For Josh Hill, this week has provided plenty of pinch-yourself moments already.
Aged 15, the Dubai-born amateur is down the road in the capital, about to make his European Tour debut, where on Thursday he becomes the youngest player in history to compete at the Abu Dhabi HSBC Championship, presented by EGA.
The build-up’s been top, too. There was Monday’s practice round with golf’s current world No 1. There was beating golf’s current world No 1 in an eight-hole competition, during said practice round.
Then on Tuesday, there was the world No 1 praising to international media not only Hill’s game, but his maturity as well. To his credit, the world No 1 said, he asked plenty of questions.
And to cap it all, the world No 1, a four-time major champion named Brooks Koepka, admitting that, at 15, his game “wasn't as far along as Josh's”.
That’s pretty “wow”. Or as Hill says, with typical teenage understatement, “kind of nice to hear”.
“It was good,” the Englishman said of his time with Koepka, arranged last week between Joe Marshall, Hill's coach at Dubai’s Claude Harmon III Performance Golf Academy, and Harmon himself, Koepka's mentor.
“I was a bit nervous at the start, but obviously learned a lot. I don’t think Brooks was playing quite to what he would in a tournament – I wasn’t either – but it’s still nice to say you’ve beaten the world No 1.
“On average, I was driving it 10 yards behind him, but I put it past him on [hole] five and nine. So I can officially say I’ve out-driven the world No 1, at least once.”
Since, Hill’s been inundated with media requests, something he seems to be taking in his stride. Not only that; enjoying it.
“I don’t mind it; it doesn’t take up much time,” he says. “You can get your practice done, do the interviews, go home and rest. It doesn’t really bother me. It’s usually practicing every day, walking home and not talking to anyone, so it’s relaxing. It's been nice.”
Hill’s star has been on the rise for some time. In October, he triumphed at the Mena Tour’s Al Ain Open, displacing one-time Japanese prodigy Ryo Ishikawa in the record books as the youngest winner of an Official World Golf Ranking event.
Hill went on the take the circuit’s amateur Order of Merit, and with it sealed a place at next week’s Omega Dubai Desert Classic.
To keep the good times rolling, he emerged victorious from last month’s Abu Dhabi Amateur Championship, earning his European Tour debut, alongside Koepka and Co.
Not bad, all in all, for someone yet to complete his GCSEs. European Tour golfer or not, the online-schooled student will hit the books again immediately following the Classic.
“Yeah, unfortunately,” Hill says, eyes rolling. “I’m allowed by my parents –well, I don’t know if I’m allowed, but I’ll say that I am – to not concentrate on that these next two weeks.
"After that, it’s pretty much full-on with studying and then a tiny bit of golf. And hopefully once I pass them, concentrate on golf.”
Without doubt, golf’s the focus this week. For the first two rounds, Hill plays alongside Charl Schwartzel and Mattias Schwab, a Masters champion and one of the game’s brightest young professionals, respectively.
He will be in good company, both inside the ropes and out, with friends and family cheering him on. Hill’s grandparents, who live in Spain, are visiting at the moment.
But he doesn’t expect the partisans or the pressure to get to him. “I’ve just got to concentrate on the golf, really,” Hill says. “I can’t worry about what everybody else is doing around me. Just when I get on that first tee to when I get off, try as hard as I can and see where that leaves me.
“It should be a great experience. I actually feel more comfortable than I thought I would. I thought I’d turn up and everybody’d be looking at me thinking ‘What are you doing here?’. But they’ve just said really nice things. So can’t wait for Thursday."
And a few more days after that, even if until now has been even better than hoped.
"Yeah, the week's just going up and up," Hill says. "I just hope it keeps going up on Thursday and Friday … and Saturday-Sunday."
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
Virtual banks explained
What is a virtual bank?
The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.
What’s the draw in Asia?
Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.
Is Hong Kong short of banks?
No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year.
Calls
Directed by: Fede Alvarez
Starring: Pedro Pascal, Karen Gillian, Aaron Taylor-Johnson
4/5
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Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
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SPECS
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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.”
US Industrial Market figures, Q1 2017
Vacancy Rate 5.4%
Markets With Positive Absorption 85.7 per cent
New Supply 55 million sq ft
New Supply to Inventory 0.4 per cent
Under Construction 198.2 million sq ft
(Source: Colliers)
RACECARD
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m
Fifa%20World%20Cup%20Qatar%202022%20
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Draw:
Group A: Egypt, DR Congo, Uganda, Zimbabwe
Group B: Nigeria, Guinea, Madagascar, Burundi
Group C: Senegal, Algeria, Kenya, Tanzania
Group D: Morocco, Ivory Coast, South Africa, Namibia
Group E: Tunisia, Mali, Mauritania, Angola
Group F: Cameroon, Ghana, Benin, Guinea-Bissau
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
Opening Rugby Championship fixtures: Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)