Although virtually unheard of in our region, Hongqi is China’s oldest passenger car marque, having been founded in 1958. The name literally translates to “Red Flag” – a Communist Chinese symbol – as Hongqi’s vehicles in the early days were used primarily to cart government officials around.
The Hongqi brand folded in 1981 but was resurrected in the mid-1990s and is now under the umbrella of FAW (First Automobile Works) Group – one of China’s big four carmakers, alongside Changan Automobile, Dongfeng Motor Corporation, and SAIC Motor.
Hongqi’s mid-size H5 sedan was added a couple of years ago to Dubai’s taxi fleet, so you’ve most likely seen the vehicle plying local roads without realising what it was. It doesn’t help that the bootlid badge spelling the car’s brand identity is in Chinese.
However, the latest – and by far most interesting – addition to Hongqi’s range is the overtly ostentatious H9 limo, which is similar in size to the Mercedes S-Class and BMW 7 Series. That said, the Chinese offering comes with bargain-basement pricing, as the entry-level 2.0T Deluxe costs Dh229,900 ($62,600), plus VAT, while the 3.0T Deluxe is priced at Dh269,900 (plus VAT), and the 3.0T Flagship pegged at Dh309,900 (plus VAT).
One may question the exterior aesthetics of the H9, as it comes across as a mishmash of Rolls-Royce, Lincoln, Maybach and BMW design elements. There’s no shortage of bling, as pressing the unlock button on the key fob triggers a light show (via red and white LEDs on the grille and front fenders) that puts Knight Industries Three Thousand – of Knight Rider fame – to shame.
Fortunately, the cabin is much better executed, as the leather seats are nicely sculpted, the aluminium bezels on the twist knobs have a pleasing heft and feel, and the virtual instrument cluster has a distinctly Merc S-Class look. That said, the instruments are virtually unreadable on bright sunny days as the digitised dash panel reflects a lot of glare.
Hongqi’s designers have made liberal use of glossy piano-black trim on the dash and centre console, but the faux-brushed aluminium strip that’s positioned alongside looks distinctly naff. Rear-seat space is vast, with acres of leg and shoulder-room, and adequate headroom for anyone under 1.83 metres. There’s a control panel on the centre-rear armrest, allowing rear-seat dwellers to adjust the positioning of their seat, and even slide forward the front passenger seat to give themselves more legroom.
The real surprise is the composure and competence with which the H9 drives. We tested the entry-level 2.0T Deluxe, and this model is propelled by a Volkswagen/Audi-sourced 2.0-litre engine that puts out 245 horsepower and 380Nm. Drive is relayed to the rear wheels by a seven-speed dual-clutch automatic transmission.
A four-cylinder engine might seem small for a limo of this size, but there’s adequate reserves of smooth, tractable pulling power, and the seven-speed auto also shifts through the ratios seamlessly. Most importantly, it has the knack of being in the right gear at the right time.
The H9 rides with an impressive level of compliance, but more surprising still is the crispness with which it steers and how flat and composed it remains – for a vehicle of its girth – even if you vigorously fling it into corners. The brakes are a bit spongy and lacking in bite, but that’s really the only criticism of the H9’s overall dynamics. The Hongqi effortlessly eats up highway miles, with only a modicum of wind noise from around the windscreen pillars intruding on the serene cabin ambience.
It’s also worth pointing out that Hongqi has since recruited ex-Rolls-Royce design boss Giles Taylor to head up its styling department, so coming models from the brand are likely to be much better resolved aesthetically.
In the meantime, the H9 is a compelling offering, as it’s the best-value proposition in the limo class, substantially undercutting not only the Euro brigade, but also fellow Asian rivals such as the Genesis G90 and Lexus LS.
Specs
Engine: 2.0-litre four-cylinder turbo
Power: 245hp at 5,000-6,000rpm
Torque: 380Nm from 1,800-4,300rpm
Transmission: Seven-speed dual-clutch auto
Fuel consumption: 7.8L/100km
Price: Dh229,900 (plus VAT)
On sale: Now
THE BIO
Occupation: Specialised chief medical laboratory technologist
Age: 78
Favourite destination: Always Al Ain “Dar Al Zain”
Hobbies: his work - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”
Other hobbies: football
Favorite football club: Al Ain Sports Club
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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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
England squad
Joe Root (captain), Alastair Cook, Keaton Jennings, Gary Ballance, Jonny Bairstow (wicketkeeper), Ben Stokes (vice-captain), Moeen Ali, Liam Dawson, Toby Roland-Jones, Stuart Broad, Mark Wood, James Anderson.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying