Boo Weekley will travel to Turnberry immediately after the final round to get some practice.
Boo Weekley will travel to Turnberry immediately after the final round to get some practice.
Boo Weekley will travel to Turnberry immediately after the final round to get some practice.
Boo Weekley will travel to Turnberry immediately after the final round to get some practice.

Weekley: Phil is doing the right thing


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LOCH LOMOND // Golfers are curious, pampered creatures of comfort. In common with most professional sportsmen or women trying to earn a living from their aptitude, they tend to be run by the moods. Trying to speak to a golfer after a round gone awry can be a wholly thankless task. Boo Weekley, the American Ryder Cup player, was not in a talkative mood yesterday after carding a one-over 72 in the third round.

Amid a course that was most poignant for the large fountain of sunshine from which it drank, it felt like a joy to be alive, but do not try telling that to a golfer who departs such a track bereft of several birdies. Weekley was left at one-over par for the tournament, but he seemed slightly under the weather even in such gratifying elements. The usually boisterous "Boo" gives off the impression he does not care, portraying himself as a sort of simpleton with a Southern Drawl, but he would not be a professional golfer if he did not care. With a couple of US PGA Tour wins over the past few years, this man is hardly a Redneck.

The usual hackneyed story of wayward shots and missed putts dominated Weekley's "frustrated" thoughts until one raised the somewhat depressing issue of Phil Mickelson's withdrawal from the impending British Open Championship at Turnberry. Mickelson's wife, Amy, continues to receive treatment for breast cancer after undergoing surgery earlier this month. Worse, six weeks after the first shock, came the news that his mother Mary is suffering from the same ailment. She also underwent surgery on Friday.

What is a missed putt or two compared to fighting serious illness? "Nothing," responded Weekley. Weekley was a teammate of the world's second-best player when the US regained the Ryder Cup from Europe with an emphatic 16½-11½ victory at Valhalla last September. Mickelson is a winner of two US Masters and the US PGA championship. He has played in the past 61 majors, a record without compare in his sport.

He has been a regular visitor to Loch Lomond before the British Open in recent years, but will miss the third major of the season. "It is a sad loss for the tournament," said Weekley. "Your prayers have just got to be with Phil and the family right now. "It's a tough thing what he has got going on in his life. I think he is doing the right thing by staying home and taking care of your family. Taking care of your family is the most important thing in life, not golf."

The US have enjoyed a notable run of winners at the British Open since John Daly overcame Constantino Rocca in a play-off at St Andrews in 1995. Tom Lehman, Justin Leonard, David Duval, Ben Curtis, Todd Hamilton and Tiger Woods, on more than one occasion, have all claimed the Claret Jug. Such a record tends to belie the belief that Europeans are better equipped to handle the demands and the nuances of playing a links course in sun, wind and relentless rain that can sometimes blow a player off course.

Weekley says another of Ryder Cup companions, the audacious US player Anthony Kim, has the assets to make the British Open his first win in a major. "I think Anthony Kim is playing quite well right now," said Weekley. "I think he has the game for that type of course because he can hit the ball low." Weekley will travel to Turnberry after concluding his final round here today rather than indulge himself in the sights of Scotland.

"I will practice and play, and see what comes of it," said Weekley. "I'm struggling with a bit of everything right now, but that is just golf. I won't be doing any sightseeing, and right now I have to get some lunch." Even in his birdie famine, it was at least reassuring to know that Boo had not lost his appetite. dkane@thenational.ae

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.”

SPECS
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Company%20Profile
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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
COMPANY%20PROFILE%3A
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Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

Race card

4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m

4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m

5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m

5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m

6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m

6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m

7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m

The National selections:

4pm Zabardast

4.35pm Ibn Malik

5.10pm Space Blues

5.45pm Kimbear

6.20pm Barney Roy

6.55pm Matterhorn

7.30pm Defoe

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

MATCH INFO

Sheffield United 3

Fleck 19, Mousset 52, McBurnie 90

Manchester United 3

Williams 72, Greenwood 77, Rashford 79

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

Kandahar%20
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The Bio

Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”

Holiday destination: “I like Paris very much, it’s a city very close to my heart.”

Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”

Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”