Red Bull driver Sergio Perez, right, with second-placed teammate Max Verstappen, left, after winning the Saudi Arabian GP in Jeddah earlier this month. Getty
Red Bull driver Sergio Perez, right, with second-placed teammate Max Verstappen, left, after winning the Saudi Arabian GP in Jeddah earlier this month. Getty
Red Bull driver Sergio Perez, right, with second-placed teammate Max Verstappen, left, after winning the Saudi Arabian GP in Jeddah earlier this month. Getty
Red Bull driver Sergio Perez, right, with second-placed teammate Max Verstappen, left, after winning the Saudi Arabian GP in Jeddah earlier this month. Getty

Melbourne hopes to reignite F1 spark amid simmering Verstappen-Perez rivalry


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Time was when Albert Park was the beloved opening round of every Formula One season, touched by a crisp sunshine and promise of change and new beginnings.

The heat was softened by winds off the Tasman Sea. With apartments lining the back straight, kite surfers danced on the waves while drivers had their breakfast on St Kilda beach before the day’s action.

Swamped by Australia’s fanatical F1 following, Melbourne wasn’t just a race - it was an event. It always felt fresh, exciting, hopeful.

When it was shifted off pole position post-covid, something was broken. Shunted down to third in the calendar after Bahrain and Saudi Arabia, it completed a trio so unique in its make up, performance and results could not be extrapolated across the coming season.

When F1 arrived in Melbourne in 1996 it was very different; 11 of the first 16 winners went on to become champions. But in the last 12 years that has only happened twice.

In fact, an Albert Park victory was as good as the kiss of death. Lewis Hamilton started from pole a remarkable eight times but only won twice.

In fact, his teammates have won more often when he was on pole than he has.

Pacesetters Red Bull return on Sunday as favourites but have to go back over a decade to when Sebastian Vettel was in his pomp to remember what it’s like to triumph at Albert Park.

Max Verstappen may have won 10 of the last 13 Grands Prix (and his team 12 of 13) as well as being pre-race favourite, but he has never been successful here.

  • Red Bull driver Sergio Perez after winning the Saudi Arabia Grand Prix at the Jeddah corniche circuit on March 19, 2023. AP
    Red Bull driver Sergio Perez after winning the Saudi Arabia Grand Prix at the Jeddah corniche circuit on March 19, 2023. AP
  • Sergio Perez and Red Bull Racing celebrate in parc ferme. Getty
    Sergio Perez and Red Bull Racing celebrate in parc ferme. Getty
  • Sergio Perez on his lap of honour. AP
    Sergio Perez on his lap of honour. AP
  • Sergio Perez celebrates on the podium. Reuters
    Sergio Perez celebrates on the podium. Reuters
  • Sergio Perez celebrates after winning the Saudi Arabian Grand Prix. Reuters
    Sergio Perez celebrates after winning the Saudi Arabian Grand Prix. Reuters
  • Race winner Sergio Perez. Getty
    Race winner Sergio Perez. Getty
  • Max Verstappen celebrates after finishing second. AP
    Max Verstappen celebrates after finishing second. AP
  • Refd Bull's race winner Sergio Perez passes his team celebrating on the pitwall. Getty
    Refd Bull's race winner Sergio Perez passes his team celebrating on the pitwall. Getty
  • Yuki Tsunoda in his Scuderia AlphaTauri. Getty
    Yuki Tsunoda in his Scuderia AlphaTauri. Getty
  • Williams driver Alexander Albon of Thailand walks in the pit lane after going out of the race. AP
    Williams driver Alexander Albon of Thailand walks in the pit lane after going out of the race. AP
  • Red Bull world champion Max Verstappen charges up the field. AFP
    Red Bull world champion Max Verstappen charges up the field. AFP
  • Max Verstappen makes a pit stop. AFP
    Max Verstappen makes a pit stop. AFP

New arrival Las Vegas aside, Melbourne is now one of only two circuits in the calendar where he is yet to triumph.

It’s difficult to say why the track is such an outlier, and it’s certainly not for want of trying. Organisers tinker with the layout almost annually, and this year it will be faster and the first to have four DRS zones, turning the race into a battery recharging chess game as much as a contest between cars.

Its street circuit layout is closer than anywhere to the last round in Saudi without being so unrelentingly lethal, which suggests Red Bull’s devastating domination from the Gulf will continue.

Charles Leclerc can attest to Melbourne’s curse. He won last year from pole and achieved the 'grand slam' - taking every session, every lap, pole and victory. It was his second victory in three.

Life could hardly get much better as the stats made him firm title favourite.

He flew back to Europe leading the championship by 34 points but dominance in Bahrain and Australia proved irrelevant to the circuits to come. From the following round in Italy, his season fell apart.

If hopes of a new beginnings remain, it comes from a strange quarter; Red Bull’s capable but unexceptional No 2 Sergio Perez.

That the Mexican held the record as the driver from the current crop to take longest to get to his first pole (215 GPs and over a decade) and first win (190 races) says it all.

Comparisons in the same car as Verstappen over the last two years suggest he is not among the elite. The Dutchman has taken 26 wins, two world titles and 18 poles. Perez just four triumphs and two poles.

But after his latest victory in Saudi a fortnight ago, when he matched Verstappen lap for lap at the end, the Mexican insists he will not be playing also-ran.

Despite helping Verstappen to the 2021 title in Abu Dhabi by slowing Hamilton, the duo have fallen out spectacularly with the Dutchman publicly refusing to help Perez to runners-up spot in Brazil last year.

In Saudi, Perez was furious to discover Verstappen had ignored team instructions to grab fastest lap on the very last tour and retain a slender championship lead.

And there is no point in turning to the rest of the grid; Ferrari are at sea, their speed gone, and Mercedes are entirely off the pace as their chassis redesign continues.

Hamilton’s bid for a record eighth championship is history and he cuts a lonely figure in the paddock now after his unexpected split with physio and trainer-cum-constant companion Angela Cullen.

So it is down to Perez. As Ayrton Senna versus Alain Prost, Vettel and Mark Webber, Hamilton versus Fernando Alonso, Jenson Button or Nico Rosberg have proved, it only takes two drivers to make a championship.

Whether his team will allow Perez to regularly challenge Verstappen is another matter altogether.

What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

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.”

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

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Price: expected to start at Dh1,432,000

Updated: March 30, 2023, 7:32 AM