SINGAPORE // On the international Grand Prix circuit, Abu Dhabi is tucked in closely behind Singapore - the new kids on the starting grid.
Comparisons between the two are plentiful: both are booming island cities, growing tourism and business hubs with a cosmopolitan blend of east and west. But when Abu Dhabi holds its first Grand Prix in November next year, it will join Singapore in a very exclusive club.
The south-east Asian city state made its debut this week, hosting the first-ever night race and offering Abu Dhabi a sneak preview of what it can expect when the Grand Prix circus comes to town.
All in all, the event was seen as a resounding success. But important lessons will have been taken back to the UAE by the Abu Dhabi Motorsport Management (ADMM) delegation, not least the need to get the local population involved in and excited about the big race.
Singaporeans reacted with growing enthusiasm as the weekend went on, and the city gained publicity beyond its wildest dreams, with an estimated 500 million TV viewers worldwide.
But not everything was plain sailing. With at least 40,000 of the 100,000 spectators flying into Singapore for the race, hotels across the island had geared up to cash in.
Muhammad Rostam Umar, the director of communications at the Singapore Tourism Board, which covered 60 per cent of the Grand Prix costs, said: "Once we secured the Grand Prix, a lot of hotels raised their prices, some up to two or three times the normal rate.
"When we did our own research, we found that this was not particular to Singapore. So we left it up to the market to price itself."
With no regulation, however, hotels suffered. Tourists chose cheaper accommodation, with only a few hotels in the city centre sold out.
In the weeks leading up to the race, the Hotel Rendezvous cut its nightly rate from S$430 (Dh1,100) to S$1,000 (Dh2,560) after a lack of bookings, and the Meritus Mandarin scrapped its minimum three-night-stay rule.
Mr Umar said: "There was an element of having to understand what the demand was and how much you charge. You learn from your experiences. He added that the hotels that kept their prices at a steady limit "got a decent occupancy rate".
A day after the date of the Abu Dhabi Grand Prix was announced, the InterContinental hotel doubled some room rates for the F1 weekend. With the number of hotel rooms in the city expected to increase only from 14,185 today to 16,662 next year, according to the Abu Dhabi Tourism Authority, rooms will be at a premium during the race.
International interest in the Singapore Grand Prix was assured because of the novelty of a night race. But locals often spoke of their indifference to the event.
Despite roaming tickets being made available to locals for as little as S$38 (Dh97), many complained that the race was just a tourism- generating exercise, and that there was little interest in the sport in the city.
Kevin Toh, an electrical sales assistant, said: "The thing about Formula 1 is that it is an expensive sport. Singaporeans do not want to pay so much to see a sport they do not know about. A lot of people have been put off."
Sandra Liu, a hospital administrator, said: "The children all want to see it because they see the pictures everywhere in the town.
"But in a few days, it is over. Singapore will be the same again. That is why we think it is for tourists and only tourists."
In an editorial in the leading Singapore newspaper, The Straits Times, before the race last week, Carl Skadian, its news editor, wrote: "Week after week, all we keep hearing about are tourists, tourism receipts, fancy watch shows, fancier boats ... Frankly, it can seem to some as if Singapore is throwing a giant party.
"Only thing is, someone forgot to invite the Singaporeans."
He concluded that it was "a shame more has not been done to rouse our interest in what is going to be happening this weekend."
In the end, Singaporeans turned out in droves, and those who did were treated to an the incident-packed race. Yeow Joon, a risk analyst, said: "It is the biggest sport in the world and it is two miles from where I live. It makes me proud to be Singaporean, I have to go."
Abu Dhabi's race organisers are already aware of the danger of not gaining the support of the local community.
A number of taster events have already taken place in the capital, including an F1 festival and the visit last week by Kimi Räikkönen, the reigning world champion.
Thomas Hofmann, ADMM's executive communications director, said: "This should not just be an event that comes here for one weekend.
"People should understand all about it, enjoy it and look forward to it. It should be brought so close that, by next year, people should feel, 'It's our race, our experience, our F1'."
As well as highlighting potential problems, the race also demonstrated the benefits to a city hosting an F1 race.
The Singapore Tourism Board expected its first Grand Prix to bring in at least US$100 million (Dh367m) in revenue, with incremental benefits from tourism generated by international TV coverage promising even better returns over coming years.
Mr Umar said: "Having millions of viewers watch your country on screen, looking at the landscape and landmarks - you cannot put a value on that."
@Email:rhughes@thenational.ae
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
'Cheb%20Khaled'
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
COMPANY%20PROFILE
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PROFILE BOX:
Company/date started: 2015
Founder/CEO: Rami Salman, Rishav Jalan, Ayush Chordia
Based: Dubai, UAE
Sector: Technology, Sales, Voice, Artificial Intelligence
Size: (employees/revenue) 10/ 100,000 downloads
Stage: 1 ($800,000)
Investors: Eight first-round investors including, Beco Capital, 500 Startups, Dubai Silicon Oasis, Hala Fadel, Odin Financial Services, Dubai Angel Investors, Womena, Arzan VC
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.”
Other promotions
- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
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
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.
Race card
6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m
7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m
7.40pm: Handicap (TB) $135,000 (T) 2,000m
8.15pm: Handicap (TB) $135,000 (D) 1,600m
8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m
9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m
10pm: Handicap (TB) $135,000 (T) 2,000m
10.35pm: Handicap (TB) $175,000 (T) 1,400m
The National selections
6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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Most F1 world titles
7 — Michael Schumacher (1994, ’95, 2000, ’01 ’02, ’03, ’04)
7 — Lewis Hamilton (2008, ’14,’15, ’17, ’18, ’19, ’20)
5 — Juan Manuel Fangio (1951, ’54, ’55, ’56, ’57)
4 — Alain Prost (1985, ’86, ’89, ’93)
4 — Sebastian Vettel (2010, ’11, ’12, ’13)
COMPANY%20PROFILE
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Company%20profile
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
ANATOMY%20OF%20A%20FALL
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Mountain%20Boy
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Results
4pm: Al Bastakiya – Listed (TB) $150,000 (Dirt) 1,900m; Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
4.35pm: Dubai City Of Gold – Group 2 (TB) $228,000 (Turf) 2,410m; Winner: Walton Street, William Buick, Charlie Appleby
5.10pm: Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m; Winner: Canvassed, Pat Dobbs, Doug Watson
5.45pm: Burj Nahaar – Group 3 (TB) $228,000 (D) 1,600m; Winner: Midnight Sands, Pat Dobbs, Doug Watson
6.20pm: Jebel Hatta – Group 1 (TB) $260,000 (T) 1,800m; Winner: Lord Glitters, Daniel Tudhope, David O’Meara
6.55pm: Al Maktoum Challenge Round-1 – Group 1 (TB) $390,000 (D) 2,000m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
7.30pm: Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m; Winner: Final Song, Frankie Dettori, Saeed bin Suroor
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
