• Mercedes' Lewis Hamilton takes part in Formula One pre-season testing at the Bahrain International Circuit in Sakhir on February 23, 2023. AP
    Mercedes' Lewis Hamilton takes part in Formula One pre-season testing at the Bahrain International Circuit in Sakhir on February 23, 2023. AP
  • Max Verstappen driving the Red Bull. Getty
    Max Verstappen driving the Red Bull. Getty
  • Lewis Hamilton of Great Britain drives his Mercedes under lights at Bahrain International Circuit. Getty
    Lewis Hamilton of Great Britain drives his Mercedes under lights at Bahrain International Circuit. Getty
  • Ferrari driver Charles Leclerc. AP
    Ferrari driver Charles Leclerc. AP
  • Fernando Alonso of Spain tests his Aston Martin. Getty
    Fernando Alonso of Spain tests his Aston Martin. Getty
  • World champion Max Verstappen tests his Red Bull. Getty
    World champion Max Verstappen tests his Red Bull. Getty
  • Scuderia AlphaTauri's Nyck de Vries prepares to drive. Getty
    Scuderia AlphaTauri's Nyck de Vries prepares to drive. Getty
  • Seven-time champion Lewis Hamilton in his Mercedes. Getty
    Seven-time champion Lewis Hamilton in his Mercedes. Getty
  • Nyck de Vries in his Scuderia AlphaTauri. Getty
    Nyck de Vries in his Scuderia AlphaTauri. Getty
  • Valtteri Bottas in his Alfa Romeo. Getty
    Valtteri Bottas in his Alfa Romeo. Getty
  • Lewis Hamilton out on the track. Getty
    Lewis Hamilton out on the track. Getty
  • Monaco's Charles Leclerc of Ferrari. EPA
    Monaco's Charles Leclerc of Ferrari. EPA
  • Red Bull driver Max Verstappen. AP
    Red Bull driver Max Verstappen. AP
  • Lando Norris of Great Britain driving his McLaren. Getty
    Lando Norris of Great Britain driving his McLaren. Getty
  • Valtteri Bottas of Finland driving his Alfa Romeo. Getty
    Valtteri Bottas of Finland driving his Alfa Romeo. Getty
  • Esteban Ocon of Alpine. Getty
    Esteban Ocon of Alpine. Getty
  • Dutch driver Max Verstappen of Red Bull. EPA
    Dutch driver Max Verstappen of Red Bull. EPA
  • Max Verstappen tests as the sun sets. AP
    Max Verstappen tests as the sun sets. AP
  • Lewis Hamilton driving his Mercedes. Getty
    Lewis Hamilton driving his Mercedes. Getty
  • Max Verstappen of Red Bull arrives in the pitlane. EPA
    Max Verstappen of Red Bull arrives in the pitlane. EPA
  • Red Bull team principal Christian Horner watches on day one of F1 testing. Getty
    Red Bull team principal Christian Horner watches on day one of F1 testing. Getty
  • Mercedes' Lewis Hamilton prepares to leave the pits. AFP
    Mercedes' Lewis Hamilton prepares to leave the pits. AFP
  • Ferrari's Charles Leclerc during testing. Reuters
    Ferrari's Charles Leclerc during testing. Reuters

Hamilton, Verstappen and all the F1 stars in Bahrain ahead of new season - in pictures


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Mercedes chief Toto Wolff watched the Formula One stars prepare for the new season in Bahrain on Thursday and claimed his team are ready to carry Lewis Hamilton to a record eighth world championship.

In contrast to the gloom which engulfed the Silver Arrows last season as their jumpy machine hit the track for the first time, team principal Wolff was much more optimistic ahead of the first race in Bahrain on March 5.

After the first of three days of testing, Red Bull's double world champion Max Verstappen, who won 15 of the 22 grands prix last year, again looked in fine shape.

But Wolff believes Hamilton can add to his seven titles, despite last season being his worst.

“You need to provide a good car for a driver that has the ambition to win races and championships and we have that,” said Wolff.

“We want to win. At this stage last year, we knew we were in trouble because the car was bouncing around and we were not able to drive it correctly.

“But today, it is very different. The car seems to be balanced in the right way. There is no bouncing which is good news. It is a good starting point. We have had a productive morning.”

Hamilton is gearing up for his 17th season in F1 and his 11th with Mercedes, and is heading into the final year of his contract. But the noise from both the driver and Mercedes is that an extension will be signed regardless of their on-track form.

Wolff continued: “I am amazed because Lewis has been with the team for 10 years and every year he just come backs more mature, more professional and more understanding of what is good for him. He is in high spirits and super-determined.”

Pictures of the F1 stars on day one of testing can be seen in the gallery above. To view the next image, just swipe.

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.”

Explainer: Tanween Design Programme

Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.

The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.

It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.

The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.

Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”

Hurricanes 31-31 Lions

Wellington Hurricanes: 
Tries: Gibbins, Laumape, Goosen, Fifita tries, Barrett
Conversions: Barrett (4)
Penalties: Barrett

British & Irish Lions:
Tries: Seymour (2), North
Conversions: Biggar (2)
Penalties: Biggar (4)

UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Getting%20there%20
%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Ftravel%2F2023%2F01%2F12%2Fwhat-does-it-take-to-be-cabin-crew-at-one-of-the-worlds-best-airlines-in-2023%2F%22%20target%3D%22_self%22%3EEtihad%20Airways%20%3C%2Fa%3Eflies%20daily%20to%20the%20Maldives%20from%20Abu%20Dhabi.%20The%20journey%20takes%20four%20hours%20and%20return%20fares%20start%20from%20Dh3%2C995.%20Opt%20for%20the%203am%20flight%20and%20you%E2%80%99ll%20land%20at%206am%2C%20giving%20you%20the%20entire%20day%20to%20adjust%20to%20island%20time.%20%C2%A0%3C%2Fp%3E%0A%3Cp%3ERound%20trip%20speedboat%20transfers%20to%20the%20resort%20are%20bookable%20via%20Anantara%20and%20cost%20%24265%20per%20person.%20%C2%A0%3C%2Fp%3E%0A
COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

RESULT

Arsenal 2

Sokratis Papastathopoulos 45 4'

Eddie Ntkeiah 51'

Portsmouth 0

 

THE SPECS

2020 Toyota Corolla Hybrid LE

Engine: 1.8 litre combined with 16-volt electric motors

Transmission: Automatic with manual shifting mode

Power: 121hp

Torque: 142Nm

Price: Dh95,900

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Updated: February 23, 2023, 4:39 PM