Mark Webber, the pole-sitter, centre, flanked by Robert Kubica, right, who starts second and Red Bull teammate Sebastian Vettel, who starts third.
Mark Webber, the pole-sitter, centre, flanked by Robert Kubica, right, who starts second and Red Bull teammate Sebastian Vettel, who starts third.

Webber's momentum continues in Monaco



Red Bull continued their domination of qualifying this season as Mark Webber made it six pole positions in a row. Following his lights-to-flag win in last Sunday's Spanish Grand Prix, Webber will now start hot favourite to make it two victories in a row after grabbing pole for F1's blue-riband race around Monaco. But there is no Red Bull lock-out of the front row as Renault's Robert Kubica produced a stunning performance around the streets of the principality to grab second spot ahead of Sebastian Vettel.

Webber produced an astonishing time of 1min 13.826sec, the only driver to dip under 74 seconds over the past few days, beating Kubica by a quarter of a second. Behind Vettel comes Ferrari's Felipe Massa and Lewis Hamilton in his McLaren as the Woking marque failed to find the sweet spot around a track where they have won 15 times since 1984. Nico Rosberg edged out Michael Schumacher in the duel of the Mercedes duo for sixth and seventh, with last year's winner Jenson Button a lowly eighth, followed by Williams' Rubens Barrichello. Vitantonio Liuzzi starts 10th for Force India after outqualifying teammate Adrian Sutil for the first time this season.

Nico Hulkenberg starts 11th after finishing just 0.167sec adrift of Button at the end of Q2, with the Williams driver ahead of Sutil and Sebastien Buemi in his Toro Rosso. Vitaly Petrov wound up a dramatic 14th after he wrapped his Renault around a tyre barrier at Sainte Devote, with the Russian followed by the Saubers of Pedro de la Rosa and Kamui Kobayashi, as well as the second Toro Rosso of Jaime Alguersuari. As expected, the first 20 minutes were typically busy, but there was none of the chaos that had been expected and there were no major casualties as the three new teams all exited.

Fernando Alonso's crash in final practice earlier today, leaving his Ferrari team with no time to repair the chassis, guaranteed him last place on the grid, although he will start from the pit lane. It left the remaining 15 drivers with the more established teams with the task of simply negotiating their way through Q1 and posting a lap time none of the three new marques could touch. There was the occasional frustrated hand gesture, as witnessed from the on-board camera of Kubica's car, as the Pole was baulked on one of his early hot laps. But come the conclusion those expected to make it through all did so, as Lotus, Virgin and Hispania Racing were ousted.

The best of those was Lotus' Heikki Kovalainen who finished almost a second down on Sauber's Kamui Kobayashi, and will start 18th. Such was the Finn's determination he spun twice on successive laps, once at Mirabeau and then in the middle of Loews hairpin, but it was not enough. Teammate Jarno Trulli was just 0.040sec adrift and starts 19th ahead of Virgin's Timo Glock and Lucas di Grassi, followed by the Hispania duo of Bruno Senna, whose late uncle Ayrton won six times here, and Karun Chandhok. * PA

MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP

Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan

Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri

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
ASIAN%20RUGBY%20CHAMPIONSHIP%202024
%3Cp%3E%3Cstrong%3EResults%3C%2Fstrong%3E%3Cbr%3EHong%20Kong%2052-5%20UAE%3Cbr%3ESouth%20Korea%2055-5%20Malaysia%3Cbr%3EMalaysia%206-70%20Hong%20Kong%3Cbr%3EUAE%2036-32%20South%20Korea%3Cbr%3E%3Cbr%3E%3Cstrong%3EFixtures%3C%2Fstrong%3E%3Cbr%3EFriday%2C%20June%2021%2C%207.30pm%20kick-off%3A%20UAE%20v%20Malaysia%3Cbr%3EAt%20The%20Sevens%2C%20Dubai%20(admission%20is%20free).%3Cbr%3ESaturday%3A%20Hong%20Kong%20v%20South%20Korea%3Cbr%3E%3C%2Fp%3E%0A

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.”