Graeme McDowell of Northern Ireland says The Old Course at St Andrews will need work to remain at the Open Championship standard. Andrew Redington / Getty Images
Graeme McDowell of Northern Ireland says The Old Course at St Andrews will need work to remain at the Open Championship standard. Andrew Redington / Getty Images
Graeme McDowell of Northern Ireland says The Old Course at St Andrews will need work to remain at the Open Championship standard. Andrew Redington / Getty Images
Graeme McDowell of Northern Ireland says The Old Course at St Andrews will need work to remain at the Open Championship standard. Andrew Redington / Getty Images

Graeme McDowell questions the Old Course standard


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Graeme McDowell has suggested the Old Course at St Andrews may need some work to ensure it remains Open Championship standard.

There has been some discussion throughout the week as to whether the “Home of Golf” could become too easy for the game’s elite, as playing and equipment standards continue to improve.

The reputation of the Old Course was defended by Peter Dawson, chief executive of the R&A, the organisers, but with the championship returning to St Andrews every five years, the debate is likely to continue.

“When you see the type of power that these guys are using and putting on the golf ball, you start wondering what they can do with it to keep it up to modern times,” said McDowell after completing his third round. “The bunkers are just not really in play enough.”

Because of the course’s proximity to St Andrews town centre and the North Sea, there is little room to expand but McDowell does not think making holes longer is necessarily the answer.

“I don’t think you’ve got to go put a ton of yardage on this golf course,” he said.

“I think if this golf course just had a tiny bit more rough and the bunkers were slightly up to modern yardages, I think this golf course is still all there in front of you.

“Unfortunately driving the ball is just too easy this week.

“This is a fantastic golf course and it doesn’t need a complete rejig, it just needs a little bit of reshaping here and there.”

McDowell, the 2010 US Open champion, was among the early starters as the third round got under way a day late after interruptions for bad weather on Friday and Saturday.

He made a blistering start with four birdies in five holes, and four more followed, but two double bogeys, among six dropped shots, left him off the pace on two under and signing for 70.

The Northern Irishman said: “I played lovely, I really did, but I drove the ball disgusting.

“I’m not really quite sure what’s wrong with my driving, everything else is pretty good.

“That’s got to go down as an extremely frustrating and disappointing round, because it was there or thereabouts.”

McDowell, 35, feels he is not far off rediscovering his best.

“It’s tough at times but there are signs of life,” he said. “I’ve just got to wait, be patient. My time will come.”

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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.”

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Sector: Water technology 
 
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Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.

Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.

After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.

Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.

It also means that the first DNA experiments using human genomes can now be carried out on the ISS.

 

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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
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1. Lewis Hamilton, Mercedes 281

2. Sebastian Vettel, Ferrari 247

3. Valtteri Bottas, Mercedes 222

4. Daniel Ricciardo, Red Bull 177

5. Kimi Raikkonen, Ferrari 138

6. Max Verstappen, Red Bull 93

7. Sergio Perez, Force India 86

8. Esteban Ocon, Force India 56