Al Hamra Golf Club in Ras Al Khaimah. Sarah Dea / The National
Al Hamra Golf Club in Ras Al Khaimah. Sarah Dea / The National

Golf

Ras Al Khaimah Golf Challenge ready to make its mark on European Challenge Tour

The inaugural Ras Al Khaimah Golf Challenge will tee off this week with a umber of notable names in the field for the penultimate European Challenge Tour event.

The National staff

October 24, 2016

DUBAI // The inaugural Ras Al Khaimah 2016 Golf Challenge, the penultimate event on this season’s European Challenge Tour, tees off this week with a number of notable names in the field.

The tournament, taking place at Al Hamra Golf Club from Wednesday to Saturday, features a 105-strong cast, including three-time European Tour winner Johan Edfors, rising local star Rayhan Thomas and a host of Mena Tour stalwarts.

In particular, Thomas will be one to watch. Last month, the UAE resident became the first amateur to win a Mena Tour event when he triumphed at the Dubai Creek Open aged 16. He has since climbed to 132nd in the amateur world rankings.

“Although this is my Challenge Tour debut I’m treating it like any other event,” Thomas said. “I’m feeling good and I’ve been playing well for months so I’m not setting targets. I’ll just play my usual game and take it shot-by-shot.

“My iron play is on point at the moment so I’ll be looking to capitalise by hitting some good shots and holing some putts. It’s been about 18 months since I played the Al Hamra course, but I’ll play a few practise rounds early next week to get reacquainted with it.”

The RAK 2016 Golf Challenge, sponsored by Ras Al Khaimah Tourism Development Authority boasts a $350,000 (Dh1.285m) purse. The event will also include a championship village, open from 10am to 4pm, where it is hoped to attracted thousands of spectators and their families.

Nick Tarratt, director of the European Tour International, said: “It is an exciting time for the Challenge Tour as we prepare to embark on a new territory in Ras Al Khaimah. It is tremendous to be showcasing the emirate through our media platforms and the 46-minute television highlights programme, which will be distributed around the world.

“The Challenge Tour and Ras Al Khaimah have so many common synergies, specifically in terms of the players on our development tour playing in this growing destination for both golf and other attractions. The emirate is a perfect fit for us and we look forward to a great tournament and then building on that success in the future.”

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UAE currency: the story behind the money in your pockets

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.

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Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

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Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

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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.

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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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Age: 33

Favourite quote: “If you’re going through hell, keep going” Winston Churchill

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Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?

Favourite colour: All the colours that dogs come in

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