Volunteers receive indepth training from the Automobile & Touring Club of the UAE before they can work by the track.
Volunteers receive indepth training from the Automobile & Touring Club of the UAE before they can work by the track.
Volunteers receive indepth training from the Automobile & Touring Club of the UAE before they can work by the track.
Volunteers receive indepth training from the Automobile & Touring Club of the UAE before they can work by the track.

The unsung heroes behind the Abu Dhabi Grand Prix


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  • Arabic

Any list of the most unique and exhilarating ways to show appreciation for one's homeland would have to include volunteering as a marshal for its Formula One grand prix.

No, really. If that sounds sort of dreary, you had better listen to Mohammed Abdulrahim.

The 24-year-old Emirati from the Etihad Airways marketing department, who never had a scintilla of interest in Formula One, said this: "To be quite honest, I thought it was going to be boring because it would be racing and nothing else."

And he said this: "When we started with the actual events, it was just amazing.

"I can't describe it any more than that. It was perfectly amazing in every way."

And he said this: "I volunteered, and I got in love with it."

And he said even this: "Some people say it's like noise pollution, but I say it's like music."

Music! Clearly, Abdulrahim had felt the surge many former neophytes experience, when the whole din and scale grabs your bones and gives them a right and riveting rattling.

That's why in the searing heat of last Friday, at a Yas Marina Circuit overwhelmingly noiseless, Abdulrahim eagerly joined the throng of 318 volunteers as the Automobile & Touring Club of the United Arab Emirates provided the last day-long training session in preparation for the Abu Dhabi Grand Prix three weeks hence.

They met in the wee hours of the weekend morning - OK, 9.30am - and had coffee and tea and chitchat, and they got a briefing from Ronan Morgan, the club sporting director, and they dispersed to their various stations on the vast premises to learn firefighting, pit-lane management, accident recovery, all the things that make a colossal event work with deceiving effortlessness. It's an operation deeply impressive and expansive, with safety in its frontal lobe.

Noting the 63 nationalities and close-to-20 languages among the 700 total volunteers - repeat: volunteers - Automobile & Touring Club project manager, Tanya Kutsenko, said: "We are a very demanding club.

"We do require a lot of commitment in terms of time and training sessions."

In studying the reasons people join, the club found in Emiratis a keenness to help out with an event that lends the world a window on to the UAE. Or, as Saeed Al Marzouqi, 35, put it: "This is the No 1 sporting event in the UAE."

Al Marzouqi spoke just as the lunch break ended, just as the entire group would return to the auditorium to hear Morgan say: "I think we've learned a lot, but we do need to continue learning." As two of the 30 Emirati marshals present that particular day, Al Marzouqi and his friend Waleed Al Yafaie, 22, rated patriotism first. "As volunteers," Alyafaie said, "we want to serve our country. At least we return a little bit of what they give to us."

Abdulrahim later agreed. He said: "I actually say it's the least I can do for my country. I have to do it, without any question. I have to do it."

Of course, then they find their way into other benefits, and not just the music. "Being close to the most famous drivers in the world, like [Michael]Schumacher, [Fernando] Alonso, to see all the kinds of teams and how they are organised, it's something very interesting," Al Marzouqi said.

Al Yafaie said: "It's very interesting because you're very close to the F1 cars, pushing the cars."

Then comes adventure, as when Al Yafaie worked Post 1 last February during the GP2 race with the multi-car crash at one very surprising outset.

Al Yafaie said: "We asked race control for permission to proceed … And then the firefighters helped us … We cleaned the track … The crane came and took all the cars, which took a very long time … First of all, I was doing the yellow flag, and then I saw some tyre flying like this. [He gestures as it went by his sightline] … All the people helped us to finish this. The medical, they came. Everyone. It was a very big action for us."

The ends of such days, of course, can bring a consuming fatigue after what Abdulrahim calls "a very hectic week". Both the paid and the unpaid often report feeling utterly drained. So, when that question goes to Al Marzouqi and Alyafaie, especially after such a crash description, you might picture two Emiratis helping the country and then crashing into slumber.

No, here's what they do, as after the 2010 Abu Dhabi Grand Prix: They go home and watch replays, sometimes all through the night, hoping to evaluate how they did and maybe even hear some music.

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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.”

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Results

Stage three:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Tom Dumoulin (NED) Jumbo-Visma, at 14s

4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

5. Joao Almeida (POR) UAE-Team Emirates, at 22s

6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s

General Classification:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s

4. Tom Dumoulin (NED) Jumbo-Visma, at 14s

5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

6. Joao Almeida (POR) UAE-Team Emirates, at 22s

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

All or Nothing

Amazon Prime

Four stars

War

Director: Siddharth Anand

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

Rating: Two out of five stars