Marussia have confirmed they are to run only one car throughout this weekend’s inaugural Russian Grand Prix as a mark of respect for the critically-injured Jules Bianchi.
On Thursday, Marussia confirmed American reserve Alexander Rossi was eligible for the race as a potential replacement for Bianchi, who was involved in a horrific crash in Sunday’s rain-hit event in Japan.
Despite commercial considerations, with the team aiming to protect their ninth place in this year’s constructors’ championship, Marussia have decided only Max Chilton will drive at the Sochi Autodrom.
Read more: Festivities have a hollow ring for drivers at Sochi in wake of Suzuka and Bianchi accident
Although the team readied a second car, it will remain unused in the garage over the weekend, and with Bianchi’s name over the entrance.
Formula One supremo Bernie Ecclestone confirmed to Press Association Sport on Thursday Marussia would not be sanctioned or penalised for only running one car.
A team statement read: “The Marussia F1 Team will run a single car for the duration of the forthcoming grand prix weekend in Sochi out of respect for their driver Jules Bianchi, who remains in hospital in Yokkaichi, Japan, in a critical but stable condition.
“The team have written to the stewards of the meeting to inform them they have withdrawn their second car.
“Notwithstanding the presence in Sochi of Alexander Rossi, the nominated official reserve driver for the 2014 Russian Grand Prix, the team feels strongly that fielding a single car, that of driver number 4, Max Chilton, is the appropriate course of action under the difficult circumstances of the weekend.
“Jules’ car crew have built a second car, which has been scrutineered and is ready to race, and this will remain on his side of the garage throughout the weekend.
“In support of Jules and his family, the team and their cars will carry the familiar ‘#JB17’ graphic, to ensure that although Jules is not with them in Sochi this weekend, he is, nonetheless, racing on with the Marussia F1 Team.”
Bianchi underwent emergency brain surgery on Sunday evening after his crash at the Mie General Medical Centre in Yokkaichi.
The 25-year-old Frenchman smashed into a recovery vehicle at Suzuka that was removing the wrecked Sauber of Adrian Sutil after the German hurtled off track into a tyre barrier.
Bianchi has been diagnosed with a diffuse axonal injury to the brain whereby damage is widespread rather than localised in one particular area.
The prognosis is not good as such injuries often result in coma, and if severe, 90 per cent of patients never regain consciousness.
The incident has left the entire paddock in shock, with drivers such as Felipe Massa and Fernando Alonso - both of whom visited Bianchi in hospital - clearly emotional as they spoke about their colleague.
The 21 drivers on track will carry the message ‘Tous avec Jules’ (All with Jules) on their helmets, along with his race number of 17.
As for Chilton, he has now broken his silence over the accident involving his team-mate.
The 23-year-old Briton said: “I don’t know how to put into words how truly devastated I am by what has happened to Jules.
“The support from the F1 family has been incredible and all we can do is be there to support Jules’ family at this difficult time.
“It is going to be a very emotional weekend for the whole team, but we will try to get through it and keep praying for Jules.”
Jules Bianchi remains in critical condition
The father of Jules Bianchi says the Formula One driver remains in critical condition following his crash at the Japanese Grand Prix.
Bianchi’s father, Philippe, is at his son’s bedside at Mie General Medical Center in Japan.
Philippe Bianchi told local newspaper Nice Matin that “Jules is fighting as he always did, the same way as if he was racing. He is strong.”
The 25-year-old Bianchi needed emergency surgery last week for a severe head injury after crashing into a mobile crane that was beside the track recovering another car which had run off the circuit at the same corner a lap earlier.
To honor Bianchi, Marussia is not running his car at this weekend’s Russian Grand Prix.
Mercedes pair fastest in first Russian GP practice
Nico Rosberg edged Mercedes teammate and Formula One championship leader Lewis Hamilton in Friday’s morning practice for the inaugural Russian Grand Prix.
The Mercedes pair has dominated all season, and was again firmly in control despite an unfamiliar track making its debut.
Rosberg’s fastest lap on the Sochi Autodrom was 1 minute, 42.311 seconds; 0.065 seconds ahead of Hamilton.
Jenson Button and Kevin Magnussen of McLaren were third and fifth fastest respectively, split by Ferrari’s Fernando Alonso.
The new circuit is built around the Olympic Park, used for the Winter Olympics in February.
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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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.”
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