In-car technology in a Tesla Model S. David Paul Morris / Bloomberg
In-car technology in a Tesla Model S. David Paul Morris / Bloomberg

The future of in-car technology is bright



While getting behind the wheel of a hire car here invariably involves dicing with death in a micro motor sporting almost as many dings as kilometres on the clock, in ­Europe, most hire companies have upped their games.

On a recent trip to London, I was presented with a nippy, ­almost-new Volvo V40 D4, with less than 2,000km on the clock. Quite aside from my surprise at its 2.0L diesel engine propelling me away from Heathrow Airport with acceleration that my ride in the UAE – a 2012 Ford Mustang – would struggle to match, its up-to-the-minute spec brought a salient issue into focus: in-car technology.

In a wave of revisionism that would make the cast of 1984 blush, certain sections of the driving population seem to regard the onrushing progress of in-car technology as the work of the devil himself. Nostalgic for a past that never really existed, they'd have you believe that safety features are unnecessary obstacles to driving enjoyment; and don't dare mention the potential of driverless cars.

From the ground up, I don’t buy it. When I first moved to the UAE four-and-a-half years ago, I was presented with a Ford ­Focus rental car. It got me from A to B, admittedly, but now I have my ‘Stang, full of the sort of technology you get in Fords farther up the food chain than an entry-­level Focus, I couldn’t go back to braving the Sheikh Zayed Road without cruise control. And on the rare occasion when I clamber into a car that doesn’t possess a USB slot for easy importing of my mobile music collection, residents of Fujairah can probably hear my cursing from Abu Dhabi.

Volvo has been at the forefront of technology smarts, coupled with the vanguard-pushing design development that we recently profiled in these pages. My V40 was no different, with its eco stop-start technology allowing me to drive around London, out to the West Country, north to ­Manchester and back to London on a single tank of diesel – and without particularly worrying about how heavy I was with my right foot. Had I driven economically, I might have made it back to the Middle East without refilling.

Though it’s a relatively standard feature in 21st-century cars, having an exact digital readout of how many kilometres of fuel you have remaining is enormously reassuring and handy, too – back in the day, how many of us would admit to coasting when the fuel light started blinking, without actually knowing how far until the engine spluttered to a stop? (Alarmingly, the gauge on some of the bangers I drove in my younger days would become magically half-full if you swung round a corner fast enough.)

Driving in various cars in the past year or two, I’ve seen first-hand the real-world benefits of blind-spot warning lights, rear-view reversing cameras, obstacle-­detection sensors, smart satnavs and DAB radios.

Naturally, none of this is going to placate the purists, but before going misty-eyed for the days of “real driving”, perhaps consider the act of completing a three-point turn in my first car, a 1989 1.2L Vauxhall Nova. Back then, in the heady days of the late 1990s, you needed biceps like The Rock’s just to negotiate a roundabout without disaster, thanks to its lack of power steering. I’ll keep my mod cons over my old cars, thank you very much – perhaps just as well, as I irreparably binned that plucky little Nova into a hedge more than 15 years ago.

aworkman@thenational.ae

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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5

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 Lost Daughter'

Director: Maggie Gyllenhaal

Starring: Olivia Colman, Jessie Buckley, Dakota Johnson

Rating: 4/5

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In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
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AIR
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

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