Mercedes' British driver Lewis Hamilton drives during the second practice session of the Bahrain Formula One Grand Prix at the Bahrain International Circuit in Sakhir. AFP
Mercedes' British driver Lewis Hamilton drives during the second practice session of the Bahrain Formula One Grand Prix at the Bahrain International Circuit in Sakhir. AFP
Mercedes' British driver Lewis Hamilton drives during the second practice session of the Bahrain Formula One Grand Prix at the Bahrain International Circuit in Sakhir. AFP
Mercedes' British driver Lewis Hamilton drives during the second practice session of the Bahrain Formula One Grand Prix at the Bahrain International Circuit in Sakhir. AFP

Bahrain GP: 'Long way off and on wrong track,' admits Hamilton after more F1 woe


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A disappointed Lewis Hamilton admitted Mercedes were "a long way off" the pace and struggling to close the gap after he finished eighth in Friday's second practice at the season-opening Bahrain Grand Prix.

The seven-time world champion, who is in the final year of his current contract, said he had half-expected to discover a performance deficit, but not one as alarming as revealed on Friday.

"I'm trying everything I can, but it is what it is and we've just go to try and work at it. We kind of knew that a little from the test, but it's a big gap," he said.

"We're not strong on single lap pace or race pace. I'd say they're very similar. We're a second a lap behind Red Bull so we've got a lot of work to do."

Hamilton added that he had expected Mercedes to be closer to the front.

"We're just on the wrong track so we've got to continue to graft away and find a way to get on the right track," he added.

"Right now we're a long way from the guys in front. Do I believe we can close the gap? Yes, I do, but I think it's quite hard with the concept we have."

Fernando Alonso set the best time for Aston Martin ahead of Red Bull's defending double world champion Max Verstappen.

Alonso, 41, and driving with the enthusiasm of a man half his age, clocked a best lap in one minute and 30.907 seconds to outpace the Dutchman by 0.169 seconds.

Sergio Perez was third in the second Red Bull, just 0.002 seconds adrift of his teammate, but six-tenths clear of Ferrari's Charles Leclerc, ahead of Nico Hulkenberg of Haas and Lance Stroll in the second Aston Martin.

Pierre Gasly was seventh in his first day with the Alpine team ahead of Hamilton whose Mercedes teammate George Russell was 13th.

"I think I got the car to the best place I can get it to, set-up wise," added Hamilton.

"We'll continue to tweak little bits here and there but it's going to be small bits here and there, which is milliseconds.

"It's not going to be the closing of the gap of a second. We'll just keep our head down tonight, go through the data, continue to work and try to progress tomorrow."

Babumoshai Bandookbaaz

Director: Kushan Nandy

Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami

Three stars

Virtuzone GCC Sixes

Date and venue Friday and Saturday, ICC Academy, Dubai Sports City

Time Matches start at 9am

Groups

A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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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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ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

UAE currency: the story behind the money in your pockets
Scoreline

Switzerland 5

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Gully Boy

Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi​​​​​​​
Rating: 4/5 stars

While you're here
World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

Updated: March 04, 2023, 7:38 AM