The Emirates Golf Club is getting ready to say farewell to a much-loved resident Swede today, but Henrik Stenson's long goodbye is in danger of being drowned out by a flamboyant European Tour newcomer from his homeland.
Joel Sjoholm is the pre-eminent Swedish player in the Dubai Desert Classic at present. He will start his final round at 13-under par this morning, two shots behind the leader, Lee Westwood, and three ahead of his compatriot, Stenson.
However, telling the world No 332's story in numbers alone is like saying Bill Gates is good at computers: it leaves the canvas criminally bare.
Sjoholm goes by the alias "Swedish Toro" (or "Bull"). He dresses in plus fours, specifically to attract attention after he lost his sponsors last year.
"When I look at golfers, everybody looks quite the same," said Sjoholm, 26. "I don't see myself as the guy that steps into line and just does whatever everyone else is doing.
"Plus fours are quite a fun outfit and people laugh and feel more for the guy whatever happens."
His get-up is better suited to a baseball diamond than the golf course. Which is by design: he is keen on the Atlanta Braves, having lived there for four years.
His etymology is as alternative as his gear. He was born in Chile - hence the use of Spanish in "Toro" - was adopted by Swedish parents when he was a baby, and was schooled in the United States.
And he has an expensive habit: he is a shopaholic. "Another problem I have is buying too much stuff," he said.
"And then I figured, when I don't have a sponsor I can just wear the hats that I like to wear. It is fun for me."
Fun clearly suits him. While the likes of Colin Montgomerie, whose third-round 77 caused him to stomp around the course like thunder yesterday, prefer the grumpy look, a sunny disposition aids Sjoholm's game.
His 66 yesterday was the lowest of the round, one better than a clutch of 67s that included another famous flamboyant dresser, John Daly. His strong form was sparked by a laugh.
"I did something [on Friday] which I had never done before," Sjoholm said. "I holed a 40-metre putt on 17 and it was almost silly. I started laughing. Golf is cruel game. When you have those days you walk off the course feeling blessed more than anything else."
Talking of walking off the course, Stenson will leave the Majlis for the last time as a resident of Dubai this evening.
The former Ryder Cup player, who is a more sombre Swede than Sjoholm - superficially, at least - has lived just up the road from the Emirates for the past eight years.
However, he has sold his home in the Meadows as he and his family are planning to relocate to his other home in Orlando. They will move out for good this week.
While he has not quite reprised the form which brought him the 2007 Classic title, ahead of Ernie Els and Tiger Woods, he has at least given his soon-to-be erstwhile club mates a forget-me-not.
Stenson has struggled with poor form, a remodelled game and injury in recent times, but his 10-under par aggregate has been a reminder of the good old days.
"I am going to be back and playing in this tournament, but it is going to be a slightly different feeling when I am not living here any more," Stenson said. "It has been approaching quick in the past couple of weeks and it has been sinking in that, gosh, soon we are not going to have the house [here] any more."
The family Stenson are moving so that their five-year-old daughter Emma will suffer less upheaval now she is starting school.
The move to the US will also compliment Stenson's increased playing commitments on the PGA Tour.
"It has been a merry-go-round," Stenson said of having bases in Dubai, Orlando and his native Sweden. "There are always things with houses that need to be looked after. It is going to be one less distraction, so I think it will be good in the long term."
pradley@thenational.ae
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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.”
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
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
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
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MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
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