Yousuf waits on invitation


Paul Radley
  • English
  • Arabic

DUBAI // Khalid Yousuf, the Emirati golfer, could miss out on a second successive appearance at the Dubai Desert Classic as the organisers bid to accommodate all of the tournament's previous winners. As part of the celebrations to mark the 20th anniversary of the Classic, Golf in Dubai have invited each 16 of the players who have won the trophy to participate in the Jan 27-Feb 1 event.

The need to shoe-horn the extra players into the 120-man field will mean special invitations are harder to come by for aspiring players like Yousuf. While still a schoolboy at Dubai College, Yousuf became the first Emirati to play in a European Tour event when he was granted a place in the Classic earlier this year. The student, who now attends the American University in Dubai, would be even better equipped to perform at the Classic this time round, as he proved with a strong display while representing the UAE at the recent Eisenhower Trophy.

Mohamed Juma Buamaim, the vice-chairman and chief executive of Golf in Dubai, admits attempting to square the anniversary celebrations with the need to promote the game among UAE nationals is proving tough. He said: "We want to invite Khalid but because we are asking all the past champions to attend, they might need an invitation to play. "Some of them might not have a playing card, so obviously there are some decisions for us."

Whatever the outcome, Buamaim believes the high-quality field for the Classic will continue to benefit the development of the game here. "The regular visits of the superstars to Dubai have had a knock-on effect on UAE junior golfers," he added. "It was a matter of pride for everyone in the UAE when Khalid Yousuf became the first UAE national to compete on the global stage. Like Khalid, there are many players, both nationals and expatriates, who have matured into fine players. The future looks bright for golf."

The presence of some of the former champions is highly doubtful. Tiger Woods, the world No1, who won at the Emirates Golf Club on his first visit in 2006 and again last year, is set to miss out due to a knee injury. Seve Ballesteros, the popular Spanish veteran, will also be absent as he was only discharged from hospital last week following brain surgery. Elsewhere on the roll of honour, the 1993 winner, Wayne Westner, has barely played on Tour in the past 10 years. The South African, 47, suffered serious ankle ligament damage on eve of Madeira Island Open in 1998 when a railway sleeper crumbled and he fell 10 feet. He has only played once on Tour since.

Others are certainties. Henrik Stenson, the in-form Swedish Ryder Cup player, and Denmark's Thomas Bjorn, are both residents of Dubai, who will both be looking to repeat their past successes on home soil. Buamaim added: "The intention is to honour them for their contribution to promoting golf and the city." pradley@thenational.ae

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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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.”

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

RESULT

Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')

SHAITTAN
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