The DP World Tour has confirmed a long-term partnership with the Emirates Golf Federation (EGF) to develop golf in the UAE “for at least the next decade”.
Europe’s lead circuit announced the agreement on Wednesday, saying the two entities will collaborate on all levels of the sport in the Emirates, from grassroots to the professional game. The new partnership will run until 2031.
In a statement released on Wednesday, the DP World Tour said the initiative includes a minimum of two Challenge Tour events to be held in the UAE annually from next year, with 30 slots in each tournament given to the EGF to “help create playing opportunities and provide a pathway for Emirati golfers".
The tour has also committed to offering greater support to junior golf development in the UAE, including enhancement of player performance programmes.
The European Tour group, which incorporates the DP World Tour, Challenge Tour and Legends Tour, has a long-held affinity with the emirates, with the European Tour first staging the Dubai Desert Classic in 1989.
Earlier this year, the DP World Tour held. for the first time, four consecutive events in the country – Abu Dhabi, Dubai and two in Ras Al Khaimah – while the circuit’s season-ending DP World Tour Championship takes place at Jumeirah Golf Estates. In November, DP World was named as the title sponsor of the group’s lead tour.
On Wednesday, Tom Phillips, the European Tour group’s Head of Middle East, said: “Our special partnership with the Emirates Golf Fedaration not only demonstrates the DP World Tour’s long-term commitment to developing golf in the United Arab Emirates, but also reflects the strength of the many relationships we enjoy in the country.
"We are delighted to confirm this partnership following our four hugely successful weeks in the UAE at the start of the year, delivering on the pledges we made at the launch of the DP World Tour in November.”
General Abdullah Al Hashmi, vice-chairman of the EGF, added in the statement: “We have been working with the Tour for more than 30 years and, with DP World’s involvement now with the tour, it became even more important for us to work together for the future of golf in this region.
"This partnership will take us to the next level. Having two Challenge Tour events is an important part of this so we can exchange spots with other federations and take our players abroad. That is part of our vision to develop golf here and develop our players to compete in the professional game.
"Hopefully one day we will have a winner on the DP World Tour, but we need the gradual progress, and taking our players step-by-step through the Challenge Tour first is important. It will provide tournaments in this region to give players from the Arab world the chance to play at a higher level and compete against other players from different countries.”
Ahmad Skaik, the current UAE No 1, came through the EGF junior golf development programme and competed this year in both the Abu Dhabi HSBC Championship and the Slync.io Dubai Desert Classic.
"This is a very important partnership,” Skaik said. “It's great that the tour and EGF are working together to give us more opportunities and to inspire the younger generations. It’s very good for the region and I am very excited about the future.”
Rafa Cabrera Bello, a four-time winner on the DP World Tour and a member of Europe’s 2016 Ryder Cup team, added: “I’ve been living in Dubai for more than six years now and I’ve been collaborating with the EGF on a number of different things to help to grow the game in the region. My door is always open to help.
“It’s just a matter of time before we see a top player come from the UAE. They have all the facilities and infrastructure, and golf is becoming more and more popular with the kids. The EGF is trying to support that rise as much as possible, and to have this partnership with the DP World Tour can only be a good thing."
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.”
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
UAE currency: the story behind the money in your pockets
The specs: 2018 Jaguar E-Pace First Edition
Price, base / as tested: Dh186,480 / Dh252,735
Engine: 2.0-litre four-cylinder
Power: 246hp @ 5,500rpm
Torque: 365Nm @ 1,200rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.7L / 100km
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
