MONTREAL // Daniel Ricciardo beamed from ear to ear on Sunday when he ended Mercedes early-season domination by claiming his maiden Formula One victory for Red Bull in a dramatic crash-hit Canadian Grand Prix.
The 24-year-old Australian took full advantage of power and electrical problems that hit both championship leader Nico Rosberg and his Mercedes team-mate Lewis Hamilton in the closing stages to claim a stirring triumph.
“I am still a bit in shock,” Ricciardo said. “Thanks everyone. This is ridiculous! There are lots of Australian flags... which is nice.
“The race really came to life for the last 15-20 laps... Hamilton had a problem and Rosberg was slow down the straights. I really struggled to get past [Sergio] Perez, but managed to do that and set my sights on Nico with a couple of laps to go.
“I finally managed to get in the right spot to use DRS -- and it’s an amazing feeling right now.”
Ricciardo was close to a victory in his first race with Red Bull on home turf in Melbourne at the Australian Grand Prix in March, but after finishing second, he was disqualified for a technical infringement.
Briton Hamilton was forced to retire, but German Rosberg managed to nurse his car home in second place ahead of Ricciardo’s Red Bull team-mate defending four-time champion German Sebastian Vettel.
“We had a problem at the pit stop and that’s why I dropped behind,” said Rosberg. “Then I lost a lot of power in the straights, but it did not quite work out. I couldn’t hold off Daniel Ricciardo.”
Rosberg’s second place allowed him to open up a 22-point lead on Hamilton in the championship standings. Ricciardo is third 71 points behind the German.
The final lap was run behind a Safety Car after a horrifying high-speed collision between Mexican Sergio Perez of Force India and Brazilian Felipe Massa of Williams saw them fly off into the barriers.
Both were seen moving in their cockpits at the end of the 70-laps contest and appeared not to be seriously injured after the incident as the braked from speeds of more than 240 kph.
Ricciardo’s win meant he has now beaten Vettel in the last five races, a feat that saw him receive well-deserved congratulations from his teammate in the aftermath of a drama-laden event.
“Congratulations to Daniel,” Vettel said. “It’s his day. We had a big help from Mercedes, unlike other weekends, but we were there to capitalise. It’s been a positive day.
“Daniel’s first win and a first win for Renault in the new era of engines. They have had a good comeback although there is still plenty of work ahead of us because Mercedes are quicker down the straight, but all in all it’s been a good day.”
Ricciardo’s Red Bull team chief was equally delighted.
“Amazing,” he said. “Daniel has been unbelievable all season. Of all races we thought we could win, this would have been the most unlikely, but the way he drove, he thoroughly deserved the drive.
“He’s proved his worth. He’s exceeded all expectations.”
Briton Jenson Button came home fourth for McLaren ahead of fifth placed German Nico Hulkenberg in the second Force India with two-time champion Spaniard Fernando Alonso sixth for Ferrari.
Finn Valtteri Bottas finished seventh in the second Williams ahead of Frenchman Jean-Eric Vergne of Toro Rosso, Danish rookie Kevin Magnussen in the second McLaren and 10th placed Finn Kimi Raikkonen in the second Ferrari.
Perez and Massa, whose impacts were measured at 27G, were placed 11th and 12th respectively at the finish. After the race, both were taken to the circuit medical centre for precautionary examinations.
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Results
3pm: Handicap (PA) Dh40,000 (Dirt) 1,000m; Winner: Dhafra, Antonio Fresu (jockey), Eric Lemartinel (trainer)
3.30pm: Maiden (PA) Dh40,000 (D) 2,000m; Winner: Al Ajayib, Antonio Fresu, Eric Lemartinel
4pm: Handicap (PA) Dh40,000 (D) 1,700m; Winner: Ashtr, Abdul Aziz Al Balushi, Majed Al Jahouri
4.30pm: Handicap (TB) Dh40,000 (D) 1,700m; Winner: Falcon Claws, Szczepan Mazur, Doug Watson
5pm: Sheikh Dr Sultan bin Khalifa Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,700m; Winner: Al Mufham SB, Al Moatasem Al Balushi, Badar Al Hajri
5.30pm: Sharjah Marathon – Handicap (PA) Dh70,000 (D) 2,700m; Winner: Asraa Min Al Talqa, Al Moatasem Al Balushi, Helal Al Alawi
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
UAE currency: the story behind the money in your pockets
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
THE SPECS
BMW X7 xDrive 50i
Engine: 4.4-litre V8
Transmission: Eight-speed Steptronic transmission
Power: 462hp
Torque: 650Nm
Price: Dh600,000
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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.”
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
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 banned).
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.
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
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
