DUBAI // For several amusing minutes, it looked like a school photographer trying to corral a bunch of kindergartners for the annual class photo.
World No 1 Tiger Woods had to take a brief timeout as his caddie tossed him a towel for his runny nose. World No 3 Henrik Stenson, acting like a skinny Santa Claus, patted his knee and offered Woods a seat on his lap.
The 20 surviving past champions of the Omega Dubai Desert Classic shook hands, exchanged hugs and traded barbs on Monday as dozens of fans took pictures with their cell phones during a staged group photograph in front of the Emirates Golf Club clubhouse.
The Emirates course has been nicknamed the “miracle in the desert”, but getting the past champions together in the same place was providential in itself. The players, plus the son of the late Seve Ballesteros, then adjourned to play in an 18-hole shoot-out called the Champions Challenge, which was another organisational feat in itself.
The group traded stories about the first 24 years of the tournament, stared at the forest of skyscrapers that surround the venue and gushed over the growth of the area since the first tournament was staged in 1989.
“It’s incredible, what has gone on,” said Mark James, who won the inaugural tournament.
“You can’t see the desert anymore.”
Same for the waters of the gulf. Like the buildings, the money spent to celebrate the 25th anniversary of the tournament has been stacked pretty high, too.
That was evidenced by Monday’s one-day, one-off event, which cost an estimated US$1 million, (Dh3.6m) given that players received $25,000 for participating and the total purse was $600,000. Rafael Cabrera-Bello and Stenson each finished with a six-under 66 to finish in a tie for first, winning $250,000 apiece.
That represents a bigger winner’s cheque than four of the eight victors have received at full-blown 72-hole events on the European circuit this year.
Between the cost of staging the Champions Challenge, the $2.5m tournament purse and the appearance fees doled out to a handful of top players, the inducement price tag for the week has been estimated at $8m – before hotel rooms and plane fare for top players and their entourages was added.
The shoot-out is the flashy opening act, a professional prologue. With 100 per cent attendance from the past winners, it already has paid dividends.
“We wanted to give it a completely different, upscale feel,” said Adrian Flaherty, the tournament director. “And it’s unique.”
As for the price tag, Flaherty laughed like a man who has heard the same question several times already.
“It’s a chunk,” he said.
As if the guaranteed dollars and dirhams have not turned heads already, there is another $2.5m on offer this week if anybody aces the 17th hole, a 350-yard par 4.
“Yeah, another $2.5 million always gets your attention, doesn’t it?” said Stenson, a former Dubai resident.
As far as this week goes, that was the whole idea.
McIlroy excited about paring with Woods and defending champion Gallacher
When first informed that he will tee off alongside Tiger Woods and Stephen Gallacher for the opening two rounds at the 25th Omega Dubai Desert Classic, Rory McIlroy responded: “Oh am I? Perfect.”
It was hardly a surprise, given he and Woods are the field’s star draws, and Gallacher the defending champion. These things tend to be manipulated.
“Typical European Tour,” quipped McIlroy, who finished Monday’s Championship Challenge tied-second. “Nice. I haven’t played with Tiger for a while ... I always like these draws.”
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STAGE 4 RESULTS
1 Sam Bennett (IRL) Deceuninck-QuickStep - 4:51:51
2 David Dekker (NED) Team Jumbo-Visma
3 Caleb Ewan (AUS) Lotto Soudal
4 Elia Viviani (ITA) Cofidis
5 Matteo Moschetti (ITA) Trek-Segafredo
General Classification
1 Tadej Pogacar (SLO) UAE Team Emirates - 12:50:21
2 Adam Yates (GBR) Teamn Ineos Grenadiers - 0:00:43
3 Joao Almeida (POR) Deceuninck-QuickStep - 0:01:03
4 Chris Harper (AUS) Jumbo-Visma - 0:01:43
5 Neilson Powless (USA) EF Education-Nippo - 0:01:45
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Company profile
Company name: Xare
Started: January 18, 2021
Founders: Padmini Gupta, Milind Singh, Mandeep Singh
Based: Dubai
Sector: FinTech
Funds Raised: $10 million
Current number of staff: 28
Investment stage: undisclosed
Investors: MS&AD Ventures, Middle East Venture Partners, Astra Amco, the Dubai International Financial Centre, Fintech Fund, 500 Startups, Khwarizmi Ventures, and Phoenician Funds
2017 RESULTS: FRENCH VOTERS IN UK
First round
Emmanuel Macron: 51.1%
Francois Fillon: 24.2%
Jean-Luc Melenchon: 11.8%
Benoit Hamon: 7.0%
Marine Le Pen: 2.9%
Second round
Emmanuel Macron: 95.1%
Marine Le Pen: 4.9%