abu dhabi // Abu Dhabi Hill: they built it, and the people came.
The Hill was created to make the race more accessible to fans, and they came from Germany and India, Russia and Scotland, and from across the UAE.
They watched the cars emerge from the huge shadow of the main grandstand. A long approach to the north grandstand. A tight turn. Past the control tower, on to the west grandstand. Then a brief disappearance behind the main grandstand and Yas Viceroy Hotel. Until the deafening noise signalled the start of Lap 2.
For fans on the newly opened Hill, that panoramic view of the Abu Dhabi Grand Prix barely required a crane of the neck. And it was theirs for only Dh395.
On the Hill’s main side, “Abu Dhabi” was written in big white letters. Across the track, the national flag.
The best vantage points, with multiple views, were predictably crowded, but not uncomfortably so. Still, if you got a good spot, you kept it. “These views are incredible,” said Antoine Saad, from Lebanon. “I’m glad we came up here.”
Moments before the start, a jet decorated in the colours of the Abu Dhabi Grand Prix appeared overhead, and not for the first or last time, mobile phones clicked into action.
“This is huge,” race fan David Dunn said. “Everyone across the world is watching: it’s a great window for Abu Dhabi.”
David and his wife Charlotte moved to Abu Dhabi from England just over a year ago but missed out on the 2012 race. The hill piqued their interest. “When we heard about this we decided to come.”
There was a bonus, too, with the weekend concerts. “My wife is a big fan of Muse, and I’m a big fan of Depeche Mode,” he said. “An epic end to an epic day.”
The majority on the Hill simply lounged. The heat, initially, was harsh, and homemade food was prohibited, but the temperature was dropping and picnic baskets were on sale.
As ever, the red of Ferrari stood out. A few Red Bull hats, and the odd Lotus T-shirt. Endearingly, several banners of support for the man who had dominated the headlines for all the wrong reasons going into the race. Kimi Raikkonen had been banished to the back of the grid, but his fans were defiant.
A couple from Finland held a flag that simply said “Kimi”. Thumbs aloft, the message was that their man would be all right on the night. He was not; he went out on the first turn. Mark Webber may have been first on the grid, but Red Bull’s Sebastian Vettel was already leading by the time Abu Dhabi Hill got its first glimpse of action. The more seasoned fans nodded knowingly; the race was over almost as it began.
Forty-five minutes in, the sun disappeared below the horizon. As far as most drivers were concerned, Vettel might as well have disappeared along with it. The German champion was cruising. This was a race taking place a good 30 seconds behind him.
Yas had other attractions, too. The floodlights yet again gave F1’s only twilight race a uniquely magnificent vibe. No one was leaving early.
And then, out of nowhere, Fernando Alonso jolted the race into life. Staring 11th on the grid, he had promised a charge, and he kept that promise, a late dash reeling in Jean-Eric Vergne, Lewis Hamilton and Paul Di Resta, to the delight of his many fans on the hill.
“Vettel is a great champion but for me Alonso is the best,” said Khalid Shaaban, a Kuwaiti visitor wearing a Ferrari shirt. “I’m glad he finished so strongly.”
When Vettel won, the fans on the Hill rose to their feet to applaud his third Abu Dhabi triumph, and seventh win in succession. They had to wait a little longer to acknowledge the rest of the field.
Even before Marussia’s Max Chilton was the last across the line, a fireworks display was celebrating the end of the race. On Abu Dhabi Hill, eyes, and mobile phones, once again looked to the sky.
Minutes later, the big screens showed an emotional Vettel climbing the podium. He is slowly becoming an Abu Dhabi favourite, turning Yas Marina Circuit into his own little kingdom, in the way Roger Federer did at Wimbledon Centre Court.
More of this, and he might even get his very own Hill.
akhaled@thenational.ae
Abu Dhabi Sustainability Week
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
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
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.”
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
Disturbing%20facts%20and%20figures
%3Cp%3E%3Cstrong%3E51%25%3C%2Fstrong%3E%20of%20parents%20in%20the%20UAE%20feel%20like%20they%20are%20failing%20within%20the%20first%20year%20of%20parenthood%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E57%25%20vs%2043%25%3C%2Fstrong%3E%20is%20the%20number%20of%20mothers%20versus%20the%20number%20of%20fathers%20who%20feel%20they%E2%80%99re%20failing%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E28%25%3C%2Fstrong%3E%20of%20parents%20believe%20social%20media%20adds%20to%20the%20pressure%20they%20feel%20to%20be%20perfect%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E55%25%3C%2Fstrong%3E%20of%20parents%20cannot%20relate%20to%20parenting%20images%20on%20social%20media%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E67%25%3C%2Fstrong%3E%20of%20parents%20wish%20there%20were%20more%20honest%20representations%20of%20parenting%20on%20social%20media%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E53%25%3C%2Fstrong%3E%20of%20parents%20admit%20they%20put%20on%20a%20brave%20face%20rather%20than%20being%20honest%20due%20to%20fear%20of%20judgment%3C%2Fp%3E%0A%3Cp%3E%3Cspan%20style%3D%22font-size%3A%2014px%3B%22%3ESource%3A%20YouGov%3C%2Fspan%3E%3C%2Fp%3E%0A
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000