Ferrari drivers Sebastian Vettel, right, and Kimi Raikkonen seem to have the momentum ahead of the Italian Grand Prix. AP Photo
Ferrari drivers Sebastian Vettel, right, and Kimi Raikkonen seem to have the momentum ahead of the Italian Grand Prix. AP Photo
Ferrari drivers Sebastian Vettel, right, and Kimi Raikkonen seem to have the momentum ahead of the Italian Grand Prix. AP Photo
Ferrari drivers Sebastian Vettel, right, and Kimi Raikkonen seem to have the momentum ahead of the Italian Grand Prix. AP Photo

F1: Vettel's Ferrari stoke up rivalry with Hamilton's Mercedes-GP ahead of Italian Grand Prix


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Champions Mercedes-GP are struggling to cope with being outperformed and beaten on the track, according to Ferrari team chief Maurizio Arrivabene.

Speaking ahead of this weekend’s emotionally-charged Italian Grand Prix on his team’s home circuit, Arrivabene stoked up the rivalry and tensions between the two top teams.

His Ferrari team showed their comprehensive power and straight-line speed advantage when Sebastian Vettel stormed to victory in last Sunday's Belgian Grand Prix, beating defending champion Lewis Hamilton of Mercedes into a distant second place by 11 seconds.

"They are not used to this," Arrivabene said. "We were silent. We took punches left and right and we got up. We are used to it and they are not."

His comments came in reference to Hamilton's suggestion that Ferrari's cars had "tricky" parts to assist their performance-setting speed. The Briton explained that he was not suggesting that there was anything illegal or irregular being used by Ferrari.

"I read many articles that talk about our guys who work so well on the car, but then, in the team, I remind everyone that we are not ahead [in the championship], that we are chasing and so we must keep our heads down."

He added that Ferrari were ready to cope with the pressure of expectation that comes with arriving at the Italian GP with momentum on their side.

"For us, it would be a dream and a gift to give to all of Italy, but the responsibility has always been there. This year, we have more pressure, because we won the last race, but this is racing – we are used to it.

"And we are still a young team so I don’t guarantee anything for the rest of the season. I just know that everyone wants this."

Sebastian Vettel is playing it cool ahead of the Italian Grand Prix. EPA
Sebastian Vettel is playing it cool ahead of the Italian Grand Prix. EPA

'No extra pressure'

Vettel's victory cut Hamilton's lead in the title race to 17 points – a margin that could be overhauled in Sunday's race if the German wins and the Briton fails to make any significant impact or is forced to retire.

"It's a recovery, yes, but we're still behind," Arrivabene added. "Now, we have to put it in our heads that if you win a race, you have not won the championship, and that is our goal.

"We must put pressure on Mercedes – they are not accustomed to it.”

The Italian team's drivers said they felt no additional pressure because driving for Ferrari always brought a high level of expectation for success and high standards of performance.

"No, we have no extra pressure," Vettel said. "We know our car the best and we know at what parts of the track and at what point in the year it is strong.

"We know we have a good car now for more or less every track. We have a good package, but we have to work and make it work for us. We want to do our thing and be able to fight for first position and a podium finish on Sunday – that is what you want as a driver.

"It is not healthy to over-think."

Raikkonen said: "It is just the pressure we put on ourselves for what we want to achieve, but it is very close. In certain conditions and on certain circuits, for one team or the other, the differences are very small – and the results.

"We can do our best only and then see what happens."

Lewis Hamilton was bitterly disappointed that his Mercedes-GP was out-powered by Ferrari in Belgium. Getty Images
Lewis Hamilton was bitterly disappointed that his Mercedes-GP was out-powered by Ferrari in Belgium. Getty Images

Hamilton conspicuous by absence at Monza

World championship leader Lewis Hamilton was conspicuous by his absence Thursday after being granted a waiver by Mercedes and Formula One for his Italian Grand Prix media duties.

The four-time world champion was granted his leave for the day for an "unavoidable personal commitment" according to a Mercedes spokesman.

Hamilton is set to arrive at the Autodromo Nazionale at Monza late Thursday evening ahead of this weekend's potentially-critical race on Ferrari's home soil.

The media schedule for Thursday was issued without Hamilton in the main set-piece pre-race interviews, but his title rival Sebastian Vettel was included ahead of his team's home event.

Hamilton was bitterly disappointed that Ferrari out-powered his Mercedes at last Sunday's Belgian Grand Prix where Vettel was triumphant and the Englishman finished 11 seconds behind him.

Hamilton leads Vettel in the title race by 17 points.

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Read more:

Red Bull: Ricciardo leaving for 'change of scenery' but Verstappen is not convinced

Lewis Hamilton v Sebastian Vettel: who will be crowned F1 champion?

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Force India have been brought out of administration, but problems remain. Getty Images
Force India have been brought out of administration, but problems remain. Getty Images

Haas decline to sign deal that benefits Force India

Team boss Guenther Steiner confirmed on Thursday that Haas have declined to sign a deal that would enable the re-born Force India team to have a right to earn prize money.

Steiner said the American team wanted further clarification from Formula One's American owners, Liberty Media, explaining why the Silverstone-based outfit, taken over by Canadian billionaire Lawrence Stroll, should receive special treatment.

"What we need to understand is, with the new licence, why there is a reason not to be treated [like a team] with a new licence," he said.

"That is what we want to understand - and we cannot explain that to ourselves, as someone needs to explain it to us, and that hasn’t happened yet."

Talking to reporters, he was asked directly if Haas had signed up to the new deal for Force India.

"No," he said. "With the new licence, we didn't sign up for that. We still need to understand why it should be different."

Last weekend in Belgium, the Force India team finished fifth and sixth after a rain-aided lockout of the second row of the grid, in their first outing since being bought out of administration.

It was a "fairy tale" result that was celebrated with glee by the team.

Team boss Otmar Szafnauer was delighted, also, by the agreement that he believed was unanimous in the pit lane to allow the new Force India team to retain the old team’s prize money.

"The remaining nine teams have signed, so to speak, a document that enables us to keep the money that Sahara Force India had earned in years past," he said, not knowing at the time that Haas had refused to sign up.

The specs
Engine: 3.0-litre 6-cyl turbo

Power: 374hp at 5,500-6,500rpm

Torque: 500Nm from 1,900-5,000rpm

Transmission: 8-speed auto

Fuel consumption: 8.5L/100km

Price: from Dh285,000

On sale: from January 2022 

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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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.
Schedule:

Sept 15: Bangladesh v Sri Lanka (Dubai)

Sept 16: Pakistan v Qualifier (Dubai)

Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)

Sept 18: India v Qualifier (Dubai)

Sept 19: India v Pakistan (Dubai)

Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four

Sept 21: Group A Winner v Group B Runner-up (Dubai) 

Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)

Sept 23: Group A Winner v Group A Runner-up (Dubai)

Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)

Sept 25: Group A Winner v Group B Winner (Dubai)

Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)

Sept 28: Final (Dubai)

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.”

Racecard
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Cricket World Cup League 2 Fixtures

Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)

Sunday March 6, Oman v Namibia, ICC Academy

Tuesday March 8, UAE v Namibia, ICC Academy

Wednesday March 9, UAE v Oman, ICC Academy

Friday March 11, Oman v Namibia, Sharjah Cricket Stadium

Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium

UAE squad

Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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

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

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