F1: Precocious Sergey Sirotkin predicts ‘just the beginning’ with Russian GP practice



Sergey Sirotkin raised eyebrows when he first appeared on the Formula One radar in 2013 as a little-known teen with seemingly wealthy backers but the Russian racer looks more like the real deal now.

The 20-year-old, announced this week as a Renault test driver, was handed Kevin Magnussen’s car for first practice at his home grand prix on Friday and made the most of the opportunity.

He ended the morning 13th fastest, with the team’s regular British race driver Jolyon Palmer – who won the GP2 support series title at the Olympic Park circuit in 2014 – back in 18th.

“This free practice is really just the beginning of everything,” Sirotkin told Reuters before the session, without getting ahead of himself.

“The first thing I want to do is win the GP2 title. If I win that title, then we see, Then I will speak about whether I can be in F1 or not. F1 is for the future.”

Sirotkin will be racing in the GP2 support series again this year after finishing third overall in his debut season, ending up as the top rookie with five podium finishes including a victory at Silverstone.

Formula One is the ultimate aim, however, and the Russian feels he is now in the right place to make that happen after ambitious fast-track plans with cash-strapped Sauber came to nothing.

In 2013, the little-known 17-year-old was introduced as someone the Swiss team planned to bring into Formula One, possibly as early as 2014.

It seemed to many onlookers that he had been brought in way too early, more out of Sauber’s desire to secure funds to stay afloat rather than because they had detected a rare and precocious talent.

The deal was part of a partnership with Russia’s Investment Cooperation International Fund, the State Fund of Development of the North-West Russian federation and the National Institute of Aviation Technologies headed by the driver’s father Oleg.

Sirotkin tested for Sauber in 2014 and took part in free practice at Sochi that year, but the 2015 race seats went to drivers with better funding.

“It didn’t happen but maybe it’s good for me because I had the chance to prove myself and make a great season in GP2,” he said.

“Now I have another opportunity to improve what we couldn’t do last year and get a title and then I am back here with an absolutely different picture.”

Only two Russians have raced in the Formula One world championship – Vitaly Petrov with Renault and Caterham between 2010 and 2012 and Red Bull’s current incumbent Daniil Kvyat – but Sirotkin could be the next.

He has wealthier and better-connected backers than in the past, now part of the SMP Racing project founded by billionaire Boris Rotenberg.

Rotenberg and his brother Arkady control SMP Bank and are regarded as part of the inner circle of President Vladimir Putin, who has attended both previous Russian Grands Prix and is expected again in Sochi on Sunday.

Russia is also an important market for Renault, with chief executive Carlos Ghosn saying in February that the country would be one of those driving the French carmaker’s future growth as well as being increasingly attracted to Formula One.

“SMP is the junior driver development programme that covers all the stages from karting up to Formula One,” said Sirotkin.

“When they brought me here they went to another level.

“So many young (Russian) kids are growing up and all of them are dreaming about F1 ... it’s really good that we are getting close to F1 and have some open doors there.”

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'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

MATCH INFO

Uefa Champions League last-16, second leg:

Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')

Ajax win 5-3 on aggregate

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Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

RESULTS
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High profile Al Shabab attacks
  • 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
  • 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
  • 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
  • 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
  • 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
  • 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.
MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital

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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Sri Lanka-India Test series schedule

1st Test July 26-30 in Galle

2nd Test August 3-7 in Colombo

3rd Test August 12-16 in Pallekele

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Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

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