Paddock buzzes with talk of football



Walk the streets of Valencia's El Carmen district and, as well as the medieval Moorish architecture, you will undoubtedly notice advertisements themed around this weekend's European Grand Prix. Billboards for Formula Aqua, Formula Campus and the Formula One race itself are plastered around the city. Spain's third biggest city gives the impression of F1 fever.

Yet inside the paddock, located in the recently renovated America's Cup marina, it is a fever of a different type that is taking over: Football is dominating conversation.

The last time the F1 fraternity congregated was in Canada, where Sebastian Vettel rushed his way through a post-qualifying news conference in order to ensure he would not miss his German national team get their Euro 2012 campaign underway. He was soon watching Germany defeat Portugal 1-0 from the inner sanctum of Bernie Ecclestone's exclusive motorhome (although not before Fernando Alonso deliberately answered the final question of the news conference as slowly as possible to tease his friend and racing rival).

Alonso had also joked that as Spain were playing Italy, home of the majority of his Ferrari engineers, he might find himself on the sharp end of a trick or two were the World Champions to win. As it happened, the two nations drew and Alonso escaped unscathed.

Now, in Valencia, the European Championships have reached the knock-out phase and the different nationalities within the F1 fraternity are making their voices heard once again. Vitaly Petrov has quietened down after Russia's early exit, but Alonso was once more quizzed on whether he had sought the ear of Lotus driver Romain Grosjean, whose France the Spanish team face on Saturday night. (He had not.)

Pedro de la Rosa, Alonso's compatriot and veteran driver with HRT, said the media criticism Spain have endured after only squeezing through their group is unfair and that he does not know any fans who are unhappy. Meanwhile Mercedes's venerated seven-time champion Michael Schumacher -- who in Canada watched the Portugal match from his hospitality lounge alongside teammate Nico Rosberg and fellow countryman Nico Hulkenberg -- spoke confidently of how Germany will "naturally" be crowned winners next month.

The atmosphere is jovial, fun and very relaxed -- a sharp contrast to the tension and pressures that usually fill the paddock. Yet not everybody is engrossed by the action going on in Poland and Ukraine. Lewis Hamilton, who played football alongside Manchester United and England winger Ashley Young while growing up, said he was not sure whether he would watch his country face Italy on Sunday night.

"I don't even know when the game is, if I'm honest," he said. "Hopefully I will be able to watch it. England have been playing pretty well recently. I hope that we have a better shot this year than we have in the past, but there are other great teams out there."

For now, the majority of the predominantly English F1 media are just glad their country has avoided playing Spain this weekend. "Thank God," noted one English journalist on Twitter. "We're in Valencia and we've avoided being mullered by Spain on Saturday night."

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Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

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Top 10 most polluted cities
  1. Bhiwadi, India
  2. Ghaziabad, India
  3. Hotan, China
  4. Delhi, India
  5. Jaunpur, India
  6. Faisalabad, Pakistan
  7. Noida, India
  8. Bahawalpur, Pakistan
  9. Peshawar, Pakistan
  10. Bagpat, India
SPECS
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Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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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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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

COMPANY%20PROFILE
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Confirmed%20bouts%20(more%20to%20be%20added)
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HEADLINE HERE
  • I would recommend writing out the text in the body 
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  • Be wary of other embeds lengthy fact boxes could crash into 
  • That's about it
Profile of Whizkey

Date founded: 04 November 2017

Founders: Abdulaziz AlBlooshi and Harsh Hirani

Based: Dubai, UAE

Number of employees: 10

Sector: AI, software

Cashflow: Dh2.5 Million  

Funding stage: Series A

if you go

The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow. 
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes). 

Company%20Profile
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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

The bio

Favourite book: The Alchemist by Paulo Coelho

Favourite travel destination: Maldives and south of France

Favourite pastime: Family and friends, meditation, discovering new cuisines

Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.

Favourite Author: My father for sure

Favourite Artist: Damien Hurst

Company%20Profile
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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

Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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Keep up with all the Middle East and North Africa athletes at the 2024 Paris Olympics

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