Lee Westwood struggled with his clubs yesterday.
Lee Westwood struggled with his clubs yesterday.
Lee Westwood struggled with his clubs yesterday.
Lee Westwood struggled with his clubs yesterday.

No happy return to UAE shores for Westwood


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ABU DHABI // Lee Westwood went from UAE hero to zero in the space of two months. The man who ruled the Earth Course after completing a season-ending Dubai World Championship and Race to Dubai double suffered the ignominy of failing to beat the halfway cut in Abu Dhabi yesterday. It was an enormous embarrassment for the Englishman considering the brilliant form he had displayed at Jumeirah Golf Estates to thrash the best of what the European Tour had to offer in November.

Four shots off the pace when he began his second round, he posted a horrendous 78 and was forced to pack his bags before the serious business starts today. Westwood was indignant at the suggestion that he was getting a reality check after his record US$2.75m (Dh10.1m) payday. "That's a stupid question," he retorted. "I know what the game of golf can do to you. I would almost take offence at you asking me that."

He put his problems down to a change of clubs to satisfy the new groove regulations coming at a time when he had not played for six weeks. "I don't know if they have put in the wrong shafts, or whatever. They just don't feel right," he complained. "It just wasn't sharp. I got away with murder on the first day, but not this time." At one stage it looked like Westwood would take his two illustrious playing partners Paul Casey and Geoff Ogilvy through the exit door with him. Casey was not safe until he rolled in a testing putt for a two at the short 15th while Ogilvy, a former US Open champion, was out of the tournament before birdies at the last two holes enabled him to fight another day.

Colin Montgomerie, Europe's Ryder Cup captain, battled hard to stay alive, following his 73 of the opening day with a 68 to go through with a shot to spare but two other European stalwarts - Henrik Stenson and Darren Clarke - cut it fine with late bogeys leaving them just on the right side of the dividing line at two-under. Ahmed al Musharrekha, the Emirati amateur who received an invitation to play, put up a gallant fight to post a one-under par 71 yesterday, but his 75 on Thursday meant he was two strokes away from a third round place.

Richard Sheridan, the UAE-based professional who earned a place in the elite draw through winning the local qualifying competition, finished one shot better than al Musharrekha on three-over par. @Email: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.”

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ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

'Outclassed in Kuwait'
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December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq

December 11 - 20: Dates competition, from 4pm

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December 13: Falcon beauty competition

December 14 and 20: Saluki races

December 15: Arabian horse races, from 4pm

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December 18: Camel milk competition, from 7.30 - 9.30 am

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TUESDAY'S ORDER OF PLAY

Centre Court

Starting at 2pm:

Elina Svitolina (UKR) [3] v Jennifer Brady (USA)

Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]

Not before 7pm:

Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)

Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]

 

Court One

Starting at midday:

Karolina Muchova (CZE) v Katerina Siniakova (CZE)

Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)

Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)

Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)

Sorana Cirstea (ROU) v Anett Kontaveit (EST)

The specs: 2018 Renault Koleos

Price, base: From Dh77,900
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Wales v Hungary

Cardiff City Stadium, kick-off 11.45pm