ABU DHABI // The shimmering shell of the Yas Hotel dominates the skyline, but Bernie Ecclestone believes it is the man-made marina on Yas Island that provides a piece de resistance capable of eclipsing even the hallowed quay of Monte Carlo.
The Yas Marina Circuit, which cost in the region of US$400 million (Dh1.47 billion) and opened its gates for the inaugural Abu Dhabi Grand Prix last year, is the centre of attention once more as the Formula One season approaches one of the most exciting climax in its 61-year history tonight.
Ecclestone, the F1 chief executive who was influential in the February 2007 decision to bring the motorsport showcase to the UAE, said he is amazed by the standards set by the circuit. He is in no doubt that few international cities - if any - can compete when it comes to providing such grand facilities. With a "blank canvas" of an empty island, track designers had free rein to propose a unique circuit that could rival the best in the world.
With run-off areas that protrude under the stands, underground pit exits and a paddock that backs on to a luxurious docking area for some of the world's most expensive yachts, Ecclestone believes the designers achieved their goal.
"I was shattered to think that this is a better-looking marina than Monte Carlo," said Ecclestone from a seat in the plush paddock. "There are a lot of people who would like to, but there are not many people who can follow this.
"Forget the finance, the effort these people have put behind it to get to where we are in such a short period is incredible. I mean, it is not just a case of building a race track; they have built an island as well to put the race track on."
It seems fitting, then, that Abu Dhabi is where the most important race of the season will take place.
The season-ending race is a coveted place on the F1 calendar and there was whispered disappointment when the provisional 2011 schedule revealed Brazil's Interlagos to be the final race venue and Abu Dhabi the penultimate event.
Ecclestone said he has "never understood" why grand prix organisers desire the season-ending race, but added nothing is confirmed yet and that Abu Dhabi could yet secure it for next season.
"It is a big risk being the last race of the championship, because you just don't know how it will unfold - it could have all happened in Brazil [this year]," he said.
When asked whether there is a possibility for Abu Dhabi to close out the season next year, Ecclestone replied: "We'll see. It's not scheduled to be, but whether we can change it or not … Let's have a look and see."
India will host its first grand prix next year, taking the number of races on the calendar to 20 and resulting in a longer season.
Demand is high, with Russia and Rome both vying for future races, but Ecclestone said it would be difficult to include new venues without sacrificing others. Events in Turkey and China have struggled for spectators in recent years.
"I think 20 races it about as much as we want," he said. "We would have to have a good look at more than 20 and see who we would be willing to lose. Sometimes it takes a bit of time.
"Here is not so bad, but when we first moved out to Bahrain, if you had said three years before that 'Formula One', people would have looked at you and said 'What the hell is that guy talking about?' So it takes time.
"Don't forget in Europe these races have being going on for 60 years. I am surprised, though, how quickly people here have got behind it."
gmeenaghan@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.”
Men’s singles
Group A: Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)
Women’s Singles
Group A: Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)
Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Amit%20Joshi%20and%20Aradhana%20Sah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECast%3A%3C%2Fstrong%3E%20Shahid%20Kapoor%2C%20Kriti%20Sanon%2C%20Dharmendra%2C%20Dimple%20Kapadia%2C%20Rakesh%20Bedi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Results:
6.30pm: Handicap (Turf) | US$175,000 2,410m | Winner: Bin Battuta, Christophe Soumillon (jockey), Saeed bin Suroor (trainer)
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m | Winner: Al Hayette, Fabrice Veron, Ismail Mohammed
7.40pm: Handicap (T) | $145,000 | 1,000m | Winner: Faatinah, Jim Crowley, David Hayes
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m | Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m | Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor
9.25pm: Handicap (T) | $175,000 | 1,400m | Winner: Another Batt, Connor Beasley, George Scott
