Rashid Al Dhaheri is gearing up to take the next step in his dream of flying the UAE flag high in the world of motorsports.
The Emirati, 15, whose love for racing began as a three-year-old when he attended the 2011 Abu Dhabi Grand Prix, soon got behind the steering wheel of a go-kart. And since then, he has steadily climbed his way up the ladder, with the ultimate aim to one day line up on the grid of Formula One.
For now though, Al Dhaheri, is making the most of his time in the Formula 4 circuit, savouring the experience he gained as a rookie last year in the Italian and Euro Championships.
Going into the second season, the teenager will have the added advantage of competing in the F4 UAE Championship.
He will then travel to Italy for the Italian F4 Championship, considered to be the world’s toughest race series in the category, in May and also compete in the Euro 4, racing at tracks such as Spa, Red Bull Ring, Monza, Barcelona and Paul Ricard.
Al Dhaheri has completed three rounds of the UAE Championship and now has his sights set on Yas Marina Circuit in Abu Dhabi for the penultimate round of the series this weekend. The final round is February 16-18.
After the first three weekends of the UAE Championship, Al Dhaheri has clinched a podium and finished in the top four or five in the other races. He is currently in sixth spot in the overall standings and with six races left across the next two weekends, the Emirati hopes to achieve better results to improve his position in the championship.
“Last year we learnt quite a lot and this year we’re trying to put everything together for the high positions, but of course, we first have to learn,” Al Dhaheri told The National on the sidelines of round three of the UAE Championship at the Dubai Autodrome.
“It’s definitely continuing to improve on what we learnt last year but with better results, trying to put in place what we learnt. That’s the most important thing.”
The UAE Championship consists of five race weekends and with a total of 15 races, it provides him a platform to build on when he returns to Europe for the Italian and Euro Championships.
“It’s my first time doing the F4 UAE Championship,” Al Dhaheri said. “Last year, I wasn’t old enough to compete [15 being the minimum age].
“So the first championship of the season is actually new for me and provides me a head start before I travel to Europe. I think F4 UAE is competitively one of the most challenging series."
The UAE Championship has had nine races so far and Al Dhaheri said each one presented its own challenges, especially the reverse grids whereby the top 12 finishers in qualifying start the race in reverse order.
“I think we’re doing quite well, so far. And we’ve been able to improve quite a lot,” he said.
The timing of the UAE Championship has also worked in Al Dhaheri's favour, giving him ample time on the track before he returns to Europe.
“It’s a winter championship, although here in the UAE, it’s quite warm,” he said. “It’s good because if we were racing in Europe, it would be too cold for the car to function properly, so it’s good we’re able to have two different timings for two different championships.”
The UAE Championship has drawn a strong field, including some of the drivers Al Dhaeri will compete against in Europe. He plans to use his home series to analyse his opponents and added it was important for him to be competing for titles.
“I’ll have to get to know the new drivers well and analyse [them] quite well in this championship ... to understand more. We can learn the weaknesses and strengths.
“And then the different layouts of the track, sometimes the conditions, racing in the rain. These details make a huge difference to the races in Europe.”
“It’s always important to get good results, to be consistent. It’s bit of fighting in the top positions that allows you to get to go to the next level. The most important thing is the consistency at the top, fighting for all championships."
Like any young driver, Al Dhaheri hopes to one day race in motorsports' premier racing series of Formula One.
No Emirati has ever made it that far, and Al Dhaheri knows the journey is long and arduous and comes with no guarantees. He is reluctant to put a time frame on when he might reach that level, instead focussing on progressing through the ranks.
“It’s always hard to say because of a lot of factors. Hopefully, in the next seven to eight years,” he said when pushed for an answer.
“It’s hard to say how it goes. We’re focused on the next category, to go year by year, focus on my development and that brings us to what we are doing right now.”
Al Dhaheri combines a hectic racing schedule across continents with schooling. He is affiliated with the US Performance Academy for his online studies, which cover subjects like economics and physiology – "both subjects are important for me" – and admits it can be challenging.
“Of course, racing for me is very important; school, I’m able to study as much as possible. When I’m at the track, I can be completely focused. It’s quite a busy lifestyle, you always travel. It’s very tough, overall. It’s been quite a while, school and racing," he said.
“The family and the UAE have been incredibly supportive. I can be only thankful to them. They keep supporting me quite well. We’re all working together, through the sacrifices and hard work, and to reach my goal.”
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
UAE currency: the story behind the money in your pockets
UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%3C%2Fp%3E%0A
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.”
UAE currency: the story behind the money in your pockets
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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