Coming in as favourite even as he hunts a first major in eight years, Rory McIlroy promptly posted his best opening score at the Open since 2010.
The Northern Irishman went out mid-morning on Thursday at St Andrews in relatively benign conditions, and within minutes had laid down a hefty signal of intent. On the first, sank a 55-foot putt for birdie.
McIlroy, Open champion in 2014, picked up three more shots across three holes from the fifth to climb into contention at 4-under and, when his game unravelled ever-so slightly, rebounded from his solitary dropped shot of the day on 13 with a brilliant birdie at the next.
A couple of stellar par saves at 16 and 17 protected McIlroy's tally, with the world No 2 birding the final hole to finish with a 66. Subsequently, he sat second on the leaderboard, two back from American debutant Cameron Young.
“I played well, very solid,” McIlroy said. “Everyone knows on this golf course you have to make your score going out and I did that.
“Started off tremendously with a bonus on the first, birdied the par five, birdied a couple of the short par fours with wedges in my hand, and then on the back nine even though with the wind it got tricky, you pick off a couple on the 14th and 18th.
“I birdied the holes I should have and only made one mistake … the way this course is playing, with how firm and bouncy and tricky it is, it’s all about limiting your mistakes. And only one bogey out there today was good.”
McIlroy, a former world No 1, has enjoyed a fine run in the majors thus far this year. He was second at the Masters, eighth at the PGA Championship and tied-5th at last month’s US Open. His most recent triumph? That came the week before Brookline, when he reigned supreme at the Canadian Open.
However, it’s felt an eternity since McIlroy, 32, captured the last of his four major titles.
Asked how high his confidence is at present, given all facets of his game appear to be firing, he said: “Yeah, they are. I’m driving the ball well.
“Once I put myself in the fairways, I’m giving myself chances because my irons just that little bit better than it has been. I’m putting well, seeing shots well and thinking well, and I think that’s the most important part this week. If you do that you keep yourself in the tournament. I just need to keep it going.”
Meanwhile, Young excelled in only his sixth major appearance, with his blemish-free 64 now second only to McIlroy's 2010 effort for a first-round score at an Open on the Old Course.
Young, who has missed the cut in his two most recent starts, has performed admirably in his rookie season on the PGA Tour, with two runner-up finishes and another couple of thirds, including the PGA Championship.
“Got off to a great start [four birdies in opening six holes] and from there we just played some really smart. Yeah, we had a blast. Was a lot of fun out here.”
Elsewhere, Australia’s Cameron Smith carded a 67, while English amateur Barclay Brown signed off for a 68. His score was matched by three-time European No 1 Lee Westwood.
The biog
Born: High Wycombe, England
Favourite vehicle: One with solid axels
Favourite camping spot: Anywhere I can get to.
Favourite road trip: My first trip to Kazakhstan-Kyrgyzstan. The desert they have over there is different and the language made it a bit more challenging.
Favourite spot in the UAE: Al Dhafra. It’s unique, natural, inaccessible, unspoilt.
In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
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.
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
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.”
