Drivers Jarno Trulli of Italy and Heikki Kovalainen of Finland pose with the Lotus T127 during the launch in London last month.
Drivers Jarno Trulli of Italy and Heikki Kovalainen of Finland pose with the Lotus T127 during the launch in London last month.

Trulli comes in from the cold



Jarno Trulli is relishing having the sun on his back for virtually the first time since the Abu Dhabi Grand Prix. Trulli heads to Bahrain for the season-opening grand prix having spent a winter contending with heavy snow at his home in the foothills of the Swiss Alps and at his new place of work at Lotus headquarters in Norfolk, England. When the snow falls in the small village of Pontresina, where Trulli, his wife Barbara and two sons are among just 2,000 inhabitants, the 36-year-old straps on his cross-country skis and heads out into the countryside. At Lotus' Hingham base, the skis never made an appearance although the former Toyota driver admits to some hair-rising drives from the airport en route to a series of factory visits. "I think I've had enough snow now. It's been crazily cold in England in particular and I feel it's time for some sunshine. I'm looking forward to the heat, until I get into the car [where temperatures at last year's race reached 50 degrees]," he says. Trulli will have to toil in the heat at the Bahrain International Circuit having switched the heavily financed Toyota team for relative minnows Lotus. As one of four new teams on the grid, Lotus are expected to fight it out among the backmarkers and their new driver readily admits that will be the case but is relishing the challenge. "The first half of the season will be tough, very, very tough," he says. "It's important we get things right in the first half so we can be competitive in the second." Trulli's pre-season prediction for Lotus is not much of a call to arms, but he has ambitious plans for them in the three years of his contract to the extent that he believes he can win again. Despite more than 200 grand prix starts, he boasts a solitary race win at the prestigious Monaco Grand Prix for Renault in 2004. He has come close since, including second place at last year's Japanese Grand Prix, and believes the opportunity to at least double his tally will come with Lotus. "I still want race wins and believe I am good enough for race wins," he says. "I missed out a couple of times last year but I wouldn't continue in F1 if I did not believe I could win. You need some luck for it and I didn't really get that luck last season. "For us to win this year, well, we'd need a lot of luck but you can dream in F1. Ok, it's unlikely to happen this season unless something massively crazy happens but you never know." Trulli's hopes of targeting another race victory appeared to be over when, at 35, he was told that Toyota - the team he had joined towards the end of the 2004 season - were pulling the plug on its F1 operation. After hearing the news, the Italian admitted he toyed with the idea of retirement despite offers from different teams up and down the grid. But the prospect of being reunited with Mike Gascoyne, his technical director at Jordan, Renault and Toyota, persuaded him to stay in the sport and sign on the dotted line with Lotus. "Mike approached me early on but I wanted to wait until Toyota officially pulled out," he says. "Once Toyota left, I had several different options but the prospect of working with Mike again was a big aspect in my decision. "It gave me the chance to have the very best technical back-up which is the main thing for me. Mike's extremely strong in that department and I've enjoyed great success with him in the past so I was happy to work with him again." Renewing acquaintances has been a major part of Trulli's early days with Lotus and admitted that a visit to the factory for his seat-fitting in January was like a walk down memory lane. "I'd say that 50 per cent of the people I saw in the factory that day, I've worked with before, it's sort of like coming home," he says. Being in his mid-thirties, Trulli has no memory of Lotus' heyday in the sport although recalls watching with his motorsport-loving father the John Player Special Lotus of Elio de Angelis win races and battle for the world championship in the mid-1980s. And Trulli, who will be in his 14th season in F1, believes the name alone will prove a massive draw. "Lotus attracts drivers, fans and sponsors. It's a name like Ferrari - it's powerful in Formula One," he says. "I didn't watch a lot of Lotus when I was young but I've read a lot about Colin Chapman [who set up Lotus] and the cars he created. "There's big pressure to live up to the name and it's a big project but I love something like that. I did it with Toyota and I think building something from nothing with pressure and expectation is what I'm good at." Debate reigns over whether Trulli was truly successful at the Japanese manufacturer, which bowed out of the sport having never achieved its major goal for a race victory. He concedes there were failures by him and the team but looks back fondly at the experience, to the extent that one suspects he would have stayed put had the Toyota hierarchy not scrapped their F1 team. "This move has given me a fresh buzz and excitement but it is a shame that Toyota left and it's a shame that I couldn't have given them a first win," he says. Arguably Trulli's best chance to break that duck came at last year's Bahrain Grand Prix. Having qualified on pole position ahead of team-mate Timo Glock, the team appeared to have superior race pace but a poor race strategy cost them the race. Trulli, who had to make do with second place, looks back on the race fondly and admits he is relishing a return to the Middle East. "I like the circuit and I've gone well there before," he says. "I'm not sure I'll go that well this time but nothing is impossible." The major goal for Lotus is to be the quickest of the new teams and the general perception is that they are the best equipped with Trulli and Heikki Kovalainen as their driver line-up. "I'm confident we will do that but for other ambitions people need to be patient," he says. "It's going to take time and we need to prove ourselves and prove we can do well despite being on a small budget." A relatively small budget failed to prove a hindrance to the Brawns of world champion Jenson Button last year and then team-mate Rubens Barrichello. Lotus do not have any pretence about matching those feats in 2010 although with an increased budget, Mercedes, rebranded from Brawn, can dream of a title repeat. Their best bet in that quest is likely to be Michael Schumacher, who has been tipped for race wins and possibly an eighth world title in some quarters, although Trulli is unconvinced. "I don't think he'll win straight away. I think he will struggle. It's difficult as he's not been racing, well, in F1 anyway, and F1 racing is very different is very different to any other racing," he says. "I think he will struggle to do well initially and will have a hard first half to the season like us. After that, who knows what might happen. If he has the car, he might win races." Having ruled his former track rival out of the running for the title, Trulli has "no idea who will win". "Fernando Alonso will be strong at Ferrari, the Red Bulls finished last season well and I expect McLaren and Button and Hamilton to do well but you never know," he adds. sports@thenational.ae

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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.”

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

Our Time Has Come
Alyssa Ayres, Oxford University Press

Pakistan v New Zealand Test series

Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza

New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner

Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)

Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am

UAE currency: the story behind the money in your pockets
The finalists

Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho

Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson

Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)

Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)

Club of the Year: Bayern Munich, Liverpool, Real Madrid

Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)

Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola

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