James West of Britain struggled his way to finish in fourth overall on his KTM 690 in Abu Dhabi yesterday.
James West of Britain struggled his way to finish in fourth overall on his KTM 690 in Abu Dhabi yesterday.

Novitskiy extends overall lead



Team X-Raid's Leonid Novitskiy put in another dominant display to extended his overall lead in the Cars category of the Abu Dhabi Desert Challenge yesterday. The Russian now has a lead of 45 mins 01 secs over Laurent Rosso after the second leg of the event had been completed last night. The 305km stage threw in another bout of hot, heavy weather and mixed fortunes in what is the opening round of the season-opening round of the FIA Cross-Country Rallies World Cup and the FIM Cross-Country Rallies World Championship.

Novitskiy, who is out to retain the title for Team X-Raid, continued to move further ahead as all his rivals toiled in the heat. With Novitskiy flying through the various passage controls, Mark Powell, Rosso, Abdulla Al Heiraz and Abdulbari Bin Sougat began swapping places in a contest that matched the rising temperatures around the Tal Moreeb area. Just after the first service stage, Al Heiraz experienced a gearbox problem that pulled him from the day's action.

The UAE's Yahya Al Helei and his co-driver protégé and son, Mansour, climbed several places in a late surge but missed the service area and continued back to the Bivouac by road. Meanwhile, the Moto category remains unchanged with Marc Coma and Francesco Lopez at the top of the times and looking likely to continue their duel for the overall honours right down until the event climaxes on Thursday with the final stage.

Spain's Coma retained the lead on his factory KTM 690 R. The South African, Sean Gaugain, who finished seventh on the first day, stormed through the first three stages to finish the day third overall on his Honda CRF 450X. Gaugain's rival, the Briton James West, had a disappointing day on his KTM 690 to end the day in fourth overall, despite regular over-heating issues throughout the day. The Open Class category saw Coma remain top of the table with West falling further behind on time but holding on to second place.

The KTM UAE ADCB Racing Team owner, Tim Trenker, sits in third place. In the Quad category, Sebastian Husseini and Obaid Echtibi rode their machines to the limit making for a fine contest between Suzuki and Honda. The biggest rise of the day saw Poland's Sonik Rafal move up 21 places from his overnight finish to pose a serious challenge for third place. The Emirati, Mohammed Al Shamsi, spent a second disappointing day struggling with technical issues. Today's third leg starts and finishes in Moreeb. @Email:sports@thenational.ae

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.”

Squid Game season two

Director: Hwang Dong-hyuk 

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

Rating: 4.5/5

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Barbie
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THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

ABU DHABI ORDER OF PLAY

Starting at 10am:

Daria Kasatkina v Qiang Wang

Veronika Kudermetova v Annet Kontaveit (10)

Maria Sakkari (9) v Anastasia Potapova

Anastasia Pavlyuchenkova v Ons Jabeur (15)

Donna Vekic (16) v Bernarda Pera 

Ekaterina Alexandrova v Zarina Diyas

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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