Lewis Hamilton of Great Britain and Mercedes GP is seen in the paddock ahead of the Monaco Formula One Grand Prix at Circuit de Monaco on May 21, 2014 in Monte-Carlo, Monaco.  Julian Finney / Getty Images
Lewis Hamilton of Great Britain and Mercedes GP is seen in the paddock ahead of the Monaco Formula One Grand Prix at Circuit de Monaco on May 21, 2014 in Monte-Carlo, Monaco. Julian Finney / Getty ImShow more

Lewis Hamilton says driving around street circuit at Monaco is a unique experience



Press Association

Lewis Hamilton describes a lap at Monaco as “unique”, although not quite the existential experience as encountered by hero Ayrton Senna.

It was during qualifying for the 1988 race around the principality that Senna conjured what many believe to be the greatest single lap in Formula One history.

Already ahead of then-McLaren teammate Alain Prost by half a second, Senna produced the drive of his life to finish 1.427 seconds clear of the Frenchman.

Describing the perfect lap at the time, akin to an almost out-of-body experience, Senna said: “I was driving by instinct.

“I was in a different dimension, like in a tunnel, way beyond my conscious understanding. Some moments when I am driving detach me completely from anything else.”

For current championship leader Hamilton, despite the fact he is fourth on the all-time standings with 35 poles to his name, not one of those has been around Monaco.

What Hamilton would not give to clinch pole No 36 on Saturday, nevermind experience what Senna felt all those years ago.

“Every lap I do in qualifying is all done on instinct – the braking zones are done on instinct, the turning points are done on instinct,” Hamilton said. “There is not one race where it’s more than another, and that’s what has got me the pole positions I have.

“Driving here is different, because you have no room for error, even though you are on the limit, so it’s a very unique experience.”

Assessing what it takes at Monaco, where the slightest mistake can pitch a driver into a barrier, Hamilton said: “A lap here never comes easily, and there are different types of laps you can do.

“When I was at McLaren and I had a car that wasn’t the fastest, you were pushing beyond the limit. The chances of crashing were higher. That’s opposed to having a car where you don’t have to go way beyond the limit to be one of the quickest.

“It’s a different position to be in, so you can be smoother, more accurate, and in actual fact, sometimes faster.

“But to get a lap here, it’s all focus, utilising all the braking zones, a combination of getting brakes and tyres up to temperature, and being on it from the first moment.

“Having the confidence to attack that first corner, the feeling when you go into Turn 1, not knowing if you are going to make it, it’s amazing.”

* Press Association

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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.”

Europe’s rearming plan
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  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
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Rating: 2.5/5 

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

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