MANAMA // Bahrain Grand Prix organisers will host a news conference in Sakhir today to announce the ticket launch for the country's Formula One race, despite fresh outbreaks of violence in the Gulf kingdom.
This afternoon's announcement arrives less than a week after armoured vehicles were deployed around the country's capital on Tuesday as Shiites marked the first anniversary of their uprising against Bahrain's Sunni rulers. Television images showed police firing tear gas at protesters in what appeared to be an attempt to prevent a repeat of marches that had been held the previous evening.
Last night, downtown Manama seemed quiet, albeit with a heightened police presence on the streets and increased security at the country's international airport. On Friday, the Financial Times reported, police had used water cannons to disperse crowds hurling Molotov cocktails and stones.
The Federation Internationale de l'Automobile (FIA), governing body of world motors sports, and Bernie Ecclestone, the F1 commercial rights owner, remain adamant this year's race will take place.
Today's ticket launch is the strongest indication yet that race organisers have no intention of cancelling the event for a second successive year.
"The FIA, like many in the diplomatic community in the kingdom, the main political opposition … believes the staging of a Grand Prix would be beneficial in bridging some of the difficulties Bahrain is experiencing," a spokesman for the FIA said on Wednesday. "The FIA is not in a position to influence political matters in a sovereign country such as Bahrain and we can only wish for a long-term peaceful solution."
Two groups of British parliamentarians have this month written letters to The Times of London arguing for and against the race.
Damon Hill, the former F1 champion, said F1 can return to Bahrain "with a clear conscience" after he visited the country alongside Jean Todt, the FIA president, in late December.
Tuesday marked the first deployment of armoured vehicles on the streets since martial law was lifted in June, but Ecclestone told The Guardian newspaper he did not believe the heightened tensions would affect the fourth race of the F1 season.
"I don't think it's anything serious at all. It doesn't change our position in any shape or form," Ecclestone said.
"If the [rulers] in Bahrain say 'Look, Bernie, it wouldn't be good for you to come over here,' then I would think again. That is what they said last year.
"I am in regular touch with the Bahrain government and they would tell me if we shouldn't be there."
Bahrain's influence in F1 has steadily grown since the island state hosted its first race in 2004.
Sheikh Abdulla bin Isa Al Khalifa, who heads the FIA's karting commission, sits on the world body's 26-man council alongside the UAE's Mohammed ben Sulayem. Also, Mumtalakat, Bahrain's sovereign wealth fund, is a major shareholder in the McLaren team.
When Martin Whitmarsh, the team principal of McLaren and chairman of the Formula One Teams Association, last year signed a letter informing the FIA that teams would not attend a rescheduled event in Bahrain, it is understood that his actions were not well received in the kingdom's corridors of power.
Also, Ecclestone's Formula One Management company is estimated to receive a US$40 million (Dh146.9m) hosting fee from the kingdom each year. Christian Horner, the team principal of Red Bull Racing, said he expects F1 to be in Sakhir for the April 20-22 event. "As far as I'm aware we're definitely going," he said. "We rely on the FIA - it's the FIA Formula One world championship after all - and Bahrain is one of the races on the calendar.
"They are far better placed to know what the issues are, and we trust their judgement, as we do the promoter, and we'll see how things develop. But as of today there's a race committed to Bahrain, and we'll be there."
Bahrain became the first country in the Middle East to have a Formula One race when it made its debut seven years ago, before being joined on the 20-race calendar by Abu Dhabi in 2009.
This year's race at Bahrain International Circuit is scheduled the weekend immediately following the Chinese Grand Prix and two weeks ahead of the Spanish Grand Prix.
gmeenaghan@thenational.ae
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
COMPANY%20PROFILE
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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.”
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Results
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
KILLING OF QASSEM SULEIMANI
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy
FINAL LEADERBOARD
1. Jordan Spieth (USA) 65 69 65 69 - 12-under-par
2. Matt Kuchar (USA) 65 71 66 69 - 9-under
3. Li Haotong (CHN) 69 73 69 63 - 6-under
T4. Rory McIlroy (NIR) 71 68 69 67 - 5-under
T4. Rafael Cabrera-Bello (ESP) 67 73 67 68 - 5-under
T6. Marc Leishman (AUS) 69 76 66 65 - 4-under
T6. Matthew Southgate (ENG) 72 72 67 65 - 4-under
T6. Brooks Koepka (USA) 65 72 68 71 - 4-under
T6. Branden Grace (RSA) 70 74 62 70 - 4-under
T6. Alexander Noren (SWE) 68 72 69 67 - 4-under
The%20Kitchen
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