It’s that time of year again when owners of some of this region’s flashiest, most expensive cars fly themselves and their motors to London to escape the heat – and let’s be honest, show off a bit, too.
Buoyed by the relatively new craze of supercar spotting by amateur photographers who have built enormous followings on social media platforms such as Instagram, these outrageously exotic automobiles are driven around the streets of Kensington and Knightsbridge.
Now and again, Londoners have enough and start raising a stink about the antisocial behaviour and noise pollution generated by Lamborghinis, Ferraris and Bugattis tearing around neighbourhoods at night. I can understand their frustrations – I live 13 storeys up in Dubai Marina, yet I’m often disturbed by the roars of supercars and motorcycles being driven flat-out along streets lined with tower blocks that amplify the sounds. And yes, that happens a lot at 3am.
I’m at a loss as to understanding what these supercar owners achieve by driving them around London’s dense urban areas, but I can fully understand the desire to use them away from our punishing summer temperatures. I have driven these things on our roads in the summer months, and after five minutes, I’m usually cursing the feeble air conditioning and begging to swap for a Nissan Tiida (which has by far the best AC I have ever experienced).
But having spent much of the past couple of months driving on European highways, I can’t work out why anyone with a Lambo or any other supercar would choose London over the open roads of Germany, Italy, Spain or the Scottish Highlands. These cars are designed for and built to perform best on these routes.
Last week, I drove 400 kilometres across Italy in a Lamborghini Aventador SV – truly one of the world’s great supercars right now, but totally unsuited to city streets. The car needs lots of space and super-smooth surfaces for it to really shine, and during my lengthy dash, it really did. Sure, its bucket seat was hideously uncomfortable and only suitable to short bursts of performance on a race circuit, but I could live with the pain, because when you’re driving through some of the most breathtaking scenery in one of the world’s most special performance cars, you can’t help but live for that moment.
I know wealthy collectors here who eschew the showy displays of some peers and actively seek out interesting road trips to explore the depths of ability engineered into their cars. So while they fly them from here to there, once they arrive, they point them in the direction of roads they know will deliver the performance hit they desire. Voyages across Europe from the United Kingdom, to the most-stunning racetracks and historical venues, exploring famous competition routes – they’re all there for the taking if you have the time, resources and imagination.
Whenever I experience Europe’s finest roads, I remember it’s what these glorious machines are designed for. Not to be driven in a flat, straight line, but to be dynamic through curves, bends and over changing elevations. To only drive an Italian thoroughbred around the streets of London isn’t just a waste, it’s tantamount to abuse. Get out there and enjoy a more meaningful experience, stop enraging city dwellers and have the drive of your life. You will be glad you did.
Company%20Profile
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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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.”
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
COMPANY%20PROFILE
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Afghanistan Premier League - at a glance
Venue: Sharjah Cricket Stadium
Fixtures:
Tue, Oct 16, 8pm: Kandahar Knights v Kabul Zwanan; Wed, Oct 17, 4pm: Balkh Legends v Nangarhar Leopards; 8pm: Kandahar Knights v Paktia Panthers; Thu, Oct 18, 4pm: Balkh Legends v Kandahar Knights; 8pm: Kabul Zwanan v Paktia Panthers; Fri, Oct 19, 8pm: First semi-final; Sat, Oct 20, 8pm: Second semi-final; Sun, Oct 21, 8pm: final
Table:
1. Balkh Legends 6 5 1 10
2. Paktia Panthers 6 4 2 8
3. Kabul Zwanan 6 3 3 6
4. Nagarhar Leopards 7 2 5 4
5. Kandahar Knights 5 1 4 2
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5