It is an often told tale that ahead of the inaugural Abu Dhabi Grand Prix in 2009, officials at Yas Marina Circuit said their goal was to have a local driver in Formula One within 10 years. Four years on and their goal could be about to be realised - although not in the way they would have imagined.
Heikki Kovalainen, Caterham's consummate Finn, is planning on calling Abu Dhabi home. The 31 year old told The National this week he and his partner, Catherine Hyde, are house-hunting in the emirate and hope to buy a villa on Saadiyat Island. They will then split their time between the UAE capital and their permanent home in Geneva, Switzerland.
The former McLaren-Mercedes driver, who will compete in this weekend's Abu Dhabi Grand Prix, has been visiting the city regularly ever since Hyde's parents moved here last year and he sees it as the perfect base for him during F1's winter break, as well as between the 20-race calendar's eight Asian events.
"Normally, I spend the winters in Finland doing a lot of cross-country skiing," he said. "I still plan to do that, but we start the F1 season in Australia and Malaysia, then we go to Bahrain as well, so being in the heat would be better.
"Location-wise, it is not that far from Europe, so you can come here even for a shorter period of time. How long exactly would I get to spend here is still kind of up in the air, but if we can find a place, I can see me spending many, many weeks here."
When Roger Federer, the world No 1 men's tennis player, announced a few years ago he was buying an apartment and setting up a second home in Dubai, one of the key factors he cited was the quality of the training facilities. Kovalainen is in agreement.
"It's a great place to do fitness training and to play golf," he said.
"It is just perfect really - especially over the winter when it cools down a little bit. Last week, I twice cycled the track at Yas and also did a lot of gym work and running in the heat at Etihad Plaza. It's pretty flat, but obviously very, very hot."
Kovalainen also enjoys being able to operate without hassle. When he took part in Yas Marina's weekly Train Yas open-track night, he was greeted by a smattering of fans, but otherwise was left to his own devices. He filled out the registration, got it stamped and went out on track. "I joined a group of cyclists who were clearly better than me; I was hanging on," he said. "I doubt they knew who I was. They just treated me like anyone else and I kind of like that."
It is the same scenario when he explores the city. Kovalainen and Hyde both celebrated their birthdays this month while in the capital, going for dinner at Hakkasan in Emirates Palace. "We tend to go out most nights to have a look around. It's really a modern city and very international. People think Abu Dhabi is very closed, yet everything is available. People know me here and often I get recognised, but it's nice. The Emiratis I have met have all been very friendly and enthusiastic about Formula One."
Track racing aside though, it is golf that is Kovalainen's passion. He can often be found - invisible club in hand - practising his swing in Caterham's travelling motorhome, while he is also friends with European Tour players such as Retief Goosen and Ian Poulter. When he visits Abu Dhabi, he enjoys the privilege of playing for free at Abu Dhabi Golf Club.
It was there, on the morning of last season's race at Yas Marina and before heading to the track, that he enjoyed a relaxing round with Lewis Hamilton, his former McLaren teammate. Kovalainen won the round, but Hamilton went on to win the grand prix in the afternoon. The Finn has ruled out a repeat of such preparations this coming Sunday.
"Abu Dhabi Golf Club is closed for seeding, so we can't play there this week and Lewis hasn't played for a long time now anyway - he has given up," Kovalainen, who plays off a 5.4 handicap, said. "He had a few bad rounds and wasn't enjoying it as much; getting quite frustrated.
"Golf is so psychological. He didn't practice at all and then when you don't play well, it's obviously frustrating."
Having gone out on the course three times last week, on Tuesday he scheduled a round with Matteo Manassero, the 19 year old Italian, who is a global ambassador for Abu Dhabi. He also hopes to take part in the Pro-Am for next year's Abu Dhabi Golf Championships, alongside Rory McIlroy and Tiger Woods.
Much depends on what lies ahead on the racetrack, however. After struggling during two years with McLaren, although he did win the Hungarian Grand Prix in 2008, Kovalainen joined Team Lotus - now Caterham - in 2010 and has spent much of the past three seasons rebuilding his reputation from the back of the grid.
Such has been his admirable performances, he was linked earlier this season with a return to McLaren and also saw his name paired with Ferrari.
With Tony Fernandes, the Caterham team owner, still undecided, Kovalainen is naturally keeping his ear to the asphalt.
"We are looking, of course," he said. "I'm not stressed about it. I just keep my eyes open and my performance level as high as possible. I'm sure I have proved myself more here than I did at McLaren, but it's more difficult to convince people from where we are on the grid."
Fernandes says he will make a decision on his driver line-up soon, but it has been reported that if the marque miss out on the lucrative 10th place in the constructors' championship, Caterham might have to revert to employing drivers who can pay for their seats next season, instead of paying Kovalainen to drive for them.
"I'm sure that's a possibility," Kovalainen said. "It's a big deal for the team. They know that I don't bring money - they need to pay me, that's what I do. If my hands are not good enough here then that's how it is, but I don't ever really fancy looking for money."
When it is put to him that perhaps there could be potential for him to follow in the footsteps of Manassero and become an ambassador for the UAE capital, he smiles.
"If Abu Dhabi wanted to back me, I think suddenly a lot of the teams towards the front of the grid would be calling," he said. "But I don't like to see myself as a pay driver. It would need to be more like the partnership Fernando Alonso has with Santander. It's not something I'm even thinking about at the moment to be honest."
For now, Kovalainen's focus remains on achieving the best results possible with Caterham in the final three races of the season, starting with what he might, one day soon, be able to call his home grand prix.
gmeenaghan@thenational.ae
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Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
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.”
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
MORE ON INTERNATIONAL JUSTICE
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The biog
Name: Salvador Toriano Jr
Age: 59
From: Laguna, The Philippines
Favourite dish: Seabass or Fish and Chips
Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.
