Ferrari has entered a new chapter in its history with the release of the 296 GTB. It’s a car that has not been fitted with one of the brand’s traditional mammoth engines, instead opting for a smaller, specially designed hybrid powertrain.
It’s not the first time the Italian manufacturer has entered electric territory — the SF90, for example, dates back to 2019 — but it is the first time it has plonked a V6 into a road-going car.
At a series of test drives at Seville’s Monteblanco Circuit in Spain (the first time such events have taken place outside Italy), Ferrari’s technicians were keen to stress this is unlike any car the manufacturer has produced before.
That said, the 296 GTB certainly looks like a Ferrari, taking design cues from classics from the manufacturer’s glorious past, including 1963’s 250 LM. Big rear haunches and smooth lines are the car’s predominant features. All very pretty, in short.
And, while many might raise an eyebrow at the lack of a roaring V12, it should be said from the off that the new arrival doesn’t suffer from a lack of poke — figures suggest the 296 GTB is the fifth-fastest Ferrari to take on the Monteblanco Circuit, which should be speedy enough for almost any situation.
The 296 GTB is low to the ground. You can manually raise the nose to get you over awkward speed bumps, but you still have to put a bit of effort into getting in and out of it.
Once inside, you have what is undoubtedly a Ferrari-style interior. However, the designers have made efforts to simplify the layout, and it does feel pleasingly uncluttered.
Supercars can frequently bombard the senses with dashboard sparks and flashes that can make you feel like you’re entering some bizarre and disorientating theme park ride, but that isn’t the case here.
All very good so far. What about driving it, then?
Well, and the Ferrari team could not emphasise this enough, it’s all about fun with the 296 GTB. And not only on the track, but whatever motoring situation you find yourself in. In that regard, the crew have done a good job.
You feel locked onto the road when you get going, with the car’s acceleration seemingly effortless. The engine noise is piped into the cabin (unless you’re in full-electric mode, of course) and it’s all highly invigorating. In fact, Ferrari refers to that experience as “innovative, exhilarating and unique”, and it’s not a bad description.
Many commentators have called the 296 GTB the finest road car to have been produced by Ferrari in some years
Driving in and out of the corners in the Andalusian hills was a good test for the car, giving you an impression of what day-to-day life with the vehicle might be like. That impression is positive. You could indeed use this car on a daily basis (though the number of drivers who will is probably very small).
Getting the car on the track is, unsurprisingly, a joy. Lots of power, with plenty of grip in and out of the corners. This is the kind of vehicle that flatters the driver when you’re pushing your abilities to the limit, and, professional racing drivers aside, most of us would welcome a little bit of that.
Many commentators have called the 296 GTB the finest road car to have been produced by Ferrari in some years, and anyone familiar with the brand’s offerings who has got behind the wheel of this newcomer might be hard pushed to argue.
And the price? Well, 296 GTBs start at $322,986, so it’ll be unobtainable for most of us. However, the first customers to get their plastic out and sign on the dotted line can expect delivery later this year.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
CREW
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Napoleon
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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 Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
