The new director of the European Tour office in Dubai, Nick Tarratt.
The new director of the European Tour office in Dubai, Nick Tarratt.

Tarratt takes Tour office



DUBAI // Nick Tarratt, one of the most experienced administrators in the golfing world, has been appointed as the director of the European Tour International Office in Dubai in preparation for next year's US$10 million (Dh36.73m) order of merit play-off. The "Race to Dubai", as the new conclusion to the European tour season has been named, will be decided over the Greg Norman-designed Earth Course at Jumeirah Golf Estates from Nov 19-22 2009. Tarratt, a 49-year-old Englishman, will be responsible for its smooth inauguration.

Next year will be the first of an initial five-year running of the Dubai World Championship and Tarratt is delighted to be at the sharp end of the organisation of such a prestigious event. He said: "I am very excited with this new role. "To be involved in pioneer projects such as these as well as helping establish the European Tour International Office will be an enjoyable challenge. I have lived in Dubai for more than a third of my life and look forward to working with our partners in the UAE and in the region as a whole."

Tarratt has been involved in top quality golf administration for 25 years and became well known to the leading professionals through his staging of the Dubai Desert Classic in the 1990s. He first arrived in the UAE in 1990 to work at the Emirates Golf Club before setting up the Dubai Golf and Racing Club, home to the Dubai World Cup - the world's richest horse race. He joined the Professional Golfers' Association at the Belfry in 1983 and was involved in the staging of the Ryder Cup at that course in 1985 as well as several other PGA and European Tour events before becoming involved in the running of the Bell's Scottish Open at Gleneagles in the late 1980s.

In 1996 he was appointed general manager of the UAE Golf Association where his responsibilities included overseeing the running of the Desert Classic which has become one of the main events on the European calendar and has twice been won by the world's top golfer Tiger Woods. Tarratt went on a two-year sabbatical to Egypt in 2002 before returning to the Emirates to take up a role as golf advisor for Emaar Properties.

Keith Waters, the director of International Policy for The European Tour, said: "We are delighted to welcome Nick Tarratt as director of our international office. He has vast experience in the world of golf as well as intimate knowledge of Dubai and the workings of the UAE and is unquestionably the ideal person to head up this new and exciting chapter in the history of the European Tour." Tarratt's new office, on a site of four championship courses which are at various stages of development, will also house the European Tour Performance Institute, providing a base for tour players to practise and train at any time of year as well as a state-of-the-art fitness and physiotherapy service.

wjohnson@thenational.ae

THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

The specs: 2019 Mercedes-Benz GLE

Price, base / as tested Dh274,000 (estimate)

Engine 3.0-litre inline six-cylinder

Gearbox  Nine-speed automatic

Power 245hp @ 4,200rpm

Torque 500Nm @ 1,600rpm

Fuel economy, combined 6.4L / 100km

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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.”

The Greatest Royal Rumble card as it stands

The Greatest Royal Rumble card as it stands

50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias

Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match

WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura

Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe

United States Championship Jeff Hardy (champion) v Jinder Mahal

SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos

Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt

Casket match The Undertaker v Chris Jericho

Singles match John Cena v Triple H

Cruiserweight Championship Cedric Alexander v tba

Race results:

1. Thani Al Qemzi (UAE) Team Abu Dhabi: 46.44 min

2. Peter Morin (FRA) CTIC F1 Shenzhen China Team: 0.91sec

3. Sami Selio (FIN) Mad-Croc Baba Racing Team: 31.43sec

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Race card

5pm: Maiden (PA) Dh80,000 1,600m

5.30pm: Maiden (PA) Dh80,000 1,600m

6pm: Arabian Triple Crown Round-2 Group 3 (PA) Dh300,000 2,200m 

6.30pm: Liwa Oaisi Group 2 (PA) Dh300,000 1,400m

7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m

7.30pm: Handicap (TB) Dh100,000 1,600m

The National selections: 5pm: Flit Al Maury, 5.30pm: Sadah, 6pm: RB Seqondtonone, 6.30pm: RB Money To Burn, 7pm: SS Jalmood, 7.30pm: Dalaalaat

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

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million