Johnson ahead, but Woods in pursuit


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Dustin Johnson birdied the last two holes to seize a three-shot lead at the US Open golf championship as a resurgent Tiger Woods positioned himself to strike today. Johnson, winner of the last two editions of the US PGA Tour's National Pro-Am at Pebble Beach, showed his prowess on a course toughened up to US Open standards with a five-under 66 for a six-under total of 207. He was three shots in front of overnight leader Graeme McDowell of Northern Ireland, who wrestled Johnson for the lead all day but bogeyed two of the last three holes in an even-par 71 for 210.

Both had Woods looming large behind them. The 14-time major champion nabbed three of his eight birdies in the last three holes en route to a 66 that made made him one of just three players under par heading into the final round on one-under 212. Woods made good on his assertion that his seven-shot second-round deficit would still allow him to strike on the weekend. Woods made five birdies with no bogeys on the back nine and gave himself a chance at eagle at 18 as he moved to one-under par 212 for the tournament.

"It was nice to actually put it together on the back nine and put myself right back in the championship," Woods said. "And everyone was just so excited and fired up that it was just a great atmosphere to play in front of." The 14-time major champion, whose season has been disrupted by scandal and injury, strode the fairways with his old swagger as the birdies piled up on the back nine. "All the US Opens - all the ones that I've won, you have to have a nice stretch of nine holes, and that's what I did today," said Woods, whose three US Open titles include a record 15-stroke victory here at Pebble Beach in 2000.

He rolled in a curling birdie putt at the par-three 17th - the hardest hole on the course through the first two rounds - and lifted his right arm as the gallery roared. "Today I hit shots the way I know I can hit shots," Woods said. "The putt on 17 was a joke. I'm just trying to get it close and walk out of there. And it happened to go in." At the par-five 18th he cut his second shot around a tree, peering ahead after the shot to see if his plan panned out. When he saw it had, he pumped his fist and headed toward the green with a grin.

It was quite a turnaround from the early going, when Woods birdied two of his first three holes. "I just felt good that I turned it around," said Woods, who gave a glimpse of things to come with three straight birdies from the fourth. Woods had been so far off the halfway lead that he was off the course long before Johnson and McDowell's duel ended. McDowell built quickly on his two-shot overnight lead with birdies at the first two holes.

But Johnson, one of four tied for second coming in, kept pace with an eagle at the par-four fourth. Birdies at six and seven saw Johnson briefly move atop the leaderboard at five-under. But McDowell, who had dropped to four-under with a bogey at the third, was back on top through nine - where he birdied and Johnson bogeyed. They swapped and shared the lead on the back nine, Johnson seizing a two-shot lead when he birdied 17th as McDowell bogeyed.

France's Gregory Havret fired a two-under 69 to join South African Ernie Els on even-par 213. Els, one of four players tied for second on one-under when the day began, posted a one-over 72. Phil Mickelson, who seized a share of second with a sparkling 66 on Friday, battled to a two-over 73 for 214. It was two strokes back to Japan's Ryo Ishikawa (75), Germany's Alex Cejka (74) and South African Tim Clark (72).

*AFP

UAE squad

Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.

UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

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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RESULTS

5pm: Maiden (PA) Dh80,000 1,400m
Winner: JAP Almahfuz, Fernando Jara (jockey), Irfan Ellahi (trainer).

5.30pm: Handicap (PA) Dh90,000 1,400m​​​​​​​
Winner: AF Momtaz, Antonio Fresu, Musabah Al Muhairi.

6pm: Handicap (TB) Dh100,000 1,400m​​​​​​​
Winner: Yaalail, Fernando Jara, Ali Rashid Al Raihe.

6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 1,600m​​​​​​​
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami.

7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m​​​​​​​
Winner: Dahess D’Arabie, Fernando Jara, Helal Al Alawi.

7.30pm: Maiden (PA) Dh80,000 2.200m
​​​​​​​Winner: Ezz Al Rawasi, Connor Beasley, Helal Al Alawi.