Lewis Hamilton has questioned the decision not to hit Sebastian Vettel with further punishment after the Ferrari driver drove into him at the Azerbaijan Grand Prix.
The German ran into the back of Hamilton and pulled his car alongside the race leader before driving into the side of the Briton's Mercedes.
Vettel was hit with a 10-second stop-and-go penalty, having claimed he was brake-tested my Hamilton - telemetry showed otherwise - but still finished ahead of his title rival to open his lead to 14 points.
He then attended a meeting in Paris where the FIA, motorsport's governing body, opted against dishing out any more reprimands for the incident.
The pair were reunited in the drivers' press conference ahead of Sunday's Austrian Grand Prix, where both attempted to steer away from any further conversation relating to the flashpoint.
Hamilton, who has worked has an FIA road safety ambassador, labelled Vettel a "disgrace" after the race in Baku and said the move would send the wrong message to children.
When asked if his opinion had changed in the past two weeks, Hamilton said it should be the FIA answering any questions over its dealing with Vettel.
"I don't think anything changes, so my opinion stays the same," he said. "With all due respect, Jean [Todt, FIA president] should be here to answer some questions. They [the FIA] didn't change anything on Monday so the message sent remains the same.
"Rivalry is good for any sport, I don't disagree with that. But we are used as a platform, and we are supposed to be role models and we are supposed to give a certain message.
"We are human and don't always get it right but collectively, as a sport, we are supposed to inspire and send the right message. We are in a position of power and how we utilise that is important.
"I don't think I was particularly upset after the race, I don't think I said anything I would particularly take back. It is water under the bridge now. There is no point saying much more."
Asked whether the incident was in the past, Hamilton said: ''It is for me. I'm focused on this weekend. It is an interesting press conference with all these people here. I said everything I felt I needed to say at the last race and just left it there.
''Sebastian and I, we spoke after the race on the Monday and then shortly after that he messaged me so, for me, I still have the utmost respect for him as a driver and will continue to race him hard for the rest of the season like we always have.
"The conversation we had, there wasn't actually an apology even if that was the intent - we were just texting.
"My only point to Sebastian, he said I brake-tested him, I asked if he could address that publicly because the data showed that wasn't the case. I had no intentions. There was no need for me to do anything like that - I was in the lead."
Vettel, who offered his "sincere apologies to the FIA and the wider motor sport family" after Monday's meeting, was still in a remorseful mood on Thursday and insisted he never intended to harm his rival.
"We are mature enough to move on," he said. "If I could literally go back and take it away I would do that but I can't. I said I never had the intention to hurt him, like punch him or anything. It wasn't to hurt him or damage his car - it was at low speed, but looking back it was dangerous.
"I think you have seen it many times. I have seen it. I made the statement. I had the chance to quickly talk to Lewis after the race but I don't want to pump it up more than it is already.
''It was the wrong move to drive alongside him and hit his tyre. That is, I guess, what you all want to hear about but there is nothing more to say.
''Am I proud of the moment? No. Can I take it back? No. Do I regret it? Yes.
"Obviously what I did was wrong and I apologise. It is up to Lewis. I made the mistake but it is nice to see that we are able to move forward and the respect we have for each other helps us.''
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Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
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Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
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The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
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Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
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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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Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
