Bernie Ecclestone, left, believes the teams will be fine to travel to Bahrain despite the civil unrest.
Bernie Ecclestone, left, believes the teams will be fine to travel to Bahrain despite the civil unrest.
Bernie Ecclestone, left, believes the teams will be fine to travel to Bahrain despite the civil unrest.
Bernie Ecclestone, left, believes the teams will be fine to travel to Bahrain despite the civil unrest.

Ecclestone backs Bahrain in 'unusual circumstances'


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Bernie Ecclestone, the Formula One rights owner, has defended the decision to reinstate the Bahrain Grand Prix into the 2011 world championship calendar.

The grand prix was initially postponed from its original season-opening date in March due to unrest in the Gulf state.

Bahrain had been pushing to have the event reinstated, and the green light was given by the FIA, Formula One's ruling body, after a visit by a delegation to assess conditions in the kingdom last week.

The 2011 Bahrain GP will now be held on October 30, the original slot for the inaugural Indian GP which has been shifted to a season-closing date on December 11.

While Friday's announcement was welcomed by officials in Bahrain and India, it was met with anger by some teams.

Ross Brawn, the Mercedes GP team principle, said last week that he had told Ecclestone that a December 11 finale was not an option.

Brawn said: "I think it is unacceptable and we've told Bernie that and he knows our opinion.

"If we continue to take those sort of approaches then we will run into problems because our people cannot be expected to work in that environment and situation."

Ecclestone cited "unusual circumstances" as the reason behind the decision. Speaking to Press Association Sport, he said: "The truth of the matter is, this was voted on by the FIA, that was it. It went through the World Council.

"The FIA sent people out there to check on the situation, they came back and reported everything is fine.

"It's obvious that everybody feels they need to be safe when we get there.

"In the end we'll have to wait and see what happens in Bahrain. If there is peace and no problems then I suppose the teams will be all right."

In response to the concerns expressed by Brawn, Ecclestone said: "Of course they'd rather not be racing in December, but these are unusual circumstances."

Bahraini officials maintain there will be no problems when it comes to staging the grand prix.

Zayed R Alzayani, the chairman of the Bahrain International Circuit, said: "By the time the grand prix arrives we will be able to remind the world about Bahrain at its best.

"The Bahrain Grand Prix has always been a source of national pride and it is an event than transcends politics. Its positive effect will be felt throughout the country."

The teams, however, could yet have a say if they opt to make a stand.

A McLaren-Mercedes spokesperson said: "All Fota [Formula One Teams Association] teams [only Hispania Racing are not represented] acknowledge the decision made by the FIA World Motor Sport Council.

"That decision is likely to be discussed internally within Fota, and a more detailed joint position may be defined after those discussions have taken place."

However, Mark Webber, the Red Bull Racing driver, has spoken out against the FIA's decision and the Australian said he remained unconvinced the event will take place.

"Even though a decision has been made, I'll be highly surprised if the Bahrain Grand Prix goes ahead this year," said Webber, who remains the only driver to speak publicly on the situation.

"The sport should have taken a much firmer stance earlier this year rather than constantly delaying its decision in the hope of being able to reschedule it in 2011."

He added: "I hope F1 is able to return to Bahrain eventually, but now isn't the right time."

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Director: Shashank Khaitan

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Stars: 3

UAE currency: the story behind the money in your pockets
The biog

Job: Fitness entrepreneur, body-builder and trainer

Favourite superhero: Batman

Favourite quote: We must become the change we want to see, by Mahatma Gandhi.

Favourite car: Lamborghini

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
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  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
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  • Disruption Lab and Research Centre for developing entrepreneurial skills
Sun jukebox

Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)

This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.

Elvis Presley, Mystery Train (1955)

The B-side of Presley’s final single for Sun bops with a drummer-less groove.

Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)

Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.

Carl Perkins, Blue Suede Shoes (1956)

Within a month of Sun’s February release Elvis had his version out on RCA.

Roy Orbison, Ooby Dooby (1956)

An essential piece of irreverent juvenilia from Orbison.

Jerry Lee Lewis, Great Balls of Fire (1957)

Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

How to increase your savings
  • Have a plan for your savings.
  • Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
  • Decide on a financial goal that is important to you and put your savings to work for you.
  • It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings. 

- Carol Glynn, founder of Conscious Finance Coaching

 

 

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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.”

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Global state-owned investor ranking by size

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United States

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China

3.

UAE

4.

Japan

5

Norway

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Canada

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Singapore

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Australia

9.

Saudi Arabia

10.

South Korea