Button needs to raise his game


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Spa rarely disappoints. On Sunday, the Belgian circuit threw up another interesting Grand Prix. Who would have guessed Kimi Raikkonen could win a race in this year's Ferrari? Not me, that's for sure - I couldn't see a Ferrari bettering Kimi's third place in Valencia. It's good to see Kimi back and I'm surprised how competitive the Ferrari was. Likewise, Force India fastest in qualifying? Giancarlo Fisichella finishing second? Unbelievable. It was a total shock. The shock of the year, of any year! Not since the heady days of Jackie Stewart and Eddie Jordan has a back-of-the-grid team produced such a strong showing. I never expected to see it again in modern day F1.

If Fisichella and Force India can keep it going, there could be another car in the championship mix, taking valuable points and influencing the final standings. Looking further ahead, next year's new teams will be buoyed by seeing how limited-budget teams can still cause upsets. It instills a 'if they can do it, why can't we' mentality and gives smaller teams a feel-good factor. But it's not easy to do, even once, and to keep it going would be a truly remarkable feat considering the facilities at hand.

Back to the race, and clearly Kimi was helped by other on-track events, especially those in the crazy first lap. Kimi, courtesy of Robert Kubica, got a small bump, but the optimistic passing attempt by Renault's Romain Grosjean - which ended the races of Jenson Button, Lewis Hamilton and Jaime Alguersuari - was pure drama. It was a rookie mistake, but I do not agree with the many F1 observers blasting the young Frenchman. Crashes are part of motorsport; mistakes are part of a driver's growing up process. Yes, Romain is new to the paddock, but he has race craft, knowledge, understanding and experience honed from years in GP2 and Formula 3. Stepping up to the mark in F1 is a daunting task and hundreds of drivers have failed to make the transition. I hope Grosjean learns from it because I firmly believe he will be a force in future years.

The incident has been made worse because it involved Button and Hamilton. Taking out the reigning and would-be champions has inevitably made the post-race fall-out a lot worse. However, both put themselves in that position with poor qualifying positions. Being back on the grid leaves you susceptible to first-lap incidents. I'm sure Hamiton and Button's initial rage was spurred on by the crash being avoidable, but any anger will have evaporated by now. At the end of the day, both will know they should have been at the front, chasing top-six starting berths.

Button's not had a strong finish in months now. If he wins the championship, no one can doubt that he has been the best over the course of a season, but he is having a lean patch at present. I feel Ross Brawn needs to sit down and talk to him; he needs to try and get his concentration back. The team's performances dropped when questions were raised about their problems on cold tyres. It's almost as if they were over-concentrating on that aspect.

It became more mental than mechanical. They simply forgot about the racing. Now is the time to go back to their roots and get some results to stop the negativity becoming endemic. Speed and points are the cure. Rubens Barrichello has shown the car is capable, now Button needs to get back in the zone and realise everyone else has upped their game. He cannot afford to be over-relaxed. @Email:sports@thenational.ae

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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.”

Roll of honour 2019-2020

Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain

West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership

UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes

UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II

UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby

PROFILE OF STARZPLAY

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Sector: Entertainment/Streaming Video On Demand

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Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

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Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com