FILE PHOTO: Formula One F1 - Australian Grand Prix - Melbourne Grand Prix Circuit, Melbourne, Australia - March 12, 2020 McLaren’s Carlos Sainz arriving to the Circuit REUTERS/Loren Elliott/File Photo
FILE PHOTO: Formula One F1 - Australian Grand Prix - Melbourne Grand Prix Circuit, Melbourne, Australia - March 12, 2020 McLaren’s Carlos Sainz arriving to the Circuit REUTERS/Loren Elliott/File Photo
FILE PHOTO: Formula One F1 - Australian Grand Prix - Melbourne Grand Prix Circuit, Melbourne, Australia - March 12, 2020 McLaren’s Carlos Sainz arriving to the Circuit REUTERS/Loren Elliott/File Photo
FILE PHOTO: Formula One F1 - Australian Grand Prix - Melbourne Grand Prix Circuit, Melbourne, Australia - March 12, 2020 McLaren’s Carlos Sainz arriving to the Circuit REUTERS/Loren Elliott/File Photo

Charles Leclerc's No 2? Waiting on Lewis Hamilton? The mystery of why Ferrari signed Carlos Sainz


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Ferrari's decision to sign little known Spaniard Carlos Sainz for 2021 is nothing short of mystifying.

Even after five years in Formula One the name is more synonymous with his father, a buccaneering double rally champion who retired 15 years ago.

And while Maranello will celebrate the youngest line-up in their history, the Gestione Sportiva has never, traditionally, been about investing in tomorrow.

There is an impatient and passionate Italian nation hanging over their shoulder and sponsors paying top dollar for success.

In the past, Ferrari have been accused of having more money than sense, but they could afford to be that way. They let other teams deal in potential. They usually flashed the cash once a soaring reputation was established.

Fernando Alonso, Michael Schumacher, and Sebastian Vettel were all champions before the boys in red came knocking.

In fact, you have to go back to 1995 for the last time Maranello didn't have a champion in their line-up. And for five years straight, up to last year, they only had champions at the wheel.

So why the dramatic change in approach that sees them turning to a duo with a handful of wins between them? Ferrari have rarely taken risks on potential as heavily as they are in 2021.

Charles Leclerc may have been just one season in to his F1 career when they snapped him up, but that was a near guarantee. Plus, they already had a four-time champion in the other car.

In signing Sainz they not only ushered the second-biggest name in F1 out the door but passed on Alonso and Daniel Ricciardo as well.

Alonso would surely bring trouble, but so what? Riccardo can beat the best and he is of Italian descent. Better than perfect, surely?

Of course, neither would have come cheap. Alonso at $45 million (Dh165.3m) and Ricciardo south of his current, humble, $29.6m Renault stipend. By comparison Sainz will only cost a few million.

Maybe Ferrari don’t want a Lewis Hamilton? They want a Valtteri Bottas: a No 2 faithfully following team orders. An Eddie Irvine or Rubens Barrichello: quick enough to see them to the constructors' championship but not fast enough to disturb Leclerc’s mojo.

Risking it with Sainz then means relying on Leclerc, in only his fourth season in F1, to be Ferrari’s standard bearer. That is a lot of pressure on a young racer. Cruising to victory in Vettel’s shadow is very different from shouldering the hopes of a team and nation yourself.

It’s interesting to pause here and reflect on the man making the decisions: new Ferrarai boss Mattia Binotto. Apparently pulled out of nowhere last year he has, in fact, been in key roles since the 1990s. Politically adept and culturally savvy he doesn’t appear the kind to risk his career recklessly on an also-ran.

He may be part of the furniture at Maranello, but he will be aware it would only take a few wrong decisions and he would be out of the door.

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Rated: the F1 2020 drivers' lineup

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Perhaps the apparent lack of ambition reflects their reservations about the competitiveness of this year’s car, which will be used in 2021 too. The results from pre-season testing were beyond alarming for a team of their calibre.

Then there are Sainz’s stark career stats. He has shown clear speed but never set the world alight. Promised the world and delivered an atlas. He was begrudgingly recruited by Red Bull, never key in their thinking and bounced through Toro Rosso and Renault to McLaren without really tearing up any trees.

In his best season just passed, his fifth in F1, he wasn’t clearly better than 19-year-old rookie Lando Norris. But the sterling Brazil drive from last to a fourth that eventually became his first podium summed his career up. It was good but ...

Surely the straw Maranello is clutching at doesn’t come from the fact that Sainz ran a rookie 17-year-old Max Verstappen mighty close in their first year in F1?

Of course, there is another intriguing possibility. With the coronavirus pushing back the dawn of an exciting new F1 era to 2022, Sainz could be the stop-gap option, easily disposable for a marque signing already committed from 2022: namely Lewis Hamilton or Max Verstappen.

By then record-breaker Hamilton will probably have nothing left to prove with Mercedes or, more likely, Verstappen will be ready for a long, eye-watering deal in red.

Now that really does make sense.

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Stamp%20duty%20timeline
%3Cp%3E%3Cstrong%3EDecember%202014%3A%3C%2Fstrong%3E%20%20Former%20UK%20chancellor%20of%20the%20Exchequer%20George%20Osborne%20reforms%20stamp%20duty%20land%20tax%20(SDLT)%2C%20replacing%20the%20slab%20system%20with%20a%20blended%20rate%20scheme%2C%20with%20the%20top%20rate%20increasing%20to%2012%20per%20cent%20from%2010%20per%20cent%3A%3C%2Fp%3E%0A%3Cp%3EUp%20to%20%C2%A3125%2C000%20%E2%80%93%200%25%3B%20%C2%A3125%2C000%20to%20%C2%A3250%2C000%20%E2%80%93%202%25%3B%20%C2%A3250%2C000%20to%20%C2%A3925%2C000%20%E2%80%93%205%25%3B%20%C2%A3925%2C000%20to%20%C2%A31.5m%3A%2010%25%3B%20More%20than%20%C2%A31.5m%20%E2%80%93%2012%25%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EApril%202016%3A%3C%2Fstrong%3E%20New%203%25%20surcharge%20applied%20to%20any%20buy-to-let%20properties%20or%20additional%20homes%20purchased.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJuly%202020%3A%3C%2Fstrong%3E%20Chancellor%20Rishi%20Sunak%20unveils%20SDLT%20holiday%2C%20with%20no%20tax%20to%20pay%20on%20the%20first%20%C2%A3500%2C000%2C%20with%20buyers%20saving%20up%20to%20%C2%A315%2C000.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMarch%202021%3A%3C%2Fstrong%3E%20Mr%20Sunak%20extends%20the%20SDLT%20holiday%20at%20his%20March%203%20budget%20until%20the%20end%20of%20June.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EApril%202021%3A%3C%2Fstrong%3E%202%25%20SDLT%20surcharge%20added%20to%20property%20transactions%20made%20by%20overseas%20buyers.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJune%202021%3A%3C%2Fstrong%3E%20SDLT%20holiday%20on%20transactions%20up%20to%20%C2%A3500%2C000%20expires%20on%20June%2030.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJuly%202021%3A%3C%2Fstrong%3E%20Tax%20break%20on%20transactions%20between%20%C2%A3125%2C000%20to%20%C2%A3250%2C000%20starts%20on%20July%201%20and%20runs%20until%20September%2030.%3C%2Fp%3E%0A

Pearls on a Branch: Oral Tales
​​​​​​​Najlaa Khoury, Archipelago Books

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction. 

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

UAE currency: the story behind the money in your pockets
Fitness problems in men's tennis

Andy Murray - hip

Novak Djokovic - elbow

Roger Federer - back

Stan Wawrinka - knee

Kei Nishikori - wrist

Marin Cilic - adductor

Ukraine

Capital: Kiev

Population: 44.13 million

Armed conflict in Donbass

Russia-backed fighters control territory

The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.