André-Gustave Citroën, French industrialist remembered chiefly for the make of car named after him, but also for his application of double helical gears. Courtesy of Bain News Service
André-Gustave Citroën, French industrialist remembered chiefly for the make of car named after him, but also for his application of double helical gears. Courtesy of Bain News Service

A prolific gambler, André Citroën’s lifestyle exacerbated his downfall



André Citroën was as enigmatic as engineers come, an egotist, shameless self promoter and one of life's compulsive gamblers. Yet, despite an indulgent private life that made him the darling of newspaper columns, this man from an immigrant family who became a French national treasure was a pioneer for workers' rights and customer service. His fusion of innovation and industry remain the hallmark of the cars that bare his name, that are as French and fresh as a Camembert cheese.

Born in 1878 to a Dutch diamond merchant and a Polish mother, Citroën's childhood left a sour taste in his mouth. He strived to prove he was no lemon after his father added an accent to the family name to distinguish it from the Dutch word for the citrus fruit. His father committed suicide when he was six and, despite proving a precocious student, the death of his mother in his sophomore year saw his grades suffer. Bereft of options, he enlisted in the army as an engineer.

His military service was to be the making of him as it taught him the value of efficiency and mass production. He applied this philosophy when founding a company making steel gears. One of his clients was French racing car manufacturer Mors for whom Citroën built engines and then joined. Under his guidance, the company increased annual car production from 125 to 12,000 by employing his mass production techniques. This gave him the moniker of the French Ford.

He returned to uniform at the outbreak of the First World War and, dismayed that his unit could not return shell fire, approached his general with a plan to increase production of munitions. Given land and a contract he played a heroic role in the war effort by producing 55,000 shells a day and coordinating munitions supply across France.

After the war, Citroën founded a car company under his own name and transformed the way cars are sold. He was the first to offer customers test drives and warranties, believing that he was selling a service rather than a car. Later, he would establish his own insurance company to offer Citroën owners special rates and write a technical almanac for owners to refer to. He not only took care of his customers but was also a champion of his workers' rights. They enjoyed a gymnasium and crèche, and he was the first motor magnate to offer female workers maternity pay.

He never missed an opportunity to promote his cars, whether it was demonstrating their strength by dropping them off cliffs, embarking on 13,000km treks, or trailing advertising slogans in the smoke-streams of aeroplanes soaring over Paris. He even once illuminated his name and double chevron logo on the Eiffel Tower.

By the mid-1920s, his marque was one of the most successful in Europe, enabling him to enjoy his celebrity and indulge his vices. Renowned for his strut and sartorial extravagance, he was a prolific gambler. Thought to be one of the few men in Europe not to have a credit limit imposed on him, he once remarked that he didn't mind whether he won or lost, only that the amount he bet was noticed. His games were often detailed, move for move, in newspaper columns, as he revelled in his notoriety and the company of doting female companions dazzled by his audacious stakes. This profligacy was to be the seed of his downfall.

When the Great Depression struck in 1929, Citroën did not have the reserves to ride out the crisis. By gambling on expensive yet unnecessary innovations and losing vast fortunes of company profits at the roulette table, he left the company that bore his name vulnerable. Ironically, it was the company's most successful and iconic model that left him broken and contributed to his early death. The Traction Avant, a car that more than any other symbolised France, was the first mass-produced front-wheel-drive car. But it was so advanced that its development costs spiralled out of control and Citroën was forced to retire when the company was acquired by its largest creditor, Michelin, in 1934.

Losing control was too much for Citroën to bare and, in 1935, he meekly succumbed to stomach cancer, his fight deserting him. His new model went on to sell three quarters of a million and was recognised as the first classic Citroën. Though he didn't live to see General De Gaulle make his triumphant return to liberated Paris in an Avant, his light still shines in the French capital - quite literally, as the illumination of the Arc de Triomphe was his gift to the city.

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

Company%20profile
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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners

The Disaster Artist

Director: James Franco

Starring: James Franco, Dave Franco, Seth Rogan

Four stars

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

The Farewell

Director: Lulu Wang

Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma

Four stars

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

'Fantastic Beasts: The Secrets of Dumbledore'

Rating: 3/5

Directed by: David Yates

Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law

About Okadoc

Date started: Okadoc, 2018

Founder/CEO: Fodhil Benturquia

Based: Dubai, UAE

Sector: Healthcare

Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth

Funding stage: Series B fundraising round to conclude in February

Investors: Undisclosed

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Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

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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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
The specs

Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8 
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k


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