Lee Westwood, right, and his caddy Billy Foster discuss a shot during the weekend at the Abu Dhabi Championship.
Lee Westwood, right, and his caddy Billy Foster discuss a shot during the weekend at the Abu Dhabi Championship.
Lee Westwood, right, and his caddy Billy Foster discuss a shot during the weekend at the Abu Dhabi Championship.
Lee Westwood, right, and his caddy Billy Foster discuss a shot during the weekend at the Abu Dhabi Championship.

Pro-am is dreaming of Tour status


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DUBAI // Despite a hat-trick of European Tour events, including the season-ending Dubai World Championship, already being staged on UAE courses every year, the organisers of today's fourth Al Naboodah Invitational say expanding the Emirates' range of tournaments is inevitable. In its largest staging to date, this year's Invitational sees more than 40 European Tour professionals, including the continent's No 1 golfer Lee Westwood, reigning Dubai Desert Classic champion Rory McIllroy and the Spaniard Sergio Garcia, tee-off alongside local corporate partners of the Emirati business and golf fanatic Abdullah al Naboodah - the tournament creator.

Novelty, however, is far from the principal objective of what is now the region's leading stand alone pro-am event. The goal is to evolve into a 72-hole Middle East version of golf's two other pro-am mainstays: the European Tour's Alfred Dunhill Links and US PGA Tour's Pebble Beach National. "We're looking to progress to official Tour status within three to five years," said James Bowring, Al Naboodah's director of golf.

"We believe it can. Tournaments are increasingly looking for ways to give back to their sponsors and our format, which is similar to the Dunhill Links event, does that. People want to be involved and savour the full experience." Persuading the European Tour's schedulers to include another regional date to a calendar that already takes in early-season rounds in Abu Dhabi, Dubai and Qatar, should not, believes Bowring, prove too difficult in the long term.

"We'd look to position the Invitational at a different time of the year, away from the Desert Swing - there's too much going on with those three events already," he said. "But there is no reason why the Invitational cannot become an event, like Dunhill Links or Pebble Beach, in its own right. "We can be the regional equivalent of those tournaments. "The European Tour are very interested, as they see the region as a progressive and developing part of the world."

While the Invitational's evolution rumbles on, Bowring maintains that the desire shown by some of Europe's leading players to help turn the event into a globally-renowned pro-am, indicates their approval of another UAE test. "Pre-tournament pro-ams, which are not competitive, are not always enjoyed by professionals," said Bowring. "And yet we have guys wanting to play ours. "Next year we'll be a two-day warm-up event before the Abu Dhabi Championship and we're aiming to become a four-day tournament where the pros can play in an official Tour-sanctioned event in coming years."

emegson@thenational.ae

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Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

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How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright

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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.”

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

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Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

Monster

Directed by: Anthony Mandler

Starring: Kelvin Harrison Jr., John David Washington 

3/5