Corey Pavin is non-committal about selection.
Corey Pavin is non-committal about selection.

Woods high on Pavin's list despite missing the cut



MILWAUKEE // Tiger Woods remained No 1 in the world rankings this week, though not even close to that on two lists that matter much more at the moment - the Ryder Cup and FedEx Cup. Woods failed to qualify for the US Ryder Cup team for the first time - he had led the standings every other time since 1997 - and now will only make the team if Corey Pavin, the US captain, uses one of four wild-card picks on him.

In a hotel conference room on Monday, Pavin sat at the head table between two poster boards, each showing the final standings for the eight American qualifiers. Woods' name was nowhere to be found between Phil Mickelson at No 1 and Matt Kuchar at No 8. Pavin would only say that Woods is "high on my list" and will be a "big consideration" when he announces his selections on September 7. "I'm looking at him in essence like any other player. He isn't ... but he is," Pavin said. "I'm certainly not going to disrespect other players by considering him different from other players. I have to look at the way he's playing, the way he played, and I have to look at his body of work as well. If anyone can turn it around quickly, it's him."

Despite the shockingly low ratings for Woods' name, Pavin came away from the PGA Championship encouraged as much by what he heard from Woods as what he saw from him. Woods said at the start of the week that he wants to play in the Ryder Cup and would accept a captain's pick. Even after he closed with a one-over 73 to tie for 28th at Whistling Straits, he joked that he could still help out in singles. His Ryder Cup record is 10-13-2, including 3-1-2 in singles.

"I feel my game is a lot better than it was obviously last week, and given a little bit more time, it's starting to head in the right direction now, which is good," Woods said. "And I'm looking forward to it. Hopefully, Corey will pick me on the team." Woods tied for fourth in the Masters and US Open. He missed the cut at Quail Hollow with the highest 36-hole total of his career, and only a week before the final major, he had the worst tournament of his career when he shot 18-over par at Firestone.

Pavin was asked about the pros and cons of taking Woods, and he could think only of the positives. "He's the No 1 player in the world - that's a pretty good 'pro'," Pavin said. "Obviously, I'm considering him highly, no doubt about it. He's playing better. I think we have all seen that. And he wants to play - he wants to be part of the team. But it's going to be my judgement whether I pick him or not."

Mickelson led the points table for the first time followed by Hunter Mahan, PGA runner-up Bubba Watson, Jim Furyk, Steve Stricker, Dustin Johnson, Jeff Overton and Matt Kuchar. Four of them - Watson, Johnson, Overton and Kuchar - have never played a Ryder Cup. Stricker and Mahan played the first time two years ago at Valhalla. Overton became the first American to qualify for the Ryder Cup without having won on the PGA Tour. * Agencies

United States (top 8 qualified) 1. Phil Mickelson 6,095 2. Hunter Mahan 4,095 3. Bubba Watson 3,894 4. Jim Furyk 3,763 5. Steve Stricker 3,697 6. Dustin Johnson 3,573 7. Jeff Overton 3,533 8. Matt Kuchar 3,415 9. Anthony Kim 3,274 10. Lucas Glover 3,052 Europe - World Points 1. Lee Westwood (Eng) 422.01 2. Rory McIlroy (NIr) 316.95 3. Martin Kaymer (Ger) 285.42 4. Graeme McDowell (NIr) 249.35 5. Luke Donald (Eng) 231.16 6. Edoardo Molinari (Ita) 218.41 7. Ian Poulter (Eng) 211.24 8. Padraig Harrington (Irl) 204.97 9. Justin Rose (Eng) 195.74 10. Francesco Molinari (Ita) 172.51 European Points 1. Lee Westwood (Eng) 3,446,137 2. Martin Kaymer (Ger) 2,638,282 3. Rory McIlroy (NIr) 2,368,205 4. Graeme McDowell (NIr) 2,307,041 5. Ian Poulter (Eng) 2,238,874 6. Ross Fisher (Eng) 1,708,614 7. Francesco Molinari (Ita) 1,612,747 8. Miguel Angel Jimenez (Esp) 1,499,775 9. Paul Casey (Eng) 1,487,776 10. Padraig Harrington (Irl) 1,486,529

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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.”

UAE currency: the story behind the money in your pockets
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  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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