Daniel Ricciardo 'ready to win' Monaco Grand Prix to make up for 2016 near-miss

Daniel Ricciardo believes the Monaco Grand Prix owes him a win and the Australian is ready to cash in the debt on Sunday.

The Red Bull Racing driver, fastest in Thursday's opening practice with a record lap around the Mediterranean principality, is still sore at finishing runner-up in 2016 after taking pole position.

"I feel one got away from me a few years ago. I’m going to have to work for it but I’m ready to win," Ricciardo told reporters.

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He has already featured on the top step of the podium this season, in China in April, and former champions Red Bull arrived in the principality with a sense of expectation.

Rivals have been talking up the chances of Ricciardo and Dutch teammate Max Verstappen, who was second on Thursday's timesheets.

Ricciardo said that might be partly because champions Mercedes and Ferrari, last year's winners in Monaco, looking to shift some of the pressure off themselves. But he also acknowledged there was some truth in what they said.

"I would love to have this feeling going into every race, that we really genuinely believe we’ve got a chance to win," he said, speaking to reporters on Wednesday.

"It’s no secret that we’re always pretty good around here. We weren’t good enough last year for sure, but in previous years we have been. I think we’ll be pretty decent. I’d be surprised if we weren’t at least close."

Ricciardo said the car felt better than last year’s, and more like the one he had in 2016.

"We’re still not probably the quickest car but we can be if we get it all hooked up. I think we can be pretty good," he added.

Monaco is home to most of the drivers, including Ricciardo. The Australian said he was enjoying the break from hotels and airports and being able to sleep in his own bed for a change.

Having an early win under his belt was also a boost for confidence, but Ricciardo said he had also changed his preparations this season.

"I’ve done some things differently but in a way it’s kind of been better for me at the track and I’ve put more energy into the racing and less elsewhere," he added. "I do feel fresh, like I’ve got a good spring in my step.

"It’s a long season, I’m conscious not to get burnt out but so far what I’m doing is working."

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DUBAI WORLD CUP RACE CARD

6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m

7.05pm Handicap $135,000 (T) 1,400m

7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m

8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m

8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m

9.25pm Handicap $135,000 (T) 1,800m

10pm Handicap $135,000 (T) 1,400m

The National selections

6.30pm Well Of Wisdom

7.05pm Summrghand

7.40pm Laser Show

8.15pm Angel Alexander

8.50pm Benbatl

9.25pm Art Du Val

10pm: Beyond Reason

MATCH RESULT

Liverpool 4 Brighton and Hove Albion 0
Liverpool: Salah (26'), Lovren (40'), Solanke (53'), Robertson (85')

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

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km

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.”