The final race of the season ended in thrilling fashion on Sunday as Lando Norris scored his first win at the Etihad Airways Abu Dhabi Formula One Grand Prix and fourth race win of an impressive season.
In taking the chequered flag at Yas Marina Circuit, Norris also clinched the constructors' championship for McLaren – the British team's first team title since 1998.
Red Bull's Max Verstappen could afford to let McLaren and Ferrari battle it out at the front, denied a fifth consecutive win in Abu Dhabi following an earlier collision with Oscar Piastri in the second McLaren.
The Dutchman finished sixth in the race but had already secured a fourth consecutive drivers' title two weeks previous in Las Vegas.
The National reviews a year that began in Bahrain in March and culminated on Sunday with a record 24th race in Abu Dhabi.
Masterful Max
After coasting to the past two world titles Verstappen was again seen as a dead-cert for a fourth driver's crown, a sequence that begun with his controversial defeat of Lewis Hamilton on the last lap of the season at the 2021 Abu Dhabi Grand Prix.
The Red Bull driver secured victories in seven of the first 10 races to set the early pace and also highlighted his single focus determination as he blocked out the malaise surrounding the team in pre-season testing.
Team principal Christian Horner looked to be on his way out as he fought off accusations of inappropriate behaviour towards a female colleague. A secret inquiry cleared the beleaguered Briton and Horner was in the pitlane for the season opener in Bahrain. An internal power struggle at the Austrian giants simmered away though, then came the bombshell that their technical genius, Adrian Newey, was quitting to join Aston Martin from 2025.
None of this appeared to faze Verstappen as victory in Spain in June gave him a commanding lead in the title race. Little did he know then but that was to be the last time he was to win a race until he snapped an 11-race winless run in Brazil in November. He then extinguished Norris' slim chances of seizing his crown under the lights of Las Vegas with two races to spare.
As he leaves Abu Dhabi, Verstappen's thoughts will already turn to how he can do what no driver has done since Michael Schumacher in 2004 and win five successive F1 drivers' titles.
Hamilton swaps Mercedes for Ferrari
Sunday was an emotional day in Abu Dhabi for Lewis Hamilton, driving his final race with Mercedes.
The British driver announced ahead of the season that he was moving to Ferrari next year, brining to an end his 11-year association with the Silver Arrows, where he won six of his seven world drivers' titles.
Hamilton won two races in 2024 but finished a distant seventh in the final standings – one place lower than teammate George Russell.
Hamilton is hoping the gamble on a move to Ferrari proves as fortuitous as his equally shocking move when he quit McLaren in 2013 for Mercedes. Ferrari's uptick in fortunes under French team principal Fred Vasseur, with whom Hamilton has a strong relationship, augurs well for a golden drive into his F1 sunset.
McLaren end wilderness years
Abu Dhabi proved a happy hunting ground for McLaren on Sunday. After dominating Saturday's qualifying, Norris would go on to win Sunday's Abu Dhabi Grand Prix to claim second place in the drivers' championship, but the British team pipped Ferrari to the constructors' crown – ending a 26-year wait for that championship.
The end-of-year-standings are crucial for teams – one place representing a difference of millions of dollars, with the 2003 champions Red Bull estimated to have won $140 million, the last and 10th-placed outfit collecting $60m.
This was the British marque's 21st world title, and the confidence it will generate – aligned with the extra cash – puts Zak Brown's outfit in a tremendous position for 2025.
Changing lanes
The drivers' merry-go-round that usually starts spinning in the mid-summer break began this year in February with Hamilton's decision to quit Mercedes for Ferrari. He replaces Carlos Sainz, who moves over to Williams.
F1 bade farewell to one of the sport's most likeable and popular drivers – Daniel Ricciardo, let go by Red Bull's sister team RB in favour of Kiwi Liam Lawson in September.
Other familiar faces leaving the grid are Sauber duo Valterri Bottas and Zhou Guanyu, and Kevin Magnussen of Haas. Despite his poor season Sergio Perez remains Verstappen's teammate at Red Bull, for the time being at least. Exciting newcomers are Andrea Kimi Antonelli, who replaces Hamilton at Mercedes, Gabriel Bortoleto at Sauber, and Jack Doohan, son of former MotoGP star Mick Doohan, who takes over Haas-bound Esteban Ocon's seat at Alpine. German veteran Nico Hulkenburg makes the reverse switch to Swiss team Sauber from Haas.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
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.”
Poacher
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