Rocco Mediate.
Rocco Mediate.
Rocco Mediate.
Rocco Mediate.

Mediate is meditating


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BLOOMFIELD, MICHIGAN // Rocco Mediate is excited about the possibility of playing in the Ryder Cup team, but insists his main focus is on the US PGA Championship. One of the most popular players on tour after his battle with Tiger Woods at the US Open in June, the veteran is concentrating on trying to secure his first major victory at Oakland Hills. He was due to begin his first round in the late hours (UAE time) yesterday.

After coming close against Woods at Torrey Pines, Mediate, 45, is determined to go a step further. "I want to have another good major championship this year, and this is the last try. So the rest of that will take care of itself," he said. "If I have a good one here, my job will be done with the Ryder Cup, maybe, or maybe not. But that's the secondary thing really. I want to have a good PGA Championship, and have another shot at one of these, because I really enjoyed that last one."

Since his Torrey Pines showdown he has received a lot of media attention which has been tiring for him. He added: "I'm still a bit unsettled. Still lots going on, but it's been great. "There's a lot more people around, a lot more people in practice rounds, doing more of this. It's fine. It's just time management is the tough part, but it's going good." Mediate is 12th on the Ryder Cup points list and a big week at Oakland Hills could ensure he plays in the showpiece on merit and does not have to depend on being picked by the United States captain Paul Azinger.

"I still have a lot of stuff to do. One more good shot here to get in the top eight is what we are all looking to do," Mediate said. "Then there's a couple more events after to see what the captain thinks, which is a great way to do it. "I think he made a good move in changing the way, instead of having all the picks Monday morning, he'll watch a few weeks and see who is really playing better. "It's something I want to do. I want another shot. So I told him [Azinger] a year and a half ago that I want to be on that team, and it wasn't looking good until a few months ago.

"That's all you can really ask for. It would be a lot of fun, though." Whether or not playing at Oakland Hills will be fun remains to be seen. The course dubbed "The Monster" has high roughs, severely sloping greens and tight fairways that give many players problems. But Mediate does not seem at all concerned and will enter the first round having played just nine practice holes - partly because of familiarity and partly out of self preservation.

"I'm tired. I'm tired right now," Mediate admitted. "I played last July in the British Open qualifier here and the golf course is right in front of you. The greens are difficult, but they are still right in front of you. I remember them all." He continued: "It's not rocket science. It's just you've got to be under these holes. You cannot play from over these greens. There's no tricks obviously, just a lot of long clubs for me, and I enjoy hitting them. So hopefully I can do well."

* PA Sport

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.”

UAE tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match

UAE currency: the story behind the money in your pockets

THE SPECS

Engine: 2.0-litre 4-cylinder turbo

Power: 275hp at 6,600rpm

Torque: 353Nm from 1,450-4,700rpm

Transmission: 8-speed dual-clutch auto

Top speed: 250kph

Fuel consumption: 6.8L/100km

On sale: Now

Price: Dh146,999

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The specs

Engine: 1.6-litre 4-cyl turbo

Power: 217hp at 5,750rpm

Torque: 300Nm at 1,900rpm

Transmission: eight-speed auto

Price: from Dh130,000

On sale: now

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

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The specs

Engine: 3.5-litre twin-turbo V6

Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)