Lewis Hamilton continued Mercedes-GP’s domination in qualifying and will start for the fourth time in as many races from the top spot today in Bahrain. Mark Thompson / Getty Images
Lewis Hamilton continued Mercedes-GP’s domination in qualifying and will start for the fourth time in as many races from the top spot today in Bahrain. Mark Thompson / Getty Images

Lewis Hamilton on pole for Bahrain Grand Prix, with Sebastian Vettel second



Manama // Nico Rosberg said he had only himself to blame after slipping to third on the grid in qualifying for Sunday’s Bahrain Grand Prix – knocked off the front row by the Ferrari of Sebastian Vettel.

The German, 29, ended up more than half a second adrift of his Mercedes teammate and defending world champion, Lewis Hamilton.

Vettel, who has overhauled Rosberg in the championship, split the two Silver Arrows for the first time this year to confirm Ferrari’s revival.

“Strategy-wise, I got it wrong,” Rosberg said. “I was thinking too much about the race and I underestimated Sebastian’s speed. I took it easy in Q2 to save the race tyres, so I lacked the rhythm for Q3.

“That’s where I went wrong today. Being third is not ideal.

“I didn’t expect to go on used tyres in the first part of Q3. I thought we would go with two new soft sets of tyres and I didn’t expect the used tyre to be so slow.

“The used tyre was really, really poor. I thought it would be good, especially as I took it easy on that used tyre in Q1 as well.

“But it was really poor so that meant I only had a shot at the end and it was just poor management, especially as Sebastian is in front, otherwise it would have been OK.”

Asked to clarify if it was poor management by him, or by the team, he said: “My side – we’re together, but I’m responsible.”

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Vettel was understandably delighted to split the Mercedes men for the first time in dry ­conditions.

“I didn’t find the rhythm to begin with, but at the end it was getting better and I could push,” the German four-time champion said.

“I’m very happy with the front row – in the race we are maybe a bit closer so let’s see what ­happens.”

At the other end of the grid, Jenson Button remained calm and diplomatic despite another day of setbacks that left him starting from the final spot. The 2009 world champion, who was left stranded on track twice in his McLaren Honda on Friday, had another car failure before he had delivered a competitive time at the start of yesterday’s hour of floodlit fast laps. The team said his car had experienced an electrical ­failure.

“Just like yesterday, there was bang and the car just shut down although it did it in a different way,” Button said.

“It was a lot more aggressive and actually a little scary in the cockpit. It’s frustrating when you can’t even do a lap.”

The Briton, 35, was unruffled and said he felt optimistic about the future despite all the ­problems.

“Everything has come at once this weekend, but the important thing is that we are improving,” he said.

“Fernando got into Q2, which is a good step for us. It’s a pity, I could not be there as well, but there’s definitely improvement and we’ve got to stay positive.”

Button’s composure seemed to be at odds with the body language of team chief Ron Dennis in the McLaren garage.

“You see us on TV and obviously pick up on every smile or frown or anything you see, but things are different in reality,” Dennis said.

But Button said: “We’re frustrated, but also know there’s a lot of work needed to do and we are improving all the time. We knew it was going to be a hard start to the year, but at this part of the season there have been more positives than negatives.”

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The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

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.”

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Raha%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Kuwait%2FSaudi%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Tech%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2414%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Soor%20Capital%2C%20eWTP%20Arabia%20Capital%2C%20Aujan%20Enterprises%2C%20Nox%20Management%2C%20Cedar%20Mundi%20Ventures%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20166%3C%2Fp%3E%0A
RESULT

Bayer Leverkusen 2 Bayern Munich 4
Leverkusen:
 Alario (9'), Wirtz (89')
Bayern: Coman (27'), Goretzka (42'), Gnabry (45'), Lewandowski (66')

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

UAE squad to face Ireland

Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind

The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km