ABU DHABI // There were Rolls-Royces, Bentleys and BMWs, but it was the Batmobile that stole the show at the final day of this year’s Al Hilal Auto Festival.
Held over three days on the Corniche, the exhibition of all things automobile concluded on Sunday evening.
The Batmobile, which attracted a steady stream of onlookers, was brought to the festival by local company P P Performance.
Saif Alamoudi, public relations manager for the company, said the vehicle is owned by an Emirati man.
In addition to its unique design, Mr Alamoudi said, the 3,000kg steel vehicle, powered by a six-speed manual Corvette engine, can shoot a metre-long flame from its tail.
He said the vehicle is not authorised to drive on the nation’s roads.
In addition to the Batmobile, his company also brought along the 2006 Dodge Viper recently used in the filming of Furious 7, and a modified 2008 Mercedes C63 capable of going from zero to 100kph in 2.2 seconds.
He said P P Performance’s business lies in providing standout cars for motion pictures.
"When they ask for something special, we give them something special," he said, adding the company provided a total of 27 cars for Furious 7, free of charge.
The festival, now in its seventh year, included 13 car dealers showcasing 18 luxury and classic car brands, a motorsport drifting competition, a souq with products aimed at women, as well as performances by skateboarders, rollerbladers, and acrobats.
Mariam Ahli, event organiser and head of corporate communications for Al Hilal Bank, said this year’s festival was geared towards families and had attracted 60,000 people over three days.
“This event is a good way to promote Abu Dhabi,” she said.
This year’s festival included an additional two events at the weekend – the drag racing Yas Super Street Challenge and the Custom Show Emirates, an auto customisation showcase held at the Abu Dhabi National Exhibition Centre.
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'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
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: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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BEACH SOCCER WORLD CUP
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The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
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In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
UAE currency: the story behind the money in your pockets
