Saudi Arabia’s first professional golfer, Othman Almulla, has praised the impact of the Saudi International powered by Softbank Investment Advisers, as he prepares for a third appearance at the tournament early next year.
The European Tour event, which debuted last year, returns to Royal Greens Golf & Country Club from February 4-7, with a number of the game's lead players already committed.
Dustin Johnson, the current world No 1 and recently crowned Masters champion, has been confirmed, alongside this year’s US Open winner Bryson DeChambeau and Shane Lowry, the reigning Open champion.
Major champions Phil Mickelson, Patrick Reed, Justin Rose, Henrik Stenson and Sergio Garcia, together with newly anointed Race to Dubai winner Lee Westwood, will join the trio in King Abdullah Economic City. The event carries a prize fund of $3.5 million.
“I think the tournament continues to really raise the bar with the strength and calibre of its field,” Almulla said. “It shows that the tournaments in Saudi Arabia will be a mainstay on tour for many years to come.
“These brilliant players are keen to come to experience golf here and to experience Saudi Arabia – it is something we are proud of as Saudis.
“Saudi Arabia has been at the sports forefront of the big changes around the world in the last couple of years. Golf tournaments like this are a big part of that to help the grow tourism and business.”
Saudi’s influence on professional golf continues to deepen, with two high-profile events added this year to the Ladies European Tour (LET): the Aramco Saudi Ladies International, with its $1 million purse, and the Saudi Ladies Team International. Both tournaments, captured by eventual Order of Merit winner Emily Pedersen, took place last month.
Almulla was on site in a commentary role for host broadcaster KSA Sports, first taking in the history-making Saudi Ladies International – the inaugural professional women’s event in the kingdom.
It marks a stark contract to when Almulla took up the game in 2001, where he learned to play on desert sand. At the time, there were fewer than 1,000 regular golfers in Saudi; now that number exceeds 5,000. Meanwhile, 1,000 women and girls signed up for golf lessons on the back of last month’s LET stop.
“It’s such an important time for golf here,” Almulla said. “There has been an amazing shift in the sport with Golf Saudi and the [Saudi Golf] Federation creating new opportunities. I’m jealous it wasn’t like this when I started playing.
“The first Ladies events were so surreal – truly historic moments for golf here, like the men’s tournaments before them. It’s such an important time for golf in Saudi Arabia as we continue to inspire and educate newer generations to experience golf.”
Almulla's previous two appearances at the Saudi International have provided invaluable experience to the Riyadh-born golfer, despite missing the cut in each. He was joined at this year's event by leading Saudi amateurs Saud Al Sharif – Al Sharif competed in 2019 too – and Faisal Al Salhab, with 2010 US Open champion Graeme McDowell emerging as the winner. Johnson landed the inaugural title, while also finishing runner-up in February.
“The game of golf can give so much to many people with its values,” Almulla said. “It’s our responsibility as ambassadors and lovers of the game of golf to share that experiences, with world-class events like this helping to spread the message.”
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Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
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.”
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.