FILE PHOTO: Formula One F1 - Australian Grand Prix - Melbourne Grand Prix Circuit, Melbourne, Australia - March 12, 2020 McLaren’s Carlos Sainz arriving to the Circuit REUTERS/Loren Elliott/File Photo
FILE PHOTO: Formula One F1 - Australian Grand Prix - Melbourne Grand Prix Circuit, Melbourne, Australia - March 12, 2020 McLaren’s Carlos Sainz arriving to the Circuit REUTERS/Loren Elliott/File Photo
FILE PHOTO: Formula One F1 - Australian Grand Prix - Melbourne Grand Prix Circuit, Melbourne, Australia - March 12, 2020 McLaren’s Carlos Sainz arriving to the Circuit REUTERS/Loren Elliott/File Photo
FILE PHOTO: Formula One F1 - Australian Grand Prix - Melbourne Grand Prix Circuit, Melbourne, Australia - March 12, 2020 McLaren’s Carlos Sainz arriving to the Circuit REUTERS/Loren Elliott/File Photo

Charles Leclerc's No 2? Waiting on Lewis Hamilton? The mystery of why Ferrari signed Carlos Sainz


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  • Arabic

Ferrari's decision to sign little known Spaniard Carlos Sainz for 2021 is nothing short of mystifying.

Even after five years in Formula One the name is more synonymous with his father, a buccaneering double rally champion who retired 15 years ago.

And while Maranello will celebrate the youngest line-up in their history, the Gestione Sportiva has never, traditionally, been about investing in tomorrow.

There is an impatient and passionate Italian nation hanging over their shoulder and sponsors paying top dollar for success.

In the past, Ferrari have been accused of having more money than sense, but they could afford to be that way. They let other teams deal in potential. They usually flashed the cash once a soaring reputation was established.

Fernando Alonso, Michael Schumacher, and Sebastian Vettel were all champions before the boys in red came knocking.

In fact, you have to go back to 1995 for the last time Maranello didn't have a champion in their line-up. And for five years straight, up to last year, they only had champions at the wheel.

So why the dramatic change in approach that sees them turning to a duo with a handful of wins between them? Ferrari have rarely taken risks on potential as heavily as they are in 2021.

Charles Leclerc may have been just one season in to his F1 career when they snapped him up, but that was a near guarantee. Plus, they already had a four-time champion in the other car.

In signing Sainz they not only ushered the second-biggest name in F1 out the door but passed on Alonso and Daniel Ricciardo as well.

Alonso would surely bring trouble, but so what? Riccardo can beat the best and he is of Italian descent. Better than perfect, surely?

Of course, neither would have come cheap. Alonso at $45 million (Dh165.3m) and Ricciardo south of his current, humble, $29.6m Renault stipend. By comparison Sainz will only cost a few million.

Maybe Ferrari don’t want a Lewis Hamilton? They want a Valtteri Bottas: a No 2 faithfully following team orders. An Eddie Irvine or Rubens Barrichello: quick enough to see them to the constructors' championship but not fast enough to disturb Leclerc’s mojo.

Risking it with Sainz then means relying on Leclerc, in only his fourth season in F1, to be Ferrari’s standard bearer. That is a lot of pressure on a young racer. Cruising to victory in Vettel’s shadow is very different from shouldering the hopes of a team and nation yourself.

It’s interesting to pause here and reflect on the man making the decisions: new Ferrarai boss Mattia Binotto. Apparently pulled out of nowhere last year he has, in fact, been in key roles since the 1990s. Politically adept and culturally savvy he doesn’t appear the kind to risk his career recklessly on an also-ran.

He may be part of the furniture at Maranello, but he will be aware it would only take a few wrong decisions and he would be out of the door.

_____________________

Rated: the F1 2020 drivers' lineup

  • ON THE GRID FOR 2020 SEASON: Nicholas Latifi (CAN) - Williams. Car: 6; age: 24; starts: 0. The Canadian rookie is partnered with George Russell after Robert Kubica was dropped just one season into his comeback year. AFP
    ON THE GRID FOR 2020 SEASON: Nicholas Latifi (CAN) - Williams. Car: 6; age: 24; starts: 0. The Canadian rookie is partnered with George Russell after Robert Kubica was dropped just one season into his comeback year. AFP
  • George Russell (GBR) - Williams. Car: 63; age: 22; starts: 21; wins: 0. Surely it cannot get any worse for Williams? Despite being able to boast 16 combined drivers' and team titles, the British team finished rooted to the foot of the championship last year after scoring just one point. Reuters
    George Russell (GBR) - Williams. Car: 63; age: 22; starts: 21; wins: 0. Surely it cannot get any worse for Williams? Despite being able to boast 16 combined drivers' and team titles, the British team finished rooted to the foot of the championship last year after scoring just one point. Reuters
  • Kevin Magnussen (DEN) - Haas. Car: 20; age: 27; starts: 102; wins: 0. Having previously established themselves as solid midfield runners, the American team will be looking to bounce back from a disappointing 2019 campaign where they finished ninth. AFP
    Kevin Magnussen (DEN) - Haas. Car: 20; age: 27; starts: 102; wins: 0. Having previously established themselves as solid midfield runners, the American team will be looking to bounce back from a disappointing 2019 campaign where they finished ninth. AFP
  • Romain Grosjean (FRA) - Haas. Car: 8; age: 33; starts: 164; wins: 0. Grosjean will be joined once more by Magnussen - their fourth year together as teammates. Reuters
    Romain Grosjean (FRA) - Haas. Car: 8; age: 33; starts: 164; wins: 0. Grosjean will be joined once more by Magnussen - their fourth year together as teammates. Reuters
  • Antonio Giovinazzi (ITA) - Alfa Romeo. Car: 99; age: 26; starts: 23; wins: 0. Italian Giovinazzi has been retained by Alfa Romeo for a second season. EPA
    Antonio Giovinazzi (ITA) - Alfa Romeo. Car: 99; age: 26; starts: 23; wins: 0. Italian Giovinazzi has been retained by Alfa Romeo for a second season. EPA
  • Kimi Raikkonen (FIN) - Alfa Romeo. Car: 7; age: 40; starts: 312; wins: 21; championships: 1 (2007). Former world champion Raikkonen will this year become the most-capped F1 driver. The veteran Finn is just 10 races shy of Rubens Barrichello's record of 322 starts. EPA
    Kimi Raikkonen (FIN) - Alfa Romeo. Car: 7; age: 40; starts: 312; wins: 21; championships: 1 (2007). Former world champion Raikkonen will this year become the most-capped F1 driver. The veteran Finn is just 10 races shy of Rubens Barrichello's record of 322 starts. EPA
  • Lance Stroll (CAN) - Racing Point. Car: 18; age: 21; starts: 62; wins: 0. Canadian Stroll starts his second campaign at Racing Point. EPA
    Lance Stroll (CAN) - Racing Point. Car: 18; age: 21; starts: 62; wins: 0. Canadian Stroll starts his second campaign at Racing Point. EPA
  • Sergio Perez (MEX) - Racing Point. Car: 11; age: 30; starts: 176; wins: 0. Following a rather underwhelming campaign, Racing Point proved to be one of the major talking points at testing after their new car resembled a carbon-copy of last year's title-winning Mercedes. Mexican driver Perez has been with the team since 2014. Reuters
    Sergio Perez (MEX) - Racing Point. Car: 11; age: 30; starts: 176; wins: 0. Following a rather underwhelming campaign, Racing Point proved to be one of the major talking points at testing after their new car resembled a carbon-copy of last year's title-winning Mercedes. Mexican driver Perez has been with the team since 2014. Reuters
  • Daniil Kvyat (RUS) - Alphatauri. Car: 26; age: 25; starts: 93; wins: 0. The Russian was retained for a second straight year of his yo-yo career. EPA
    Daniil Kvyat (RUS) - Alphatauri. Car: 26; age: 25; starts: 93; wins: 0. The Russian was retained for a second straight year of his yo-yo career. EPA
  • Pierre Gasly (FRA) - Alphatauri. Car: 10; age: 24; starts: 47; wins: 0. A new season and a new name for Red Bull's junior team with Toro Rosso re-branded as AlphaTauri for the forthcoming campaign. Gasly, dropped by Red Bull midway through last season, drives alongside Kvyat. EPA
    Pierre Gasly (FRA) - Alphatauri. Car: 10; age: 24; starts: 47; wins: 0. A new season and a new name for Red Bull's junior team with Toro Rosso re-branded as AlphaTauri for the forthcoming campaign. Gasly, dropped by Red Bull midway through last season, drives alongside Kvyat. EPA
  • Esteban Ocon (FRA) - Renault. Car: 31; age: 23; starts: 50; wins: 0. Ocon spent last season on the sidelines after losing his seat to Lance Stroll at Racing Point. Reuters
    Esteban Ocon (FRA) - Renault. Car: 31; age: 23; starts: 50; wins: 0. Ocon spent last season on the sidelines after losing his seat to Lance Stroll at Racing Point. Reuters
  • Daniel Ricciardo (AUS) - Renault. Car: 3; age: 30; starts: 171; wins: 7. Ricciardo is joined by Ocon as Renault bid to bounce back from a disappointing 2019. EPA
    Daniel Ricciardo (AUS) - Renault. Car: 3; age: 30; starts: 171; wins: 7. Ricciardo is joined by Ocon as Renault bid to bounce back from a disappointing 2019. EPA
  • Lando Norris (GBR) - McLaren. Car: 4; age: 20; starts : 21; wins: 0. After an impressive rookie campaign, British driver Norris is set for his second season in F1. AFP
    Lando Norris (GBR) - McLaren. Car: 4; age: 20; starts : 21; wins: 0. After an impressive rookie campaign, British driver Norris is set for his second season in F1. AFP
  • Carlos Sainz (ESP) - McLaren. Car: 55; age: 25; starts: 102; wins: 0. McLaren emerged from the doldrums last season with their best performance in years as they finished fourth in the constructors' table. Sainz also scored McLaren's first podium since 2012 when he was promoted to third in Brazil. EPA
    Carlos Sainz (ESP) - McLaren. Car: 55; age: 25; starts: 102; wins: 0. McLaren emerged from the doldrums last season with their best performance in years as they finished fourth in the constructors' table. Sainz also scored McLaren's first podium since 2012 when he was promoted to third in Brazil. EPA
  • Alexander Albon (THA) - Red Bull. Car: 23; age: 23; starts: 21; wins: 0. London-born Albon is set for just his second season in F1 and his first full campaign as a Red Bull driver after he was promoted from Toro Rosso following last year's summer break. EPA
    Alexander Albon (THA) - Red Bull. Car: 23; age: 23; starts: 21; wins: 0. London-born Albon is set for just his second season in F1 and his first full campaign as a Red Bull driver after he was promoted from Toro Rosso following last year's summer break. EPA
  • Max Verstappen (NED) - Red Bull. Car: 33; age: 22; starts: 102; wins: 7. Verstappen was one of the stars of last year after he finished third in the championship behind Lewis Hamilton and Bottas. Verstappen, 22, could prove Hamilton's closest challenger if Red Bull can build on a package which fired the Dutchman to three victories last season. Reuters
    Max Verstappen (NED) - Red Bull. Car: 33; age: 22; starts: 102; wins: 7. Verstappen was one of the stars of last year after he finished third in the championship behind Lewis Hamilton and Bottas. Verstappen, 22, could prove Hamilton's closest challenger if Red Bull can build on a package which fired the Dutchman to three victories last season. Reuters
  • Charles Leclerc (MON) - Ferrari. Car: 16; age: 22; starts: 42; wins: 2. Last year, Leclerc finished ahead of Vettel in the championship, scoring a greater number of pole positions and victories than his four-time world championship-winning teammate. Reuters
    Charles Leclerc (MON) - Ferrari. Car: 16; age: 22; starts: 42; wins: 2. Last year, Leclerc finished ahead of Vettel in the championship, scoring a greater number of pole positions and victories than his four-time world championship-winning teammate. Reuters
  • Sebastian Vettel (GER) - Ferrari. Car: 5; age: 32; starts: 240; wins: 53; championships: 4 (2010, 2011, 2012, 2013). Vettel and Leclerc will lock horns for a second season in what is the sport's fiercest team rivalry. Their combustible relationship spilled over in Brazil when they collided, forcing both drivers out of the race. Ferrari have not celebrated a drivers' champion since 2007, and after a mixed pre-season campaign, the Italian team fear they will start this year on the back foot. EPA
    Sebastian Vettel (GER) - Ferrari. Car: 5; age: 32; starts: 240; wins: 53; championships: 4 (2010, 2011, 2012, 2013). Vettel and Leclerc will lock horns for a second season in what is the sport's fiercest team rivalry. Their combustible relationship spilled over in Brazil when they collided, forcing both drivers out of the race. Ferrari have not celebrated a drivers' champion since 2007, and after a mixed pre-season campaign, the Italian team fear they will start this year on the back foot. EPA
  • Valtteri Bottas (FIN) - Mercedes. Car: 77; age: 30; starts: 139; wins: 7. Bottas partners world champion Lewis Hamilton for a fourth straight season. Reuters
    Valtteri Bottas (FIN) - Mercedes. Car: 77; age: 30; starts: 139; wins: 7. Bottas partners world champion Lewis Hamilton for a fourth straight season. Reuters
  • Lewis Hamilton (GBR) - Mercedes. Car: 44; age: 35; starts: 250; wins: 84; championships: 6 (2008, 2014, 2015, 2017, 2018, 2019). Mercedes have been the dominant team in Formula One since 2014, winning a record six consecutive drivers' and constructors' championships. Hamilton has been the driving force behind their success and the British driver will start the new campaign as the favourite to win his sixth world championship in seven years to equal Michael Schumacher's overall record. Reuters
    Lewis Hamilton (GBR) - Mercedes. Car: 44; age: 35; starts: 250; wins: 84; championships: 6 (2008, 2014, 2015, 2017, 2018, 2019). Mercedes have been the dominant team in Formula One since 2014, winning a record six consecutive drivers' and constructors' championships. Hamilton has been the driving force behind their success and the British driver will start the new campaign as the favourite to win his sixth world championship in seven years to equal Michael Schumacher's overall record. Reuters

_____________________

Perhaps the apparent lack of ambition reflects their reservations about the competitiveness of this year’s car, which will be used in 2021 too. The results from pre-season testing were beyond alarming for a team of their calibre.

Then there are Sainz’s stark career stats. He has shown clear speed but never set the world alight. Promised the world and delivered an atlas. He was begrudgingly recruited by Red Bull, never key in their thinking and bounced through Toro Rosso and Renault to McLaren without really tearing up any trees.

In his best season just passed, his fifth in F1, he wasn’t clearly better than 19-year-old rookie Lando Norris. But the sterling Brazil drive from last to a fourth that eventually became his first podium summed his career up. It was good but ...

Surely the straw Maranello is clutching at doesn’t come from the fact that Sainz ran a rookie 17-year-old Max Verstappen mighty close in their first year in F1?

Of course, there is another intriguing possibility. With the coronavirus pushing back the dawn of an exciting new F1 era to 2022, Sainz could be the stop-gap option, easily disposable for a marque signing already committed from 2022: namely Lewis Hamilton or Max Verstappen.

By then record-breaker Hamilton will probably have nothing left to prove with Mercedes or, more likely, Verstappen will be ready for a long, eye-watering deal in red.

Now that really does make sense.

Frankenstein in Baghdad
Ahmed Saadawi
​​​​​​​Penguin Press

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

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Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 

Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics

 

UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
MATCH INFO

Champions League quarter-final, first leg

Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

Villains
Queens of the Stone Age
Matador

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.”

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

The bio

Who inspires you?

I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist

How do you relax?

Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.

What is favourite book?

The Perks of Being a Wallflower - I think I've read it more than 7 times

What is your favourite Arabic film?

Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki

What is favourite English film?

Mamma Mia

Best piece of advice to someone looking for a career at Google?

If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.  

 

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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

MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
SPECS
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History's medical milestones

1799 - First small pox vaccine administered

1846 - First public demonstration of anaesthesia in surgery

1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases

1895 - Discovery of x-rays

1923 - Heart valve surgery performed successfully for first time

1928 - Alexander Fleming discovers penicillin

1953 - Structure of DNA discovered

1952 - First organ transplant - a kidney - takes place 

1954 - Clinical trials of birth control pill

1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.

1998 - The first adult live-donor liver transplant is carried out

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.