Saudi Arabia confirmed last week it will debut on the Formula One calendar next year, with the Saudi Arabia Grand Prix taking place in November.
To be held as a street race in Jeddah, it is expected to fall as the penultimate stop of the 2021 season, before the campaign closes with its traditional finale in Abu Dhabi. It is the third grand prix to take place in the Gulf after the UAE capital and Bahrain.
The Saudi Arabia Grand Prix is said to mark the first year of a long-term partnership between F1 and the Saudi Automobile and Motorcycle Federation (SAMF). Part of the kingdom's Vision 2030 programme, it is anticipated that it will remain in Jeddah while a new track at Qiddiyah is completed. That is scheduled for 2023.
The National caught up with Prince Khalid Bin Sultan Al Faisal, president of the SAMF, to talk about the agreement with Formula One and what hosting a grand prix means for the kingdom. While not giving specifics on the deal, Prince Khalid said: "I can tell you it's a very long relationship and will last year for many, many decades."
Why decide on bringing Formula One to Saudi Arabia?
“For us, it’s a no-brainer. We are big fans of motorsports in general. We like rallies, we like circuit racing, GT racing, single-seaters, and we’re big fans of Formula One. And we’ve been involved since the late 1970s by sponsoring the Williams teams. We have the relationship with Formula One.
"The population of Saudi Arabia, most are them are young in age and we like entertainment, we like sport, so this is the best event both in racing and entertainment, with all the side activities and supporting events. So we have a big appetite for events and racing and, for us, it’s important to deliver something as big and exciting and thrilling as Formula One to our people of Saudi Arabia.
"In the past we used to watch the races on TV and some of us - the hardcore enthusiasts - travelled outside of Saudi Arabia to attend a grand prix. So we brought one of the most popular sports in Saudi Arabia to the Saudi people and we’d like also to take the opportunity by hosting Formula One to bring people to Saudi Arabia and see our lovely city and lovely shore here in Jeddah, especially where the grand prix will take place.
"We’re very excited. We’ve been talking a lot for the past couple of years and finally now we’re going to host a Formula One race. This is a big thing for us in Saudi.”
The race will fall in November, right at the business end of the season. What was the thinking behind that date and the site in Jeddah?
“It’s a street race and we wanted to make sure we are ready to host. The plan for some time was us to host the race in Al Qiddiyah in 2023, but as is our ambition, we can’t wait three years from now - it’s too long for us.
"We wanted to bring Formula One sooner, before 2023, so the Formula One [Group] came here, evaluated a couple of locations and were impressed with Jeddah - especially the corniche and the infrastructure we have here. And it’s located on the Red Sea, so it’s a new area.
"Everything they wanted: the population is here - it’s the second biggest city - we have the port, a new airport, so all the infrastructure we need. And we wanted to showcase something different because most of our events were in Riyadh, so it’s nice to show a different part of Saudi.
"People love to come to Jeddah. We chose November because the weather is good; it’s going to be a night race so this is the best time for us. And it’s also close to Abu Dhabi so it’s going to be easy for the teams in terms of logistics.”
Apart from the street circuit, what will separate the Saudi grand prix from the other two in the region: Bahrain and Abu Dhabi?
“The theme that we’re going to come up with in terms of how can we make the experience more exciting. We’re closer to Africa so I’m sure we’ll attract people from Egypt and other places. The landscape of the Red Sea is really beautiful. I’m sure all the people will come here for Formula One and after they finish he race they will enjoy going to different parts of Saudi Arabia exploring, fishing, diving, enjoying our lovely shores. The weather is not really cold in November, so it’s good for water sports.”
Saudi already has a large portfolio of high-profile international sports events. Where does Formula One fit inside the Vision 2030 initiative?
“It fits very well. Part of the vision is opening up our country and delivering also on improving the quality of the life of our people, to give them what they need. We like entertainment, we like sports. How can you go bigger than Formula One? We started with Formula E, Dakar Rally and now Formula One. For us, it’s the cherry on the top.”
What would represent success for you come the end of the inaugural event?
“First is it is to be an exciting race. I hope nobody will secure the championship before that, so it’s going to still give an excitement and a thrill for who will win in terms of the teams. Also, for us, most importantly is that this pandemic situation to be over, because we want to share our race with everyone. That’s why I really hope this Covid situation ends before our grand prix.”
Did the pandemic ever come into consideration when planning to push through on the deal with Formula One?
“This pandemic, this Covid situation, affected the whole world. The problem is we don’t know how long it will last. We need to live with it. We can’t delay things, we can’t close everything. Life needs to go back to normal, but obviously not like before.
"Our country’s taking very strict measures with the social distancing and how they treated the situation. So we’re doing well. The cases are very low in Saudi Arabia now, and our race is still a year ahead so hopefully things will be better globally. But even if this thing continues we have a very long commitment to Formula One. We’ll deal with it, but we’re not worried. And hopefully people will be able to fly into Saudi Arabia and enjoy our lovely race.”
Given such a challenging year, what does it say about the kingdom that you can commit to such a financial undertaking as the deal with Formula One?
“Saudi Arabia is a well-established country, and we know we’ve been in worse situations. We had a big war in the 1990s; we had an oil crisis. But we managed to come through it and, especially now with Vision 2030, where a lot of things have changed, we don’t rely a lot any more on oil prices.
"Our economy is very big, so we are not concerned at all. The government gave us all that we needed to host and organise this event to a very high standard. The only thing we want to do is to share what we’re doing with people, give them the opportunity to come and see us. We have no worries that we can’t deliver on time for whatever reason. As I said, we are a big country - we have a lot of resources. That’s the least of concerns now.”
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
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.”
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Sour%20Grapes
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THE SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
Torque: 580 Nm
Price: From Dh399,000
On sale: Now
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
ASIAN%20RUGBY%20CHAMPIONSHIP%202024
%3Cp%3E%3Cstrong%3EResults%3C%2Fstrong%3E%3Cbr%3EHong%20Kong%2052-5%20UAE%3Cbr%3ESouth%20Korea%2055-5%20Malaysia%3Cbr%3EMalaysia%206-70%20Hong%20Kong%3Cbr%3EUAE%2036-32%20South%20Korea%3Cbr%3E%3Cbr%3E%3Cstrong%3EFixtures%3C%2Fstrong%3E%3Cbr%3EFriday%2C%20June%2021%2C%207.30pm%20kick-off%3A%20UAE%20v%20Malaysia%3Cbr%3EAt%20The%20Sevens%2C%20Dubai%20(admission%20is%20free).%3Cbr%3ESaturday%3A%20Hong%20Kong%20v%20South%20Korea%3Cbr%3E%3C%2Fp%3E%0A
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
1971: The Year The Music Changed Everything
Director: Asif Kapadia
4/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
