Jean Louis Hissette, centre, and others stand for a minute of silence in memory of his son Christophe before the start of a 24-hour karting event at Dubai Autodrome yesterday.
Jean Louis Hissette, centre, and others stand for a minute of silence in memory of his son Christophe before the start of a 24-hour karting event at Dubai Autodrome yesterday.

Racers pay tribute to Hissette



DUBAI // Leading go-kart racers from Europe and the Gulf yesterday held a minute's silence in memory of the motorsport champion Christophe Hissette.

Competitors stood in silence for the Belgian driver before starting the second round of the Battery 24 Hours Endurance championship, held each year at the Dubai Kartdrome.

Hissette's team, Batelco, from Bahrain, won the first round with Hissette's help in April.

Teammates and friends at the track wore T-shirts printed with the fallen racer's picture and displayed stickers in the shape of jigsaw puzzle pieces, which Hissette used to sport on his helmet.

"It's hard for us to even take part in the competition today, but we came to pay tribute to him," said Osama al Saad, the Betalco team manager.

"I'm here for Christophe," said Francesca Carlson, the racer's fiancee. His parents also attended.

It was at his father Jean-Louis's urging that Hissette first hit the track at age 11. By age 29 - in between working as a media analyst in Abu Dhabi - he was competing two dozen times a year, on tracks in places such as Thailand, Bahrain and France.

His go-to event was the 24-hour karting race. He competed more than any other racer at the Kartdrome - and almost always stood on the winner's podium afterwards.

He had recently upgraded to racing cars and last year won the European Radical Masters.

Hissette was leading the regional equivalent of the race, too, but died on April 23, the eve of the eighth and final round of the championship. That round was cancelled and his friend Jordan Grogor was declared the winner.

"He was my teammate - and my fiercest competitor," said Mr Grogor.

Hissette was killed when his car veered into the wall and caught fire.

As motorsport grows more popular in the UAE - and more competitive - more accidents are likely to occur, said Dubai Autodrome spokesperson Paul Velasco. Each year a handful of racers end up in the hospital.

"At the end of the day, motorsport is dangerous," he said.

The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

Sui Dhaaga: Made in India

Director: Sharat Katariya

Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav

3.5/5

The bio

Job: Coder, website designer and chief executive, Trinet solutions

School: Year 8 pupil at Elite English School in Abu Hail, Deira

Role Models: Mark Zuckerberg and Elon Musk

Dream City: San Francisco

Hometown: Dubai

City of birth: Thiruvilla, Kerala

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

MATCH INFO

Karnataka Tuskers 110-5 (10 ovs)

Tharanga 48, Shafiq 34, Rampaul 2-16

Delhi Bulls 91-8 (10 ovs)

Mathews 31, Rimmington 3-28

Karnataka Tuskers win by 19 runs

A German university was a good fit for the family budget

Annual fees for the Technical University of Munich - £600

Shared rental accommodation per month depending on the location ranges between  £200-600

The family had budgeted for food, books, travel, living expenses - £20,000 annually

Overall costs in Germany are lower than the family estimated 

As proof that the student has the ability to take care of expenses, international students must open a blocked account with about £8,640

Students are permitted to withdraw £720 per month

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.”