Tiger Woods, left, watches Rory McIlroy tee off on the sixth hole during the first round of the Abu Dhabi HSBC Golf Championship. Jeff Topping / The National
Tiger Woods, left, watches Rory McIlroy tee off on the sixth hole during the first round of the Abu Dhabi HSBC Golf Championship. Jeff Topping / The National

Tiger that makes Gulf's golf go with a swing



The final week of the Gulf leg of European Tour golf is upon us. Abu Dhabi and Doha have used the world's leading sports tourism platform to showcase their golf propositions to the world - and this weekend is Dubai's turn.

Professional golf's commercial proposition is quite simple. Yesterday was all about the pro-ams and pre-tournament media speculation and stunts. Today to Sunday is all about the news and sports live media coverage worldwide and the spectator experience.

Golf's major advantage over all other sports is its handicap system. This allows the world's best to play against mere commercial mortals on a level playing field. The pro-am, when used properly, is business-to-business (B2B) gold dust.

The European Tour's global media platform offers an audience of about 375 million homes. This statistic is smoke and mirrors.

For example, from the 12.5 million Sky homes in the UK that are included in this statistic, about 50,000 to 400,000 viewers will actually watch a regular Tour event.

Not a statistic that the sales teams use that much.

Nonetheless, the ABC1 quality of a large percentage of the audience provides the real attraction. More important, this audience is fanatical about golf and has discretionary income to travel and play golf - or to incorporate golf into a business trip overseas. This is key to the region's golf tourism needs.

The year so far has proven one thing: Tiger Woods is still the biggest golf box-office name - by far.

His agent, Mark Steinberg, who left IMG last year with the management company's biggest individual client ever in terms of annual revenue, must be truly excited about the next five years.

Having learnt his lesson about honesty and the media, Woods was frank about the financial attraction to come to Abu Dhabi. More important, he also showed why he is good value for money. On Sky, in the UK, the Sunday audience peaked at 325,000 viewers. This is really high for Sunday golf in January.

Mr Steinberg - my room-mate at the 1992 Open when we both joined IMG - is in a great position to play Abu Dhabi, Doha and Dubai off against each other. One tournament a year. Biggest offer wins. No two-year deals, unless the offer is eye-watering. Simple.

More important, while Woods is not the golfer of a decade ago, he is not far away from winning majors again. Golf's new elite has not moved the bar higher, while Woods has been on his self-created sabbatical. The commercial heir apparent, Rory McIlroy, needs to step up. Golf needs to see him win, regularly and with flair.

It may inspire the estimated 68 million lapsed golfers in the world to take up the game again.

The industry needs to see McIlroy look Woods in the eye on the back nine of a major tournament and beat him - with ideally a golfer from one of the Brics countries - Brazil, Russia, India, China and South Africa - in a supporting role.

Golf needs charismatic heroes to grow the game. The current elite does have an important role to play - but for mass participation growth in a sport that has been virtually stagnant in the past five years, the sport needs box-office, colourful heroes. That is why tennis is currently so commercially strong. It delivers on the Grand Slam.

The sponsorship war of the Gulf swing has been clearly won by HSBC. The bank's criteria for the sponsorship's success will involve various brand, customer, corporate social responsibility, human resources, media and promotional objectives - but ultimately the sponsorship also links to the commercial performance of HSBC's regional offices and using the golf sponsorship to win new and maintain old business.

Woods's participation in Abu Dhabi meant a stellar media return for HSBC.

In Doha, CommercialBank deserves recognition. Not only is it the title sponsor, but it is also effectively the promoter. The tournament reflects both Doha's and the bank's brand and aspirations.

The CommercialBank Qatar Masters is strong as a B2B event for the Doha business community. What a pity, though, that the shamal and fog curtailed the tournament to three rounds this year. One suspects that Doha will have looked at Abu Dhabi's success last month and will have put Woods at the top of its 2013 shopping list.

The Omega Dubai Desert Classic is in an interesting place. Once the crown jewel of the European Tour's first quarter, it is now the weakest of the three Gulf tournaments in terms of world ranking points (the number of top-100 professionals who play the tournament).

This means that the media coverage is also damaged and the tournament's brand has less sparkle.

The Dubai World Championship has diluted the Desert Classic's commercial position and has made sponsorship complicated, with two world-class golf events in the same city.

Even though the Classic has a strong international title sponsor in Omega, the tournament also lacks government funding to compete on a level playing field with Abu Dhabi and Doha.

However, Golf in Dubai, Dubai's promoter, took an inspired strategic decision last year. Its Middle East and North Africa Tour for the region's next generation of golfers is vital for the development of the game. It can hopefully create the first great Arab professional.

It also unlocks funding from the likes of the R&A and European Tour and gives Dubai a lead role in the politics of the region's golf and its development.

Ultimately, this has been Abu Dhabi's year. Mabrook to the Abu Dhabi Tourism Authority and HSBC - and particularly to Steinberg and Woods.

The business of golf has missed you, Tiger.

Jamie Cunningham is the founder and chief executive of Professional Sports Group

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ICC Awards for 2021

MEN

Cricketer of the Year – Shaheen Afridi (Pakistan)

T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)

ODI Cricketer of the Year – Babar Azam (Pakistan)

Test Cricketer of the Year – Joe Root (England)

WOMEN

Cricketer of the Year – Smriti Mandhana (India)

ODI Cricketer of the Year – Lizelle Lee (South Africa)

T20 Cricketer of the Year – Tammy Beaumont (England)

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The bio

His favourite book - 1984 by George Orwell

His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard

Favourite place to travel to - Peloponnese, Southern Greece

Favourite movie - The Last Emperor

Favourite personality from history - Alexander the Great

Role Model - My father, Yiannis Davos

 

 

Pieces of Her

Stars: Toni Collette, Bella Heathcote, David Wenham, Omari Hardwick   

Director: Minkie Spiro

Rating:2/5

Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm
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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

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

Slow loris biog

From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore

Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets

Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation

Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night

Superpowers: His dangerous elbows. The slow loris’s doe eyes may make it look cute, but it is also deadly. The only known venomous primate, it hisses and clasps its paws and can produce a venom from its elbow that can cause anaphylactic shock and even death in humans

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman

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Through Her Lens: The stories behind the photography of Eva Sereny

Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books

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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.”

Types of bank fraud

1) Phishing

Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

2) Smishing

The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

3) Vishing

The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

4) SIM swap

Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

5) Identity theft

Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

6) Prize scams

Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.