MADRID // Spanish golf legend Severiano Ballesteros, one of golf's all-time greats who lifted five majors and turned a new generation on to the sport, died Saturday aged 54 three years after undergoing an operation to remove a brain tumour.
"Seve Ballesteros died at 2:10 am, surrounded by his family, in his home in Pedrena" in northwestern Spain, following "respiratory failure," his family said in a statement.
Ballesteros was a charismatic figure who led the European challenge to the decades-long supremacy of the United States.
From the mid-1970s to the 1990s, "Seve" was one of the sport's most celebrated personalities, collecting 87 career titles before retiring in 2007 with back problems.
Known for his flamboyant and imaginative style of play, he famously won one of his three British Open titles by playing a shot from a temporary parking lot.
El Pais led the tributes, calling Ballesteros the "brightest star" and a "unique genius". "The memory of his feats still blinds," the leading Spanish daily said on its website.
Tennis world number one Rafael Nadal of Spain, a keen golfer, said Friday on learning of his deteriorating condition: "Seve is great, a model for all Spanish athletes who had the good fortune to meet him and play golf with him."
The news cast a pall over the Spanish Open under way in Barcelona, with second-placed Pablo Larrazabal saying Friday: "His fight these last years has been an inspiration for us all... He was really spectacular, never giving up, hitting his driver and chasing the ball into the hole from everywhere."
The European Tour's official website said Jose Maria Olazabal and Miguel Angel Jimenez, contemporaries of Ballesteros, were in tears over the news.
Olazabal, a close friend of Ballesteros, said: "I will keep on playing because it's the best way to pay tribute to Seve. "He would have liked us to keep on playing."
George O'Grady, Chief Executive of The European Tour, said: "This is such a very sad day for all who love golf.
"Seve's unique legacy must be the inspiration he has given to so many to watch, support, and play golf, and finally to fight a cruel illness with equal flair, passion, and fierce determination.
"We have all been so blessed to live in his era. He was the inspiration behind The European Tour."
Ballesteros was diagnosed with a malignant brain tumour after losing consciousness at Madrid airport on October 6, 2008.
He underwent four operations to remove the tumour and reduce swelling in his skull, as well as chemotherapy. He called his battle against the tumour the "hardest challenge of my life".
"During my career I was one of the best at getting around obstacles on golf courses. Now I want to be the best at confronting the most difficult match of my life with all my strength," he said when he revealed his illness.
Ballesteros announced his presence as a teenager in 1976 when he finished second at the British Open, just two years after turning pro aged 16.
Topping the European Tour Order of Merit that year -- he would go on to do so on another five occasions -- was a measure of compensation for being the runner-up after leading at the midway point.
In 1979, aged 21, he became the youngest winner of the British Open.
A year later, he was the first European to make the breakthrough at the Augusta Masters, opening the floodgates for the likes of Bernhard Langer, Sandy Lyle, Nick Faldo, Ian Woosnam, and his Spanish compatriot Jose Maria Olazabal.
That first of two Masters titles made him, at 23, the youngest winner before a 21-year-old Tiger Woods broke his record in 1997.
Ballesteros was inducted into the World Golf Hall of Fame in 1999, where he joined the likes of Jack Nicklaus and Arnold Palmer.
Golf Digest magazine in 2000 ranked him as the greatest golfer Europe has produced.
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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.”
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
GROUPS AND FIXTURES
Group A
UAE, Italy, Japan, Spain
Group B
Egypt, Iran, Mexico, Russia
Tuesday
4.15pm: Italy v Japan
5.30pm: Spain v UAE
6.45pm: Egypt v Russia
8pm: Iran v Mexico
COMPANY PROFILE
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
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor