ABU DHABI // The two friends were midway through their first session on the Yas Marina Circuit when a flashing light on the dashboard of their red Mustang GT threatened to end their fun early.
"The petrol tank said zero kilometres to empty," said Lee Irvine, standing next to his car in the paddock at the circuit. "We were about halfway round and I said let's just get off because that would be really embarrassing."
A top-up with petrol at the circuit's fuel station eased their minds and got them back on track again and clocking speeds of up to 220kmph. And there was no doubt, they were won over by the overall experience.
"After seeing the Abu Dhabi Grand Prix, to drive on the track is incredible," said Mr Irvine, 28, a lawyer from London.
"I've been texting all my friends. I think Lewis Hamilton should be studying my tapes."
Mr Irvine and his friend Joff Cowling-Bryant, who live in Abu Dhabi, were among about 60 drivers taking part in the morning sessions of the first public track day at the circuit yesterday. A second group arrived in the afternoon, bringing the number of people who registered for the day to more than 100.
Drivers paid up to Dh1,000 (US$272) for a full-day session, with additional costs for hiring a helmet, having an additional driver or carrying a passenger. Some opted to let an expert do the driving, and paid Dh350 to be taken around the track in a Nissan GTR. An F1 two-seater was available for Dh11,500.
A wide range of vehicles - from race-ready Porsche Cup cars and a turbo-charged, two-seater known as the KTM X-Bow, to a Ford SUV and a Nissan Sunny - were matched by varying degrees of driving experience and ability.
There were first-timers, excited to be among the first to follow in the tracks of F1 world champion Jenson Button and the Abu Dhabi Grand Prix winner Sebastian Vettel. They mingled with professionals eager to test their cars ahead of racing season.
"The great thing with a day like today is we give people the chance to come out and experience the F1 track for themselves," said Richard Cregan, the chief executive of Abu Dhabi Motorsports Management.
"They are going to come back here and be familiar with the circuit. They are going to improve their time, and then they will start to feel that it is becoming what we set out - that it is their track."
Fahed al Mulla, 29, was among those thrilled by the chance to use the track. "We were waiting for something like this to happen in Abu Dhabi," said Mr al Mulla, an Emirati who works in finance for Aldar Properties.
"Rather than people racing on the streets they can come here and race. I am spending money on my car and I cannot drive it."
Mr al Mulla said he had spent more than Dh100,000 in modifications for his Mitsubishi Evolution and would like to see the track open to the public more often.
The one female driver, Nadine Berdury, 50, from Abu Dhabi, described her 180kmph ride in her grey Porsche Cayman as "fun".
Mr Cregan said the plan was to have at least one track day per month.
Following a comprehensive safety briefing, drivers were allowed on the track for up to six half-hour driving sessions. The experienced drivers went first, followed by novices like Mr Irvine, who had to follow a pace car during his first session but was allowed to push more in those that followed.
Cameras and track marshals were on hand to ensure that drivers were on good behaviour and were ready to respond quickly to any incidents.
There were plenty of smiling faces and two people went so far as to say it was "an honour" to be able to use the track.
Professionals such as Saad Salman, 29, a Palestinian driver for Sayat Racing, who is practising in his KTM X-Bow ahead of the 2010-11 season, said he was impressed with the event's organisation.
When a car suffered engine failure on the track, he said, it was quickly removed and the session was able to resume. "We were worried a bit. Having expensive race cars, we generally try to avoid coming to open events for the public," he said.
"When you mix inexperienced drivers with much faster drivers, the speed difference is what is actually dangerous. But today seems to be very well run and any incidents were responded to quickly."
As the "novice" drivers enjoyed themselves, they were learning a little more about how to control their vehicles and becoming better drivers, said Shahid Baloch, the Pakistani vice-president of Porsche Club UAE.
"When you are on the roads you certainly have a better understanding of what your car can do, particularly braking and handling," he said. "That can only make you a safer driver on the road."
For information on track days and other events visit www.yasmarinacircuit.com
mchung@thenational.ae
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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.”
MATCH INFO
Inter Milan 2 (Vecino 65', Barella 83')
Verona 1 (Verre 19' pen)
COMPANY%20PROFILE
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The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
Killing of Qassem Suleimani