Saeed Al Qubaisi shook his head in disbelief when he spoke about what Emiratis used to do for their speed fix.
"There used to be a lot of illegal underground road racing going on in the UAE about 10 or 15 years ago," said the 27-year-old kart driver, who works for Abu Dhabi National Oil Company.
"Thankfully, over recent years, we have been offered good facilities to race our cars safely and legally. Now we can channel our energy and love of motorsport in a totally safe environment.
"The underground racing was very dangerous. Now [looking around the Al Ain Raceway] things are better, much better."
The Ramadan Super Prix Challenge is a chance for drivers from a variety of backgrounds in the UAE, to compete and show off their skills.
This is the third year of the tournament at Al Ain Kartway. The second round took place last Friday with two more to go, on consecutive Fridays, during the Holy Month at what Guy Sheffield, the track's general manager calls: "The UAE's best kept secret."
If round two was anything to go by, these Emiratis, expatriates and one 12 year old on holiday with his family in Dubai, got that need for speed out of their system.
The karts sit one inch off the ground and over the course of a two-hour meeting, which involves practice sessions, heats and a final involving all 28 karts, the best drivers reach speeds down the long home stretch of 100kmph.
Khaled Al Hameli, a 24 year old from the capital, who works with the General Secretary for the Executive Council, has just bought his own DD2 kart and would like to make this more than just a hobby.
"I love racing and competing, and this is much safer than being out on the roads. I would like to race internationally for the UAE. This is my dream," he said.
"I want television and newspapers to give us more attention because this sport is going to be so important for UAE nationals, even more so than it is now.
"It is almost impossible to be an F1 driver, but karting is the entry level to motorsport, and it teaches us all the basics you need to become an accomplished driver."
Sheffield, an Englishman himself a former kart driver, expertly runs the night from start to finish.
Not only does he take the drivers through everything at the pre-race safety briefing, he also walks about the inside of the track, while the races take place, to make sure that everyone heeds the "No Contact" rule.
Sheffield even has a remote control that can slow down the car of any driver who is not behaving himself.
He also commentates over the public address system.
"The trick to karting is being a smooth driver," Sheffield said. "Anyone can put their foot down on the accelerator or hit the break. What the best do, and this is what is said about Jenson Button [the Formula One driver], is that the driver appears to make no effort at all as he is going around the corners.
"There are nine corners here on the track, and the best guys know they hardly need to move the steering wheel left or right to get around in the fastest time.
"We have some good drivers here. The competition is pretty fierce, and yet one of the best things about this Ramadan tournament is that not everyone is experienced. There are one or two who hadn't seen the track before, and are relatively new to the sport.
"So it's nice to know that this encourages them and hopefully they can keep at it."
Last Friday's 28-strong field was mostly made up of Emiratis in their 20s. One of these was Saeed Bintowq, a 21-year-old Dubai student, who would like to see more support given to the drivers in a country which he believes will one day produce a world champion.
"Karting is the start for everyone in motorsport. It teaches you how to take corners, how to read a line, and then you could think about driving internationally or get into rallying in the future.
"We have a big local scene. There are a lot of Emiratis who drive karts, but we are not recognised.
"If big companies could only see how important this is to us, and maybe even the Government, then we could get some backing and that would help us move to the next level.
"We love this. It is our sport."
But the driver who stuck out was Bence Alex Tozser, 12, from Hungary, who was visiting the country with his father, Zsolt, and mother, Tunde.
"The minimum age for this race is 16, but when we found out about it I called the track and Bence took a skills test in the afternoon, which he passed," Zsolt said. "So he was allowed a one-off chance to take part.
"He only took up karting a year ago when he was 11 years old, and he is leading the Bulgarian national junior championships. He loves going fast and has no fear."
Bence finished 11th overall, with Abdulla Al Suleiman the final's runaway winner on a night when everyone was fast and safe.
ncameron@thenational.ae
More motorsport, s14
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
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
LIVERPOOL%20TOP%20SCORERS
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Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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.”
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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
COMPANY%20PROFILE
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
COMPANY%20PROFILE
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UFC Fight Night 2
1am – Early prelims
2am – Prelims
4am-7am – Main card
7:30am-9am – press cons
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
