Omega Dubai Desert Classic victory propels Danny Willet to world No 13

Omega Dubai Desert Classic champion Danny Willett has risen to 13th in the world rankings following his victory at the Emirates Golf Club.

Willett, 28, clinched the Desert Classic title on Sunday with a 15-foot birdie putt on the 18th hole to win by one shot ahead of fellow Englishman Andy Sullivan and Spain’s Rafa Cabrera-Bello.

As a result of his victory, Willett has moved up seven places, and is third in the Race to Dubai standings, trailing South Africa’s Branden Grace and Sweden’s world No 5 Henrik Stenson.

There was also a rise into the world’s top 15 for Japan’s Hideki Matsuyama, who moved up six places to 12th following his playoff win against Rickie Fowler, a winner in Abu Dhabi last month, at the Phoenix Open.

The top four places in the world rankings remained unchanged with Rory McIlroy, who finished tied-sixth in Dubai, just managing to hold onto second place ahead of Jason Day.

Neither world No 1 Spieth, who is nearly two points clear of McIlroy, nor Day were in action last week.

Dubai Desert Classic: 'Can't buy that feeling': Danny Willett stays in command to win title by one shot

1. Jordan Spieth (USA) 11.95 pts

2. Rory McIlroy (NIR) 10.07

3. Jason Day (AUS) 10.04

4. Rickie Fowler (USA) 8.23

5. Henrik Stenson (SWE) 7.32

6. Bubba Watson (USA) 7.29

7. Justin Rose (ENG) 6.32

8. Dustin Johnson (USA) 5.72

9. Patrick Reed (USA) 4.94

10. Jim Furyk (USA) 4.86

11. Branden Grace (RSA) 4.85

12. Hideki Matsuyama (JPN) 4.64

13. Danny Willett (ENG) 4.53

14. Brandt Snedeker (USA) 4.26

15. Zach Johnson (USA) 4.21

16. Sergio García (ESP) 4.10

17. Kevin Kisner (USA) 4.05

18. Adam Scott (AUS) 4.04

19. Brooks Koepka (USA) 3.98

20. Louis Oosthuizen (RSA) 3.54

Follow us on Twitter @NatSportUAE

Like us on Facebook at facebook.com/TheNationalSport

UAE currency: the story behind the money in your pockets

• Remittance charges will be tackled by blockchain

• UAE's monumental and risky Mars Mission to inspire future generations, says minister

• Could the UAE drive India's economy?

• News has a bright future and the UAE is at the heart of it

• Architecture is over - here's cybertecture

• The National announces Future of News journalism competition

• Round up: Experts share their visions of the world to come

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.”

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative

Read part one: how cars came to the UAE

What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.