KINGSCLIFF, NEW SOUTH WALES // Contrary to statistical evidence, Sebastien Loeb's five consecutive world championships have not come easy.
The Frenchman's five-year spell as the WRC's prime pace-setter has left an array of rivals - who in any other era would have won world titles - second-best.
Marcus Gronholm and Mikko Hirvonen have pushed Loeb close. Both have headed him going into the business end of the seasons.
However, the diminutive Citroen driver refused to buckle and solidified his "best-ever" tag by winning titles number three and five, respectively.
Hirvonen is back in front this year. It is becoming a familiar scenario for Loeb, who is down by three points with three rallies remaining, as he chases his sixth consecutive crown. Ominously for the BP Ford Abu Dhabi driver Hirvonen, who leads the championship standing, Loeb is relishing their title fight.
"I will try to do my best, but Mikko is strong in these situations and it will be a good fight," he said.
"It would be good to continue [the championship streak] and I'm trying hard - we'll see what we can do."
While much has been made of gravel specialist Hirvonen's narrow standings lead, it is a measure of Loeb's historical dominance that there is no favourite on the rocky surface at this weekend's Rally Australia.
"It's difficult to say. We are good, but Mikko is also. The surface will be good for both of us and I think we'll both be competitive," said Loeb
As the drivers' championship heats up, an equally tight manufacturers' battle between Citroen and Ford has taken a back seat. The closing or stretching of the current 14-point gap, in Citroen's favour, would provide an intriguing sub-plot.
Loeb leaves thoughts on the manufacturers' battle at home: he knows team glory will come if he snares personal points first.
"At the moment, I'm trying to fight for the drivers' championship, if I can do a good result for the drivers' it works well for the manufacturers' - that's what I always try to do. We will see," he said.
Citroen got off the perfect start in yesterday's traditional pre-rally testing session, as Dani Sordo and Loeb registered the two quickest times over a dusty 3.29km shakedown distance in Dunloe Park, Pottsville.
Their second driver, the Spaniard Sordo, was fastest in 1min 34.5secs, with Loeb 0.3secs behind.
As he sprang, expressionless, from the restrictive confines of his car's roll-cage, the Frenchman was keen to get into today's nitty-gritty.
"The stages are good. There is a lot of difference. Some are very fast and very wide with grip, some are very twisty, narrow and slippery, so it's going to be interesting," he said.
Hirvonen managed the third fastest run with a 1min 35.5secs effort, while his Ford teammate, Jari-Matti Latvala, was 0.2secs further back in fourth.
"The idea is to get the feeling for driving again," said Hirvonen.
"I've learnt a little bit about the springs, and we may try a slightly harder set-up on the cleaner stages.
"The character of shakedown is different to the rally's stages, so I'm basically fine-tuning my set-up."
After no pre-rally testing, the Emirati Sheikh Khalid al Qassimi had six official shakedown runs as he looked to reacquaint himself with his Ford Focus. He got quicker with every attempt and posted the ninth fastest time of the morning, 1min, 38.6secs, on his final run.
"The most important thing during shakedown is getting the feeling, not the speed," he said.
"We did a fast final run, a good time, but I overshot the last corner - it could have been quicker. This shakedown doesn't really reflect the stages we'll face during the rally."
@Email:emegson@thenational.ae
SPEC%20SHEET
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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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
UAE currency: the story behind the money in your pockets
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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Brief scores:
Day 2
England: 277 & 19-0
West Indies: 154
Coal Black Mornings
Brett Anderson
Little Brown Book Group