The headlines may belong to Max Verstappen yet again but Formula One’s rumour mill has a burning fascination for just one man – Mercedes driver Lewis Hamilton.
The seven-time world champion is the highest profile figure still to commit his future to his team for 2024. And more strange for the fact that his value to Silver Arrows is beyond dispute.
Hamilton is, without doubt, the sport’s biggest attraction globally even though Red Bull's reigning double world champion Verstappen, on his record run, is the man of the moment.
Hamilton is the only driver who transcends the sport and can just as easily move the needle in the United States, the UAE or Brazil as F1’s traditional heartland of Europe.
The Briton's diversity campaigns and romantic links to various supermodels and singing superstars like Nicole Scherzinger and Rihanna have helped give him enormous social media clout beyond motorsport.
He has eight million Twitter followers and 34 million more on Instagram, where he could reputedly sell a single advert for Dh1.8 million.
In 11 years of unparalleled success with Mercedes the Brit has won six driver crowns and seven constructors' titles.
So what is causing the delay when all the other leading drivers committed long ago?
Verstappen has signed to Red Bull way beyond 2024, to 2028 and Lando Norris has committed to McLaren until 2025.
It’s a reasonable assumption that Hamilton’s key motivation is to be at the wheel of a car that will take him to an elusive eighth world title so he can retire, undisputed, as the sport’s greatest driver.
If it were all about blind loyalty to Mercedes in tough times the deal would have been done long ago.
It’s fair to say the German car giant is not helping it’s own cause. Even boss Toto Wolff called their strategy at the Dutch Grand Prix “catastrophic”.
One retirement and a sixth-place finish for Hamilton was Mercedes' worst team performance of 2023 by some distance even if there was evidence of improved speed.
If Hamilton is biding his time that could suggest he has other options. But one door, if it was ever open, slammed shut in Zandvoort as rumours over Sergio Perez's future were quashed despite a string of mediocre performances which continued in the Netherlands.
Dutch GP in pictures
“It’s easy to beat up on Sergio when the barometer is so high on the other side [of the garage] but he will be our driver in 2024,” said Red Bull team boss Christian Horner.
Ferrari president John Elkann is said to have made a personal approach to Hamilton. But Maranello is hardly covering itself in glory either.
After a round of sackings the new management is presiding over a decline rather than a revival. It’s more than a year since their last win. Their issue is race management not racers.
And would Hamilton really quit Mercedes for their bitterest rivals in the hope (and it could only be hope) of glory elsewhere? Given his indelible links to Mercedes that would be a tough call to make.
And for Ferrari, he is surely too riven through with silver for success in red to be anything but a historical postscript, even at Ferrari.
Moving to Ferrari would also be kissing goodbye to a more long-term involvement as a Mercedes brand ambassador.
It would be the F1 lifestyle and adulation without most of the media aggravation he hates so much. An endless victory lap would be an easy way to fill the days in retirement between his fashion and music interests.
All this year both Hamilton and Wolff have insisted a contract is a simple matter of ironing out a few kinks with the term and salary, in the region of £35 million-per-year, reportedly already agreed. But this lingering delay hints at more fundamental issues.
Looking back it is reasonable to assume the controversial end to the 2021 season, when Hamilton was pipped to the title by Verstappen, was more significant for the Mercedes man than we ever knew. Was he preparing to walk away as an eight-time champion if he won? Was a dignified departure as well as a world title ripped from his grasp by Michael Masi on that day?
As he ruminates on what is surely his last big deal and what lies ahead, how many times, I wonder, has Hamilton wished that day in Abu Dhabi had turned out differently.
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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.”
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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Indika
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%2011%20Bit%20Studios%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Odd%20Meter%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%205%2C%20PC%20and%20Xbox%20series%20X%2FS%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
MATCH INFO
English Premiership semi-finals
Saracens 57
Wasps 33
Exeter Chiefs 36
Newcastle Falcons 5
Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
The specs: 2018 Bentley Bentayga V8
Price, base: Dh853,226
Engine: 4.0-litre twin-turbo V8
Transmission: Eight-speed automatic
Power: 550hp @ 6,000pm
Torque: 770Nm @ 1,960rpm
Fuel economy, combined: 11.4L / 100km
Predictions
Predicted winners for final round of games before play-offs:
- Friday: Delhi v Chennai - Chennai
- Saturday: Rajasthan v Bangalore - Bangalore
- Saturday: Hyderabad v Kolkata - Hyderabad
- Sunday: Delhi v Mumbai - Mumbai
- Sunday - Chennai v Punjab - Chennai
Final top-four (who will make play-offs): Chennai, Hyderabad, Mumbai and Bangalore
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae