As the row over the future regulations of the sport continues to drag on, Mohammed ben Sulayem has called for the Formula One Teams Association (FOTA) to put aside their differences with Max Mosley and find a solution to the crisis that is threatening to lead to their withdrawal from the series.
FOTA members have been upset at plans to introduce a £40million (Dh241m) budget cap for next season and by the way they feel the rule changes are being dicated to them by Mosley, who is the Internationale de l'Automobile (FIA) president.
Friday's announcement of the team list for 2010 has done little to clear up the situation, with eight places still unconfirmed as Brawn GP, McLaren, Renault and BMW have been given until this Friday to submit unconditional entries, while Ferrari have reiterated that unless the regulations are changed they will not race next year.
Such is their lack of faith in dealings with Mosley, FOTA have asked the World Motor Sport Council (WMSC) - of which Mosley is the head - to step in.
But ben Sulayem, vice president of sport for the FIA, is convinced Mosley is still the right man to pull the sport through this crisis and others that may be forthcoming.
"I am not saying this because I am close to Max," he said. "No. I am saying this because I am being fair. He has the knowledge and experience to get us through this difficult time not only with the teams, but the financial issues.
"He is the man who has helped change motorsport. Formula One was never like this before and, with Bernie Ecclestone, he was one of the main players to make it as good as it is today. It is safer, better and more attractive for teams, drivers, sponsors and fans.
"People will attack Max, just like they will attack Bernie, but they deserve support in what they have tried to do.
"This is the most crucial week for Formula One in many years, but the discussions and comments should not be about emotions or egos, they should be about commonsense and using your brains.
"It is not about the FIA or Max winning against FOTA, or FOTA winning against Max. The sport should be the winner.
"Stop the attacks, stop the arguments and let us work together to get things right.
"I have told the teams to talk to Max, but don't do it with the wrong attitude or act as if you own the championship.
"With this extra week for the deadline, there is still time to make everything right, but the day you stop talking, then it is the beginning of the end."
With the prospect of FOTA setting up a rival championship, ben Sulayem added: "I hope this will not happen and nobody wants it, but Formula One will go on and any new competition by FOTA will come under the FIA's regulations for motorsport.
"I do believe you need somebody to regulate and the FIA need someone who can be strong, who can fight to make things fair and right. Max has been doing this job for 16 years. It is like a father and his children. If you don't control them, they will do anything they want. We cannot allow that or motorsport will suffer.
"I hope everything can be resolved through Max. The World Motor Sport Council will listen and be prudent if they get involved and we will give our opinion to Max.
"He is not a dictator and he will listen.
"Sometimes it goes to a vote, but, personally, I am behind our president and I believe in him."
akhan@thenational.ae
Emergency phone numbers in the UAE
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COMPANY%20PROFILE
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY%20PROFILE
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THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
Company%20profile
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Company%20Profile
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MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
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.”
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Specs%3A%202024%20McLaren%20Artura%20Spider
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Company%20Profile
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Brief scores:
QPR 0
Watford 1
Capoue 45' 1
MEDIEVIL%20(1998)
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Company%20Profile
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Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)
Rajasthan won by 10 runs (D/L method)
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5