Tommy Fleetwood of England tees off on the third hole during the third round of Dubai Invitational on Saturday, January 13, 2024. AP
Tommy Fleetwood of England tees off on the third hole during the third round of Dubai Invitational on Saturday, January 13, 2024. AP
Tommy Fleetwood of England tees off on the third hole during the third round of Dubai Invitational on Saturday, January 13, 2024. AP
Tommy Fleetwood of England tees off on the third hole during the third round of Dubai Invitational on Saturday, January 13, 2024. AP

Tommy Fleetwood overtakes Rory McIlroy to grab Dubai Invitational lead


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Tommy Fleetwood recorded eight birdies in a flawless third round at the Dubai Invitational on Saturday to take a one-shot advantage over halfway leader Rory McIlroy.

Four birdies over the first six holes set Fleetwood up for an eight-under 63 as the Englishman produced another flurry of birdies just after the turn.

He goes into the final round 15-under for the tournament, just ahead of Ryder Cup team-mate McIlroy.

"I felt I played very well, got off to the perfect start and got momentum early on, which I didn't have yesterday," said Fleetwood, who is leading going into the final round of a European Tour event for the first time since 2014.

"That little patch through the middle of the back nine where you just start seeing putts going in, it's funny when you get a day like that and you're just looking at them and you just feel like you can come close.

"I hit a couple of really nice putts early on, was rolling the ball well and hit the greens well. Today they went my way, just a bit of confidence when you start holing some and just get in that rhythm and that flow."

World number two McIlroy, a winner of five European Tour titles in Dubai, carded a 67 after recovering well from a bogey on the fifth hole.

He opened the day leading the field by two shots but saw his advantage quickly wiped out by Fleetwood.

Thorbjorn Olesen sits alone in third, two strokes further back, after signing for a bogey-free 66.

Fleetwood had extended his lead thanks to a birdie on the 10th, but McIlroy pulled the gap back to one shot when he birdied the 16th to set up an exciting final round at the inaugural Dubai Invitational where the winner will take home $425,000.

"It was a little bit of a slow start but then I got things going on the back nine," said the Northern Irishman. "Shot four under on the back to try to keep up with Tommy.

"I played well on that back nine and earned myself a tee time with him tomorrow and it'll be good fun. I'm looking forward to it."

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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Results

5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)

6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson

6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar

7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi

7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer

8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi

9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi

9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi

 

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INVESTMENT PLEDGES

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Updated: January 13, 2024, 1:38 PM