Nicolai Hojgaard aims for third title in UAE at inaugural Dubai Invitational

Nicolai Hojgaard will aim for his third title in the UAE when the Dane competes alongside Ryder Cup teammate Rory McIlroy at the inaugural Dubai Invitational in January, organisers confirmed on Tuesday.

Hojgaard, 22, completed his 2023 season in fine style last month by winning the DP World Tour Championship, birdieing five of his last six holes to claim the biggest victory of his career and his first Rolex Series title. He will now aim to begin 2024 in similar form when he returns to the UAE for the new four-day event at Dubai Creek Resort from January 11-14.

The Dubai Invitational will see a 72-hole strokeplay tournament played concurrently with a three-day Pro-Am team event, with Sunday featuring professionals only.

“I love playing golf in the UAE and it’s the perfect place to start the year after the winter break,” said Hojgaard, who also won his second of his three DP World Tour titles in the UAE at the 2022 Ras Al Khaimah Championship.

“The conditions and the setup of the golf courses clearly suit my game and I always feel confident playing in Dubai, and with the pro-am format it adds a different dimension to the event, which I think is really exciting. It should be a great week and I can’t wait to get to Dubai Creek Resort in January.”

Hojgaard's victory at the DP World Tour Championship in November concluded a memorable season, which included victories with Continental Europe at the inaugural Hero Cup – also in the UAE – and with Team Europe in the Ryder Cup, as well as earning PGA Tour playing privileges for 2024 via the FedEx Cup.

Last month's victory at Jumeirah Golf Estates also saw Hojgaard finish runner-up to McIlroy in the season-long Race to Dubai and ahead of such stellar names as Masters champion Jon Rahm and world No 4 Viktor Hovland.

“I’m delighted Nicolai has confirmed to play," tournament host Abdulla Al Naboodah said. "He’s had an incredible few weeks during and since the Ryder Cup. He won the RAK Championship which Phoenix Capital supported a couple of years ago, so it’s great have him in the field again in January.”

Højgaard will join reigning Race to Dubai Champion Rory McIlroy in the field for the first event of 2024 and fans can register for free General Admission tickets here.

Fans can attend the Dubai Invitational by registering in advance for free tickets here.

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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.”

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Tightening the screw on rogue recruiters

The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.

Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.

A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.

The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.

The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.

Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.

Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment

But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.