Jorge Lorenzo, foreground, and Valentino Rossi, far side, enjoyed an intriguing tussle.
Jorge Lorenzo, foreground, and Valentino Rossi, far side, enjoyed an intriguing tussle.

Lorenzo main threat to Rossi's throne



If winning the MotoGP title in 2008 showed that Valentino Rossi was still the man in the top echelon of motorcycle racing then successfully retaining his crown this year demonstrated that he could still walk the walk when under fierce pressure from within his own team. Yamaha gave the Italian the best bike in the field, but it was not as simple as that for the world champion, who won his sixth MotoGP title and ninth world title in all as he faced a formidable rival in his younger teammate Jorge Lorenzo.

The Spaniard pushed Rossi hard, probably harder than at any other time in his career, and was often the quicker man in qualifying and sometimes impossible to beat when he had the bike set up right - something Rossi had never faced before in his career. While there were the occasional mistakes from Rossi, largely he kept his cool picked up points and podiums when Lorenzo was just too good, and then made sure he took full advantage when he had the upperhand, forcing mistakes out of his impetuous rival.

Rossi won six races to Lorenzo's four and it was his maturity in their duels at the front and ability to settle for second when he knew his rival was the faster man that made the difference in the end. He won the championship with a round to spare in Malaysia, but he was made to work harder than the final gap of 45 points would indicate. How he deals with Lorenzo, with another year's experience under his belt next year, will be fascinating.

Casey Stoner, the 2007 champion, missed three races in the middle of the season due to a mysterious illness but the Australian showed he may be a force to be reckoned with in 2010 on the Ducati as he won in Australia and Malaysia. Dani Pedrosa and Honda were quick, but not enough to challenge the Yamahas, but the Spaniard had the consolation of two race triumphs, while his Italian teammate, Andrea Dovizioso, claimed his first win in the series in Britain.

@Email:gcaygill@thenational.ae

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.”

What is the Supreme Petroleum Council?

The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.

Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
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