Mark Webber repelled a three-pronged challenge into Turn One at the Spanish GP and was never seriously threatened thereafter.
Mark Webber repelled a three-pronged challenge into Turn One at the Spanish GP and was never seriously threatened thereafter.

Webber leads from start to finish to clinch first success



BARCELONA // The pace was utterly relentless four drivers on the limit throughout the afternoon but the Spanish Grand Prix was effectively settled within moments of the start. Mark Webber repelled a three-pronged challenge into turn one and was never seriously threatened thereafter.

It was the Australian's first victory of the campaign, Red Bull-Renault's second and the 10th time in as many years that the corresponding fixture has been won from pole position. Webber got away smartly enough, but Sebastian Vettel, his teammate, immediately tucked into the leader's slipstream and the duo came under simultaneous pressure from Lewis Hamilton (McLaren) and Fernando Alonso (Ferrari), both of whom had a straightline speed advantage.

Webber managed to keep the door closed, however, and Vettel was protected when the others briefly slowed each other into turn one. It was to be the afternoon's liveliest, and most important, exchange. "There's a long run to the first corner here," Webber said, "and we had some pretty quick cars just behind us. "It was important to get cleanly through turn one and once I'd done that I just concentrated on settling into a rhythm.

"I controlled the gap to the cars behind, looked after the tyres and then just did what I needed to bring the car home. "It wasn't easy to drive at the start, on full fuel, but the fact I was able to pull away put me in good heart." Vettel remained his closest challenger until drivers made their first stops, but the German then lost time with a jammed wheel nut and consequently dropped behind Hamilton, who was able to run at a similar pace to Webber, although he was never close enough to mount a serious challenge.

Even so, the 2008 champion seemed set for a safe second place until the penultimate lap, when he skated into the turn three tyre wall after his front left tyre deflated. Martin Whitmarsh, the McLaren team principal, said: "It looks as though a bit of debris might have become trapped behind the wheel and worn away the metal, which possibly caused the rim to break. It was a tyre deflation, not a tyre problem."

By that stage Vettel had suffered further difficulties of his own: a delaminated front right brake disc caused him to slide off the road on lap 54 and he subsequently pitted for a check-up. The team fitted fresh tyres and sent him back out, but he was told to nurse his brakes to the end. The supplementary stop dropped him to what eventually became third, following Hamilton's demise, behind Alonso, the local favourite.

"I'm delighted with second place," Alonso said, "and it was an unexpected bonus to gain two positions in the closing stages. For all that it's a good result, though I have to accept that our performance has been a bit so-so and we know we still have to improve." Michael Schumacher finished fourth, the best result so far during his comeback campaign, and he managed to keep Jenson Button, the world champion, at bay from lap 16, when the Englishman made his tyre stop, to the end of the race. He was fortunate, though, that a dragging clutch delayed Button in the pits and allowed him to move ahead.

The McLaren was potentially much faster but, as is customary in Barcelona, there was no way through despite the superior straightline speed of his car, which allowed him a number of runs at Schumacher into the first corner, though none were successful. Fifth place was, though, enough for Button to retain his world championship lead, three points clear of Alonso. Felipe Massa, who was outpaced all weekend by his Ferrari teammate, finished a distant sixth, although his cause was not helped when he bent his front wing against Karun Chandhok's lapped HRT at one-third distance. sports@thenational.ae

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

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.”

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million