The last car Sheikh Zayed, the founding President of the UAE, was seen using was a purple Maybach on his way to a wedding in 2004.
It now sits in a museum - a fate likely to befall a few more of the luxury cars in the years to come, after its manufacturer decided to discontinue the brand.
Daimler, the owner of Maybach, has announced it will phase out the ultra-luxury saloon cars and replace them with a new version of the Mercedes-Benz S class. The Maybach brand, which is sold by Gargash Enterprises in Dubai and Emirates Motor Company in Abu Dhabi, has been making losses for a decade.
"We came to the strong conclusion that the sales chances for the Mercedes brand are much stronger than those for Maybach," Dieter Zetsche, the Daimler chief executive, told the German newspaper Frankfurter Allgemeine Zeitung.
Daimler has failed to make a profit on the Maybach after deciding to reintroduce the marque in 2002, Mr Zetsche said.
It sold just 200 Maybachs worldwide last year. The highest number it ever sold was in 2003, when 600 were offloaded globally.
Despite the weak sales, the news that the brand is being discontinued is likely to disappoint many car enthusiasts in the Middle East, where the brand is highly regarded.
Maybachshowed off a number of cars at this month's Dubai motor show.
Nader Murshed, the sales manager for Maybach in Dubai, said sales had been improving and that Gargash sold 15 of the cars last year.
"We are happy with the brand because its sales have been good across the years," he said. "We have not been told what the plan is for the Maybach factory though."
There are four Maybach models sold in the UAE; the 57, 57s, 62 and 62s, with prices ranging from Dh1.7 million (US$462,786) to Dh2.5m, Mr Murshed said.
The Mercedes S Class will now be extended from three models to six in 2013, when the Maybach will finally be put to bed.
The super-luxury brand was originally popular in the 1920s and 1930s in Germany before being launched again in 2002 to compete with Rolls-Royce and Bentley, which have been acquired by BMW and Volkwagen, respectively.
But in the nearly 10 years since its reintroduction, the Maybach has struggled to compete with sales globally of its peers, despite being a firm favourite of the late founder of the UAE.
Sheikh Zayed's Maybach is on display in Sheikh Zayed Centre in Abu Dhabi, located just off Bainuna Street in Al Bateen.
rjones@thenational.ae
Volvo ES90 Specs
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Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
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Price: Exact regional pricing TBA
The Specs:
The Specs:
Engine: 2.9-litre, V6 twin-turbo
Transmission: 8-speed automatic
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Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
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Newcastle United 1 (Carroll 82')
Leicester City 2 (Maddison 55', Tielemans 72')
Man of the match James Maddison (Leicester)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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.”
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
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Killing of Qassem Suleimani
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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.