Eight of the holes on the 7,450-yard Yas Island golf course follow the shoreline while all 18 have a sea view.
Eight of the holes on the 7,450-yard Yas Island golf course follow the shoreline while all 18 have a sea view.

Links course looks set to be a shore winner



ABU DHABI // Kyle Phillips has completed a whistle-stop visit to the Emirates from his California base to give a thumbs up to what could well become one of the most attractive destinations for golf enthusiasts the world over. Phillips, a renowned golf course architect, has created the region's first true links course - a 7,450-yard masterpiece on Yas Island that makes maximum use of the mangrove-filled coastline.

The course, commissioned by property developers Aldar on a site close to the Formula One racetrack, is due to open early next year. Phillips, whose design work has been displayed in more than 20 countries, notably the United Kingdom where Kingsbarns in Scotland and The Grove, London are his most famous efforts, is confident this is among his best courses. "I am not going to say that this is the greatest golf course in the world," he said.

"I am going to let others decide that. I am going to hang the painting on the wall, stand back and watch to see if everybody likes it. "But I will go as far to say that I think it is a world class facility that is about to provide a world class golf experience. "People will come to the UAE and think that they have got to bring their clubs with them and play this course because it does provide them with a unique experience."

It has been suggested that the "unique experience" will also be provided at the Gary Player- designed course which is at a similar stage of near-completion on Saadiyat Island. Phillips maintained that the equally exciting addition to the Abu Dhabi landscape cannot be described as a true links course. "I went for a visit there when we were well into our own product," he said. "Stylistically they are calling themselves a beach course. I am not speaking for them but I assume that they recognise it is not a true links course. It is by the water which is very nice but ours is a completely different kind of animal."

Eight of the Yas holes follow the shoreline and all 18 have a sea view. Those who play it for the first time would be forgiven for thinking that they are venturing on to the terrain of any of a cluster of British Open venues. The par-72 course looks a certainty to become a stage for important professional events just like Player's beach course which has been promised hosting rights for the European Tour's Abu Dhabi Championship within the next two years.

Phillips stressed that it is never his intention to build a course that will accommodate the world's leading professionals. "When we built Kingsbarns [which opened in 2000] it wasn't with the intention of hosting a tournament," said Phillips shortly after the annual Dunhill Links tournament had taken place there. "Similarly at the Grove. They didn't expect to get the top 50 in the world competing there [in the 2006 World Golf Championship]. What you strive to do as a course designer is provide something that will provide a serious test for the professionals but something that the 15-25 handicappers will be able to navigate their way round. Offering five different lengths from the various tee boxes has enabled us to do that."

With 144 bunkers scattered around the par 72 course and the obvious natural hazards it will take some negotiating by those higher handicappers but Phillips believes that they will all have fun. "When you have so many holes bordering the sea, they are bound to be holes that people will enjoy playing," he said. "Thirteen and 14 are fun because they are short holes - a par three and a par four. The 14th is potentially driveable if you move the tee forward a bit. I think it is good to have one of them in the mix."

Phillips was evasive when pushed to nominate a "signature" hole on the course. "I deal with that question with the response 'they all are'," he said. "But No 9 is a stunning hole and I reckon we have our own version of Amen Corner [the daunting stretch around the turn at Augusta National] with or last three holes. That sequence of holes will make for a fantastic finish." wjohnson@thenational.ae

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.”

Race 3

Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars

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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
Mission%3A%20Impossible%20-%20Dead%20Reckoning%20Part%20One
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Christopher%20McQuarrie%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tom%20Cruise%2C%20Hayley%20Atwell%2C%20Pom%20Klementieff%2C%20Simon%20Pegg%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

EXPATS
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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