Capital drivers get chance to drive round Yas Marina circuit



ABU DHABI // Most people never get the chance to climb behind the wheel of a Formula One car, but later this month regular drivers will be able to follow in the tracks of Jenson Button and Sebastian Vettel at Yas Marina Circuit's first public track day.

The track day, on January 23, will be the first of many events this year that organisers hope will establish the circuit as a year-round facility. The track will be open to residents who, for a fee, can bring their car to the track and race for up to three and a half hours. Following a thorough briefing on track and driver safety, would-be race drivers will take a few test laps before being let loose. Additional training with an experienced instructor is being offered at an additional cost.

"Our target is to run the venue 300 days a year and have major events and make sure it becomes a centre of excellence for motorsport and indeed for leisure and activity in general," said Richard Cregan, the chief executive for Abu Dhabi Motorsports Management (ADMM). Mr Cregan acknowledged it would take time to build a "motorsport culture" in the emirate, but said the organisation had a long-term plan to achieve its goal.

"If you create a new venue like this and expect to fill the venue every time, you have an event that is very difficult," he said. "The only way you can do that is working with the public and local community to build up that culture. "You do that by getting local drivers involved, by developing young drivers." Mr Cregan urged residents to take advantage of the track, and added that training would be offered for those who wanted it.

The circuit will also position itself as a beacon for road safety by offering a safe, controlled environment for residents to race cars, and through initiatives such as a driving academy being launched in March. ADMM is also hoping to push the circuit as a venue for corporate events and meetings, and expects the North Grandstand of the track, which can seat 10,000, to be the site of concerts and performances.

A schedule of planned track days will also be posted on January 23, Mr Cregan said, but more could be added. "Depending on demand, we will make the track available," he said. "Because we have got the lighting facility, we can light up the track. In times when there is very hot weather, we will be opening later in the evening." But amateur racing will not be the only offering. Professional events will include the GP2 Asia Series next month and the International Drag Racing Festival in March, where cars will accelerate from zero to more than 480kph in less than four seconds.

The Yas Marina Circuit Drag Race Centre, opening with the racing festival, will be made available to members of the public as well for racing, learning to drive a 1,000-horsepower dragster at the race school and possibly obtaining a National Hot Rod Association competition licence. Also in March, a driving academy will open, offering safe driving and racing courses with two-seat sports cars and a single-seat open-wheel vehicle.

Mr Cregan said ADMM was working with the police and other authorities to improve the country's road safety record, and is looking into launching courses for young people who have not yet applied for their driving licence. "We can make sure that we try to get that speed on to the track in a controlled and safe environment," he said. "We are looking at getting young people into cars, in a safe, controlled car and allowing them to drive in a dynamic area on our track and give people an understanding of what responsibility they have when they go out there and get their driving licence on the general roads."

mchung@thenational.ae

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Hoedt (10' og), Matip (21'), Salah (45 3')

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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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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.”