Max Chilton has yet to earn a point for Marussia during the 2014 F1 season. Dan Istitene / Getty Images / August 22, 2014
Max Chilton has yet to earn a point for Marussia during the 2014 F1 season. Dan Istitene / Getty Images / August 22, 2014

Max Chilton’s return puts American Rossi’s drive on hold



Marussia reinstated British driver Max Chilton for the Belgian Grand Prix on Friday, a day after the team dropped him, in a U-turn that dashed American Alexander Rossi’s hopes of a race debut.

The Russian-licensed team said in a terse statement that Chilton, 23, was again their nominated driver “following a change in circumstances”.

No details were given for the twist in a saga that has raised many questions and provided little in the way of explanation.

Marussia, who have the smallest budget of any team, had announced on Thursday that reserve driver Rossi would be replacing Chilton due to unspecified ‘contractual issues’ – interpreted by many as shorthand for payments not being received.

Chilton, in an unusual statement issued on his behalf, had suggested however that he was stepping aside voluntarily to help the team attract ‘much-needed funds by selling his seat’.

Why that move should no longer be necessary, and why there was such a disconnect between the two versions, remained a mystery in a sport full of half-truths and euphemism with inconvenient details carefully glossed over.

“I don’t think it would be appropriate for me to comment on the details of the contractual issues because that is confidential between parties involved,” said sporting director Graeme Lowdon.

“There is nothing we can really say on that. This is a result of a change in circumstances.”

Rossi, who would have been the first US driver to start a grand prix since Scott Speed’s last appearance for Toro Rosso in 2007, took part in the day’s first practice session but Chilton was back for the afternoon.

The American joined Marussia only last month, after a change of ownership at his previous team Caterham.

“Alex acquitted himself incredibly well,” said Lowdon.

“He was probably quite surprised to be called up to stand in for a grand prix quite so quick – but he did an extremely good job with that and that is his role as a professional race driver – so I cannot speak too highly of him really.”

Lowdon said the team was working on the assumption that the lineup would not be changed again this season, although there were no guarantees.

“That is certainly what we are working towards. We have seen that there are things that can cause hiccups and changes in that – and that is just how things are,” he added.

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Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

UFC in Abu Dhabi


UFC 112: Invincible (April 10, 2010)

UFC Fight Night: Nogueira v Nelson (April 11, 2014)

UFC 242: Khabib v Poirier (September 7, 2019)


Fight Island 1

UFC 251: Usman v Masvidal (July 12, 2020)

UFC on ESPN: Kattar v Ige (July 16, 2020)

UFC Fight Night: Figueiredo v Benavidez 2 (July 19, 2020)

UFC on ESPN: Whittaker v Till (July 26, 2020)


Fight Island 2

UFC 253: Adesanya v Costa (September 27, 2020)

UFC on ESPN: Holm v Aldana (October 4, 2020)

UFC Fight Night: Moraes v Sandhagen (October 11, 2020)

UFC Fight Night: Ortega v Korean Zombie (October 18, 2020)

UFC 254: Khabib v Gaethje (October 24, 2020)



Fight Island 3

UFC on ABC:
Holloway v Kattar (January 16, 2021)

UFC on ESPN: Chiesa v Magny (January 20, 2021)

UFC 257: Poirier v McGregor 2 (January 24, 2021)



UFC 267: Blachowicz v Teixeira (October 30, 2021)

UFC 280: Oliveira v Makhachev (October 22, 2022)

The specs+

Engine: 2x201bhp AC Permanent-magnetic electric

Transmission: n/a

Power: 402bhp

Torque: 659Nm

Price estimate: Dh200,000

On sale: Q3 2022 

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

THURSDAY'S ORDER OF PLAY

Centre Court

Starting at 10am:

Lucrezia Stefanini v Elena Rybakina (6)

Aryna Sabalenka (4) v Polona Hercog

Sofia Kenin (1) v Zhaoxuan Yan

Kristina Mladenovic v Garbine Muguruza (5)

Sorana Cirstea v Karolina Pliskova (3)

Jessica Pegula v Elina Svitolina (2)

Court 1

Starting at 10am:

Sara Sorribes Tormo v Nadia Podoroska

Marketa Vondrousova v Su-Wei Hsieh

Elise Mertens (7) v Alize Cornet

Tamara Zidansek v Jennifer Brady (11)

Heather Watson v Jodie Burrage

Vera Zvonareva v Amandine Hesse

Court 2

Starting at 10am:

Arantxa Rus v Xiyu Wang

Maria Kostyuk v Lucie Hradecka

Karolina Muchova v Danka Kovinic

Cori Gauff v Ulrikke Eikeri

Mona Barthel v Anastasia Gasanova

Court 3

Starting at 10am:

Kateryna Bondarenko v Yafan Wang

Aliaksandra Sasnovich v Anna Bondar

Bianca Turati v Yaroslava Shvedova

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

COMPANY PROFILE:

Name: Envision
Started: 2017
Founders: Karthik Mahadevan and Karthik Kannan
Based: The Netherlands
Sector: Technology/Assistive Technology
Initial investment: $1.5 million
Current number of staff: 20
Investment stage: Seed
Investors: 4impact, ABN Amro, Impact Ventures and group of angels

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 BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

RESULT

Argentina 0 Croatia 3
Croatia: 
Rebic (53'), Modric (80'), Rakitic (90'+1)

Specs

Engine: 1.5-litre turbo 4-cylinder / 2.0 turbo 4-cylinder (S3)
Power: 148bhp / 328bhp (S3)
Torque: 250Nm / 420Nm (S3)
On sale: December
Price: TBA

BLACKBERRY

Director: Matt Johnson

Stars: Jay Baruchel, Glenn Howerton, Matt Johnson

Rating: 4/5


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Keep up with all the Middle East and North Africa athletes at the 2024 Paris Olympics

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