Grand Prix a 'trigger' for capital's future



ABU DHABI // The strict deadlines associated with the Abu Dhabi Grand Prix acted as a "trigger" to ensure that key projects in the capital were delivered to standard and on time, the chairman of the race organisers said yesterday. Khaldoon al Mubarak, the chairman of Yas Marina Circuit and chief executive of Mubadala, said projects including the Shahama-Saadiyat Highway and a number of new hotels - major improvements to the capital - were forced to meet the same deadlines as the construction of the Grand Prix.

These would produce tangible benefits to the capital, Mr al Mubarak said, adding that together with other developments, such as Masdar City and New York University, they would help Abu Dhabi reach its target of being "the future capital of the world". While admitting to having had some concern six months ago as to whether the whole project - including a 5.55km-long circuit, a marina and seven hotels - would be completed in time, Mr al Mubarak said he was now at ease.

Speaking at a panel discussion on the Yas Island project hosted by New York University Abu Dhabi last night, Mr al Mubarak said the development would be the first to change the face of the city "for years to come". "Every individual initiative contributes to the evolution of the Government's broader vision to establish Abu Dhabi as a global Arabic capital city and an international centre for business, commerce and cultural exchange.

"In the hosting of the inaugural 2009 Grand Prix, and unveiling the brand-new Yas Marina Circuit, another piece of that rapidly unfolding picture will be revealed." The creation of the new circuit, at a cost estimated to be close to US$1 billion (Dh3.67bn), would bring five particular benefits to the country, he said. One would be a source of work for young graduates, another the creation of a centre of excellence for automotive research, and a third a global base for the development of automotive technology. Other ways the country would benefit would be by diversifying its economy and, perhaps most significantly, by increasing the UAE's appeal thanks to the worldwide exposure generated by the sport, which is estimated to have 600 million television viewers.

As such, the advantages being brought by the circuit, which will also host up to eight other major motorsport events during the year, meant the Yas Marina Circuit fitted with "this Government's overarching vision for the future of the emirate," he said. In the short term, at least, the city would feel the benefits by the improved infrastructure and tourism facilities, Mr al Mubarak said. "The F1 racetrack became almost like a line in the sand," he said. "By setting November 1 as a deadline that was really unmovable, it had to be done. It had to be interlinked."

Part of the plan, he said, was to make sure everybody knew what had to be done. "We had a significant shortage of hotel rooms in Abu Dhabi - almost 5,000 rooms. By using the Grand Prix as a 'line in the sand' deadline, everybody from the Abu Dhabi Tourism Authority to the private sector to Aldar to everybody involved with the hospitality industry knew those 5,000 rooms had to be ready by then. "Yesterday, the highway from Abu Dhabi to Shahama was opened. That is a huge initiative, the largest bridge in the UAE. That wasn't built for the racetrack or the F1, but for the city of Abu Dhabi and it was part of the evolution of the city to have that."

The motorway had to be ready, he said, as did "power, sewage, the Corniche. F1 was used as the trigger. They needed to be finished by then." Victor Matheson, an associate professor in the economy of sports from the College of the Holy Cross in Massachusetts, warned Abu Dhabi not to expect immediate financial benefits from hosting a grand prix, claiming that few major sporting events had proved to be of significant value to the host city. The benefits, he said, may instead include the positive projection of the city on a global scale.

"Here is an opportunity to expand Abu Dhabi's footprint in the world and, I mean no offence, Abu Dhabi is not on everybody's map. But this does have a large audience. "The line in the sand is a very important thing. This racetrack is an expensive line in the sand, but a line in the sand nevertheless. This is a place where you can generate significant city and national pride and entertainment for the local population."

Falah al Ahbabi, the general manager of the Urban Planning Council, said: "November 1 is one milestone of a hundred milestones that the Abu Dhabi Government is looking forward to." "We have a long list of milestones," he said. "F1 will trigger the attention of the whole world, but what's coming ahead is more than the F1. We will have the whole world coming back here and witnessing the changes in the city for years to come."

Richard Cregan, the chief executive of Yas Marina Circuit, said: "People are going to see a project they didn't think would be finished. They are going to see a project that not only has been finished, but has been finished with the kind of detail you would expect for this part of the world and Abu Dhabi." rhughes@thenational.ae

Sting & Shaggy

44/876

(Interscope)

Result

UAE (S. Tagliabue 90+1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')

ABU DHABI ORDER OF PLAY

Starting at 10am:

Daria Kasatkina v Qiang Wang

Veronika Kudermetova v Annet Kontaveit (10)

Maria Sakkari (9) v Anastasia Potapova

Anastasia Pavlyuchenkova v Ons Jabeur (15)

Donna Vekic (16) v Bernarda Pera 

Ekaterina Alexandrova v Zarina Diyas

Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

'Outclassed in Kuwait'
Taleb Alrefai, 
HBKU Press 

Kill

Director: Nikhil Nagesh Bhat

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

Rating: 4.5/5

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

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).


Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).


Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

Pots for the Asian Qualifiers

Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka

UAE squad

Men's draw: Victor Scvortov and Khalifa Al Hosani, (both 73 kilograms), Sergiu Toma and Mihail Marchitan (90kg), Ivan Remarenco (100kg), Ahmed Al Naqbi (60kg), Musabah Al Shamsi and Ahmed Al Hosani (66kg)

Women’s draw: Maitha Al Neyadi (57kg)

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

Star Wars: Episode I – The Phantom Menace

Developer: Big Ape Productions
Publisher: LucasArts
Consoles: PC, PlayStation
Rating: 2/5

Results

ATP Dubai Championships on Monday (x indicates seed):

First round
Roger Federer (SUI x2) bt Philipp Kohlschreiber (GER) 6-4, 3-6, 6-1
Fernando Verdasco (ESP) bt Thomas Fabbiano (ITA) 3-6, 6-3, 6-2
Marton Fucsovics (HUN) bt Damir Dzumhur (BIH) 6-1, 7-6 (7/5)
Nikoloz Basilashvili (GEO) bt Karen Khachanov (RUS x4) 6-4, 6-1
Jan-Lennard Struff (GER) bt Milos Raonic (CAN x7) 6-4, 5-7, 6-4

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

Bullet Train

Director: David Leitch
Stars: Brad Pitt, Aaron Taylor-Johnson, Brian Tyree Henry, Sandra Bullock
Rating: 3/5

UAE currency: the story behind the money in your pockets
While you're here ...

Damien McElroy: What happens to Brexit?

Con Coughlin: Could the virus break the EU?

Andrea Matteo Fontana: Europe to emerge stronger

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

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.

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

Tips for taking the metro

- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

- don't carry too much luggage and tuck it under a seat to make room for fellow passengers

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

The specs

Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now


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