Rashid Al Dhaheri finished in seventh and sixth place at Misano Photo: Supplied
Rashid Al Dhaheri finished in seventh and sixth place at Misano Photo: Supplied
Rashid Al Dhaheri finished in seventh and sixth place at Misano Photo: Supplied
Rashid Al Dhaheri finished in seventh and sixth place at Misano Photo: Supplied

Rashid Al Dhaheri seals two top-10 finishes at Misano in Italian F4 Championship


Amith Passela
  • English
  • Arabic

Emirati teenager Rashid Al Dhaheri secured two top-10 finishes in the Formula 4 Italian Championship at Misano at the weekend.

Al Dhaheri, 15, was the youngest driver on the grid during Round 2 in his Huawei, FAB and Yas Heat-backed Prema car.

In Race 1, he turned his ninth place in qualifying into a solid seventh place, 4.050 secs behind the Finn Tuukka Taponen who finished first, with British driver Arvid Lindblad second and James Wharton of Australia third.

Misfortune struck Al Dhaheri ahead of Race 2 when he was involved in a pit-lane collision before the formation lap and had to retire as Lindblad secured a dominant win ahead of Wharton in second and third-placed American Ugo Ugochukwu.

Making up for the earlier disappointment, Al Dhaheri produced a mature drive to seal sixth place in the third and final race, finishing 16.918 secs behind winner Lindblad, with Ugochukwu second and Zachary David of Malta third.

After his first six races in single seaters, Al Dhaheri has produced four top-ten finishes – he was twice seventh at Imola in Round 1 – with two retirements. He is 11th in the overall standings with 26 points, 103 behind leader Lindblad, and fifth in the rookies' championship.

“All weekend it has been amazing weather for us to do what we love … race!” Al Dhaheri said.

“Again, like Imola [In Round 1], it was a weekend of learning and absorbing, developing ways to move forward throughout the weekend to score some solid results, which to be honest … were above our expectations.

“I enjoyed some very tense and exciting battles with other drivers; I felt good overtaking and defending throughout the race in which I learnt so much. Open-wheel racing is very different to karting but each time I go out in the track it feels more and more familiar.”

Next up for Al Dhaheri is the iconic Spa-Francorchamps circuit – home of the F1 Belgian Grand Prix - for another three-race weekend from the May 26 to 28.

“We’re very proud of our Prema Racing team and the work we’ve been able to do together,” Al Dhaheri added.

“We have two weeks to process the lessons from Misano, and we’ll push forward all the time to get better and better results. Overall, I am happy but, in the end, I am here to work hard to win races. That’s always the goal.”

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Esperance: Belaili 38’
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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.”

Updated: May 11, 2023, 11:41 AM`