AUSTIN // Formula One racing is returning to the United States in 2012, with a 10-year deal to stage the US Grand Prix on a track built specifically for the event.
Bernie Ecclestone, the Formula One president, said the circuit in Austin would be the first course in the US exclusively for F1.
The Austin American-Statesman reported the track would cost at least US$250 million (Dh918m), considerably less than the estimated $400 million spent to build Yas Marina Circuit in Abu Dhabi.
Tavo Hellmund, the managing partner of a race promoter involved in the deal, told the newspaper he had talked with Ecclestone as early as 1999 about a Formula One event for Austin and began serious discussion four years ago.
"Austin is more of an F1 crowd than a NASCAR crowd," Hellmund said. "The geography, the tech money, the nightlife, the music. It all just fits with what Formula One is all about."
Austin, with a metro population of about 1.7 million, is a three-hour drive from Dallas, Houston and San Antonio. Hellmund said Austin had to compete with interest for the race "from New York to Miami."
Formula One has been hot and cold on its desire to hold a race in the United States since an eight-year run at Indianapolis Motor Speedway ended after 2007.
In 2007, Ecclestone made fans angry when he said Formula One did not need an American race, even though the US Grand Prix consistently drew one of the biggest crowds on the circuit, attracting about 125,000 fans each year.
In March, Ecclestone told Italian media he wanted a race in New York City. But the race landed in Austin.
Formula One officials who visited Austin were impressed with the city and the plan to build a grand prix-specific course, Hellmund said. "You don't put Austin in same sentence as Monaco or Singapore, but everyone was blown away," Hellmund said. "Austin has grown up. I think they fell in love with the city. It isn't a one-trick pony where we're going to set up a street course."
The eight-year run at Indianapolis produced mixed results. The most notable blemish occurred in 2005 when 14 of 20 drivers pulled off the track just before the race started as a protest over concerns about tyre safety.
Before its run in Indianapolis, Formula One had been hosted in the US by Long Beach, Las Vegas, Detroit, Dallas and Phoenix, all on city street circuits.
Meanwhile, Mark Webber has refused to let his dizzying spell of success go to his head as he attempts to focus on a third successive victory in Istanbul on Sunday.
In the space of seven days earlier this month, Webber catapulted himself into the Formula One title reckoning with back-to-back triumphs in Spain and Monaco.
"It was a special few days, and the emotions from the Monaco race were incredible," said Webber.
"It's nice to reflect on that for a short time, but then you have to get your head down and concentrate on keeping your form.
"It's important to stay focused and get back to business. It's easy to talk about what you're going to do - anyone can do that. The key is getting out there and doing it.
"I'm working hard with the team. There's a lot more to do, and we need to keep going."
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UAE currency: the story behind the money in your pockets
Watch live
The National will broadcast live from the IMF on Friday October 13 at 7pm UAE time (3pm GMT) as our Editor-in-Chief Mina Al-Oraibi moderates a panel on how technology can help growth in MENA.
You can find out more here
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Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
The biog
Favourite hobby: taking his rescue dog, Sally, for long walks.
Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books
Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella
Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"
The chef's advice
Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.
“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”
Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.
The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
German plea
Ukrainian President Volodymyr Zelenskyy told the German parliament that. Russia had erected a new wall across Europe.
"It's not a Berlin Wall -- it is a Wall in central Europe between freedom and bondage and this Wall is growing bigger with every bomb" dropped on Ukraine, Zelenskyy told MPs.
Mr Zelenskyy was applauded by MPs in the Bundestag as he addressed Chancellor Olaf Scholz directly.
"Dear Mr Scholz, tear down this Wall," he said, evoking US President Ronald Reagan's 1987 appeal to Soviet leader Mikhail Gorbachev at Berlin's Brandenburg Gate.
360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin