Lewis Hamilton, left, says Formula One has a lot to learn from Nascar. Christopher Pike / The National
Lewis Hamilton, left, says Formula One has a lot to learn from Nascar. Christopher Pike / The National

Abu Dhabi Grand Prix round-up: Kimi Raikkonen concedes season was ‘pretty average’



Rosberg denies car set-up explains form

Nico Rosberg heads into Sunday’s Etihad Airways Abu Dhabi Grand Prix bidding to win three races in succession for the first time in his career: the Mercedes-GP driver triumphed in Mexico and Brazil. He denied on Thursday that there had been a change to the car set-up that suddenly made the W06 suit him more than Lewis Hamilton, Rosberg’s championship-winning teammate. Hamilton complained in Brazil that a change to the car coincided with Rosberg starting to out-perform him, particularly in qualifying, but the German said: “I’m not really sure what he’s referring to. There’s no change in the feel of the car or anything. For me, it was always very close before and now it’s just swung the other way. It’s very close but I’m ahead now and I’ve been quicker lately. That’s it.”

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Hulkenberg says Williams will be tested

Nico Hulkenberg says Force India can step up and challenge Williams next season for third place in the constructors’ standings. Since updating their car in mid-season, the team have moved forward and have had one of their cars in the top eight in the past eight races. They are fifth in the constructors’ championship on 120 points, but Hulkenberg wants them to target Williams, who like them use a Mercedes engine but are third in the standings, 133 points ahead of Force India. “I think there is a still a good margin to the cars very much in front but first we need to look at people like Williams and try and close the gap to them and hopefully make their lives a little harder next year,” the German said.

Stevens wants to stay in F1

Will Stevens is hopeful he will remain on the grid with Manor Marussia next season. The Briton, who joined the British team at the start of the season has competed in every race this season, with his best result being 13th in the British Grand Prix. “I would love to be here next year,” he said. “The reason we wanted to start with this team is it has a very exciting future ahead of them and as far as I am concerned we are in a good position and I would like to think I have done enough for the team to give me the seat for next season.”

Raikkonen frank about his performance

Kimi Raikkonen did not hold back in describing his season on Thursday. The Ferrari driver is fifth in the drivers’ standings, but has scored 131 fewer points than teammate Sebastian Vettel, who has also won three races. “Pretty average, I must say,” the Finn, who won the 2012 race at Yas Marina Circuit, said of a year when he has made the podium only twice, with second in Bahrain his best result. “Better than last year but still far away from what it should be. But that’s life and next year we’ll try again.”

Hamilton wants F1 to learn from Nascar

World champion Lewis Hamilton was a visitor to the Nascar season finale at Homestead last weekend and he was impressed with what he saw. The Mercedes-GP driver says there are lessons F1 can pick up from the premier racing series in the US, in terms of the entertainment side of proceedings. “There were for sure things that we could learn from them,” he said. “It was a great show, a great spectacle, particularly for the fans. The fans get very, very close to the garages in the background and to the drivers.”

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Name: Kumulus Water
 
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Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
UAE currency: the story behind the money in your pockets
Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

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 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

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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.”