In motorsport, if you want to play, you have to pay



ABU DHABI // Of the 12 amateur drivers competing in this weekend’s TRD86 Cup at the Yas Marina Circuit, the majority have, from their own deep pockets, paid US$40,000 (Dh147,000) for the privilege.

Such financial sums will appear as eye-watering as a chopped onion to some, so it is little surprise the Emirates’ embryonic racing series has been dismissed by critics as merely boys and their toys.

A playground for princes, they say, with no place for paupers.

However, to judge it as such would be to view motorsport as if it were football or rugby or any other sport that can be played in a park with minimal equipment and some friends.

The fact is, in the same way everybody who has ever visited a race circuit knows the mantra “motorsport can be dangerous”, everyone with a serious interest in racing also knows motorsport is expensive.

A season in Formula Renault costs $200,000.

Two weeks competing in the Dakar Rally will set a driver back $100,000. Formula One, long the top tier of motorsport, is so costly these days the paddock is flooded with drivers chosen for their sponsors – often governments and billionaires – more than their skills behind the wheel.

Shihab Al Faheem, one of six Emiratis competing in the single-make TRD86 Cup on Friday, sits second in the standings ahead of Round 2.

He acknowledges the scepticism surrounding amateur drivers paying large fees to race but says that when it comes to starting out on the road to a racing career it makes sense.

"You cannot just jump into any racing series. You need experience," Al Faheem said. "I cannot just go and hop into the Porsche GT3 Cup unless I am fully sponsored – and what is the point, anyway, if I have no experience?

“There are people who go into Porsche just because they have sponsors, but they do not do well. Just because they have sponsors does not mean they are good drivers.

“For me, if I am paying out of my own pocket, this is the best way to begin.”

When the first of six rounds of the inaugural season took place last month, both races were won by Karim Al Azhari, an Abu Dhabi-born German passport holder who is vastly more experienced than Al F aheem.

Al Azhari has competed in the FIA GT3 Series. Al Faheem’s only on-track involvement is limited to karting.

Yet after eight laps and 22 minutes, the difference past the chequered flag in both races was little more than half a second.

“This is a good series for inexperienced drivers to start,” Al Faheem said.

“It’s a tough competition. Everyone is taking it very serious, and when I sit on the grid before the start, I think only of winning.

“Yes, Karim has more experience, but I finished only 0.5 seconds behind him, so for me, the only way I will deem this weekend a success is if I finish first.”

Also on track at Yas tomorrow is the Formula Gulf 1000, the country’s national single-seater championship, and UAE Time Attack, a new qualifying-like series that involves production-based sports cars competing to record the fastest single lap.

Al Tareq Al Ameri, chief executive at Yas Marina, said the competitions – which combine to make up the Yas Racing Series – are helping to nurture future professionals.

“There is a huge appetite for affordable, entry-level racing action from both amateur drivers and spectators, and we are doing all we can to facilitate this demand,” he said.

It may not be affordable to all, but those who are intent on a career in motorsports, such as Al Faheem, appreciate the opportunity the TRD86 Cup provides.

The cost of future success is not cheap.

gmeenaghan@thenational.ae

Follow us on twitter at @SprtNationalUAE

MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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 
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Scorebox

Dubai Hurricanes 31 Dubai Sports City Eagles 22

Hurricanes

Tries: Finck, Powell, Jordan, Roderick, Heathcote

Cons: Tredray 2, Powell

Eagles

Tries: O’Driscoll 2, Ives

Cons: Carey 2

Pens: Carey

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

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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.”

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20petrol%20(V%20Class)%3B%20electric%20motor%20with%2060kW%20or%2090kW%20powerpack%20(EQV)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20233hp%20(V%20Class%2C%20best%20option)%3B%20204hp%20(EQV%2C%20best%20option)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20350Nm%20(V%20Class%2C%20best%20option)%3B%20TBA%20(EQV)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EMid-2024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3ETBA%0D%3C%2Fp%3E%0A
MATCH RESULT

Al Jazira 3 Persepolis 2
Jazira:
Mabkhout (52'), Romarinho (77'), Al Hammadi (90' 6)
Persepolis: Alipour (42'), Mensha (84')

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Dubai World Cup draw

1. Gunnevera

2. Capezzano

3. North America

4. Audible

5. Seeking The Soul

6. Pavel

7. Gronkowski

8. Axelrod

9. New Trails

10. Yoshida

11. K T Brave

12. Thunder Snow

13. Dolkong 

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UAE currency: the story behind the money in your pockets
The years Ramadan fell in May

1987

1954

1921

1888

The years Ramadan fell in May

1987

1954

1921

1888

MATCH INFO

France 3
Umtiti (8'), Griezmann (29' pen), Dembele (63')

Italy 1
Bonucci (36')

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) 

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young