DUBAI // Mohammed ben Sulayem, president of the Automobile and Touring Club of the UAE (ATCUAE) and the Emirates Motor Sport Federation, is expecting motorsport in the country to take a “big step forward” in the coming season as the Formula 4 UAE Championship makes its debut on the calendar.
The Formula 4 UAE is a championship designed to offer young racing drivers an opportunity to take the first step from karting into the world of single-seater racing and it will be the only national championship that qualifies for FIA Super Licence points, which are vital for drivers wishing to move up the ladder of motorsport and ultimately reach Formula One.
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“As we all know, motorsport is changing, just like any other sport and it is our responsibility to offer a good and affordable product to our fans to attract them and to sustain motorsport,” said Ben Sulayem at the Dubai Autodrome on Friday during the first staging of the Emirates Motorsport Expo.
“The UAE Formula 4 Championship is hugely important for the region, as it provides a perfect next step up from karting for young drivers, without breaking the bank.
“The Formula 4 model is tried and tested and a big step forward for Middle East motorsport.”
The Formula 4 UAE, which will feature 18 races held across six weekends between October 28-29 and March 10-11 at the Dubai Autodrome and the Yas Marina Circuit, is aimed at drivers in the 15-20 age group and 10 cars – representing Energy Dubai F4 Racing, Abu Dhabi Racing, Rasgaira Motorsports Team, Qatar Motor & Motorsport Federation (QMMF) and Dragon Racing - are already confirmed for the grid.
“We have 10 cars from the UAE and Qatar committed to the championship, which is a great start for the first season,” said Ben Sulayem. “However, we hope to supplement these numbers with cars coming in from overseas and we have adopted the same car that is currently used in the Italian, German, Spanish and North European championships.
“As we run a season through the winter, this provides a perfect opportunity for the European teams to come out here and race during their own off season.”
Organisers of all the other championships in the UAE should also be expecting increased participation in their events given the number of people who visited the Motorsport Expo, listened to the keynote addresses from team principals and championship owners, and took passenger rides in various race cars around the circuit.
“Being the very first Motorsport Expo for the UAE, it was a bit of an unknown to see how the reception would be,” said Bert Grogor, sponsorship and business development manager at the Dubai Autodrome. “So we were very happy to see the reception we got.
“When we announced we are doing the very first UAE Motorsport Expo, the aim was not to make it a motoring exhibition, like there are so many in Dubai. It was purely, exclusively motorsport - race cars, racing bikes, off road, moto cross, rallying, drifting, those disciplines that are registered with ATCUAE.
“We are trying to keep it all in-house and we are trying to give people a platform.
“Let’s say, if you want to go racing, how do you go about it, what do you do, who can you speak to, what teams are available, what platform is available for you to take the next step and obviously, how much is the cost.
“Anybody with that need for speed that wants to take it off the road on to the track, we are trying to find that person and bring him to the racetrack.”
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Leap of Faith
Michael J Mazarr
Public Affairs
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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.”
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