The car driven by Scott Dixon, of New Zealand, goes over the top of Jay Howard, of England, in the first turn during the running of the Indianapolis 500 auto race at Indianapolis Motor Speedway, Sunday, May 28, 2017, in Indianapolis. AP Photo
The car driven by Scott Dixon, of New Zealand, goes over the top of Jay Howard, of England, in the first turn during the running of the Indianapolis 500 auto race at Indianapolis Motor Speedway, SundaShow more

Indy 500: Sato wins, Alonso’s engine blows and Dubai-born Jones finishes third



Fernando Alonso’s decision to temporarily ditch Formula One failed to pay dividends as engine failure forced him out of a crash-disrupted Indianapolis 500.

The Spaniard, who opted to skip the Monaco Grand Prix to compete at the Indianapolis Motor Speedway circuit, had spent time leading but found himself slightly off the pace when his car let him down with 22 laps remaining.

Japanese driver Takuma Sato eventually took the chequered flag, with Helio Castroneves second and Dubai-born Briton Ed Jones completing the podium.

A series of yellow and red flags affected the 101st running of the race, with favourite Scott Dixon extremely lucky to escape injury following a horrific-looking smash just after the 50-lap mark.

Starting fifth on the grid, rookie Alonso was strongly fancied to win.

The two-time F1 champion eased himself into the race, playing it safe as he initially dropped back a few places inside the opening 10 laps.

He quickly shook off the timid start and edged ahead of team-mate Alexander Rossi on Lap 37 to lead the contest for the first time.

While the Spaniard was looking comfortable, 2008 winner Dixon was struggling and he crashed out on Lap 53 following a horrendous collision with Jay Howard.

In attempting to let 2014 winner Ryan Hunter-Reay pass, Englishman Howard was forced wide and hit the perimeter wall and then careered into the path of Dixon.

The impact sent Dixon’s car airborne before it landed on the safety barrier and came to rest with three tyres missing and the back end completely destroyed.

Miraculously both drivers walked away unscathed, although the incident prompted a red flag and a delay while the wreckage was cleared from the track.

Read more

Ed Jones interview: 'Pretty crazy' to be racing against Fernando Alonso at Indianapolis 500

It had been a calm race up until that point but the 33-driver field was soon further reduced.

Indiana-born Conor Daly crashed into a wall to take himself out of contention, with the impact causing debris to fly into the path of Jack Harvey and send the British driver spinning off the track.

Engine failure then accounted for the end of Hunter-Reay’s race while he was in second behind Alonso.

Despite dropping back again, Alonso was looking well-placed to challenge before his race was prematurely ended with him holding the fastest average lap time.

A multi-car collision ended the hopes of another five drivers, before 40-year-old Sato, who had started the day one place ahead of Alonso on the grid in fourth, secured his win.

Alonso was disappointed to retire but said he had enjoyed being involved in the event.

“I felt the noise, the engine friction, and then I saw the smoke on the exhaust,” he told BT Sport.

“It’s a shame, I think we deserved at least to finish the race. Who knows which position we could’ve been?

“The whole day has been a very nice experience from the very beginning and I think the performance was good.

“This has been one of the best experiences in my career.”

* Press Association

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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

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.”

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

PFA Premier League team of 2018-19

Allison (Liverpool)

Trent Alexander-Arnold (Liverpool)

Virgil van Dijk (Liverpool)

Aymeric Laporte (Manchester City)

Andrew Robertson (Liverpool)

Paul Pogba (Manchester United)

Fernandinho (Manchester City)

Bernardo Silva (Manchester City)

Raheem Sterling (Manchester City)

Sergio Aguero (Manchester City)

Sadio Mane (Liverpool)

The%20specs
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UAE currency: the story behind the money in your pockets
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
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'Moonshot'

Director: Chris Winterbauer

Stars: Lana Condor and Cole Sprouse 

Rating: 3/5

Essentials

The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.

The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.

 

Zakat definitions

Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.

Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.

Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.

Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.