Stephen Gallacher of Scotland is presented with a commemorative gift by Keith Waters, chief operating officer of the European Tour, after making his 500th European Tour appearance during the first round of the Abu Dhabi HSBC Championship at Abu Dhabi Golf Club on January 19, 2017 in Abu Dhabi, United Arab Emirates. Scott Halleran / Getty Images
Stephen Gallacher of Scotland is presented with a commemorative gift by Keith Waters, chief operating officer of the European Tour, after making his 500th European Tour appearance during the first round of the Abu Dhabi HSBC Championship at Abu Dhabi Golf Club on January 19, 2017 in Abu Dhabi, United Arab Emirates. Scott Halleran / Getty Images
Stephen Gallacher of Scotland is presented with a commemorative gift by Keith Waters, chief operating officer of the European Tour, after making his 500th European Tour appearance during the first round of the Abu Dhabi HSBC Championship at Abu Dhabi Golf Club on January 19, 2017 in Abu Dhabi, United Arab Emirates. Scott Halleran / Getty Images
Stephen Gallacher of Scotland is presented with a commemorative gift by Keith Waters, chief operating officer of the European Tour, after making his 500th European Tour appearance during the first rou

Stephen Gallacher joins elite European Tour 500 club: ‘If it was easy, a lot of people would have done it’


John McAuley
  • English
  • Arabic

Stephen Gallacher, a two-time winner of the Omega Dubai Desert Classic, recorded a major milestone on Thursday, when he teed off at the Abu Dhabi Golf Championship – his 500th European Tour event.

The 500 club

Gallacher, a three-time winner on tour, has usually made his mark up the road in Dubai, clinching the Coffee Pot trophy in 2013 and 2014. On Thursday, he celebrated his landmark European Tour appearance with a one-under-par 71. The Scot began his European Tour career at the Scottish Open in 1993, but in reaching 500, Gallacher joins a club containing only 31 others, including Ian Woosnam, Darren Clarke, Colin Montgomerie and Sam Torrance.

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Read more

■ Round 1: 'Lack of practice' works wonders for leader Henrik Stenson

■ Video: Tim Henman leads coaching clinic at Abu Dhabi HSBC Championship

■ Round 2: Groups and tee times for Abu Dhabi HSBC Championship

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On 21 years on tour

“It is pretty special, 21 years,” said Gallacher, 42. “The only thing is I feel like I’m retired. I’m looking at all the stuff I’ve done and there’s a wee bit of life left in the old dog. But it’s been great recognition. If it was easy to do, a lot of people would have done it, but there’s not many who have.”

On his career highlights

“I would say Dubai’s definitely up there,” said Gallacher, whose breakthrough victory came at the 2004 Dunhill Links Championship. “I think getting your first win at the ‘Home of Golf’ was nice, and a couple in Dubai, the [2014] Ryder Cup. I’ve had some great highs and a few lows, but I wouldn’t change it for the world.”

On his funniest memory

“Every day is funny,” he said. “I’m not exactly a serious guy to be honest. But yeah, I’ve had some great times down the years. That’s why I say I’m blessed: I’ve been to some parts of the world, met some nice people, friends, doing something you love. There’s not many jobs where you can say that.”

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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.”

Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

The details

Heard It in a Past Life

Maggie Rogers

(Capital Records)

3/5

2019 Asian Cup final

Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi

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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

WRESTLING HIGHLIGHTS
Racecard

6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m

7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m

7.40pm: Handicap (TB) $135,000 (D) 1,200m

8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m

8.50pm: Handicap (TB) $135,000 (T) 1,000m

9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m

10pm: Handicap (TB) $175,000 (T) 2,410m

The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final

Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
RESULT

Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')

 

Man of the Match: Aaron Mooy (Huddersfield Town)

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

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The specs: 2018 Jaguar F-Type Convertible

Price, base / as tested: Dh283,080 / Dh318,465

Engine: 2.0-litre inline four-cylinder

Transmission: Eight-speed automatic

Power: 295hp @ 5,500rpm

Torque: 400Nm @ 1,500rpm

Fuel economy, combined: 7.2L / 100km