I’m standing on the pristine tarmac of the new Omni Karting Circuit in the heart of Karachi. With a track that measures 1.6 kilometres, it’s among the biggest facilities of its kind in the world, boasting 25 corners, up to three individual configurations and an initial fleet of 25 Sodi Karts. At eight metres wide, it has enough space to accommodate drifting, drag racing and single-car autocross events, too. There’s even a skid pan.
The immaculate presentation belies the time and effort it took Syed Ovais Naqvi to build what he calls his "Field of Dreams", after the 1989 sports fantasy movie. Seven years ago, Naqvi and I met up in a coffee shop in The Dubai Mall and he told me about a vision he had already spent some years working on. He envisaged a spectacular first for his home city in Pakistan: a karting circuit that was designed to international standards and to support local talent.
Sure enough, a veritable obstacle course peppered with challenges – including securing the right location, negotiating around local politics and battling to articulate his ambitions to those who lacked faith and understanding – pummelled Naqvi’s determination over and over again. “I would get so close, and just as something was about to work out, things would stall or just outright get blocked. Having put in so much effort and repeatedly arriving at a dead end, I was almost ready to give up,” he says.
Somehow, he managed to dig deep enough to persevere and pursue his dream. When the tide finally did turn, Naqvi was in the US, taking some time to figure out what, if anything, could be done next. Once there, he got a phone call out of the blue. “What are you doing in America? You need to come back. There’s a lease for you to sign.”
It’s open to the public to come and have a great day out, but I also want to create championships and nurture new talent
Syed Ovais Naqvi,
founder, Omni Karting Circuit
Having finally nabbed what he thought was the ideal site (in the Airmen Golf Course and Recreational Park owned by the Pakistani Air Force), Naqvi was back in play. Or so he thought. It would be another five years from breaking ground on December 10, 2016, before the circuit’s soft opening – in January 2022.
A large part of that was down to the unique construction difficulties the project encountered – from soft and waterlogged soil to a high water table. So the team had to excavate the track and fill it back up, the ground had to be dewatered, and a layer of a geo textile, a costly membrane that acts like a sponge and maintains the integrity of the surface, had to be installed to avoid future erosion.
The asphalt was then finished with a six-millimetre layer of a slurry seal coat to protect against liquid, oil and even UV rays, as well as to improve surface grip. Only then could the building work begin; in fact the pit building was unfinished when I visited in December.
Even so, Naqvi’s infectious passion was undimmed as he walked me around the facility. “I can run it clockwise or anticlockwise in three configurations. The 400-metre-long back straight can be opened up to create a 1/8th mile drag strip with a 200-metre braking zone. The pit building has 30 garages, a workshop and a storage area for equipment, and above that, we’ll have an exclusive members' lounge plus business and media centres, with the rooftop becoming a viewing area.”
A second building, expected to be constructed later this year, will house a reception, motorsport-themed cafe and a shop selling merchandise and racing gear, along with a grandstand and conference hall.
Driving me around the track he designed himself, Naqvi explains he used numerous roads and venues around the world for inspiration, including the Dubai Kartdrome, where he has frequently raced (four of his 30 full-time staff are from the UAE, having worked at the Kartdrome and Yas Marina Circuit).
Taking to the track myself in one of the new SodiKarts, I am stunned by the sheer variety of corners coming at you. A very technical circuit, it features both deceptively fast turns as well as slow hairpins. It becomes clear this can prove a perfect training ground for would-be future F1 champions.
“It’s open to the public to come and have a great day out, but I also want to create championships and nurture new talent,” says Naqvi, who has secured the second-biggest marketing and sponsorship deal in Pakistan’s sports history with Z2C. Next he wants to build more venues in Lahore and Islamabad as well as create a National Speed Festival.
So how does it feel to see a long-held dream finally become a reality? “It’s just exhilarating, to go from planning and drawings to actually driving around it.” Like Kevin Costner’s Ray Kinsella heard in his own Field of Dreams, “If you build it, they will come.”
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Results:
5pm: Maiden (PA) | Dh80,000 | 1,200 metres
Winner: Jabalini, Szczepan Mazur (jockey), Younis Kalbani (trainer)
5.30pm: UAE Arabian Derby (PA) | Prestige | Dh150,000 | 2,200m
Winner: Octave, Gerald Avranche, Abdallah Al Hammadi
6pm: Arabian Triple Crown Round 3 (PA) | Group 3 Dh300,000 | 2,200m
Winner: Harrab, Richard Mullen, Mohamed Ali
6.30pm: Emirates Championship (PA) | Group 1 | Dh1million | 2,200m
Winner: BF Mughader, Szczepan Mazur, Younis Al Kalbani
7pm: Abu Dhabi Championship (TB) | Group 3 | Dh380,000 | 2,200m
Winner: GM Hopkins, Patrick Cosgrave, Jaber Ramadhan
7.30pm: Wathba Stallions Cup (PA) | Conditions | Dh70,000 | 1,600m
Winner: AF La’Asae, Tadhg O’Shea, Ernst Oertel
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
More from Rashmee Roshan Lall
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.”
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying