• England's Paul Casey after winning the Omega Dubai Desert Classic at Emirates Golf Club on Sunday, January 31, 2021. Getty
    England's Paul Casey after winning the Omega Dubai Desert Classic at Emirates Golf Club on Sunday, January 31, 2021. Getty
  • Paul Casey after winning the Dubai Desert Classic. Getty
    Paul Casey after winning the Dubai Desert Classic. Getty
  • England's Paul Casey celebrates with the trophy after winning in Dubai. Getty
    England's Paul Casey celebrates with the trophy after winning in Dubai. Getty
  • Paul Casey with his caddie John McLaren. Getty
    Paul Casey with his caddie John McLaren. Getty
  • Paul Casey celebrates his victory in Dubai. Getty
    Paul Casey celebrates his victory in Dubai. Getty
  • Paul Casey hits his tee shot on the 7th hole at the Emirates Golf Club on his way to a final round of 70. Getty
    Paul Casey hits his tee shot on the 7th hole at the Emirates Golf Club on his way to a final round of 70. Getty
  • Scotland's Robert Macintyre plays his second shot on the 2nd hole on his way to a final round 74. Getty
    Scotland's Robert Macintyre plays his second shot on the 2nd hole on his way to a final round 74. Getty
  • Paul Casey plays his second shot on the 9th hole. Getty
    Paul Casey plays his second shot on the 9th hole. Getty
  • Paul Casey plays his second shot on the 16th hole. Getty
    Paul Casey plays his second shot on the 16th hole. Getty
  • Paul Casey plays his second shot on the 2nd hole. Getty
    Paul Casey plays his second shot on the 2nd hole. Getty
  • Kalle Samooja of Finland hits his tee shot on the 8th hole on his way to a final round 71. Getty
    Kalle Samooja of Finland hits his tee shot on the 8th hole on his way to a final round 71. Getty
  • Sergio Garcia plays his second shot on the 10th hole. Getty
    Sergio Garcia plays his second shot on the 10th hole. Getty
  • Brandon Stone on the 2nd hole. Getty
    Brandon Stone on the 2nd hole. Getty
  • Paul Casey of England hits his tee shot on the 14th hole. Getty
    Paul Casey of England hits his tee shot on the 14th hole. Getty
  • Robert Macintyre putts on the 14th hole. Getty
    Robert Macintyre putts on the 14th hole. Getty
  • England's Justin Rose chips in on the 18th hole as he finished with a final round 77. Getty
    England's Justin Rose chips in on the 18th hole as he finished with a final round 77. Getty

Sport

Golf

Dubai Desert Classic upgraded to premium tier with $8 million prize fund

Prestigious Emirates Golf Club event becomes part of Rolex Series with Slync.io the new sponsors

John McAuley
John McAuley

September 02, 2021

  • English
  • Arabic

The Dubai Desert Classic has been upgraded for the first time to the European Tour’s Rolex Series, with global logistics technology provider Slync.io the tournament’s new title sponsor.

The event, a mainstay of Europe’s lead circuit since its introduction in 1989, will now boast an $8 million prize fund, a significant increase from this year’s purse of $3.25m. Taking place from January 27-30 once more at Emirates Golf Club, the 2022 Slync.io Dubai Desert Classic will also offer increased Race to Dubai points.

Launched in 2017, the Rolex Series represents the European Tour’s premium category of events. This year’s schedule features four tournaments, beginning with the Abu Dhabi HSBC Championship in January and concluding with the DP World Tour Championship – the circuit's season finale – in November. Following Thursday’s announcement, the UAE will be home to three of the five events on the 2022 series.

Keith Pelley, the European Tour’s chief executive, said in a statement on Thursday: “We are delighted to welcome Slync.io as the new title sponsor of the Dubai Desert Classic, elevating the tournament to a new level.

“It is a real statement of intent that Slync’s first title sponsorship in golf will be as part of the Rolex Series, and we look forward to working together to build on the incredible history of the Dubai Desert Classic and to continue to showcase Dubai as a global sporting and trade hub.

“Alongside the Genesis Scottish Open and the BMW PGA Championship, the three Rolex Series events in the Middle East mean our five premium tournaments in 2022 will be played at key times in the golfing calendar when the eyes of the world are on the European Tour. They will be incredible highlights in what promises to be a momentous 50th anniversary season for the European Tour.”

Dallas-based Slync.io, who replace Omega as title sponsors, have already made moves into professional golf, with Justin Rose, Viktor Hovland and Bernd Wiesberger among their staple of global brand ambassadors.

Founder, chairman and CEO of Slync.io, Chris Kirchner, said in Thursday’s release: “We are excited to partner with the European Tour and Rolex on the Dubai Desert Classic. Dubai is one of the great cities and a key player in global logistics. This event will be a great place for us to kick off our year with our customers and enjoy some world-class golf.”

Simon Corkill, executive tournament director - Slync.io Dubai Desert Classic, added: “This is a very exciting time for the Desert Classic as we welcome Slync.io as title partner. Slync’s status as a leading global logistics technology provider will help to bring innovative ideas to the tournament and ensure it continues to evolve and grow.

“These changes will bring a host of benefits to Dubai and the tournament, in addition to offering our international fans enhanced coverage of the venue and players.”

“We look forward to working with Slync.io and the rest of our sponsors to deliver a world-class event during a pivotal year for Dubai, when all eyes will descend on the city during the UAE’s 50th anniversary celebrations and the landmark hosting of Expo 2020 Dubai.”

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.”

Updated: September 02, 2021, 10:20 AM
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