Nine wins for Valentino Rossi gave him his eighth world title.
Nine wins for Valentino Rossi gave him his eighth world title.
Nine wins for Valentino Rossi gave him his eighth world title.
Nine wins for Valentino Rossi gave him his eighth world title.

Ruthless Rossi has proved he is still the best around


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This year saw Valentino Rossi rightfully regain his spot at the top of world motorcycling. The colourful Italian won his sixth MotoGP title, and his eighth overall world title, after a superb season of racing where he demonstrated once again that he is still the best around. He was well worth it as he proved to be the class act of a high quality season on his Yamaha, winning nine times as he got the better of the defending champion Casey Stoner.

Two years without the title and a particularly barren 2007 when he had been unable to get near the dominant Stoner had left Rossi frustrated. He displayed his ruthlessness by making the controversial decision to move from Michelin to Bridgestone tyres during the winter and this proved inspired despite the political problems it caused for Yamaha with Michelin. It gave him the chance to be competitive and from there he let his quality do the rest.

His consistency was superb and the relentless pressure he put on Stoner ultimately made his rival crack as he crashed out of the lead in both the Czech Republic and San Marino. On both occasions Rossi was right behind Stoner when he left the track and you had to believe the sheer presence of the legendary No 46 bike in his mirrors helped cause the Australian to push to hard and slide off. From there on there was only going to be one winner and Rossi fittingly took the title by winning in Japan in October.

With MotoGP ruling that only one tyre company (Bridgestone) will be involved in the sport from next year, the emphasis will be on rider skill, which should play into Rossi's hands for a successful championship defence. Stoner overcame a wrist injury to finish second in the title race for Ducati, and will be confident of challenging strongly for next year's honours with the American Nicky Hayden as his new teammate. The Honda rider Dani Pedrosa hinted at a challenge until a big crash in Germany forced him to miss a race with injury, and from there his momentum was lost.

Rossi's young Spanish teammate Jorge Lorenzo demonstrated his potential with an impressive debut year, which saw him win in Portugal. The 2007 World Superbikes champion James Toseland had a solid opening season in MotoGP, the Briton proving a match for his more experienced American teammate Colin Edwards. In the World Superbikes championship, the Australian rider Troy Bayliss had a appropriate end to his career as he clinched his third title after a dominant season. He fittingly won the final two races of the season in France on his Ducati to ensure he retired in winning style. His closest rivals were compatriot Troy Corser and Japan's Noriyuki Haga.

gcaygill@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.”

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Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.