Humaid Al Masaood insists Emirati drivers must race in Europe to make it to an F1 team. Antonie Robertson / The National
Humaid Al Masaood insists Emirati drivers must race in Europe to make it to an F1 team. Antonie Robertson / The National

Search is on to find the UAE's Fernando Alonso



Formula One is the prestige circuit in the world for open-wheel racing. Partly because of the popularity of the Abu Dhabi Grand Prix, the ruling body of the sport here, and the Government have set a goal of an Emirati driver on the grid in 10 years. It's a tough task.

This weekend, Abu Dhabi is focusing on Formula One - and the world is focusing on Abu Dhabi - as the cars are set to line up on the Yas Marina Circuit's grid.

F1 is the world's highest echelon of open-wheel racing, and has the celebrity, glitz and glamour to go with it.

With all of this exposure, it's only natural that the UAE is interested in cultivating a driver for the top tier, and the Government, along with Yas Marina and the Automobile Touring Club of the UAE, have plans to find and develop a local driver within the next 10 years.

Realistically, that's going to be a big challenge; with just 24 spots available on the grid, there is stiff competition for a seat.

And drivers who do make it have been competitively racing since they were children, starting off in serious karting at the ages of 7 or 8 in large racing markets such as Europe or South America. It's an initiative that will definitely take some time.

But away from F1, all around the world, Emiratis are already proving successful in various top-tier racing series, quietly climbing the motorsport ladder and winning races against some of the best drivers in their disciplines.

Humaid Al Masaood is just one Emirati who has found success on foreign race tracks. The Abu Dhabi-based businessman first started racing Radicals in the UAE and gradually worked his way up to the American Le Mans Series (ALMS), where he became the first Emirati to win a race in that sports car series last year. He has since moved over to Grand Am in the US, another sports car series that will merge with the ALMS in 2014.

"I feel good about being an Emirati out there, I'm proud," says Masaood. "People are generally quite interested in where I'm from; you see a lot of American flags and British flags on the cars, but when I see my flag, that's a good feeling.

"Everyone knows about the UAE, because of the Formula One, it's definitely well known. It's almost like they expect more people to be coming from there and racing."

And there are; most recently, Khalid Al Balooshi, who races in the Top Fuel dragster series in the US, won an event last week in just his 22nd race. Top Fuel is the highest level of drag racing, where competitors are in control of 8,000 horse-power cars that reach mind-boggling speeds of more than 525kph in less than four seconds. "I was looking at other drivers and thinking I've got the same car and I've got the ability, so there's no reason why I can't win," he said after his victory.

"I also needed that little bit of luck, and thankfully the opportunity finally came."

And just last month, in the FIA World Cup for cross-country rallies - again, the top tier in the discipline - Khalifa Al Mutaiwei secured the championship by winning the Pharaohs International Cross-Country Rally in Cairo, becoming the first Arab driver to win not just one, but two major international, non-regional, championships - his first title came in 2004.

He is also a regular competitor and winner of the Abu Dhabi Desert Challenge, where he champions the same Mini-based offroader with which he won in Cairo.

Next year, Sheikh Khalid Al Qassimi, who has already competed in the World Rally Championship, will return to that sport's highest level with the Citroen Total Abu Dhabi World Rally Team, which was created to develop Emirati drivers as well as to promote the brand of Abu Dhabi on a world stage.

Previously, Al Qassimi raced for Ford in the WRC from 2007 until last year.

Off the track - in fact, off the land itself - Ahmed Al Hameli was leading the championship standings in the F1 international powerboat series this year until he was forced to retire for the season after being diagnosed with a brain tumour last month.

After surgery in the US, he is continuing treatment in Abu Dhabi and hopes to return to the sport next year.

Masaood - like every other driver - has worked hard to reach a high level of racing, starting his own journey by winning the UAE sports car championship in 2008/09. But beyond dedication and love for the sport, he highlights two things that every racer needs to reach the top of their disciplines: money and travel.

"It was having the funding to be able to move forward, and then be able to work with the right people. If you don't have the right experienced people and the right equipment, you'll end up with very poor results. I've seen different people who I know are good drivers, and one year they are phenomenal and then they switch teams and they're at the back of the pack.

"If you're going to be an F1 driver, the only way to do it is to go to Europe; you have to go that route. Then there's the commitment; it's a time commitment, a lot of travelling. It's a lot different than driving from Abu Dhabi to Dubai.

"Also, you're just pushing yourself more when you go abroad. If you stay in the UAE, you get comfortable, when you know the people here and you know the tracks.

"But when you go to a different country, it's very intimidating and challenging; there are a lot more people around, the grids are much bigger, and people seem much more serious. If you're in America, for example, you'd be driving against a lot of extremely good drivers, potentially some of the better drivers in the world. You have a very high standard of driving, and it makes you realise where you are and what you need to get better."

Away from the spotlight that shines on F1 and the largesse of ensuing driver-search programmes, racers in other, less glamorous disciplines struggle to pay the bills for their passion, which could add up to hundreds of thousands of dirhams in a single season. It's either pay with their own wallets or find someone who will put up the money, something that has been getting more difficult.

"There have been a few bumps with the economy in the last few years, it didn't allow people to get the sponsorship they needed," says Masaood, adding that it's had an effect on local racing with smaller grids in the past few years.

But grassroots racing has begun to pick up again in the UAE, with the Radical series, sports cars and the open-wheeled FG1000 series just starting the season, along with a drag racing championship held at Yas Marina that draws competitors from all across the Gulf.

However, the difficulties remain for those who love motorsport in a country with such a small population and short history of organised racing, even if we do boast two of the best race tracks in the world, making the achievements of those Emiratis in top-tier racing even more special.

"Of course, there are a lot of good events in the UAE, like the 24 Hours of Dubai [at the Dubai Autodrome] and the Yas 12 Hours [at Yas Marina Circuit] that attract a lot of international teams; that all points to the fact that motorsport is growing here," says Masaood.

"I feel there's a lot of interest; a lot of people talk about motorsport. But it's going to take a bit more time."

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A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million