The Air Bag: go the distance and keep smiling



Like many of you, I assume, I spend an inordinate amount of my free time trawling the thousands of pages of classified adverts on Dubizzle. With eBay conspicuous by its total absence in the UAE, it's the only way for me to get an online bargain fix. I found my apartment on there, much of the furniture I kitted it out with (saving myself thousands) and I found my car using the site, too. But I can't help going back to it, just to see what else is out there and how much it's going for.

The UAE is very different to my home country on too many levels to list here but one thing remains constant, at least when it comes to buying and selling a used car: how many miles or kilometres it has clocked up in the hands of its previous owners. And this has me thinking about my own wheels, because there are two choices open to me.

When I bought my Volkswagen Scirocco 2.0 in October last year, it had a verified 39,000km under its belt and, thanks to my frequent commute between Dubai and Abu Dhabi, it is now showing just over 60,000. This means it's due for its second 15,000km service since I assumed ownership but, with the previous service setting me back just over Dh600, the cost is not a major concern. What concerns me is that, going by the previous six months, my trusty steed won't take long to be showing a mileage that will put pretty much anyone off buying it when it's time to sell.

So do I trade it in sooner than I anticipated or do I simply rack up the clicks for the next three years and then unload it for whatever the market deems it to be worth? Alternatively I could always run the thing into the ground and start over again when the 'Rocco breathes its last - something I find impossible to contemplate as I simply adore it. It's easily the best car I've ever possessed.

Most modern cars are designed and manufactured to standards unheard of even a decade ago, so is the accumulated distance of my VW of any relevance? They're built to last, which goes some way in making up for the fact that you can't really maintain them yourselves these days. So long as you service it at the suggested intervals, problems should be few and far between. That's the theory.

There aren't many cars you can make a profit on when it's time to sell and I'm resigned to having lost plenty of money when its time is up - it's unavoidable. But it should still have worked out cheaper than hiring a Toyota Yaris over the same period and the 'Rocco, unlike a Yaris, always puts a smile on my face. So I'm content with my choice and with the amount of exercise it gets. I'm throwing caution to the wind and plan to drive that thing until it simply won't go any more.

American Irv Gordon owns a red 1966 Volvo 1800S and he has clocked up almost 5,000,000km in it. He claims it has always been parked outside as he has no garage, and that its remarkable condition is down to him meticulously following the service and maintenance schedules recommended by its maker. Volvo even gave him a new car (twice) to celebrate the 1800's and his achievements but he still takes out the old-timer because he loves it. He has proved what's possible with a vehicle that's been built to last and there's no reason my trusty VW won't do the same.

There's a flaw in my thinking, though. As you'll read next week, I've just experienced the storming new Scirocco R. I reckon within a few months they'll start appearing on Dubizzle and then I'll really have a decision on my hands.

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Dunki
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The%20Beekeeper
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Family reunited

Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.

She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.

She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.

The couple were married in August 2009 in Winchester and their daughter was born in June 2014.

She was held in her native country a year later.

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

65
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The Light of the Moon

Director: Jessica M Thompson

Starring: Stephanie Beatriz, Michael Stahl-David

Three stars

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The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

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.”

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The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

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Panipat

Director Ashutosh Gowariker

Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment

Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman

Rating 3 /stars