Sheikh Khalid Khalifa
Sheikh Khalid bin Khalifa is second in the DD2 category of the UAE Rotax Max Challenge, just 21 points adrift of Mohammed al Dhaheri.

Sheikh Khalid wastes little time



AL AIN // For a man who only began racing karts seriously just over 18 months ago Sheikh Khalid bin Khalifa has made an immediate impact in the sport.

The Emirati driver, the son of Sheikh Khalifa bin Shakhboot, finished third in his first competitive campaign in the DD2 category of the UAE Rotax Max Challenge last season, and this year he is embroiled in a tight championship fight that already looks as if it will go down to the wire.

Sheikh Khalid was triumphant in the last round of the championship at Al Ain Raceway last month, his first victory of the season, and he is looking to repeat that feat today when the fifth round of the series takes place, again in Al Ain.

"It has been a good season so far and I am hoping for the best," he said of his prospects today.

"I think it will be close and will be competitive again."

An enjoyment in watching karting triggered Sheikh Khalid's decision to start racing, and he has not looked back since, although he acknowledges his family had shown some reticence in him taking part in the sport.

"They were concerned that accidents were going to happen and they did not want me to do it as they were worried about me, but once they had seen me race, and how safe the tracks are, they have been fully behind me," he said.

"I liked watching it and I wanted to have a go and I have enjoyed it. I love the sport."

In his first season racing the 32-horsepower karts he finished third in the championship despite missing the first three races of the campaign, and he is already one step up on that this season.

He puts his rapid growth from rookie to a serious contender down to the quality of his opposition.

"It is down to the fact that I am racing against good drivers," he said. "It is a great experience to drive against some very good drivers like Mohammed al Dhaheri.

"I learn a lot from racing against him. He gets experience by taking part in races overseas and then I have to improve to try and beat him."

The 23-year-old is second in the championship on 354 points, 21 adrift of al Dhaheri, the series leader and last year's champion.

His success at the last round means Sheikh Khalid has closed the gap on al Dhaheri, who had won the first three rounds, and has cemented his status as a contender to be the DD2 champion.

Despite his impressive form, however, the Al Ain-based driver is guarded on his prospects of taking the championship when the season concludes in April.

"It will be a little tough to do, but nothing is un-doable," he said.

There is a massive incentive for whoever comes out on top in this year's championship. The DD2 winners, along with the other series victors from the other categories that make up the UAE Rotax Max Challenge, will get to represent the country at the Grand Finals, where the winners of their respective series across the globe race against each other to find out who is the world's best.

This year's finals are being held in Al Ain and the chance to represent his nation on a home track is something that appeals greatly to Sheikh Khalid.

"I would like to do that," he said. "It would be a great honour."

Karting is seen as an early stepping stone on the ladder to Formula One for those who excel.

While Sheikh Khalid is circumspect on what he wants to achieve, he says for now he just wants to enjoy his racing. "I am happy with what I am doing," he said. "I am aiming for something bigger in the future."

Building for his future continues today at Al Ain as he renews his rivalry with al Dhaheri.

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.”

MATCH INFO

Manchester United 1 (Greenwood 77')

Everton 1 (Lindelof 36' og)

Scoreline:

Cardiff City 0

Liverpool 2

Wijnaldum 57', Milner 81' (pen)

The Matrix Resurrections

Director: Lana Wachowski

Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick 

Rating:****

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

'Gold'

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

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If you go

  • The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
  • The Double Tree by Hilton in Novosibirsk (+7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
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