Saudi Arabia's Formula 1 Grand Prix promoter is going to assemble the world's largest Lego brick-build of a racing car to help a local charity.
The Saudi Grand Prix will take place in the Red Sea city of Jeddah from December 3 to December 5, as Saudi Arabia ramps up efforts to attract regional and international tourists as part of its diversification plans.
The Formula 1 Lego car will take a week to assemble and will be displayed at the Red Sea Mall in Jeddah. It will be put together between September 15 and 23.
The project will require 500,000 bricks, which are available for purchase online. Proceeds from the purchase of the Lego bricks will go towards Ehsan – the Saudi platform for its National Campaign for Charitable Work.
"We are delighted to have another record breaker on our hands, with the Jeddah Corniche Circuit also set to become the longest and fastest street circuit in the world," said Prince Khalid bin Sultan, chairman of the Saudi Automobile and Motorcycle Federation.
Saudi Arabia is set to host the longest and fastest street circuit in F1. Featuring 27 corners, the Jeddah circuit stretches to 6.175km – making it the second-longest on the current F1 calendar, behind the legendary Spa-Francorchamps circuit in Belgium.
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Dubai welcomed a special guest, Emirati youth Mohammed bin Ahmed Jaber Al Harbi, to officially unveil the world's tallest Lego building structure — Burj Khalifa in Miniland, Dubai. Pawan Singh / The National -

The Pyramids of Lego at Miniland, Legoland Dubai. Pawan Singh / The National) -

The Burj Al Arab hotel at Miniland in Dubai. Pawan Singh / The National -

View of the Miniland made by Lego bricks which feature Dubai skyline , key landmarks from around the Middle East after the opening ceremony of Legoland Dubai in Dubai. ( Pawan Singh / The National ) -

A visitor takes pictures of a Volkswagen van made of Lego bricks during preparations for a leisure and travel fair in Munich, Germany. AFP -

A model of the Sydney Opera House built from Lego on display at the 'Brick Man Experience — The Complete Collection', by Ryan McNaught, at Sydney Town Hall. Getty Images -

A Lego Star Wars X-Wing Starfighter at the Jungfraujoch in Switzerland at the 'Triple Force Friday' near Grindelwald in 2019. The life-size Starfighter is built out of 2,5 million Lego bricks and measures 10 metres by 10 metres. Getty Images -

Thomas Bjorn poses with the largest replica Ryder Cup trophy made entirely from Lego bricks, crafted by the Lego Group to honour the first Danish European Team captain before the 42nd Ryder Cup in Paris. Getty Images -

A Lord of the Rings display includes Smaug the dragon, made from 83,433 bricks that took 625 hours to build, with Bilbo Baggins and Gandalf at ExCel. Getty Images -

Lego builder Phil Traviss puts the finishing touches to his Titanic, made from 120,000 bricks over a period of three months at ExCel in London, 2015. Getty Images -

Visitors inspect a driveable, full-size Bugatti Chiron car made made from Lego Technic blocks at an exhibition in Moscow's Gorky Park. The model, built using more than a million pieces, weighs 1,500 kilograms and has a top speed of 20ph. Lego specialists spent 13.438 hours engineering and assembling the model without using a single drop of glue. AFP -

A Qantas A380 built from Lego at the Brick Man Experience — the Complete Collection, by Ryan McNaught, at Sydney Town Hall. Getty Images -

A Lego grand prix car at the Regent Street Festival in central London. Getty Images -

Lightning McQueen from the Disney Pixar movie 'Cars 2'. The model is made from 325,000 Lego bricks for display at the Toy Fair at the Javits Centre in New York. AFP -

Britain's Prince William, second left, admires a McLaren 720S made entirely out of Lego bricks while on a tour of the McLaren Automotive Production Centre in Woking, west of London. AFP -

In Melbourne, Australia, an exhibition transformed the blockbuster Jurassic World franchise into the largest Lego experience in Australian history. More than 50 large-scale dinosaurs, props, scenes and activities were built using more than six million Lego bricks, including velociraptors Blue and Delta and an enormous T Rex. Getty Images -

A driveable, full-size Bugatti Chiron car made from Lego Technic blocks at an exhibition in Moscow's Gorky Park. The model, which is built using more than a million pieces and weighs 1,500 kilograms, has a top speed of 20kph. Lego specialists spent 13.438 hours engineering and assembling the model without using a single drop of glue. AFP -

A Lego model depicting an imaginary scene from the royal wedding on March 30, 2011 in Windsor, England. The scene in front of Buckingham Palace includes models of the couple, Prince William and his bride Kate Middleton. Lego models of distinguished guests including the Beckhams, Sir Elton John and Sir Paul McCartney, complete the scene. Getty Images -

Ferrari Formula One driver Michael Schumacher of Germany tries out the Lego Ferrari at the launch of the new 1998 F300 Ferrari in Maranello, Italy. Allsport -

Philippe Gerard's Lego collection. Reem Mohammad / The National -

A view of the Dubai skyline at the Miniland made with Lego bricks at Legoland Dubai. Pawan Singh / The National -

View of the Taj Mahal at the Miniland made by Lego bricks which feature Dubai skyline , key landmarks from around the Middle East after the opening ceremony of Legoland Dubai in Dubai. Pawan Singh / The National -

Items on display at the Lego shop after the opening ceremony of Legoland Dubai. Pawan Singh / The National
Tickets for the first Saudi Arabian Grand Prix went on sale in July.
The addition of Saudi Arabia to the F1 calendar means there will be three Gulf races in 2021. The Bahrain Grand Prix took place on March 28, a week after the season opener in Australia.
Abu Dhabi retains its traditional season finale slot, with the 2021 race set for December 12 at the Yas Marina Circuit.
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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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.”
PROFILE OF STARZPLAY
Date started: 2014
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Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
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The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
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