Rickie Fowler, right, and Rory McIlroy both proved that, in the heat of battle, they could both deliver under pressure.
Rickie Fowler, right, and Rory McIlroy both proved that, in the heat of battle, they could both deliver under pressure.
Rickie Fowler, right, and Rory McIlroy both proved that, in the heat of battle, they could both deliver under pressure.
Rickie Fowler, right, and Rory McIlroy both proved that, in the heat of battle, they could both deliver under pressure.

Tone has been set for future


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Emerging from the mud, sweat and tears of arguably the greatest Ryder Cup ever contested was the hint of a rivalry that could shine as brightly as the sunshine that finally arrived in south Wales on Monday. Virtually all the 11 first-timers on view over four dramatic days at Celtic Manor contributed some special moments.

Jeff Overton's hole-out eagle on Saturday, Francesco Molinari's glorious approach to three feet at the 18th on Sunday to seal what turned out to be a crucial half point for Europe lodged in the memory. The excitement created by American Rickie Fowler and Northern Ireland's Rory McIlroy suggested golf now has two fearless young warriors who will surely be fighting for majors over the next decade. Both 21-year-olds stand out from the crowd even if their performances at Celtic Manor were mixed.

McIlroy's shaggy mop of black curly hair and Fowler's technicolour wardrobe and boy-band looks are a dream for golf promoters on both sides of the Atlantic looking to sell the sport to the PlayStation generation. More importantly, however, they both proved over the weekend that, in the heat of battle, they could deliver under pressure. McIlroy's contest with Stewart Cink, the former British Open champion, on Monday was matchplay golf at its most gripping.

All square and under tremendous pressure, McIlroy appeared to have blown it when he hit his second shot into a greenside bunker at the 18th and then left his third shot in the sand. Lesser characters could have gone to pieces but McIlroy composed himself, chipped to six feet and holed the bogey putt which was good enough for half a point. Fowler's performance was even more impressive as he came from four behind after 12 holes against Edoardo Molinari to steal a half point thanks to a curling 30-foot putt on the 18th to keep his side alive.

He sunk a similar effort on Saturday to secure himself and partner Jim Furyk a half in their foursomes against Lee Westwood and Martin Kaymer and his performance thoroughly justified the faith Corey Pavin, the US captain, had in the upstart from California. "Rickie was amazing," Pavin said. "He's that kind of kid, and I think we'll see him a lot more of him in Ryder Cup venues in the future." McIlroy, who won his first title on the PGA Tour this year and finished third at the British Open and US PGA, raised eyebrows when describing the Ryder Cup as an "exhibition" in the weeks leading up to the match.

However, after scoring two points in the 14-13 victory he described the experience as the best of his golfing career and that what he had gained from playing in front of some of the biggest crowds seen on a golf course will be valuable in the future. "You know, I'm still very, very young," a drained McIlroy said on Monday. "I don't want to miss a Ryder Cup for the next 20 years." They did not face each other directly at Celtic Manor but despite playing most of their golf on different sides of the Atlantic, it must be hoped that their paths cross regularly before the Ryder Cup returns at Medinah in 2012.

* Reuters

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.”

The specs: 2018 BMW X2 and X3

Price, as tested: Dh255,150 (X2); Dh383,250 (X3)

Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)

Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)

Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)

Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)

Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)

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A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

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SPECS
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Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
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Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

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