I’m old enough to remember the wave of Eastern European cars flooding the European markets in the 1980s. The quality was terrible, and they became the butt of countless jokes. How do you double the price of a Skoda? Fill up the petrol tank. Skoda had the last laugh, however, and it’s a similar situation now with Chinese cars.
As little as 10 years ago, Geely epitomised all that was wrong with Chinese cars – poor build and production quality and designs that were heavily inspired by other manufacturers’ cars. Fast forward to today, and the Emgrand GT shows just how good they have become, while managing to retain a competitive price. It’s no accident that this car, known as the Geely GC9 in its home market, was named the 2016 China Car of the Year, pipping the Daimler Maybach S-Class and Jaguar XE. This was not only the first time that a Chinese car won the award, it was also the first time one had even entered.
Geely Auto’s parent company bought Volvo in 2010, and the Emgrand GT is an obvious example of how the company’s expertise has increased since. The GT was even designed by the former Volvo design boss Peter Horbury, who’s now in charge of Geely’s new wave of world-class products.
There’s a coupe-like look to the GT, and it’s the sloping back where the Volvo influence is most apparent. Overall, it’s a thoroughly modern-looking saloon with a sporty stance.
Interiors are usually the first let-down on Chinese cars, but the GT has upped the game. Materials and finish beat most of the Japanese and Korean competitors, and are on par with many European models. The equipment levels, however, put most luxury cars to shame. Not only does the “Flagship” trim model have all the electric toys you would expect, it also has a head-up display, and the rear right passenger can move their own seat, as well as the front passenger’s, electrically. There are signs of cost-cutting, though – the seats are PVC and leather, maybe not such a bad thing in the desert – but don’t fold down, and there’s only a ski hatch through the rear fold-down armrest.
In this market, only an older 2.4L and a new 3.5L V6 engine are being offered. Both are coupled to a six-speed dual-clutch system produced by Geely’s Australian DSI division. The V6 unit is definitely the engine of choice, but it’s the power-train that’s the weakest part of the package. Gear changes at lower speeds aren’t as smooth as they should be, and the engine could benefit from more power. While no slouch – unofficial figures put the sprint to 100kph at 8.8 seconds – an engine of this size should really achieve more, and without an automatic stop-start system, it’s also on the thirsty side.
Geely claims it benchmarked the GT against cars from BMW and Mercedes, and the result is impressive. During my test on winding mountainous roads in China, the GT displayed sure-footed road holding, despite hard acceleration and braking. The result is far better than should be expected from what is essentially a large family saloon, and makes for an engaging drive even if it’s not as rooted to the road as, say, a BMW 3 Series. Helping all this is a precision in steering absent from most Chinese cars.
Volvo’s influence on safety is apparent, and the Emgrand bristles with features designed to keep it out of harm’s way. Not only are there blind-spot indicators, signified by lights on the mirrors and an audible warning, but there’s also a lane-departure warning system. Parking is a cinch, thanks to a reverse camera coupled with a 360-degree view around the car on the display. And if these all fail, the “Flagship” trim adds side curtain and driver’s knee airbags, alongside the normal side and front ones.
A lot of thought has gone into making the cabin a pleasant environment. The steering wheel and seat move back for ease of egress when the engine is switched off. Rear passengers get air-conditioning controls, and there’s an air-quality management system for the car, which will help in the event of a sandstorm. To help combat the sun, the windows feature heat-insulated glass. The boot has plenty of space for luggage, and is sturdy.
In the UAE, the Emgrand GT is being positioned as a sporty saloon. While it looks the part, unfortunately the engine fails to deliver. What it really needs is more power and paddle shifts – currently the only manual override is via the drive selector.
This is by far the most convincing Chinese car yet to enter the market, and it’s overall a good package for its price. It has excellent equipment levels – an area Chinese cars usually excel in – but for once, this isn’t glued together with substandard materials and build quality.
motoring@thenational.ae
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 National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
Eyasses squad
Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)
Jemma Eley – goal attack / wing attack (Dubai College)
Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)
Molly Fuller – goal attack / wing attack (Dubai College)
Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)
Noorulain Hussain – goal defence / wing defence (Dubai College)
Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)
Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)
Eliza Petricola – wing attack / centre (Dubai English Speaking College)
Sholto Byrnes on Myanmar politics
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Pakistan T20 series squad
Sarfraz Ahmed (captain), Fakhar Zaman, Ahmed Shahzad, Babar Azam, Shoaib Malik, Mohammed Hafeez, Imad Wasim, Shadab Khan, Mohammed Nawaz, Faheem Ashraf, Hasan Ali, Amir Yamin, Mohammed Amir (subject to fitness clearance), Rumman Raees, Usman Shinwari, Umar Amin
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates