Abu Dhabi champion Victor Perez not slacking in bid for follow-up Dubai Desert Classic win


John McAuley
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Victor Perez conceded to have watched back Sunday's bunker shot “a lot”, and you could not blame him.

It came on the penultimate hole at the Abu Dhabi HSBC Championship, when Perez led the Rolex Series event by one and had found the sand off the tee on Yas Links' final par 3.

The Frenchman promptly holed his second, though, going on to seal the greatest win of his career thus far.

“Any time someone is going talk about Abu Dhabi HSBC Championship 2023, [they’ll say] ‘remember he holed that bunker shot.’” Perez said on Tuesday. “I've seen it plenty of times now.”

Such is professional golf, however, that time moves on in a flash. Two days from his capital crowning, Perez was up the road at Emirates Golf Club, preparing for this week’s Hero Dubai Desert Classic.

Understandably, there hasn’t been much rest and recuperation in between, with Perez admitting he didn’t really get any sleep on Sunday night.

At least, then, there’s another $9 million Rolex Series event to get the juices flowing again. And, with world No 1 Rory McIlroy in the field and seeking a third Dallah trophy, there’s no room for slacking.

“It's going to be challenging balancing that because you don't want to feel entitled,” Perez said. “You don't want to feel like, ‘Oh, I've won, so now I can relax’.

“You want to use the win as, ‘Now I can build on to the win’, but you definitely don't want to start getting a little complacent – 'I can get away with this practice’ or ‘I don't have to do these little things’.

“Everybody is too good now. The margins are so small. There's not much time to sleep and start thinking you can get away with it.”

It helps that he has played well on the Majlis course, with a tied-16th in 2020 and a T29 the previous year.

“Obviously it's such an iconic event,” Perez said. “The course has changed a little bit, but definitely a place that everybody enjoys coming to and tries to perform.

“I had some good results. I've had a terrible Sunday a couple years back where I shot 79 with a chance to win. We'll see.”

COMPANY%20PROFILE
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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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.”

Results
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Updated: January 24, 2023, 10:55 AM