The future is electric. That much has become clear over the past few years as various modes of transportation adapt newer technologies to integrate all electric systems with the aim of reducing emissions and creating a sustainable future.
The world of motor sports too is playing its part in ushering in new technology. We have Formula E – the highest class of competition for electrically powered single-seater racing cars. MotoGP is also not too far behind; it has had an all-electric series called MotoE since 2019.
Now, it is the turn of race boats. The UIM E1 World Championship is the world’s first all-electric race boat series. The first race takes place in Jeddah on February 2-3 next year. Up to 10 teams will compete in the inaugural season.
Among those taking part in the E1 championship is UAE-based Team Blue Rising. Under the guidance of League Sports Co (LSC) founder Adi K Mishra and India cricket superstar Virat Kohli as co-owners, Team Blue Rising are preparing for a new era in the world of racing and technology.
For Mishra, the E1 championship brought together some of the most integral parts of his business philosophy – sustainability, technology and inclusivity.
“We at LSC created an empirical formula where we have 7-10 criteria. Within that, sustainability and women in sports are two important aspects,” Mishra told The National.
“E1 is very interesting because of what they have done from an engineering standpoint. Not only have they made the power train electric, they have also designed it in a way the boat can take sharp turns. It is an incredible job they have done. I am an electrical and computer engineer and that drew me to the sport.”
“Some of the key aspects that E1 focuses on are sustainability, marine conservation, and diversity,” he explains. “Also, each team is to have one male and one female pilot. First the men will race and after that the women.”
The technology aspect of E1 is fascinating. Electric power train, hydrofoils and almost uniform boats make for an intriguing start.
“There have been two key innovations. One is hydrofoiling – the boats rise above the surface of the water and can race in about 12 feet of water. Now you can have races close to a city,” Mishra says.
“The other one is the electric power train. The way these boats have been engineered are fly by wire. They have done a lot of engineering around the motor and converted that to run entirely on electric.
“For the first couple of seasons, all boats will be the same. So the main decision as a team that you are taking is on propulsion system according to each race; Jeddah will be different from Venice and Monaco.”
It’s not just about technology. Sustainability and conservation are at the front and centre of Team Blue Rising’s plans; which dovetails the objectives of Cop28 in the UAE later this month.
“Sustainability is one of the key areas, not just for Blue Rising but LSC. One of the things we have done is we have partnered with Universal Carbon Registry (UCR). We are going to be offsetting all of our carbon outlay as a team.
“We have a strong focus on mangrove ecosystems as well. The reason for that is two fold. First is marine conservation. Deploying mangroves automatically builds a marine environment. And secondly, they are also excellent at offsetting carbon,” Mishra says of his UAE-based team. "We are looking to amplify blue carbon impact by restoring the marine ecosystem which in turn can help sequester carbon.
“The UAE has done an incredible job since the 1970s and 80s to deploy mangroves. We are finalising our plans on how we can support these programmes in the UAE.
“The UCR is going to be present at Cop28 and we are finalising how we can present our partnership together, during that timeframe. Being headquartered in the UAE, it has been an incredible place to have all these industries come together.”
Team Blue Rising, which aims to have a few lead pilots from the UAE, has some serious star power on board as well.
India cricketer Kohli has joined the team and brings with him one of the biggest social platforms in the world and powerful brand presence.
Kohli has been using his reach to spread awareness about various matters close to his heart. According to Mishra, conservation and women empowerment are issues Kohli feels passionately about and that helped bring both parties together.
“Virat is one of the best athletes of our generation. I was amazed about how passionate he is about sustainability and women empowerment. As soon as we aligned on those, it was just a matter of making sure the specifics are right,” Mishra says.
“He really wants to use his platform to empower sustainability causes and women in sports, which he has already been doing in cricket.”
The championship will run until September 2024. Other celebrities associated with the E1 championship are NFL legend Tom Brady, tennis superstar Rafael Nadal, former footballer Didier Drogba, and F1 driver Sergio Perez.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
FIRST TEST SCORES
England 458
South Africa 361 & 119 (36.4 overs)
England won by 211 runs and lead series 1-0
Player of the match: Moeen Ali (England)
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
The%20specs%3A%20Taycan%20Turbo%20GT
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CONFIRMED%20LINE-UP
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Biog:
Age: 34
Favourite superhero: Batman
Favourite sport: anything extreme
Favourite person: Muhammad Ali
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
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.”
The specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
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Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich 1
Kimmich (27')
Real Madrid 2
Marcelo (43'), Asensio (56')
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Company%20profile
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Scoreline:
Barcelona 2
Suarez 85', Messi 86'
Atletico Madrid 0
Red card: Diego Costa 28' (Atletico)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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%3Cp%3EFly%20with%20Etihad%20Airways%20from%20Abu%20Dhabi%20to%20New%20York%E2%80%99s%20JFK.%20There's%2011%20flights%20a%20week%20and%20economy%20fares%20start%20at%20around%20Dh5%2C000.%3Cbr%3EStay%20at%20The%20Mark%20Hotel%20on%20the%20city%E2%80%99s%20Upper%20East%20Side.%20Overnight%20stays%20start%20from%20%241395%20per%20night.%3Cbr%3EVisit%20NYC%20Go%2C%20the%20official%20destination%20resource%20for%20New%20York%20City%20for%20all%20the%20latest%20events%2C%20activites%20and%20openings.%3Cbr%3E%3C%2Fp%3E%0A