A crash during practice forced Khaled Al Qubaisi and team to miss the first qualifying session for the 24-hour endurance race.
A crash during practice forced Khaled Al Qubaisi and team to miss the first qualifying session for the 24-hour endurance race.
A crash during practice forced Khaled Al Qubaisi and team to miss the first qualifying session for the 24-hour endurance race.
A crash during practice forced Khaled Al Qubaisi and team to miss the first qualifying session for the 24-hour endurance race.

Motorsport: Shunt only slows Khaled Al Qubaisi as qualifying at Le Mans begins


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Khaled Al Qubaisi is confident of bouncing back from a setback in the countdown to this weekend's 24 Hours of Le Mans.

The Emirati sat out Wednesday night's first official qualifying session after teammate Prince Abdulaziz bin Turki Al Faisal spun and crashed into the barrier during official practice earlier in the day.

While the Saudi driver was unhurt, the Dunlop Ferrari 458 Italia was too badly damaged to allow Al Qubaisi, the first UAE driver to compete at Le Mans, Abdulaziz and their Italian teammate, Andrea Bertolini, to take part in the evening qualifying session.

The damaged rear half of the car's chassis was being replaced Thursday by a new part which arrived overnight from Italy, and mechanics were working to get the Ferrari ready for tonight's two remaining two-hour qualifying sessions.

"Conditions were very difficult because it had been raining and parts of the track were drying out and others were still wet," said Al Qubaisi, who is sponsored by Emirates Aluminium and supported by Abu Dhabi Racing.

"I drove to begin with and was out for about 45 minutes, and then Abdulaziz took over and was doing well.

"Then, suddenly, the car spun, slid across the grass and hit the barrier quite hard."

"We lost two hours of practice as well as qualifying so we've lost four hours of track time, overall. Before the accident our pace was good and the car was fine, so hopefully we will have no more problems when the race starts."

When the race gets under way Saturday afternoon, the biggest concern for the Emirati will be the constant pressure from the mighty LMP prototypes that dominate the epic endurance race, and the knowledge that a split-second loss of concentration could end his challenge abruptly.

"Our maximum speed is about 300kph, but the LMP cars fly past at 350kph, and the biggest challenge is to be aware of where they are, especially during the night," Al Qubaisi said.

The team is entered in the GTE Pro class, which is for cars adapted from production models and contested by the world's top sports-car brands.

"Obviously, I would love to do well this time, maybe finish in the top 10 in our class, and then come back next year and go for a podium finish," said Al Qubaisi, also supported by Etihad Airways.

"This is as good and as tough as it gets in GT racing, and that puts a lot of pressure on you.

"It's so important not to lose concentration for a moment."

This weekend sees Al Qubaisi creating a piece of motor racing history for the second time in just over 18 months.

In January 2012 he became the first UAE driver to be part of a winning team in the Dunlop 24 Hours of Dubai, returning 12 months later to repeat the feat.

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SPECS

Nissan 370z Nismo

Engine: 3.7-litre V6

Transmission: seven-speed automatic

Power: 363hp

Torque: 560Nm

Price: Dh184,500

HIV on the rise in the region

A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.

New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.

Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.

Access to HIV testing, treatment and care in the region is well below the global average.  

Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.

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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Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

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Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

UAE currency: the story behind the money in your pockets

Chelsea 2 Burnley 3
Chelsea
 Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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UAE currency: the story behind the money in your pockets
What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

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Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Tesalam Aleik

Abdullah Al Ruwaished

(Rotana)

The biog

Name: Abeer Al Shahi

Emirate: Sharjah – Khor Fakkan

Education: Master’s degree in special education, preparing for a PhD in philosophy.

Favourite activities: Bungee jumping

Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.

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Despacito's dominance in numbers

Released: 2017

Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon

Views: 5.3 billion on YouTube

Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification

Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.

Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The specs

Engine: 2x201bhp AC Permanent-magnetic electric

Transmission: n/a

Power: 402bhp

Torque: 659Nm

Price estimate: Dh200,000

On sale: Q3 2022 

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Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

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Founder: Smeetha Ghosh, one co-founder (anonymous)

Launch year: 2020

Employees: four – plans to add another 10 by July 2021

Financing stage: $250,000 bootstrap funding, approaching VC firms this year

Investors: Co-founders

McLaren GT specs

Engine: 4-litre twin-turbo V8

Transmission: seven-speed

Power: 620bhp

Torque: 630Nm

Price: Dh875,000

On sale: now