Zane Scotland considers a shot at the Al Ain club during the final round of the 2012 MENA Tour. Pic: Pawan Singh/The National
Zane Scotland considers a shot at the Al Ain club during the final round of the 2012 MENA Tour. Pic: Pawan Singh/The National
Zane Scotland considers a shot at the Al Ain club during the final round of the 2012 MENA Tour. Pic: Pawan Singh/The National
Zane Scotland considers a shot at the Al Ain club during the final round of the 2012 MENA Tour. Pic: Pawan Singh/The National

Five players to watch on the 2013 MENA Golf Tour


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Ahead of the opening round of the new Mena Golf Tour season in Morocco at the Royal Golf Dar Es Salam Open this week, Steve Elling casts his eye over five players to watch over the coming year.

1 Stephen Dodd, Wales A three-time winner on the European Tour,the 46-year-old Welshman will defend his money title on the Mena Tour this season. In fact, the top three players from the Mena's 2012 order of merit are in the field this week. Dodd led the list with US$27,636 (Dh101,495), playing in five of the six Mena events last season.

2 Zane Scotland, England Another player with a pedigree on the European Tour, Scotland held the lead on the order of merit heading into the Mena season finale, but was passed on the final day by Dodd, who finished second in the tournament to beat him by US$1,937. Scotland, 30, won the Mena's Dubai Creek event last summer.

3 Jake Shepherd, England He won the inaugural Mena Tour order of merit in 2011 as a 21 year old and has signed on this week in Morocco. He played in two European Tour events last year, making the cut and finishing 74th at the Omega Dubai Desert Classic. He turned professional in 2011.

4 Younes El Hassani, Morocco Probably the most experienced of the Moroccan contingent with seven starts on the European Tour since the beginning of 2010. At the age of 39, he has also made dozens of career starts over the years on the Challenge Tour, the developmental circuit of the European Tour.

5 Faycal Serghini, Morocco He is a familiar face and one of the host nation's more prominent professionals. Serghini, 37, finished 21st on the Mena money list last year and played in all six events. He has played in three European Tour events since the start of 2011. Serghini won an event in Morocco last year when El Hassani was disqualified in the final round for taking an improper drop.

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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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