Max Verstappen followed up securing his fourth world championship by winning a chaotic Qatar Grand Prix as Lewis Hamilton suffered another miserable evening in his penultimate Mercedes appearance.
Seven-time world champion Hamilton was penalised twice by the stewards and said his car was “broken” as he finished down in 12th spot in a race which saw Verstappen claim a dominant win.
The Dutchman was stripped of pole position in the early hours of Sunday morning after he impeded George Russell in qualifying.
But Verstappen made amends for the sanction by blasting clear of pole-sitter Russell at the opening bend before leading every lap en route to victory.
“I am very happy,” said Verstappen after taking his first win in the dry since the Spanish Grand Prix on June 23. “It has been a while in the dry to be this competitive. I am very proud of the team to have turned it around.”
Lando Norris had been on course to finish runner-up, but he was dealt a severe 10-second stop-and-go penalty for failing to slow under waved yellows, dropping him to 10th.
Ferrari's Charles Leclerc took advantage of Norris' demise to take second place, six seconds behind Verstappen, and one spot ahead of McLaren driver Oscar Piastri. Russell finished fourth.
Pierre Gasly claimed fifth for Alpine with Carlos Sainz sixth for Ferrari. McLaren head to the final round in Abu Dhabi next weekend 21 points clear of Ferrari as the British team chase their first constructors' championship in 26 years.
Russell started from top spot but fell behind Verstappen and Norris at the opening bend, with Hamilton dropping three places to ninth before the first of three safety car periods after Esteban Ocon, Nico Hulkenberg and Franco Colapinto were involved in a three-car pile up.
Hamilton's torrid evening suffered its first of multiple blows when he was handed a five-second penalty for a false start. “Sorry, guys,” said an apologetic Hamilton over the radio.
Running in eighth, Hamilton was the slowest driver of the big four teams. He was on the radio to ask if his machine was “broken”. And on lap 34, he suffered a puncture.
New race director Rui Marques failed to take any action with Alex Albon's wing mirror left in the middle of the track.
“Trust me to have this luck, man,” said a crestfallen Hamilton as he staggered back to the pit lane.
Out came the safety car before it peeled in again on lap 39 but with Hulkenberg in the gravel and Sergio Perez parking up with a mechanical failure, the safety car was brought out for a third time.
“Guys, the car is messed up,” said Hamilton after being informed he was 12th in the order. Hamilton then immediately lost two places at the restart on lap 42, falling behind Bottas and Yuki Tsunoda, to leave him 14th out of 15.
It would get even worse for Hamilton when he was hit with a drive-through penalty for speeding in the pit-lane. He would emerge from his penalty in last place.
Hamilton asked to retire the car, but the 39-year-old was told to continue. Hamilton, who insisted he “still has it” here on Saturday night, crossed the line 12th of 15 finishers.
Norris, too, would find himself on the wrong end of the stewards – punished for failing to slow under the yellow flags. He fought back to 10th and claimed a bonus point for the fastest lap.
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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Off-roading in the UAE: How to checklist
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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