Cruise, the self-driving vehicle company backed by General Motors and Honda, will launch its first international robotaxi service outside the US in Dubai in 2023, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said on Twitter.
“Dubai will be the first outside America to operate self-driving Cruise vehicles, in fulfilment of His Highness Sheikh Mohammed bin Rashid’s vision that Dubai is always in first place and the best city to live and work,” said Sheikh Hamdan.
“Our goal is to convert 25 per cent of the total ... trips in Dubai to self-driving trips through various means of transport by 2030.”
Sheikh Hamdan discussed the future of mobility with Jeff Bleich, chief legal officer of General Motors-Cruise. He also attended the signing ceremony of a strategic partnership between Cruise and the Dubai Roads and Transport Authority.
The entities aim to have a limited number of Cruise’s self-driving vehicles running in Dubai from 2023, with 4,000 vehicles on the road by 2030.
Dubai aims to reduce transport costs by Dh900 million ($245.2m) through its adoption of self-driving technology, Sheikh Hamdan said. Using these vehicles could increase the transport efficiency, help the emirate to grow revenue by Dh18bn a year and generate Dh1.5 billion in savings through a reduction of environmental pollution by 12 per cent a year, he said.
The robotaxi service in Dubai will use the Cruise Origin, an all-electric shuttle first unveiled in January last year.
“The Cruise Origin will make transportation safer, a better experience, more affordable and better for the planet,” Dan Ammann, chief executive of Cruise, said.
“Dubai and the RTA are leading the way in making this a reality for their people, and for people everywhere.”
The vehicle has no steering wheel and seats will face each other.
The robotaxis, in Cruise’s orange and black colours, will “accommodate the needs of an individual, with personal USB ports”, the company’s chief technology officer and co-founder Kyle Vogt said at the time.
Improvements are also being made to allow it to travel at motorway speeds. The Cruise Origin is will be produced at General Motor’s Detroit-Hamtramck plant from next year.
The car maker has spent about $2.2bn refurbishing the plant to switch from internal combustion motors to battery-powered electric engines.
“We engaged in a comprehensive, multi-year process to choose the best possible partner,” said Mattar Al Tayer, director general and chairman of the board of executive directors of the RTA.
“Cruise’s technology, resources, purpose-built vehicle, car maker partnerships, approach to safe testing and deployment and strategy give them the ability to launch safely and faster than any other company.”
Cruise, which has raised more than $7.4bn over the last three years, was valued at $30bn in January. Its investors include SoftBank, Honda, GM, T Rowe Price Group and Microsoft.
The company aims to unveil a robotic taxi service to compete against companies such as Uber and Lyft.
It began to test self-driving vehicles on the streets of San Francisco in December after it obtained permission from California’s state government in October.
The company, which was bought by GM in 2016, had previously set a goal of using driverless cars as part of a ride-hailing service by the end of 2019 but the plan has taken longer than expected to bring to fruition.
Other technology companies such as Amazon and Google owner Alphabet are also backing self-driving electric initiatives that are focused on mass transport.
Alphabet's Waymo is operating a commercial self-driving taxi service, whereas Amazon-backed Zoox is working on a self-driving ride-hailing fleet. Industry analysts said Amazon could also use self-driving cars to deliver goods to customers.
Many local companies are experimenting with self-driving technology in the UAE.
In September, the Dubai-based Al Habtoor group joined forces with Israeli car technology company Mobileye in September to operate a fleet of self-driving vehicles and robotaxis in Dubai by 2023.
Transport chiefs in Abu Dhabi intend to allow driverless taxis in the emirate from this year.
The Department of Municipalities and Transport has linked up with Bayanat, part of the G42 group, on a trial for the use of self-driving vehicles.
The first phase of the project will feature three self-driving vehicles providing free transport services from hotels, restaurants, shopping malls and offices at Yas Mall.
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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Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
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Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
Jawan
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'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
WORLD RECORD FEES FOR GOALKEEPERS
1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)
2) Alisson, Roma to Liverpool (£67m)
3) Ederson, Benfica to Manchester City (£35m)
4) Gianluigi Buffon, Parma to Juventus (£33m)
5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
RESULTS
6pm: Mazrat Al Ruwayah – Group 2 (PA) $40,000 (Dirt) 1,600m
Winner: AF Alajaj, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
6.35pm: Race of Future – Handicap (TB) $80,000 (Turf) 2,410m
Winner: Global Storm, William Buick, Charlie Appleby
7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
Winner: Azure Coast, Antonio Fresu, Pavel Vashchenko
7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
Winner: Storm Damage, Patrick Cosgrave, Saeed bin Suroor
20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
Winner: Appreciated, Fernando Jara, Doug O’Neill
8.55pm: Singspiel Stakes – Group 2 (TB) $180,000 (T) 1,800m
Winner: Lord Glitters, Daniel Tudhope, David O'Meara
9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
Winner: Meraas, Antonio Fresu, Musabah Al Muhairi
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
