Announcements on entertainment at the Abu Dhabi Grand Prix has caused an increase in demand for tickets.
Announcements on entertainment at the Abu Dhabi Grand Prix has caused an increase in demand for tickets.

'Keep trying' if you want Yas tickets



ABU DHABI // The availability of tickets for the capital's inaugural Formula One Grand Prix seems to be changing faster than tyres at a pit stop, with some seats that were previously unavailable coming up for sale again. Confirmation that concerts featuring Beyoncé and Aerosmith on Yas Island will be open only to race ticket-holders has increased the demand, although would-be ticket buyers have encountered various difficulties.

Customers have reported conflicting information from salesmen at the official hotline and limited availability from Etihad Airways outlets. Problems booking via the Yas Marina Circuit website have also been reported. When The National telephoned the official Yas Marina number on Monday and yesterday morning to inquire about tickets, the sales staff said they had sold out. By yesterday afternoon, however, they were saying several had become available.

"I am having the same kind of problems," said Hasan Gulistan, a banker from Abu Dhabi. "I really wish I had not left it so late. I am booking now because I also really want to see Beyoncé perform at the concert. "I have tried the website, which isn't working, and also tried calling yesterday. I am now banking on the Etihad shops having some available so I can guarantee some good seats." Sales are picking up at the Etihad outlets across the capital, according to Abdullah, an assistant in the Al Wahda Mall branch. The majority of seats had been snapped up when the tickets first went on sale, after which they had slowed to about 50 a week. In recent days, however, there had been more customers and availability was falling fast.

Seats in the most expensive Main, North and South Grandstands had all been sold out at the Etihad outlet yesterday afternoon but some were for sale in the cheaper West Grandstand and Support Pit. The West Grandstand was previously said to have been sold out soon after booking opened in March. A spokesman for Abu Dhabi Motorsport Management (ADMM), which manages the circuit, said the evidently contradictory advice on availability had arisen because some companies were returning tickets from their allocations.

"It is a day-to-day situation, so people shouldn't assume that if they can't get hold of tickets in the morning, that they can't in the afternoon. Keep trying." It was possible that more tickets would become available from the middle of October, the deadline for returning tickets allocated to companies, tour operators or government bodies that were not sold on. On Monday, Richard Cregan, the chief executive of ADMM, told the media that "a number" of seats were available and that the organisation was happy to investigate any reports of problems customers might have.

He added that people who had already bought tickets should start to receive them in the coming days. "They are going out now. When everyone gets their ticket, I don't think there is any event in the world that will give you as good value as that." A formal announcement would be made to the public once the race was sold out, the ADMM spokesman added. After that, fans will have few options and the prices are likely to be higher than face value as third-party companies try to cash in.

A Norwegian online company named Euroteam, for example, has seats available in all areas, but at a much higher price. Those for the Main Grandstand, with a face value of Dh2,500, are on offer for as much as ?1,000 (Dh5,350). "We have not sold as many tickets as we wanted, fewer than 50 between fewer than 10 customers," said the Euroteam chairman, Andreas Gyrre. "We are a third-party ticket supplier, and not an official distributor."

Many tickets are for sale on auction websites such as eBay and souq.com, some at inflated prices. Souq.com had seats in the South Grandstand at Dh3,500, an increase of Dh 1,500 on their face value. On eBay, some South Grandstand tickets were priced at $545 (Dh2,000), in line with their face value. "I don't know which option to take," said Mohammed Ajaib, a 55-year-old engineer from Abu Dhabi, even though tickets are still officially on sale via official channels. "It seems odd that one day tickets are available and the next they are not.

"I just don't want to pay a high price to find out more may become available at a later date. My worst nightmare is that people are buying them up in hope of selling them at a premium." Even at face value, the price of tickets coupled with booking difficulties has put some people off. Ayub Dosani, a 24-year-old F1 fan from London, said he was keen to visit the UAE but had problems with the official website. He said he would have made more of an effort had they been "more in line with international prices, like £120 (Dh700) for example."

asafdar@thenational.ae

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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

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Name: Lamsa

Founder: Badr Ward

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Employees: 60

Based: Abu Dhabi

Sector: EdTech

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How to protect yourself when air quality drops

Install an air filter in your home.

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The biog

First Job: Abu Dhabi Department of Petroleum in 1974  
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work

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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.”

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
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