Tommy Fleetwood after winning the Dubai Invitational at Dubai Creek Golf and Yacht Club. Getty Images
Tommy Fleetwood after winning the Dubai Invitational at Dubai Creek Golf and Yacht Club. Getty Images
Tommy Fleetwood after winning the Dubai Invitational at Dubai Creek Golf and Yacht Club. Getty Images
Tommy Fleetwood after winning the Dubai Invitational at Dubai Creek Golf and Yacht Club. Getty Images

Tommy Fleetwood snatches Dubai Invitational after late Rory McIlroy capitulation


Paul Radley
  • English
  • Arabic

It’s Dubai, so of course Rory McIlroy was contending right to the last. And yet a glitch in the matrix from times past reared its head at just the wrong time to deprive him of victory in the first Dubai Invitational.

Instead, Tommy Fleetwood carried off the title, after birdieing the last hole of the tournament.

While McIlroy is usually the most popular player at most tournaments he plays, Fleetwood is much loved, too, especially round the fairways of Dubai – where he is now resident.

His last-day playing partner, McIlroy, started the final hole with a one-stroke lead over him and Thristan Lawrence, who was already in the club house at 18-under par.

The world No 2’s chances were lanced, though, by a bogey which was brought about by a trip to the water.

That is not without precedent. Two years ago, McIlroy gave up the Dubai Desert Classic title to Viktor Hovland by finding water at the last at Emirates Golf Club.

Back then, he dunked his approach to the 18th green into the middle of the pond which protects the front.

This time around, he hooked his tee-shot on the 72nd hole at Dubai Creek and Yacht club into the body of water which gives the course its name.

Fleetwood, meanwhile, was a picture of poise. He arrowed his drive to the middle of the fairway, knocked his approach to 16ft, and holed the putt for the birdie which gave him a winning score of 19-under par

“This is obviously where I live and have a lot of support,” said Fleetwood, who led by one shot going into the final round. “It's great to kick off the year with a great result and push on from here.

“I feel like I've been saying for a long time; I've been doing a lot of really great things. I have amazing people that I'm working with, win, lose or draw today.

“Next week [when McIlroy and Fleetwood will both return for the Desert Classic] will be the same. We just crack on and we keep pushing forward and hopefully keep moving the right direction.”

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If McIlroy is left to rue a missed opportunity, his driver at the last was not alone. McIlroy was two feet away from a run of five birdies in a row down the stretch.

He fired his tee shot at the par-3 14th to kick in range – then inexplicably three putted.

“For the first week back out, it was a really positive week,” McIlroy said.

“Looking back on today, a tee shot in the water with an iron on the front nine [leading to bogey at the par-4 sixth, had that three-putt from three feet on the par 3, and then the water ball on the last.

“First week back out, I think you're going to expect some of those sloppy mistakes, and unfortunately for me, those mistakes came at the wrong time.

“But I'll reflect on it and learn, and there's still a lot of good stuff in there. But I just need to tidy up some of the edges, and if I do that, I feel good going into next week.”

Your rights as an employee

The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.

The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.

If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.

Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.

The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.

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.”

UAE currency: the story behind the money in your pockets
The Bloomberg Billionaire Index in full

1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

COMPANY PROFILE

Name: N2 Technology

Founded: 2018

Based: Dubai, UAE

Sector: Startups

Size: 14

Funding: $1.7m from HNIs

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

BUNDESLIGA FIXTURES

Friday Stuttgart v Cologne (Kick-off 10.30pm UAE)

Saturday RB Leipzig v Hertha Berlin (5.30pm)

Mainz v Borussia Monchengladbach (5.30pm)

Bayern Munich v Eintracht Frankfurt (5.30pm)

Union Berlin v SC Freiburg (5.30pm)

Borussia Dortmund v Schalke (5.30pm)

Sunday Wolfsburg v Arminia (6.30pm)

Werder Bremen v Hoffenheim (9pm)

Bayer Leverkusen v Augsburg (11.30pm)

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Updated: January 14, 2024, 3:56 PM