaining Europe.
On the course, Thailand strongmen Thongchai and Kiradech Aphibarnrat maintained their invincible partnership to keep Asia on course for a historic successful title defence in the Royal Trophy.
On a day of wildly fluctuating fortunes which saw two dramatic halved matches and a victory for Europe via Austrian Bernd Wiesberger and Dane Thorbjorn Olesen, the fourball session ended in a frenzied 2-2 draw.
Having triumphed 3-1 in Thursday’s foursomes, Asia will take a 5-3 advantage into Sunday’s eight singles contests over the Dragon Lake Golf Club’s Asian Games Course in southern China.
For the second day in succession the powerful Thai duo came up trumps for non-playing Asian captain Y.E Yang
In the foursomes they had thrashed Scotsmen Paul Lawrie and Stephen Gallacher 5&3, but they had to work harder in the fourballs, prevailing 2&1 against the same opponents thanks largely to the heroics of Kiradech, who snared six birdies.
Wiesberger and Olesen, who was celebrating his 24th birthday, brought a welcome smile to the face of European captain Jose Maria Olazabal when they saw off Japan’s Ryo Ishikawa and Hiroyuki Fujita, also 2&1.
In the remaining two matches, there were stunning turnarounds as England’s David Howell and Scot Marc Warren and then Koreans Kim Kyung-tae and Kim Hyung-sung both surrendered seemingly unassailable positions.
Two-up with two holes to play, Howell and Warren were pegged back by China’s Liang Wenchong and Wu Ashun.
It was then the turn of the Kims to falter as Spaniard Alvaro Quiros and Belgian Nicolas Colsaerts made an equally improbable escape when they won the final two holes to claim a half-point.
Despite the two-point deficit, Olazabal is holding onto the hope of a final-day charge reminiscent of Europe’s Ryder Cup comeback at Medinah last year, when they entered the singles trailing by four points but emerged triumphant.
He said: “Getting a half in that last match has kept our hopes alive. If we have a solid start in the singles and put pressure on the Asian team then we can still turn it around.”
Meanwhile, Yang, whose team are bidding to win the Royal Trophy back-to-back for the first time, remains confident.
He said: “I’m a little disappointed with losing that final half a point, and I was pretty nervous watching the last two matches. I hope we still have the momentum and that we can finish off the job in the singles.”
With firm greens, swirling winds and camera-clicking galleries posing challenges for the players, Asia held the ascendancy for much of the second day leading in all four matches at one point.
Howell and Warren came from behind to lead two-up but saw Liang hole a 25-footer for birdie at 17 before the local heroes completed their comeback by taking the 18th when neither European could manage a par.
The stage was then clear for Qurios who produced a brilliant nine-iron approach over trees at 18 to within six feet. After consulting Colsaerts and captain Olazabal about the line he rolled home the birdie putt. “I knew how crucial that was,” he said.
sports@thenational.ae
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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.”
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Quick%20facts
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Fixtures
%3Cp%3E%3Cstrong%3EWednesday%2C%20April%203%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EArsenal%20v%20Luton%20Town%2C%2010.30pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3EManchester%20City%20v%20Aston%20Villa%2C%2011.15pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EThursday%2C%20April%204%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ELiverpool%20v%20Sheffield%20United%2C%2010.30pm%20(UAE)%3C%2Fp%3E%0A
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Story%20behind%20the%20UAE%20flag
%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
RESULTS
5pm: Rated Conditions (PA) Dh85,000 (Turf) 1,600m
Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,400m
Winner: AF Alajaj, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
Winner: Hawafez, Connor Beasley, Abubakar Daud
6.30pm: Maiden (PA) Dh80,000 (T) 2,200m
Winner: Tair, Fabrice Veron, Eric Lemartinel
7pm: Handicap (PA) Dh80,000 (T) 2,200m
Winner: Wakeel W’Rsan, Richard Mullen, Jaci Wickham
7.30pm: Handicap (PA) Dh100,000 (T) 2,400m
Winner: Son Of Normandy, Fernando Jara, Ahmad bin Harmash
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.5-litre%20twin-turbo%20V6%20%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E456hp%20at%205%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E691Nm%20at%203%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%20%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E14.6L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh349%2C545%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
COMPANY%20PROFILE%20
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Directed by Sam Mendes
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
How to help
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