It is a testament to the force he continues to be that rivals are out to stop Fernando Alonso before he’s even returned to F1.
At least two teams have complained he should not be allowed to take part in next week’s end of season test here in Abu Dhabi created originally to blood young drivers.
They have a point. Charismatic Alonso is many things but at 39 young is certainly not one of them. And he’s hardly wet behind the ears as the grizzled and battle-hardened veteran of 311 grands prix and 32 victories prepares for his return in 2021 looking for title No 3.
But the governing body, pushed no doubt by the sport’s owners Liberty, have created an exception for one of the biggest names in F1. Twenty years after his debut, Alonso continues to be box office. And big box office at that.
Racing Point are fuming; Daniel Ricciardo joked the Spaniard looked young for his age. McLaren’s Lando Norris (21) rubbished the decision and Ferrari are now bidding to squeeze new signing Carlos Sainz through the same loophole.
Alonso renews the partnership with Renault that made him a champion in 2005 and 2006 but some critics believe the veteran is now past his best and only returning for another monumental pay day.
But Renault’s Executive Director Marcin Budkowski is confident that is not the case. He said Alonso demanded wind tunnel development of the 2022 car begin on New Year’s Day and would fly from Spain to the UK to attend in person. “So this is the level of motivation of Fernando at the moment,” Budkowski said.
As a racer Alonso is the personification of relentless, ruthless competitiveness and famed as much for his race craft as his race craftiness. But it has not been matched by career moves in a sport in which being in the right team at the right time counts double.
Instead, misfortune has usually dogged his choices of team while his passion to become a winner again has made him a lightning rod for controversy almost his entire career.
The Asurian has been at the heart of the two biggest controversies of the last 50 years. Spygate saw McLaren fined a record $100 million and the Crashgate race-fixing saga ended in his advisor Flavio Briatore banned from the sport. Alonso was exonerated of involvement in that unsavoury episode.
And his internecine rivalry with Lewis Hamilton at McLaren is the stuff of legend, ultimately costing both of them the world championship in 2007.
Furious at not being given priority over his rookie teammate, Alonso walked out on a car that would make Hamilton champion a year later.
He reportedly also turned down the Red Bull seat that Sebastian Vettel drove to four successive championships from 2010.
Then reputedly on a mouth-watering $45m salary, he won just 11 times in five fractious years at Ferrari
Despite his acrimonious departure in 2007 he was lured back when McLaren reunited with the legendary Honda engine so dominant for Ayrton Senna and Alain Prost. But you know what they say about going back?
The McLaren years were entertaining but largely disastrous, and disillusioned at being unable to get a competitive drive in a formula which has lost its way, he quit. It was a savage condemnation of the sport that one of its most talented and passionate sons had to look elsewhere for satisfaction.
But he still became champion again, though not in F1. He won Le Mans twice, the world endurance championship, and the Daytona 24hrs race in America but missed out at Indianapolis and the Paris-Dakar.
So what to expect of Alonso’s F1 return? Most would agree two titles are scant reward for his extravagant talent and the signs are the time away has only sharpened his appetite to go again.
The French car giant are rebranding the new F1 push after their exclusive road car sporting line Alpine, which smacks of a commercial commitment they cannot afford to see fail. Three private tests already suggest neither side is around to make up the numbers.
The big question mark is not Renault’s commitment but their expertise. The car giant is one of the few with the resources to take on champions Mercedes but in such a complex, high tech formula, money isn’t always the entire answer
Renault have been a growing force in 2020 without tearing up trees, culminating in their best team result of the season last Sunday in Bahrain with Esteban Ocon’s second and Daniel Ricciardo fifth.
And those who believe 2021 is only a casual preparation for a full-blooded assault on the sport’s new era which starts a year later don’t know Fernando Alonso very well.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
Race card
5pm: Maiden (PA) Dh80,000 1,600m
5.30pm: Maiden (PA) Dh80,000 1,600m
6pm: Arabian Triple Crown Round-2 Group 3 (PA) Dh300,000 2,200m
6.30pm: Liwa Oaisi Group 2 (PA) Dh300,000 1,400m
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
7.30pm: Handicap (TB) Dh100,000 1,600m
The National selections: 5pm: Flit Al Maury, 5.30pm: Sadah, 6pm: RB Seqondtonone, 6.30pm: RB Money To Burn, 7pm: SS Jalmood, 7.30pm: Dalaalaat
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
Palestine and Israel - live updates
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NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
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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.
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Yabi%20by%20Souqalmal%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMay%202022%2C%20launched%20June%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAmbareen%20Musa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%20u%3C%2Fstrong%3Endisclosed%20but%20soon%20to%20be%20announced%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E12%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eseed%C2%A0%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EShuaa%20Capital%3C%2Fp%3E%0A
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
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.”
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
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
