Perhaps I should have known right away, when I saw the stilt walkers, that this wasn't going to be your average car launch.
The morning was already scorching hot at the Atlantis hotel car park in Dubai, where Chevrolet had set up its first introduction of the new Sonic compact car to the Middle East media, complete with said circus acts, a variety of events and challenges and guest speakers to talk about the car. General Motors has high hopes for this little Sonic here, and it wanted to hammer home the notion that this is a cool car aimed at the youth market to make them, well, cool and youthful.
And so, as a group of 40 or so auto journalists sweated through the day, the events were fun and frivolous: knocking a giant football into a net with the car, painting one with wash-off graffiti, packing as many boxes into the boot as possible, roaming out on a short scavenger hunt; you get the idea. I sure did.
The problem is, I can't help but be a cynical, sceptical journalist; there wasn't much of a chance to really get a feel for the car and, typically, when someone says something is cool, it is, in fact, completely the opposite; warning bells started clanging in my head. GM is hiding something, I thought. I have to spend a bit more time with this car.
And so I did. And what a pleasant surprise it was.
The Sonic comes in two body styles: a four-door saloon and a four-door hatchback. The saloon has more staid styling and is likely to be seen most on a hire car lot, but the hatchback - the one I'm spending time with - is downright stylish. It's tall but rakish, with sharp creases, four round headlamps at the front and a squat stance with its rear wheels pushed all the way to the bumper. Features such as hidden rear door handles and sporty wheels add to its sophistication; GM has finally built a nice-looking car in the compact category and its styling will be a big selling feature here.
And as nice as the exterior is, the interior is more than satisfying. Though it's a small car, even tall passengers won't want for space - headroom is more than ample, even with the lower ceiling of the sunroof and rear passengers won't be rubbing their knees against the front seats. Cargo space ranks among the best in class, though the rear seats don't fold completely flat.
The layout is both creative and smart; the gauge cluster is modelled after that of a motorcycle, and it's easy to read. Though the materials used are mainly hard plastic, it's done well, with different textures and colours, and the switchgear feels a bit more upscale, especially the rubberised buttons on the steering wheel that control the stereo and cruise control. And for such an inexpensive car, you do get a well-stocked cabin; features on this mid-level LS model include electric mirrors, door locks and windows, an excellent stereo system with USB connectivity, a sunroof, cruise control, A/C and tilt steering (though not telescopic). For such a so-called econobox, there's not much left out of the Sonic, save for a sat/nav.
Though North America and other markets will get a 138hp, 1.8L engine, the Middle East gets a 115hp, 1.6L four-cylinder, mainly to keep the cost of the car down here. I'd always rather have more horsepower, and this 1.6L is not scintillating by any means, but it is a competent motor, especially when you start to get the revs up. It has no problem holding speed on the motorway and offers some good zip when the speed is up, but it can be a bit anaemic coming off the line, a downfall that's really to be expected in this low-cost sector.
Coupled to that engine is an all-new, six-speed automatic; a first for this segment, where most cars have four or five cogs. And while the extra gear helps with acceleration and fuel economy, it's continuously searching up and down for the right gear in city traffic due to the engine's lower horsepower. It can be a bit annoying at times but it does aid the performance. GM also offers a new five-speed manual in the Sonic, a gearbox that would probably better suit more spirited driving.
But the biggest wow by far, for me, is the Sonic's handling and comportment on the road. Despite its entry-level cost, this is a genuinely fun car to drive. The chassis is rock solid and clearly better than what the engine can offer it; you know the car can be pushed farther but the 115hp just isn't able to offer any more help to reach the chassis' limits. Cornering is tight and crisp and there's a bit of body roll but understeer, thankfully, comes later than you would expect. And despite this crisp handling, the ride is firm but very comfortable, and it offers a sophistication you'd expect from larger, more expensive cars. It's a calm, solid ride at higher speeds on the motorway, and only during heavy gusts of wind blowing across Sheikh Zayed Bridge did I find it just a little unsettled and roaming.
Ulrich Schmalohr is GM's head of global small cars and the vice president of GM Korea, where the Sonic was designed and will be built. He was at the launch and said that, when first designing the Sonic, engineers looked at all the available chassis GM had across its world portfolio at the time and developed a new one based on the best features of them all. And, thankfully, GM announced recently that it will build a performance version of the Sonic with more horsepower. I can't wait to drive it.
Yes, this car has a youthful appeal to it, but I think it will appeal to more than just the youth of the Middle East. Will this car make you cool? I can pretty well guarantee no; if you need a car to be cool, nothing will help you. But with this spirit and these features at such a low cost,what it probably will do is make you smile. Isn't that more important?
Base price / as tested Dh44,800 / Dh53,500
Engine 1.6L inline four cylinder
Gearbox Six-speed automatic
Power 115hp @ 6,000rpm
Torque 155Nm @ 4,000rpm
Fuel economy, combined 7.2L/100km
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Squad: Majed Naser, Abdulaziz Sanqour, Walid Abbas, Khamis Esmail, Habib Fardan, Mohammed Marzouq (Shabab Al Ahli Dubai), Khalid Essa, Muhanad Salem, Mohammed Ahmed, Ismail Ahmed, Ahmed Barman, Amer Abdulrahman, Omar Abdulrahman (Al Ain), Ali Khaseif, Fares Juma, Mohammed Fawzi, Khalfan Mubarak, Mohammed Jamal, Ahmed Al Attas (Al Jazira), Ahmed Rashid, Mohammed Al Akbari (Al Wahda), Tariq Ahmed, Mahmoud Khamis, Khalifa Mubarak, Jassim Yaqoub (Al Nasr), Ali Salmeen (Al Wasl), Yousef Saeed (Sharjah), Suhail Al Nubi (Baniyas)
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Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The biog
Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza
Hobby: Running and watching Welsh rugby
Travel destination: Cyprus in the summer
Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.
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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.”
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Elvis
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Paris%20Agreement
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