Lewis Hamilton set the fastest time in a rain-interrupted session in Melbourne.
Lewis Hamilton set the fastest time in a rain-interrupted session in Melbourne.

Hamilton avoids the rain to set pace in Melbourne



Lewis Hamilton is confident he and his McLaren-Mercedes teammate Jenson Button will be more competitive in Australia this weekend than they were at the season-opening race in Bahrain after the pair dominated the second session of free practice in Melbourne today. Hamilton topped the timesheet ahead of Button in a rain-disrupted session round the Albert Park circuit to complete a pleasing day for the British team ahead of tomorrow's qualifying. Their performance was in contrast to rivals Ferrari as Fernando Alonso ? who won in Bahrain a fortnight ago ? and teammate Felipe Massa were 15th and 17th fastest respectively. Hamilton qualified fourth in the opening race and immediately declared himself overwhelmed with that performance but admitted a repeat in qualifying tomorrow would be disappointing. "Definitely not," said the 25-year-old when asked if he would be happy with fourth place on the grid. "We are going to be pushing for higher than that. "We have definitely made some improvements [since Bahrain]. The feeling for the one lap on fuel feels better for us so that is what we try to work on and I feel comfortable that tomorrow in qualifying we should be able to attack the guys at the front." Teammate and reigning world champion Button was also buoyed by his performance in practice but believes it may still be a little too early to know whether they will challenge with the Ferraris and Red Bulls tomorrow. "We are making steps forward but I still don't know where we are," he said. "It's only practice and I'm sure we're lighter than some of the quick cars out there, the cars that were quick in Bahrain. "But tomorrow we'll see where we actually stand. It's important for us to be doing what we are, to get a good balance with the car and a good feeling with the car." Red Bull's Mark Webber enjoyed an encouraging session by going third fastest as he looks to claim victory at his home race. However, the 33-year-old believes the sporadic spells of rain made it difficult to truly get the most from the session. "It is pretty much the team's worst nightmare when the weather is just on edge like that," he said. "You cannot commit to learning too much in the wet and it is quite tricky in the dry as well. We had a couple of windows where we got some information though, so we have good data for tonight." Michael Schumacher outpaced Mercedes teammate Nico Rosberg for the first time in practice this season as he finished fourth and the 41-year-old is feeling optimistic about the weekend. "All in all, we learned a lot and we could improve the set up of our car quite reasonably," he said. "In the end our times were competitive so I think we can look forward to the rest of the weekend." * PA Sport

TICKETS

Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.

Global institutions: BlackRock and KKR

US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.

KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.

 

Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded 

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.”

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

Funding/investors:  $400,000 (2018) 

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
if you go

The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip 
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles. 

Movie: Saheb, Biwi aur Gangster 3

Producer: JAR Films

Director: Tigmanshu Dhulia

Cast: Sanjay Dutt, Jimmy Sheirgill, Mahie Gill, Chitrangda Singh, Kabir Bedi

Rating: 3 star