A young fan gets some tips from his mother. Many first-timers to a Formula One track were surprised by the loudness of the cars.
A young fan gets some tips from his mother. Many first-timers to a Formula One track were surprised by the loudness of the cars.

Abu Dhabi's new baby roars into life



YAS MARINA CIRCUIT // "I didn't know it was going to be that loud," said Nouf al Othman, a 21-year-old Saudi volunteer at the Yas Marina Circuit. "You feel it vibrate in your hands. It is that loud." Everyone knew to expect it and yet they were still surprised. Few things compare with the noise of a Formula One car, yet many try to find a way of describing what they have just heard. Most of those interviewed yesterday were F1 novices getting their first experience of the sights, sounds and smells of the sport.

The five grandstands at Yas are so close to the action on the track that all those senses are heightened compared with most other circuits. Visitors to the Yas Marina Circuit on Thursday had seen the F1 cars sitting sedately in their garages. Yesterday, the vehicles were far less restrained - unleashed for the first time on the 5.55km circuit and in front of an awed public. "I felt like a six-year-old at Christmas," said Roberto Lamastus, 32, a pilot from Panama who travelled from Qatar to see the race.

"The sounds, the sights, the smells - it all clicked. It is way better than my expectations. It is a lot faster, a lot noisier than what I was used to watching on television." "It is unbelievable to hear the noise of an F1 engine," said Ian Bryant, a 24-year-old New Zealander living in London who was visiting his mother in Al Ain. "I have been waiting to hear it for a long time. It is deafening."

When a group of GP2 cars took to the track soon after 10.30am, they were the first to race competitively on the circuit. Their historic lap was witnessed by a handful of fans who had made the early trip to Yas. Those who did arrive were given a taste of what was to come: the freshness of the track, and the resulting lack of grip due to the lack of tyres that had driven upon it, saw a number of cars skid at some of the circuit's 21 corners. A few F1 cars later followed suit.

As the temperature rose from 28C to 36C over the course of the afternoon, the fans trickled in. By the time the first F1 driver went out, the stands were perhaps an eighth full - not a poor turnout for the first session of a grand prix. In reality, it was an unspectacular first lap. Mark Webber, the Red Bull driver, disappeared into the pit lane tunnel, completed the almost 90-degree turn and emerged from the pit lane exit. He finished a solitary lap and returned to the pit lane.

Others, including Webber, will complete quicker laps of the Yas Marina Circuit. But few will complete one that was as significant. It heralded the first action of at least seven grand prix races scheduled for the island, although there will almost certainly be more. The drivers retired from the blazing midday sun, tweaks were made to the cars in the garages and, as the sun began to dip towards the horizon, the circuit underwent a notable change in atmosphere in the lead-up to the second practice session at 5pm. As the temperature fell to the low 30s, the number of fans streaming in through the Yas gates swelled.

Longer shadows cast by the grandstands drew more people out of the sun and into the F1 Village, a collection of stores, eateries and performance areas that run parallel to each stand. At this point, the famed carnival atmosphere of Formula One came to life. In the distance, a singer repeated that "We are making it happen" from the stage, although the point was not lost on anyone. African drummers played, a man performed gravity-defying tricks with a football and children drove around a tiny circuit on tiny Porsches, all the while avoiding tiny model camels.

As the drivers emerged for the 5pm practice sessions, the floodlights were on. Their presence became more visible by the minute as the sun dipped. Rather than dazzle the spectator, they served to highlight in finer detail what was happening beneath them. Television cameras lapped up the image of the 145 yachts moored in and around the marina, and those on board were among the most privileged yesterday, in terms of finances and the view.

On a row of boats looking directly on to the section of track that runs underneath the Yas Hotel, fans sat in spa baths on board the yachts which, although almost 40 metres in length, were modest by comparison with some of the more expensive craft. Everyone following the race from the U-shaped marina was bombarded by the noise of cars roaring through the section. "There is nothing like it," said Antonio Carucci, the captain of a new 31-metre yacht moored barely 25 metres from the closest cars.

"I can't compare it with any other noise. It is totally different. "Maybe in the F1 world, there are only two other places like this - Monaco and Singapore." Yesterday provided the first test of whether the track was up to scratch, and the response was overwhelmingly positive. It was not the first test, however, of the logistics of Yas Island. In fact, the small number of fans barely amounted to a test of the traffic, parking and catering facilities. Every few steps, abaya-clad volunteers were on hand to direct race-goers.

The first examination proper took place a day earlier at the end of the Beyoncé concert at Ferrari World, when close to 25,000 people left at the same time, leading to long queues for shuttle buses and a host of previously happy concert-goers being left considerably less so. Moods were calmer yesterday afternoon. Compared with many other sports, F1 tends to attract a more refined, and less rowdy, breed of fan. This was no more in evidence than in the mild consternation expressed by some fans turned away from the refreshments tent at the main grandstand when they were told the electricity had failed.

But with Formula One action yesterday came F1 prices, enough to raise anyone's hackles. Those who had paid a premium to get what are often touted as the best seats in the main grandstand faced paying Dh25 for a chicken shawarma or a falafel sandwich - roughly five times the price on the streets of Abu Dhabi island. A glossy brochure for the race set fans back a cool Dh50 (US$13.60) and anyone wanting to pass for a member of the Ferrari pit crew by buying a replica shirt would have to shell out Dh520. The same product for the championship-winning, but less well established Brawn GP team cost Dh200 less.

Living the life of a dedicated F1 fan is not cheap, but the prices come with the territory. "I am going to have one chance every year to get things like this," said Chris Espley, 26, a Scottish telecoms consultant living in Dubai, as he bought a McLaren shirt. "The price doesn't really matter." rhughes@thenational.ae dbardsley@thenational.ae * with additional reporting by Matt Kwong, John Henzell and Tahira Yaqoob

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800

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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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
Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

THE SPECS

Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now