Lewis Hamilton has been stripped of his victory at the Belgium Grand Prix after race stewards said he had cut across a chicane to gain an advantage before passing Ferrari's Kimi Raikkonen.
Lewis Hamilton has been stripped of his victory at the Belgium Grand Prix after race stewards said he had cut across a chicane to gain an advantage before passing Ferrari's Kimi Raikkonen.

Stewards strip Hamilton of victory



Lewis Hamilton's hopes of winning the world championship were dented last night as race stewards stripped him of victory in the Belgian Grand Prix. The Briton looked to have stretched his championship lead to eight points after he had finished first at the Spa-Francorchamps circuit, ahead of the Ferrari of chief title challenger Felipe Massa. But Hamilton was punished for cutting the Bus Stop chicane three laps from the end of the race as he scrapped with the long-time race leader Kimi Raikkonen for the lead of the race. He was penalised 25 seconds and dropped behind Massa and the BMW Sauber of Nick Heidfeld to third.

The incident began at the end of the 42nd lap when the duo almost tangled as Hamilton tried to pass Raikkonen around the outside of the Bus Stop chicane. Raikkonen pushed his rival wide and Hamilton ended up cutting the corner. He slowed to allow the Ferrari to go back ahead, before he passed Raikkonen at the La Source hairpin to take the lead. Hamilton said of the incident: "Kimi pushed me wide. I was a little bit ahead. "I was outside, I had no room and he basically pushed me so I went on the escape route. So I let him past, then got in his tow and he was ducking and diving left and right, but I managed to get past him. "I am stoked to have battled through the tough conditions. It was one of the most exciting races of my career." But that joy would quickly turn to disappointment some three hours after the race after the stewards made their decision after examining the race footage of the scrap. Raikkonen who had crashed on the 43rd lap in slippery conditions, had stayed tight-lipped over his views on the incident. He said: "There are rules about cutting chicanes and gaining an advantage and they are looking it. So I don't have anything to say." The decision changes the entire complexion of the championship. Instead of going to next Sunday's Italian Grand Prix with an eight point lead over Massa, Hamilton will just have a two point advantage.

The controversy will spoil what was a thrilling end to the race as following the incident for Hamilton was punished, he and Raikkonen then duelled for the lead as a late rain shower made the track wet. The pair had both remained on dry tyres, but as the rain began to fall more heavily Hamilton skated off the circuit later on in the lap entering Fagnes, allowing the Finn to retake the lead. But Raikkonen then spun on the exit of that corner, allowing Hamilton back in front, and then approaching the Bus Stop chicane at the end of the lap, the Ferrari driver lost control again and crashed into the wall. Hamilton navigated the final lap to take what he thought was his ninth win of his career. Massa had been content with second place and had said prior to the stewards' decision: "I didn't want to risk it. Eight points is eight points. I was going very slow through corners, it was very, very damp. Sometimes you think something and you go off." Raikkonen had crashed out chasing Hamilton for the victory and he now trails Hamilton by 19 points, and now will almost surely be asked to assist Massa's bid for the title. Hamilton had taken the lead from pole position at the start as a number of cars slid wide at the La Source hairpin, with Jarno Trulli's Toyota and Heikki Kovalainen's McLaren both falling down the order after incidents. Raikkonen had ruthlessly forced his way past teammate Massa at Les Combes to move up to second, and then he took advantage of a spin from Hamilton at La Source at the start of the second lap to move to the head of the field. Hamilton was quickly back on Raikkonen's tail, but was unable to find a way past on the fast flowing circuit and he dropped away after making an early pit-stop. Raikkonen maintained his lead through both rounds of pit-stops and looked to have the race won up until the late rain undid all his good work. Nick Heidfeld finished third, before being later moved upto second, after making the inspired decision to change to intermediate tyres for the last lap as the conditions worsened. The Renault of Fernando Alonso adopted a similar strategy to Heidfeld and he too was rewarded as he passed his rivals. Sebastian Vettel was fifth for Toro Rosso, ahead of the BMW Sauber of Robert Kubica, while Vettel's teammate Sebastien Bourdais, who had started the final lap third, slipped to seventh. gcaygill@thenational.ae

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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. 

UAE currency: the story behind the money in your pockets
Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

'Of Love & War'
Lynsey Addario, Penguin Press

Sri Lanka squad for tri-nation series

Angelo Mathews (c), Upul Tharanga, Danushka Gunathilaka, Kusal Mendis, Dinesh Chandimal, Kusal Janith Perera, Thisara Perera, Asela Gunaratne, Niroshan Dickwella, Suranga Lakmal, Nuwan Pradeep, Dushmantha Chameera, Shehan Madushanka, Akila Dananjaya, Lakshan Sandakan and Wanidu Hasaranga

COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

Company Profile 

Founder: Omar Onsi

Launched: 2018

Employees: 35

Financing stage: Seed round ($12 million)

Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

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  • Premier League-standard football pitch
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  • 600-seat auditorium
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  • 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
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Monterrey 1 

Funes Mori (14)

Liverpool 2

Keita (11), Firmino (90 1)

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  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
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Married Malala

Malala Yousafzai is enjoying married life, her father said.

The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.

Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.

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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.”

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5