Tiger Woods and Rory McIlroy, the world's top-ranked players, have committed to play in the 25th Omega Dubai Desert Classic, the tournament organisers Golf in Dubai said on Wednesday.
Woods has won twice in six appearances at Emirates Golf Club, joining Ernie Els as the only two-time winners at the European Tour's oldest event in Asia as well as the Mena region.
"Having won twice, I have really good memories of playing in Dubai and look forward to getting out there and being part of the 25th anniversary celebrations of the tournament," Woods said.
McIlroy's first victory as a professional came in Dubai in 2009, when he was only 19. As a 17-year-old amateur, in 2007, it was at Emirates Golf Course that he made the cut at a European Tour event for the first time
"It always feels nice to get back to a golf course where you have enjoyed success," the Northern Irishman said. "Obviously, I will be looking to win again.
"I've got great memories of the course and of this tournament. It was nice to get my first professional win in Dubai. I had my parents there with me, and it was a special moment that I will never forget.
"To think the tournament is older than I am is testimony to its strength."
His appearance would be his eighth at the event, more than he has played anywhere else.
The former Dubai champions Mark O'Meara and Jose Maria Olazabal also have committed to play in the tournament, which begins on January 30 and ends on February 2.
"It will be fun to play alongside former winners and revive some old memories," said Olazabal, who won in 1998 and was the captain of the victorious European Ryder Cup team last year.
O'Meara won in Dubai in 2004, and the American said: "The landscape of Dubai has changed dramatically, as is the case with golf in the region, but the giant silver Arabian coffee pot still serves as a valued treasure holding much significance to the players."
Woods did not play in Dubai this year or last; he appeared at the Abu Dhabi HSBC Golf Championship instead.
Mohamed Juma Buamaim, vice chairman and chief executive of golf in DUBAi, said: "We are delighted with early confirmation of four of our past winners …
"Tiger is a stand-out player who transcends all ages and genders," Buamaim added. "The fact that he will be making his seventh appearance in Dubai also shows how the tournament … has grown in stature and popularity."
"Rory is a familiar face to Dubai fans … For sure, he is an inspiration to young sportsmen, even from beyond his own sport."
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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.”
