World's fastest G-class unveiled ahead of Abu Dhabi Grand Prix

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Germany luxury car tailor HOF (formerly Hofele) on Wednesday unveiled the world's fastest G-Class – the HOF Sir Class – on Yas Island ahead of the Abu Dhabi Grand Prix.

Packing 1,063 horsepower, the super-SUV is the first G-Class capable of exceeding 300kph, a power output comparable to a Mercedes-Benz Formula One car. The HOF Sir Class has 1,300 Newton metres of torque – compared to a standard SUV's range of 300-600Nm – and is based on the Mercedes-AMG G 63.

Just 11 units of the vehicle are available, with a base prize of €650,000 or Dh2.5 million – on-order only for interested UAE buyers.

The super-SUV is the first G-Class capable of exceeding 300kph. Diyab Basheer / The National

“Our engineers needed to constantly push the limits to reach our 300kph+ mission,” said Ferdinand Peter, owner of HOF. The car has taken two years to make, with engineers and designers collaborating to devise the powerful engine.

“This is not only about tuning an engine – the entire set-up of the car including suspension and brakes needed to be heavily modified and improved,” Peter explained.

Mercedes-Benz has been involved in Formula One as both a team owner and engine manufacturer since 1954, and the new Sir Class is inspired by this legacy. Its launch coincides with driver Lewis Hamilton's final race with Mercedes this weekend. Hamilton has won six of his seven Formula One titles with Mercedes.

“Its design pays homage to Hamilton’s iconic career, incorporating elements that echo the cutting-edge innovation of F1: carbon-fibre components inspired by Formula One technology, ceramic-coated tailpipes, and an exclusive F1-style paint finish,” said Etienne Salome, who leads HOF's design department.

The HOF Sir Class is as powerful as a Mercedes-Benz Formula One car. Diyab Basheer / The National

The striking exterior, with a fade-effect paint finish and tiffany green accents (an official Mercedes AMG Petronas F1 Team colour), is complemented by sleek details inside, dominated by handcrafted nappa leather.

The new Sir Class is designed for collectors and enthusiasts of high-performance vehicles, said Peter, adding: “This car is not just a tribute to the past, but also an investment in the future. Even 20 years from now, a collector will still value this vehicle.”

The car will be showcased on the Yas Marina track from Thursday to Sunday, as part of the Abu Dhabi Grand Prix.

How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

Habtoor interview

The UAE should temporarily scrap VAT, Khalaf Al Habtoor says

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press

Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

World's fastest G-class unveiled ahead of Abu Dhabi Grand Prix

HOF Sir Class exceeds 300kph and pays homage to Formula One star Lewis Hamilton's career with Mercedes

How the UAE gratuity payment is calculated now

Habtoor interview

How Tesla’s price correction has hit fund managers

Points tally