In terms of tweaks and twists, this is akin to a deep-tissue massage.
After the European Tour constructed a four-event programme to be run in similar design to the PGA Tour's end-of-season stretch, European officials were left embarrassed by scathing criticism and a boycott by three elite players when the final event of the four-event schedule, the DP World Championship, was played at Jumeirah Golf Estates in Dubai.
The Race-to-Dubai finale went ahead without Ernie Els, Sergio Garcia and Charl Schwartzel, who stayed home rather than submit to a new rule that required participants to play in two of the three final series tournaments to be eligible for the fourth and final Dubai event.
Els called the rule “farcical” and “an absolute joke”.
This week, that stipulation disappeared, one of several tweaks as the series rolls into its second year.
The PGA Tour’s FedEx Cup series has been tweaked so often, nobody can recall the original design.
Now players are not forced to play, although showing up remains advantageous to their odds of winning part of the Dubai bonus money.
“Now it’s a system where it’s more down to the player, how much you want to play,” said defending Race-to-Dubai champion Henrik Stenson. “But it’s still a very good incentive to play a lot, which is perfect, because then you decide yourself that if you skip a few, you’re going to have much less chance of winning the overall.
“If you’re willing to go in and play all of them, you’re going to have a much better chance, but you’re still not cutting anyone out from playing the final, even if you don’t want to play a lot leading up to it. I’m really happy with that.”
The European Tour also announced that the Dubai field will include a list of alternates, meaning a full field of 60 players will compete. At the latest edition 56 played. The bonus pool also has been hiked to US$5 million (Dh18.4m) from $3.75m.
The limited-field HSBC Champions event in China, part of the four-event Final Series, will provide 15 spots for Race-to-Dubai points leaders, up from five.
Last autumn, 10 of the top 40 on the Race-to-Dubai points list were ineligible to play at the Shanghai event, despite strong overall seasons. It was another glaring design flaw.
Sometimes, as the saying goes, the squeaky wheel gets the oil and, in this case, the final series and its Dubai finale will be the better for it.
“At the end of the day, we are all working together,” Garcia said. “I’m very happy to see that we’ve reached a middle ground, which should make us all happy.”
selling@thenational.ae
Follow us on twitter at @SprtNationalUAE
Killing of Qassem Suleimani
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.”
More on Quran memorisation:
Zayed Sustainability Prize
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
if you go
The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.
The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Our Time Has Come
Alyssa Ayres, Oxford University Press
