Lewis Hamilton will start from 24th on the grid.
Lewis Hamilton will start from 24th on the grid.

Lewis Hamilton stripped of pole position in Spanish Grand Prix



BARCELONA // Lewis Hamilton delivered a devastating fastest qualifying lap to secure his McLaren-Mercedes team a 150th Formula One pole position for today's Spanish Grand Prix. Yet it would not have been in keeping with this enthrallingly unpredictable season were the story to end there.

The Briton finished more than half a second quicker than second-placed Pastor Maldonado. Yet it is the Williams driver who will start from pole for the first time after Hamilton, who was ordered by his team to stop his car during his slow-down lap, was relegated to the back of the grid after being deemed to have broken the governing body's regulations.

Martin Whitmarsh, the McLaren team principal, had said the car was stopped prematurely due to "a technical problem". Sam Michael, McLaren's sporting director, when called in front of the race stewards, explained the car stopped "for reasons of force majeure".

The FIA, however, found their was insufficient fuel in the car for it to return to the pits under its own power and "as the amount of fuel put into the car is under the complete control of the competitor, the stewards cannot accept this as a case of force majeure," read the governing body's statement.

A McLaren spokesman said: "We accept that the stewards did not agree with our interpretation of force majeure. Our aim is now to maximise the points we can score [today]."

Hamilton will now start this today's race from 24th position.

The decision means Maldonado, the 27 year old in only his second season in the sport, will start on pole for Williams, who were in celebratory mood even before the FIA's statement. Not only did yesterday mark the first time the storied English marque have started on the front row since the 2010 Brazilian Grand Prix, it coincided with a surprise 70th birthday party for the team's owner Sir Frank Williams.

The Venezuelan has been labelled a pay driver, a criticism not helped by leaked documents appearing to show Maldonado's sponsors bring $46 million (Dh168.9m) to the Williams team.

When asked if yesterday's performance goes some way in proving his talent, he replied: "I'm lucky to have not only a sponsor behind me, but also a country behind me, pushing me so hard. Here I am, doing my job, doing my best, trying to improve every time. I have a mission, which is to be back with Williams to the top, so here we are."

Third-placed Fernando Alonso will move up to the front row, confirming this world championship season's mantra is "expect the unexpected".

The Ferrari driver all but ruled out his chances of success at the start of the week, yet in a year that has thrown up four different winners in four different cars during its opening four races, nothing can be ruled out anymore.

"For us, it was impossible to even dream about being in the top three in the first four races, so definitely it's a step forward," Alonso said. "[But] I don't think there is much more to come. I could put 100 more sets of tyres on and I could only repeat the lap time probably. It is the way it is. I'm extremely happy and hopefully we can capitalise on this good starting position with a good result."

Courtesy of the stewards' decision, the Spaniard has already gained one position and his home race has yet to even begin.

gmeenaghan@thenational.ae

Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Generation Start-up: Awok company profile

Started: 2013

Founder: Ulugbek Yuldashev

Sector: e-commerce

Size: 600 plus

Stage: still in talks with VCs

Principal Investors: self-financed by founder

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The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4

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.”

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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now

Sui Dhaaga: Made in India

Director: Sharat Katariya

Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav

3.5/5

COMPANY%20PROFILE%20
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Cricket World Cup League 2 Fixtures

Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)

Sunday March 6, Oman v Namibia, ICC Academy

Tuesday March 8, UAE v Namibia, ICC Academy

Wednesday March 9, UAE v Oman, ICC Academy

Friday March 11, Oman v Namibia, Sharjah Cricket Stadium

Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium

UAE squad

Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia

Company%20profile
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Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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