Fans line up to buy tickets for the Abu Dhabi Grand Prix from an authorised seller in Abu Dhabi's Marina Mall in March.
Fans line up to buy tickets for the Abu Dhabi Grand Prix from an authorised seller in Abu Dhabi's Marina Mall in March.
Fans line up to buy tickets for the Abu Dhabi Grand Prix from an authorised seller in Abu Dhabi's Marina Mall in March.
Fans line up to buy tickets for the Abu Dhabi Grand Prix from an authorised seller in Abu Dhabi's Marina Mall in March.

Grand Prix to cancel tickets resold for inflated prices


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ABU DHABI // Organisers of the capital's inaugural Formula One Grand Prix said they will cancel tickets found to have been sold for more than their face value. Some tickets for the race weekend in November are being sold by online touts for more than double their official retail value. Abu Dhabi Motorsport Management (ADMM), who are organising the race, said they would cancel tickets sold to agents who are selling them on again for heavily inflated prices.

The tickets, which have been available since late March, were snapped up in days, with seats in some of the most sought-after stands selling out within hours of going on sale. Seats are still available, however. Richard Cregan, the chief executive of ADMM, urged fans to buy tickets from official sources such as the 800F1 hotline, the yasmarinacircuit.ae website and Etihad Holidays shops. "Some people may try to exploit the high demand for Grand Prix tickets by selling them for more than the face value of the ticket.

"That is why all of our tickets - which will be sent out to patrons later this year - will have the price printed on them. You can also find the correct price for tickets on our website," he said. Each ticket will also include a microchip that will register the buyer's name. If a ticket is lost during the race weekend, a replacement can be obtained if proof of identity is given. On souq.com, a Dubai-based auction site, one vendor placed a pair of two-day tickets for the north grandstand on sale for a total of Dh8,000 (US$2,180). Two-day seats in the grandstand, one of the most popular locations on the circuit, are available through official channels for only Dh1,800, and up until May 31, were available for Dh1,600.

A vendor on Dubizzle, another UAE site, is offering a seat in the main grandstand, which would ordinarily cost Dh2,250, for Dh4,000. While reselling tickets for more than their face value is not illegal, it does violate the conditions under which the tickets were originally sold. "If people can't use their tickets for some reason, they can either sell them to someone else at face value or give them away," said Mr Cregan.

"But we won't allow people to make money by increasing the price. Where we find instances of people trying to sell tickets for profit - as in a couple of cases that The National has very kindly brought to our attention - we will cancel those tickets and go to the websites concerned and do all we can to stop them from posting these offers." Mr Cregan said some seats remained available for the race, and that anyone who had concerns over tickets they had bought could contact ADMM on 02 4100 888.

People are limited to purchasing 10 tickets per person and anyone wishing to buy a larger allocation, such as a social group, had to make a group application to ADMM that was considered on an individual basis. According to the purchase terms and conditions, tickets cannot be sold on for profit. They can be passed on to friends or relatives from one race day to another. If a friend or relative loses the ticket, proof of the link between the seller and buyer is likely to be needed to obtain a replacement.

Auction websites may also step in. JC Butler, Dubizzle's managing partner, said tickets would be taken off its site if it was contacted by event organisers. "Normally, we don't stop them but if an event organiser has a big problem with it and asks us to take it down, we will. Also if it is against our policy or the law we'll take it off-line ourselves. "If we ever come across something or if it's reported illegal or offensive, and breaks the conditions we will take it down. A lot of the time they are brought to our attention by users."

On eBay, a two-day ticket for the south grandstand, where a number of seats remain available, was being touted by a vendor based in Britain for £480 (Dh2,847), almost double their current Dh1,660 market value. One Norwegian website, euroteam.net, is selling three-day tickets for the main grandstand, which sold out almost immediately on release to the public, for ?700 (Dh3,647) each. That is more than 60 per cent above their face value.

The same site is selling three-day tickets for the north grandstand, which would ordinarily cost Dh1,980, for ?625, or 64 per cent more. Apart from Dubizzle, no one from the websites was available to comment. In fact websites were even found to be selling tickets for the F1 race before they had gone on sale, and before prices had even been set. In February, organisers of the Dubai Tennis Championship issued warnings after it transpired that tickets for the competition were trading hands for almost seven times their face value.

Within hours of their going on sale for up to Dh150 each, auction sites were offering them on sale for up to Dh1,000, despite the tickets stating that they could not be resold. rhughes@thenational.ae

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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.”

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure' ​​​​
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse

UAE currency: the story behind the money in your pockets
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