• Denmark's Joachim B Hansen tees-off on the seventh hole during Day 1 of the Slync.io Dubai Desert Classic at Emirates Golf Club on January 27, 2022. Getty
    Denmark's Joachim B Hansen tees-off on the seventh hole during Day 1 of the Slync.io Dubai Desert Classic at Emirates Golf Club on January 27, 2022. Getty
  • Tommy Fleetwood of England plays a shot on the 14th fairway. AP
    Tommy Fleetwood of England plays a shot on the 14th fairway. AP
  • Justin Harding of South Africa plays his approach shot on the 14th hole. Getty
    Justin Harding of South Africa plays his approach shot on the 14th hole. Getty
  • Tommy Fleetwood of England, Scotland's Robert Macintyre and Adam Scott of Australia walk down the 14th hole. Getty
    Tommy Fleetwood of England, Scotland's Robert Macintyre and Adam Scott of Australia walk down the 14th hole. Getty
  • Sergio Garcia of Spain lines up a putt on the 9th green during day one of the Slync.io Dubai Desert Classic at Emirates Golf Club on January 27, 2022. Getty
    Sergio Garcia of Spain lines up a putt on the 9th green during day one of the Slync.io Dubai Desert Classic at Emirates Golf Club on January 27, 2022. Getty
  • Sergio Garcia of Spain hits his second shot on the 8th hole. Getty
    Sergio Garcia of Spain hits his second shot on the 8th hole. Getty
  • Sergio Gracia of Spain plays his tee-shot on the eighth hole. Getty
    Sergio Gracia of Spain plays his tee-shot on the eighth hole. Getty
  • Sergio Garcia of Spain plays his second on the 10th hole. Getty
    Sergio Garcia of Spain plays his second on the 10th hole. Getty
  • Spain's Sergio Garcia plays a shot on the 10th fairway. AP
    Spain's Sergio Garcia plays a shot on the 10th fairway. AP
  • Jason Scrivener of Austrlia plays his approach shot on the 13th hole. Getty
    Jason Scrivener of Austrlia plays his approach shot on the 13th hole. Getty
  • Rory McIlroy of Northern Ireland plays his second shot on the 17th hole. Getty
    Rory McIlroy of Northern Ireland plays his second shot on the 17th hole. Getty
  • Richie Ramsay of Scotland hits his third shot on the third hole. Getty
    Richie Ramsay of Scotland hits his third shot on the third hole. Getty
  • Joakim Lagergren of Sweden hits his third shot on the 2nd hole at Emirates Golf Club. Getty Images
    Joakim Lagergren of Sweden hits his third shot on the 2nd hole at Emirates Golf Club. Getty Images
  • Jack Singh Brar of England hits his third shot on the Second. Getty
    Jack Singh Brar of England hits his third shot on the Second. Getty
  • Spains' Pablo Larrazabal hits his third shot on the second hole. Getty
    Spains' Pablo Larrazabal hits his third shot on the second hole. Getty
  • Rory McIlroy plays his approach shot on the 16th hole. Getty
    Rory McIlroy plays his approach shot on the 16th hole. Getty
  • Rory McIlroy after his tee-shot on the 17th hole. Getty
    Rory McIlroy after his tee-shot on the 17th hole. Getty
  • Rory McIlroy plays his tee shot on the 16th hole. Getty
    Rory McIlroy plays his tee shot on the 16th hole. Getty
  • Kristoffer Broberg of Sweden tees off on the 13th hole. Getty
    Kristoffer Broberg of Sweden tees off on the 13th hole. Getty
  • Tyrrell Hatton plays his approach shot on the 13th hole. Getty
    Tyrrell Hatton plays his approach shot on the 13th hole. Getty
  • Rory McIlroy plays his approach shot on the 13th hole. Getty Images
    Rory McIlroy plays his approach shot on the 13th hole. Getty Images
  • Fans walk on the 13th hole. Getty Images
    Fans walk on the 13th hole. Getty Images
  • Collin Morikawa of USA plays his third shot on the 13th hole. Getty
    Collin Morikawa of USA plays his third shot on the 13th hole. Getty
  • Shubhankar Sharma of India plays his approach shot on the 10th hole. Getty
    Shubhankar Sharma of India plays his approach shot on the 10th hole. Getty
  • Romain Langasque of France plays his approach shot on the 10th hole. Getty
    Romain Langasque of France plays his approach shot on the 10th hole. Getty
  • A general view of the 12th green. Getty
    A general view of the 12th green. Getty

Sergio Garcia sparkles to share early lead at Slync.io Dubai Desert Classic


Paul Radley
  • English
  • Arabic

Sergio Garcia sparkled in the sunshine as he raced to an early share of the lead on the opening day of the Slync.io Dubai Desert Classic.

The Spaniard, who won around the Majlis Course in 2017, fired a 5-under-par 67 in Round 1.

That score was matched among the early starters by his compatriot Pablo Larrazabal.

Three players finished their 18 holes within a shot of the lead, including Collin Morikawa, the world No 2.

The American had appeared to be on course for something rather more significant than that, after he raced out of the blocks following his 8am start with Rory McIlroy and Bernd Weisberger.

Playing the back nine first, Morikawa had a makeable putt for eagle at 18 which would have given him a 7-under total of 30 for his opening nine.

Morikawa did make birdie, but his round faltered from then on, as he ended up signing for a 4-under-par 68.

His cooling off coincided with temperatures rising at Emirates Golf Club.

Both Garcia and Larrazabal suggested the warmth had something to do with their good form around the fairways.

“The weather really helps,” said Garcia, whose win in 2017 famously prefaced him winning the Masters at Augusta.

“It's a really nice golf course and I've done well here, so that also helps. It's usually a nice to way to start the year. You're always excited to come back.”

Larrazabal won the Abu Dhabi HSBC Championship in 2014, and acknowledged the weather in the Middle East suits him, too.

“What are you wearing?” Larrazabal said. “You're wearing a shirt. You're not wearing a jacket.

“That's it. I play good with a shirt on. I don't like to wear jackets and all that stuff.”

The greens on the Majlis have been remodelled ahead of this tournament, and Larrazabal said he is a fan of the changes.

“This is my 14th time that I have played around here and these greens, they never treat me properly,” he said.

“So I'm glad they change the greens, and they run perfect. Obviously, they are new, so the ball is bouncing a little too much.

“But the job they did making some new pin positions, the way they shaped those greens now, they are much better, and I'm glad they did it, and I have to congratulate them.”

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.”

Shipping%20and%20banking%20
%3Cp%3EThe%20sixth%20sanctions%20package%20will%20also%20see%20European%20insurers%20banned%20from%20covering%20Russian%20shipping%2C%20more%20individuals%20added%20to%20the%20EU's%20sanctions%20list%20and%20Russia's%20Sberbank%20cut%20off%20from%20international%20payments%20system%20Swift.%3C%2Fp%3E%0A
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

 

WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
%3Cp%3E%E2%80%A2%20Looming%20global%20slowdown%20and%20recession%20in%20key%20economies%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Russia-Ukraine%20war%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Interest%20rate%20hikes%20and%20the%20rising%20cost%20of%20debt%20servicing%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Oil%20price%20volatility%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Persisting%20inflationary%20pressures%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Exchange%20rate%20fluctuations%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shortage%20of%20labour%2Fskills%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20A%20resurgence%20of%20Covid%3F%3C%2Fp%3E%0A
INVESTMENT PLEDGES

Cartlow: $13.4m

Rabbitmart: $14m

Smileneo: $5.8m

Soum: $4m

imVentures: $100m

Plug and Play: $25m

The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

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%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESteven%20Spielberg%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Sam%20Neill%2C%20Jeff%20Goldblum%20and%20Richard%20Attenborough%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EMascotte%20Health%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EMiami%2C%20US%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Bora%20Hamamcioglu%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EOnline%20veterinary%20service%20provider%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%241.2%20million%20raised%20in%20seed%20funding%3C%2Fp%3E%0A
The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Updated: January 27, 2022, 10:55 AM