Sheikh Saif bin Zayed hails achievement of staging Abu Dhabi Grand Prix during pandemic

Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, said staging the final race of the pandemic-affected 2020 Formula One season was another example of the country’s ability to achieve.

“The success of organising the championship during these circumstances reaffirms the capabilities of the UAE,” he said.

Sheikh Saif earlier watched Max Verstappen cruise to victory in the Etihad Airways Abu Dhabi Grand Prix.

The Dutchman led from start to finish to claim maximum points and finish third in the championship.

Mercedes drivers Valtteri Bottas and Lewis Hamilton also finished on the podium in Abu Dhabi, with the Englishman now a record-equalling seven-time world champion.

Sheikh Saif presented Verstappen with the trophy for winning the race at the Yas Marina Circuit.

Khaldoon Al Mubarak, chairman of the Abu Dhabi Executive Affairs Authority, and Chase Carey, chief executive of the Formula One Group, also attended the trophy presentations.

Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior (2nd L) and Mohamed bin Sulayem, FIA Vice President and President of the Automobile and Touring Club for the UAE (R), with Valtteri Bottas (2nd place winner, 4th L), Max Verstappen (Winner, 5th L) and Lewis Hamilton (3rd place winner, 6th L). Hamad Al Mansoori / Ministry of Presidential Affairs
Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior (3rd L) stands for the national anthem prior to the final race of the 2020 Formula 1 season at Yas Marina Circuit. Mohamed bin Sulayem, FIA Vice President and President of the Automobile and Touring Club for the UAE (L) Khaldoon Al Mubarak, CEO and Managing Director Mubadala, Chairman of the Abu Dhabi Executive Affairs Authority and Abu Dhabi Executive Council Member (2nd L) and Chase Carey, Formula 1 Chairman and CEO (4th L) are also pictured. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior (C), walks the pit lane prior to the Etihad Airways Abu Dhabi Grand Prix at Yas Marina Circuit. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, speaks with Chase Carey, Formula 1 Chairman and CEO, at Yas Marina Circuit. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, Khaldoon Al Mubarak, CEO and Managing Director Mubadala, Chairman of the Abu Dhabi Executive Affairs Authority and Abu Dhabi Executive Council Member (L) and Chase Carey, Formula 1 Chairman and CEO (R), stand for the UAE national anthem at Yas Marina Circuit. Hamad Al Kaabi / Ministry of Presidential Affairs. Hamad Al Kaabi / Ministry of Presidential Affairs ---
Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, and Chase Carey, Formula 1 Chairman and CEO, stand for the national anthem prior to the race. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior (3rd L) stands for the national anthem prior to the final race of the 2020 Formula 1 season at Yas Marina Circuit. Mohamed bin Sulayem, FIA Vice President and President of the Automobile and Touring Club for the UAE (L) Khaldoon Al Mubarak, CEO and Managing Director Mubadala, Chairman of the Abu Dhabi Executive Affairs Authority and Abu Dhabi Executive Council Member (2nd L) and Chase Carey, Formula 1 Chairman and CEO (4th L) are also pictured. Hamad Al Kaabi / Ministry of Presidential Affairs ---

THE BIO

Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking

STAGE 4 RESULTS

1 Sam Bennett (IRL) Deceuninck-QuickStep - 4:51:51

2 David Dekker (NED) Team Jumbo-Visma

3 Caleb Ewan (AUS) Lotto Soudal

4 Elia Viviani (ITA) Cofidis

5 Matteo Moschetti (ITA) Trek-Segafredo

General Classification

1 Tadej Pogacar (SLO) UAE Team Emirates - 12:50:21

2 Adam Yates (GBR) Teamn Ineos Grenadiers - 0:00:43

3 Joao Almeida (POR) Deceuninck-QuickStep - 0:01:03

4 Chris Harper (AUS) Jumbo-Visma - 0:01:43

5 Neilson Powless (USA) EF Education-Nippo - 0:01:45

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COMPANY%20PROFILE

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What are the influencer academy modules?

Mastery of audio-visual content creation.
Cinematography, shots and movement.
All aspects of post-production.
Emerging technologies and VFX with AI and CGI.
Understanding of marketing objectives and audience engagement.
Tourism industry knowledge.
Professional ethics.

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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.”

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem

Rating: 4/5

Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

MATCH INFO

Liverpool v Manchester City, Sunday, 8.30pm UAE

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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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

Kandahar%20

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W.
Wael Kfoury
(Rotana)

Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

Heather, the Totality
Matthew Weiner,
Canongate

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About Tenderd

Started: May 2018

Founder: Arjun Mohan

Based: Dubai

Size: 23 employees

Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital

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What is the definition of an SME?

SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.

A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.