The Abu Dhabi Grand Prix’s Family Friday continues to bring crowds to Yas Marina Circuit.
Ever since the initiative launched in 2012, where up to four children under the age of 12 gain free entry when accompanied by two paying adults, the race has evolved from being an annual gathering of motoring fans to a more family-friendly event.
That said, the competitive atmosphere remains even as families gather for picnics on The Hill section of the Yas Marina Circuit and at official fan zones.
For the Kalamas who live in Abu Dhabi, that friendly tension has been felt throughout the nine-month season.
“We are all split and support our own teams,” Charles Kalama says.
“I support Alpine, my wife Winnie follows AlphaTauri, my son Dawood is a Max Verstappen fan so he obviously supports Red Bull and daughter Kare is neutral at the moment.”
Winnie adds: “But I am working on that. She still has time to support the right team.”
The family of four have attended every Abu Dhabi grand prix since moving to the UAE from Kenya three years ago.
“Each day does have its own vibe,” Charles says. “While things get serious on Saturday and Sunday with qualifiers and the big race, the family day on Friday is also worth attending.
“It feels like a family festival and there is lots of space for the children to run on the grass and just feel free.”
For Gary Frances, coming to the event is another chance to play the "cool uncle".
With the week of the race normally coinciding with his birthday, Frances would often fly in from Gibraltar to spend time with his nieces and nephews.
“And the Abu Dhabi F1 is normally all part of that,” he says. "This is now my third F1 and these family days are good because it's really all about bringing the family together.
"There are plenty of spots like The Hill where we can gather. Children don't really care about the shops and merchandise. They want grass, ice cream and just run about and have fun."
Hayley Hawkins, a teacher in Abu Dhabi, came to the Yas Marina Circuit with son Samuel, two, and daughter Willow, six. She says she was pleased the racing competition is appealing to a wider fan base.
As well as the hit Netflix series Formula 1: Drive to Survive and the popular after-race concerts, a concept Abu Dhabi pioneered more than a decade ago, she says initiatives like Family Fridays can also help grow the sport.
“It makes it all feel very welcoming and affordable,” she says. “The kids also get a chance to see the racing in a fun and relaxed way.
“I am a Mercedes fan, so by bringing my kids here I silently hope they will begin supporting them too.”
Abu Dhabi Formula One Grand Prix continues with the qualifying round on Saturday and race day on Sunday
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It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Our Time Has Come
Alyssa Ayres, Oxford University Press
SPECS
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Last five meetings
2013: South Korea 0-2 Brazil
2002: South Korea 2-3 Brazil
1999: South Korea 1-0 Brazil
1997: South Korea 1-2 Brazil
1995: South Korea 0-1 Brazil
Note: All friendlies
Euro 2020
Group A: Italy, Switzerland, Wales, Turkey
Group B: Belgium, Russia, Denmark, Finland
Group C: Netherlands, Ukraine, Austria,
Georgia/Kosovo/Belarus/North Macedonia
Group D: England, Croatia, Czech Republic,
Scotland/Israel/Norway/Serbia
Group E: Spain, Poland, Sweden,
N.Ireland/Bosnia/Slovakia/Ireland
Group F: Germany, France, Portugal,
Iceland/Romania/Bulgaria/Hungary
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
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.”
