Robert Karlsson lines up a putt on the new 18th green for an eventual 12-footer during his third round after making a double bogey seven there the previous day.
Robert Karlsson lines up a putt on the new 18th green for an eventual 12-footer during his third round after making a double bogey seven there the previous day.

Karlsson shoots 62 of Wentworth course record



One of the most remarkable 24 hours of Robert Karlsson's life ended with him setting a new Wentworth course record with a dazzling 62. The Swede, 40, flew home to Monte Carlo yesterday thinking he had missed the halfway cut at the PGA Championship on three over par. He was "a par five" from his house when he discovered things had changed, so returned immediately to Nice airport. On arrival, though, there were no seats left on any direct flight back to London, so he instead flew to Paris Orly and hired a private jet for around £7,600 (Dh40,376). After a few hours' sleep, that took off at 6am (8am UAE) and, with the hour's time difference, he was back at Wentworth at 6.45am and teed off two hours later. Nine birdies later he was, incredibly, tied for the lead with England's Luke Donald, who had yet to tee off for his third round. He began the day joint 63rd. Karlsson, furious after ending his second day's work with a double bogey seven on the controversial new 18th, this time holed a 12-footer there and was all smiles. "Do you want the short or long version?" he asked when requested to go through what had happened. "I've been in this position a few times and know it's important to keep going. I said 'we've got invited to this party, so let's party'. "Don't touch my putter ? you might burn your hands. "It was important to get off to a good start (he had a hat-trick of birdies from the second) and the most important thing is not to back off and protect it." Karlsson's journey was the most adventurous, but he rightly pointed out: "I was not the only one who went home." Scot Alastair Forsyth had returned to Glasgow assuming he was out as well, but flew back and after a birdie at the third and eagle on the next it looked as if he might charge through the field as well. But in the end Forsyth had to settle for a level par 71 and remained three over. Lee Westwood, two over overnight, dropped back to four over with a disappointing 73 and his stay at world No 3 ? his highest position ? seems certain to be for one week only. He needed a top-11 finish to keep ahead of American Steve Stricker and had dropped to 58th. Karlsson could now become the first player ever to win a European Tour event after making the cut with nothing to spare. That was something Rory McIlroy did in America earlier this month, but the Ulsterman, 21, remained deep in the pack today at level par with six holes remaining. Alongside him was the European Ryder Cup captain Colin Montgomerie, who came back from a double bogey at the third with birdies on the sixth and seventh, while Justin Rose's hopes of climbing back into the world's top 50 in time to qualify for the Open and US Open suffered further blows as he slipped back to two over. Rose needs a top-three finish, but was in a tie for 46th. * PA

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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners

War

Director: Siddharth Anand

Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars 

The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

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The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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.”

Personalities on the Plate: The Lives and Minds of Animals We Eat

Barbara J King, University of Chicago Press 

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Virtuzone GCC Sixes

Date and venue Friday and Saturday, ICC Academy, Dubai Sports City

Time Matches start at 9am

Groups

A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs