Will Lewis Hamilton come to the Abu Dhabi Grand Prix?

Lewis Hamilton, the seven-time Formula One world champion, could miss the final race of the season at the Abu Dhabi Grand Prix on December 13.

The Mercedes driver has been forced to miss this weekend's Sakhir Grand Prix in Bahrain after testing positive for Covid-19. He is in isolation after his positive result was announced by Formula One on Tuesday.

Fans of the 35-year-old Briton had hoped that he would be declared fit ahead of the season finale, but Hamilton is subject to the rules imposed by motorsport’s world governing body, the Paris-headquartered Federation Internationale de l’Automobile.

Hamilton sealed his seventh world driver's championship in 2020. AP Photo

Under FIA regulations, established for managing the 2020 F1 season with the backdrop of the pandemic, his positive test means that he may also be unable to compete in Abu Dhabi.

The FIA is responsible for overseeing the application of the regulations at each event. As part of the regulations during the course of the season all the teams and drivers must undergo very strict, regular testing within specified timelines.

In Abu Dhabi, the national authorities are supporting the FIA with their testing protocols, and authorities have established a secure biosphere - as with past sporting events such as Fight Island - the successful UFC events on Yas Island in July and September. The Grand Prix is also due to take place on Yas Island at Yas Marina Circuit.

The experience from those events has been applied by the participating Abu Dhabi Government departments to the Grand Prix.

More than 12,000 Covid-19 tests are being conducted among staff and visitors for the duration of the preparations, race and post race, with a test being conducted every 4 minutes during race weekend.

Under FIA regulations, a negative test result is required within 96 hours of departure in order to be permitted to travel. Hamilton will be subject to that and so the FIA has ultimate responsibility for his participation at Yas Marina on December 13.

Saif Al Noaimi, Acting CEO of Abu Dhabi Motorsports Management, said: “First and foremost, we wish Lewis a speedy recovery. He is one of the most amazing sporting talents of our time and revered by fans at Yas Marina Circuit. Our hope is to welcome Lewis again this year, providing he is healthy and fit as per the race protocols established at the start of this year’s Championship.

“Nonetheless, preparations for the Abu Dhabi Grand Prix are complete and we are ready to celebrate the end of an amazing season, which has taken place during the most challenging times.”

Mercedes have replaced Hamilton for the Sakhir Grand Prix with 22-year-old British driver George Russell, who will drive alongside teammate Valtteri Bottas.

British driver George Russell will be in Lewis Hamilton's car for the Sakhir GP. AFP

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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.”