Thani Al Qamzi of UAE and Ahmed Al Hameli of the Abu Dhabi F1 team crash at the UIM F1 H2O powerboat Grand Prix of Abu Dhabi -November 28-29, 2013. Picture by Paul Lakatos.
Thani Al Qamzi of UAE and Ahmed Al Hameli of the Abu Dhabi F1 team crash at the UIM F1 H2O powerboat Grand Prix of Abu Dhabi -November 28-29, 2013. Picture by Paul Lakatos.

Double whammy for Grand Prix of Abu Dhabi’s local favourites



A collision in the first corner between their two riders ruined Team Abu Dhabi’s hopes of success at the UIM F1 H20 World Championship Grand Prix of Abu Dhabi yesterday.

Ahmed Al Hameli and Thani Al Qamzi made contact as they attempted to make their way around the first buoy, with both being eliminated on the spot.

The pair began in fourth and sixth on the grid, and Al Hameli lamented the incident.

“When I got to the buoy, I saw no one behind me and I was making good progress and was up with Alex Carella,” the Emirati said.

“Then, there was a collision and it was over.

“We are obviously very disappointed not to have been able to challenge for the win at our home race for the first time.”

Pole-sitter Sami Selio of Finland led from the restart and survived a second yellow-flag situation after 18 laps when Ziwei Xiong’s boat flipped to control the race throughout in his Team Mad Croc BaBa boat.

The Finn’s winning margin was 2.41 seconds over Frenchman Phillipe Chiappe and Selio will take a slender two-point championship lead over the Qatar Team’s Shaun Torrente to the final race in Sharjah on December 13.

World champion Alex Carella of the Qatar Team was third and holds a similar position in the title race, a mere four points behind Selio.

Chiappe is fourth and a thrilling final-race showdown looms between the four drivers. Perhaps the drive of the race came from Norway’s Marit Stromoy. She overcame a persistent challenge from Torrente to secure a career-best fourth place.

In the F-4s category, there was disappointment for Rashid Al Romaithi as technical problems on his boat meant the Team Abu Dhabi driver was unable to compete in yesterday’s race.

Latvia’s Nikita Lijcs took the honours by holding off the challenge of Nicklas Friberg, while a third-place finish for Mike Szymura gave the German racer the drivers’ championship.

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What can you do?

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

Seek professional advice from a legal expert

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

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Frankenstein in Baghdad
Ahmed Saadawi
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Transmission: Eight-speed auto
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

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Patrick Chamoiseau

Translated from the French and Creole by Linda Coverdale

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Cry Macho

Director: Clint Eastwood

Stars: Clint Eastwood, Dwight Yoakam

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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Scoreline:

Manchester City 1

Jesus 4'

Brighton 0

MATCH INFO

AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports

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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.”

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Scoreline:

Barcelona 2

Suarez 85', Messi 86'

Atletico Madrid 0

Red card: Diego Costa 28' (Atletico)