Tiger Woods, twice a winner of the Desert Classic, has found himself deep in the rough.
Tiger Woods, twice a winner of the Desert Classic, has found himself deep in the rough.

Out of the office and straight into rough, like Tiger Woods



Avid followers of this column - both of them - will recall that I predicted in December that Tiger Woods would return in time for the Augusta Masters. So it won't surprise you that he intends to tee up on April 8 and smite a little white ball among the azalea-lined fairways. It didn't take a genius to work out that a man whose mission in life is to win as many major golf tournaments as possible would not pass up the chance of adding to his tally. There are four majors every year: the Masters; the Open; the US Open; and the American PGA. Jack Nicklaus bagged 18 victories in his illustrious career, while to date the Tiger has trousered 14. But Jack rarely strayed from the fairways, while Tiger has found himself in deep rough.

Augusta is a good place to return. The crowd is keen and respectful, with tickets handed down from father to son (and daughter). Any signs of unruly behaviour and spectators are ejected, never to return. And there are no women members, so his head is unlikely to be turned by a comely face in the locker room. This week we had the unedifying spectacle of watching him apologise again. "A lot has transpired in my life," he told the sports channel ESPN. "A lot of ugly things have happened. Things that - I've done some pretty bad things in my life. And, uh, all came to a head. But now, after treatment, going for inpatient treatment for 45 days and more outpatient treatment, I'm getting back to my old roots."

Poor lad, he looks like he has been brainwashed by the Moonies. It's a sorry tale, and his advisers haven't helped. First they persuaded him to keep mum the night that starred his wife, a fire hydrant and a golf club (it sounds like a Peter Greenaway film, or something that might happen in Cluedo), then encouraged his evasiveness, then wrote that speech. The litany of lame excuses was bad enough, but that shirt was unforgivable. It is enough to make one support Phil Mickelson, his great rival - he at least would never fit his girth into it.

I found myself thinking about the world's No 1 golfer earlier this week when I found myself in Tiger territory. No, I wasn't in a bar surrounded by cocktail waitresses, but prowling the green and verdant fairways of the Emirates Golf Club in Dubai. This is where Tiger won the Desert Classic twice, and where I drove my first shot into trees and hit the second virtually sideways. Say what you like about the great man, but he knows how to hit a golf ball.

Colleagues doubtless thought I was skiving, but I was attending the British Business Group's (BBG) inaugural networking opportunity. The Dubai British Business Group is the largest in the region with more than 1,600 members, and puts on about 90 functions a year. It has decided to get together to promote business links via golf, hardly a novel idea, but one that finds widespread appeal among the community.

There were 90-odd players, some playing on the Majlis course, some attending a clinic and some on the nine-hole course. "They are not planned to be exclusively British events," said David Burns, the BBG's director of focus groups. "We are expecting a number of nationalities, including South Africans, and want to encourage more Emirati golfers." On April 18 the group will hold its annual golf day at the Emirates course, during which, among other attractions, the Band of the Royal Marines will be appearing.

As a networking event the golf was very successful. I met this paper's business editor, an elusive and workaholic figure, and a magnificent driver of a golf ball; the publisher of the Dubai free paper 7 Days, a very nice fellow and an excellent driver of a golf cart, and lots of South Africans. They never need an excuse to treat the outdoors like an office, and are always good fun. One told me that when he lived in Cape Town "nobody worked on a Friday". This was news to me; I didn't think anyone there worked at all.

But business on the golf course is an excellent idea. Who can you meet in your office but your colleagues, and what good can they do you? After the golf we assembled in a room and prizes were handed out to just about everybody but me. Somebody won the nearest the pin competition by scoring a hole in one, so I avoided him. I also felt that had exceeded the terms of the deal; he wasn't closest to the pin, but on top of it. There were also a few women networkers, one of whom was handing out chocolates. Like my golfing role model Tiger Woods I avoided them all, because you never know what might happen once you get chatting to the fairer sex. There were words of sympathy for Mr Woods. "He was unlucky," one golfer told me. "He got caught."

Still, as Tiger would no doubt agree, it was good to be back on the course. My only gripe is that the British Business Group's golf event is monthly and not weekly. Like Tiger Woods, I shall be returning to the golf course. It's only when you get off it that bad things can happen. Will he win? Nobody has made money betting against him on a golf course. rwright@thenational.ae

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

UAE currency: the story behind the money in your pockets

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.”

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THE BIO

Age: 33

Favourite quote: “If you’re going through hell, keep going” Winston Churchill

Favourite breed of dog: All of them. I can’t possibly pick a favourite.

Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?

Favourite colour: All the colours that dogs come in

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Send “thenational” to the following numbers or call the hotline on: 0502955999
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England squads for Test and T20 series against New Zealand

Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes

T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

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The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800