ABU DHABI // Lewis Hamilton, under the floodlights of Yas Marina Circuit last night, enjoyed an excess typical of Formula One: he asked for a bubble and was in return given thousands of them.
The troubled Briton had spoken earlier in the week of his desire to be ensconced, much like his McLaren-Mercedes teammate Jenson Button, in "a happy bubble" of friends, family and positivity.
However, following an imposing victory in the third Etihad Airways Abu Dhabi Grand Prix, he found himself soaked in globules of sparkling rosewater. Bubbles ran down the 26 year old's face as he savoured his first win in almost four months by standing at the top of the podium with a grin as wide as the Sheikh Zayed Bridge.
“I’m ecstatic,” said Hamilton, who has endured an ill-fated season both on and off the track. “I am really happy to be back up here.”
Hamilton had started the season's penultimate race in second place behind Sebastian Vettel, the world champion, but when Red Bull Racing's German driver spun off after suffering a puncture at only the second turn of the first lap, Hamilton inherited the lead and held it resolutely for 55 laps.
“I didn’t know which way he was going to go, so I was just trying to avoid that,” Hamilton said of the moment he watched Vettel retire for the first time this season. “I saw immediately something happened to his tyre, but also I saw I had two very quick drivers behind me and just had to maintain the gap.”
Ferrari's Fernando Alonso finished in second place, more than eight seconds behind the winner yet 17.4 seconds ahead of Button.
The Spaniard almost stole the lead at the final pit stop, but Hamilton showed the determination to win that has seen him criticised in recent months and held on to secure his third win of the season.
“I feel fantastic,” Hamilton said. “It was one of my best races. To hold off one of the best drivers in the world is very tough to do. It’s early days, but this is definitely the start of something. We’ve got another great race ahead of us in Brazil and I’ve just got to keep my mind on the game.”
The 2008 world champion has seen his private life come under scrutiny this season following the decision to split with his father’s management company as well as enduring a high-profile separation from Nicole Schwerzinger, his long-term girlfriend.
Last night, he seemed a figure far removed from the sullen character who barely smiled in South Korea last month, despite breaking Red Bull’s monopoly on qualifying. “I definitely think this weekend I’ve been clearer in my mind with less weight on me, less thoughts about the issues that I’ve got,” he said.
He added: “When I was doing the [celebratory] lap before coming in, I was thinking this is one of my best [wins] because I didn’t make any mistakes. With the doubt and pressure surrounding me, I feel massively proud to put that kind of performance together and come out on top. And it’s my mum’s birthday which makes it even better.”
Vettel, who secured his maiden drivers’ title last in the UAE capital last year, had no such reason to celebrate this year. The 24 year old has been remarkably talkative since clinching a second successive title in Japan last month, but appeared only briefly following last night’s chequered flag.
“On the exit of the first corner, everything seemed fine and then turning into the second corner I could feel that something was odd on the rear right,” he said. “I had to catch the car surprisingly and then the second time, I couldn’t do it anymore. I had a puncture and spun off. When I got back to the pits, the resulting suspension damage meant we couldn’t carry on.”
He added: “There wasn’t anything we could have done better really this weekend; we just need to look at what had caused the puncture. I had a good start and I was very happy with the car up until that point.”
Pirelli, the tyre manufacturers who supply all 12 race teams, are investigating the incident.
Vettel will be looking to bounce back at the final race of the season in Brazil in two weeks. "To lose the race so early on, it hurts for sure," he said. "There wasn't much we could do, so after that I took the opportunity to learn a little bit on the pit wall."
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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.”
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
RESULTS
5pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)
5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham
6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi
6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami
7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi
7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi
8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan
A list of the animal rescue organisations in the UAE
RESULT
Manchester United 2 Burnley 2
Man United: Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')
Man of the Match: Jesse Lingard (Manchester United)
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
Results
2pm: Al Sahel Contracting Company – Maiden (PA) Dh50,000 (Dirt) 1,200m; Winner: AF Mutakafel, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
2.30pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,200m; Winner: El Baareq, Antonio Fresu, Rashed Bouresly
3pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson
3.30pm: Keeneland – Handicap (TB) Dh84,000 (D) 1,000m; Winner: Alkaraama, Dane O’Neill, Musabah Al Muhairi
4pm: Keeneland – Handicap (TB) Dh76,000 (D) 1,800m; Winner: Lady Snazz, Saif Al Balushi, Bhupat Seemar
4.30pm: Hive – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer
5pm: Dubai Real Estate Centre – (TB) Handicap Dh64,000 (D) 1,600m; Winner: Lahmoom, Royston Ffrench, Salem bin Ghadayer
