With three decades banked on the European Tour, Miguel Angel Jimenez has more or less seen it all.
The Spaniard, 54, has been around the block a few times, winner of 21 tournaments on Europe’s main circuit, but now of a certain vintage that he spends most of his time competing on the senior Champions Tour.
Yet Jimenez is an expert at keeping young, his lifestyle well documented, his warm-up routine well known. Both have contributed to his record as the oldest victor on the European Tour, a mark he set in 2012 and has since twice extended.
They have helped his latest appearance at the Omega Dubai Desert Classic, also. On Friday, after the fog lifted and play began almost three hours late, Jimenez rolled in the putts to roll back the years. At one stage, he shared the lead with Jamie Donaldson at 12-under par.
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However, a double-bogey on the par-3 7th - his 16th - kind of sullied the scorecard. Before that, Jimenez had fired in six birdies. Eventually, he signed for a 68. It has him at 10-under at the halfway stage, three shots off Donaldson.
As if we didn’t know already, there is plenty of life in the old dog yet.
"Still like to play with the young boys,” said Jimenez, a former Dubai champion. “Still like to play on the European Tour. Obviously now I play 90 per cent of my tournaments on the Champions Tour, but I still love to come here to some tournaments.
“It's a nice golf course. I've won here in 2010, and it’s a golf course where I feel like I can defend myself with my game, play and be competitive.
“That's what I want to do, and see another new generation of guys coming up. I see a lot of faces I don't know here. That's good.”
Mixing it with generations next provides a perfect tonic. So, too, playing in front of the galleries that followed his every move around the Majlis. It all lent itself to another fine day at the office.
“I've been feeling everything good,” Jimenez said. “Hitting good from the tee, putting good. All the game's good, and especially when I play with all the people around. I'm happy to be here and they are happy to see me here.”
Early on, there was barely anything to be seen. The weather made sure of that, meaning the day’s first group did not start until 10am. It mattered little to Jimenez, even though he was supposed to tee off at 8:20am. “The Mechanic” simply used the opportunity to refuel.
“Well, it's not the first time it happened, you know,” Jimenez said. “This is my 30th season, so it happened more than once: a rain delay, fog delay, thunderstorm delay. There's nothing to do. At the end of the day, you don't think about it. You just go there and relax a little bit, moving around, go and have another breakfast.”
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Results:
6.30pm: Maiden Dh165,000 2,000m - Winner: Powderhouse, Sam Hitchcott (jockey), Doug Watson (trainer)
7.05pm: Handicap Dh165,000 2,200m - Winner: Heraldic, Richard Mullen, Satish Seemar
7.40pm: Conditions Dh240,000 1,600m - Winner: Walking Thunder, Connor Beasley, Ahmed bin Harmash
8.15pm: Handicap Dh190,000 2,000m - Winner: Key Bid, Fernando Jara, Ali Rashid Al Raihe
8.50pm: The Garhoud Sprint Listed Dh265,000 1,200m - Winner: Drafted, Sam Hitchcott, Doug Watson
9.25pm: Handicap Dh170,000 1,600m - Winner: Cachao, Tadhg O’Shea, Satish Seemar
10pm: Handicap Dh190,000 1,400m - Winner: Rodaini, Connor Beasley, Ahmed bin Harmash
UAE currency: the story behind the money in your pockets
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.”
