DUBAI // Having only recently blown out the candles on a milestone birthday, Laura Davies is in no mood to call an end to the celebrations just yet.
A venerable performer in women’s golf over the past 28 years, when she reached age 50 early last month, she simply continued the modus operandi that has delivered 84 professional titles: seek more victories.
“It’s no problem,” Davies said on Monday before this week’s Omega Dubai Ladies Masters. “Everyone gets older.”
Although, where women’s golf is concerned, winning and old age seem to be diametric opposites.
Take for instance Lydia Ko and Lexi Thompson, the 2011 Dubai champion, both exceptionally gifted teenagers more concerned with challenging for trophies than obsessing over the lads in One Direction. Or Charley Hull, 17, who has taken by storm this year’s Ladies European Tour and could someday rival Davies as the greatest English female golfer.
Despite Hull having become a firm friend, the yawning age gap is not lost on Davies.
“I could be her mother,” Davies said. “In fact, I could almost be her grandmother.”
Given her status on tour and her congenial disposition, Davies is an obvious choice to play the maternal figure. Indeed, the pair plan to take in an English Premier League match together early next year – Davies received two tickets for her birthday – and the comradeship that has developed between the game’s elder stateswoman and its latest young contender is blossoming.
This week, though, is another matter.
“It’s always fun to get out there and play golf with them and try to beat them,” Davies said.
“Because they want to beat me and I want to beat them. Once you’re on the course together, you just want to win. That’s what professional sport is all about, not to finish second.”
Anyway, coming home runner-up has already been done. In 2007, Davies lost out the Dubai trophy when Annika Sorenstam beat her by two strokes. Davies then responded with third- and fourth-place finishes the following seasons, yet she has since struggled around the Majlis. In 2011, Davies even missed the cut.
That a last noteworthy title came at the 2010 Indian Open does not sit well, either. So a belated birthday present this week at Emirates Golf Club would be very welcome, indeed.
“I remember what my last tournament win was, but I want to know what my next one will be,” said Davies, who envisages another five or six years competing on the European circuit.
“I’m a life member, so they can’t get rid of me.
“Just because you get a bit older doesn’t mean you can’t still compete week-in, week-out. All I want to do is win. My enthusiasm is still right there.”
jmcauley@thenational.ae
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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.
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.”
Zayed Sustainability Prize
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million