SHANGHAI // Mercedes-GP rivals Lewis Hamilton and Nico Rosberg resumed hostilities in China yesterday after Hamilton snatched pole position by the smallest of margins, much to German driver Rosberg’s chagrin.
Hamilton, the Formula One world champion, edged out Rosberg by just four hundredths of a second in Shanghai. The German bristled when reminded he had out-qualified Hamilton in 2014, saying there was no cause for alarm.
“I think last year he was also three or four up on me in qualifying and I pulled it back afterwards,” Rosberg said after watching Hamilton take pole for the third time in three races this season.
“I just missed out by four hundredths,” he added. “And who cares anyways. It’s points that count.”
Rosberg’s frustration was evident, however, and he rather truculently refused to shake Hamilton’s hand after climbing out of his car, while pointedly offering congratulations to countryman Sebastian Vettel, who took third for Ferrari.
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Still seething, Rosberg said it stung not to put a dent in Hamilton’s armour after coming so close.
“Yes, it is a particularly pleasurable experience,” he said slowly with a wry smile, referring to the feeling of putting one over on the Briton.
Hamilton, in contrast, took a thinly veiled dig at Rosberg as the feud, which boiled over last year when Rosberg drove into him in Belgium, threatened to erupt again.
“I don’t actually mind him having more (poles),” he said. “He can have the trophy for most poles. As long as I have the trophy for winning – that’s all that matters. Ultimately, qualifying is not the end of the world.”
Mercedes team principal Toto Wolff, who has taken the bickering rivals to task after their public spat, reiterated that the team preferred not to adopt split strategies and to let the two drivers compete on a level playing field.
But he said that after Vettel’s surprise victory in Malaysia two weeks ago, Mercedes could be forced into a rethink to combat the Ferrari threat.
“It could trigger different behaviour from us,” Wolff said. “What we always tried to do last year was to play it fair and square, stay as neutral as possible, so we don’t argue at the end of the race.”
That prompted a sharp intake of breath from Rosberg.
“Definitely I don’t like that,” he said. “Because it’s an artificial addition to our fight. It’s not a fair fight for one or the other. But we’re racing for Mercedes and in the first instance we need to win for Mercedes.”
“I haven’t got any worries just yet,” Hamilton said.
“Ultimately the car in front gets the best strategy, so I’ve put myself in the best position for that.”
Elsewhere, Will Stevens said he knew he faced a steep learning curve after finally qualifying for his first grand prix with Manor this season.
Stevens was forced to sit out the sessions in Australia and Malaysia due to mechanical issues, but after a trouble-free qualifying he will line up on the grid in China in 19th, ahead of teammate Roberto Merhi.
Though Stevens competed for Caterham in their final race prior to their demise in Abu Dhabi last season, the Briton, 23, faces a tough task at the Shanghai International Circuit.
“It was nice to finally get out there, do a quali run and show what we can do,” Stevens said.
“As far as the day went we had no issues, everything went to plan and overall I was happy with the lap I did. It was pretty solid.
“For the race, I’ve not done a long run in this car, so for me it’s going to be a test session.
“I need to work out what’s happening with the car and how it’s going to react on the option (soft) tyre, especially as I haven’t done a run on that.
“Where I feel most confident in myself is in tyre management, so come the race we should be fine.
“Priority No 1 will be to get to the finish, but clearly I want to continue the form I’ve been in this weekend and carry that on into the race.
“I believe I can do a good job, but I know I’ll need to learn quickly as the race unfolds.”
STARTING GRID FOR THE CHINESE GRAND PRIX
1st row
Lewis Hamilton (GBR/Mercedes)
Nico Rosberg (GER/Mercedes)
2nd row
Sebastian Vettel (GER/Ferrari)
Felipe Massa (BRA/Williams-Mercedes)
3rd row
Valtteri Bottas (FIN/Williams-Mercedes)
Kimi Raikkonen (FIN/Ferrari)
4th row
Daniel Ricciardo (AUS/Red Bull-Renault)
Romain Grosjean (FRA/Lotus-Mercedes)
5th row
Felipe Nasr (BRA/Sauber-Ferrari)
Marcus Ericsson (SWE/Sauber-Ferrari)
6th row
Pastor Maldonado (VEN/Lotus-Mercedes)
Daniil Kvyat (RUS/Red Bull-Renault)
7th row
Max Verstappen (NED/Toro Rosso-Renault)
Carlos Sainz Jr (ESP/Toro Rosso-Renault)
8th row
Sergio Perez (MEX/Force India-Mercedes)
Nico Hülkenberg (GER/Force India-Mercedes)
9th row
Jenson Button (GBR/McLaren-Honda)
Fernando Alonso (ESP/McLaren-Honda)
10th row
Will Stevens (GBR/Marussia-Ferrari)
Roberto Merhi (ESP/Marussia-Ferrari)
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'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,000mm, Winners: Mumayaza, Fabrice Veron (jockey), Eric Lemartinel (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m, Winners: Sharkh, Pat Cosgrave, Helal Al Alawi
6pm: The President’s Cup Prep - Conditions (PA) Dh100,000 (T) 2,200m, Winner: Somoud, Richard Mullen, Jean de Roualle
6.30pm: Handicap (PA) Dh90,000 (T) 1,600m, Winner: Harrab, Ryan Curatolo, Jean de Roualle
7pm: Abu Dhabi Equestrian Gold Cup - Prestige (PA) Dh125,000 (T) 1,600m, Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi
7.30pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m, Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
8pm: Maiden (TB) Dh80,000 (T) 1,400m, Winner: Nibras Passion, Bernardo Pinheiro, Ismail Mohammed
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Celta Vigo 2
Castro (45'), Aspas (82')
Barcelona 2
Dembele (36'), Alcacer (64')
Red card: Sergi Roberto (Barcelona)
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
RACECARD
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m
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 specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
T20 WORLD CUP QUALIFIER
Results
UAE beat Nigeria by five wickets
Hong Kong beat Canada by 32 runs
Friday fixtures
10am, Tolerance Oval, Abu Dhabi – Ireland v Jersey
7.30pm, Zayed Cricket Stadium, Abu Dhabi – Canada v Oman
MATCH INFO
Pakistan 106-8 (20 ovs)
Iftikhar 45, Richardson 3-18
Australia 109-0 (11.5 ovs)
Warner 48 no, Finch 52 no
Australia win series 2-0
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The National's picks
4.35pm: Tilal Al Khalediah
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6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
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