Qassimi's progression



Although the wet and cold conditions are unlikely to be to his liking, Sheikh Khalid Al Qassimi is hopeful of ending a promising first season of action for the BP-Ford Abu Dhabi team in the World Rally Championship in style at this weekend's Wales Rally GB.

Qassimi has earned a top-10 finish in Rally Jordan and been dubbed 'King of the Jumps' - following big leaps in Sweden and Finland - and the Emirati is now looking to finish the year in style in the Welsh forests. And after second place in last week's Dubai International Rally - his only Middle East Rally Championship event of the year Qassimi is confident of building on that in Wales. "This will be my first WRC start in Great Britain and I recently had a two-day test to get used to the conditions," he said. "I do not really like wet weather rallies so it will be hard to adjust to the surface. It's very easy to slide, spin or go off in wet weather.

"This is my last event of a long year and it will be a great feeling to finish my first full season in the WRC. It's gone well, I love the car and I feel I'm progressing better than last year. "After nine events, I feel I'm now part of the team on merit. I've gained extra mileage, extra confidence, achieved some good results and generally lifted my pace. I've made many changes to my pace notes and all the time I'm developing my knowledge and experience," he added.

Qassimi is also hoping his teammates, Mikko Hirvonen and Jari-Matti Latvala, can win Ford a third consecutive manufacturers' title, although they face a tough task as they trail leaders Citroen by 11 points in the standings. "Anything's possible, anything can happen in a rally," Qassimi added. "It will be hard because Sebastien Loeb has won the championship now and is under no pressure. But the gap is only 11 points. Mikko won here last year and Jari-Matti was top five so it could be very close."

gcaygill@thenational.ae

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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
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Label: Warner Records

Number of tracks: 11

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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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