Are Mercedes finally on the march again?
That’s the big question ringing around the paddock as F1 heads for a French Grand Prix in the sweltering hills that run down to the Mediterranean.
And the same could be asked of Ferrari. With victory in Austria, Charles Leclerc bought to an end a bruising few months in which either the Ferrari cars, their drivers or their strategy proved desperately brittle.
So, as we step into the second half of the championship at Paul Ricard, it is salivating to suppose the new ground effect formula is finally coming good.
Some seasoned onlookers are convinced the nature of their performances as well as five podiums in six races confirm the rise of Mercedes.
After all, nailing down their slot as the third best team in F1 is pretty small change for the reigning constructors champions and their ambitions are far higher, even this far into the season.
Paul Ricard’s billiard table smooth surface plays to the strengths of the Silver Arrows and some ambitious souls believe talk of a Mercedes win should be on the agenda.
They cite the fact that Hamilton is apparently over his early season doldrums and joining Russell as a consistent force.
Charles Leclerc wins Austrian Grand Prix - in pictures
Even though any hope of winning the driver’s championship has clearly gone, my bet is all ambitions at Mercedes are focused on getting back to their winning ways primarily to be best set for a full-on title tilt in 2023.
Max Verstappen is just too consistent for them to bridge the gap even if regular front-running form returns.
Hamilton trails the world champion by 99 points and would have to average around 10 points MORE a race to get back into the reckoning. It’s just not feasible that the Red Bull racer would be that poor consistently even if Hamilton could hit the front regularly.
But the thought of refining this year’s difficult beast into one that can take him to a record eighth title in 2023 is surely what sustains Hamilton.
As for Ferrari, most of their history they have stood for style, elan, prestige, in fact pretty much everything positive, except reliability.
And history is repeating itself. Boss Mattia Binotto admitted he could not even watch the data screens for the final few laps in Austria after his driver reported throttle problems a few miles from home.
The thought of the eighth race in a row being squandered was just too much to bear.
But win they did and it’s interesting to reflect Leclerc had been confident from the day before the race that he had found the key to his issues after a particularly gruelling final practice session.
Going their own way and not being seduced into Red Bull’s games certainly seems part of it if Christian Horner’s words are to be believed.
Critics forget, though, that Maranello is coming off one of its worst seasons in 40 years so it makes more sense to view this year as a launch pad for greater glories in 2023. Not a point, I am sure, Leclerc is willing to entertain for a second.
So can he repeat his Zeltweg victory – to make it the first time this year Verstappen has lost consecutive races?
Paul Ricard has one of the longest corners in F1 while high track temperatures and an abrasive surface, which is a real tyre shredder, make strategy and tyre management as crucial as speed and reliability, aspects Ferrari have not proved masters of this year.
On the plus side, Ricard’s breadth means a history of dull races is unlikely as multiple racing lines should guarantee drama.
The track limits controversy is sure to elicit more complaints from drivers, though, because of Ricard’s lack of kerbs for safety reasons.
And the debate about fans booing is sure to continue with partisan feeling apparent between Verstappen and Hamilton fans. For my part, I am wholly in favour of it.
I thought it was hypocritical for the Mercedes champion to lash out publicly at stewards and with the next breath call for restraint from fans.
He wasn’t the only one. Fans are passionate and everyone welcomes cheering so they can hardly ban booing. Of course physical assaults are never excusable.
Analysis and criticism is, sadly, a fact of life. Get over it. The best response is not to moan but to win.
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
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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.”
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
Fixtures
Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
Russia's Muslim Heartlands
Dominic Rubin, Oxford
