On sale from 1969, the Maxi was the last car designed by Alec Issigonis.
On sale from 1969, the Maxi was the last car designed by Alec Issigonis.
On sale from 1969, the Maxi was the last car designed by Alec Issigonis.
On sale from 1969, the Maxi was the last car designed by Alec Issigonis.

Austin Maxi, homage to the Mini, didn't live up to its little brother


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In 1959, British manufacturer Austin launched the Mini, arguably the most significant design in motoring history and the first modern car. It was the brainchild of visionary designer Alec Issigonis, who appeared to have the world at his feet and the fortunes of the British car industry in his hands.

The Mini was so much ahead of its time and so superior to its rivals that it should have assured Austin global market domination. But due to woeful mismanagement it didn't and, by the end of the 1960s, the company was in difficulty and in need of another mould-breaking Issigonis design.

The result was the Maxi, a counterpart and homage to the Mini, and the last design of a celebrated career. It featured all the Issigonis hallmarks: clever, forward thinking and innovative. He correctly predicted the rise in demand for the more practical hatchback configuration and the Maxi was the first mainstream British hatchback and the first to feature a five-speed manual transmission. Its design was based around his philosophy that balance, poise and performance were improved by positioning the wheels in each corner, minimising any overhang of a boot or bonnet.

Austin was convinced that a large, family size hatchback would prove popular by the success of the Renault 16 that had been launched a few years before and won European Car of the Year.

The Maxi was a new car for a new era in the British motor industry. Designed by the British Motor Corporation (BMC) in the late 1960s, it was launched after the merger with British Leyland.

The two cultures had clashed and Leyland was less than impressed by the Maxi's sparse interior and poor specification. Indeed, Leyland was so concerned that it delayed its launch by two years while it was revamped for a more discerning market.

It was thrust into the public consciousness in 1969 at a high-profile launch and as one of the first models to be reviewed on television programme Wheelbase, the forerunner to global phenomenon Top Gear. But while Leyland focused on the glitz, the press focused on the glitches. Despite its modern design it was panned for excessive noise, lethargic performance and temperamental transmission.

With a clever play on a popular saying, the Maxi was advertised as the car for people with more sense than money.

Retailing at £978, it represented good value for a modern, roomy, five-door hatchback. It was light years ahead of its predecessor, the Austin A60 Cambridge, and with the genius of Issigonis behind the design it was more forward-thinking than most of its rivals. For instance, the rear seats not only reclined forward to increase load capacity but also backwards to create a double bed. Whether customers ever considered it a viable alternative to a VW Transporter is questionable but it is evidence of its clever engineering.

However, this was an era when the British motor industry made mediocre models from inspirational designs. In a 12-year production run just less than 500,000 Maxis were made, falling far short of its target.

It fared better than other Leyland flops such as the Morris Marina and Austin Allegro but could not replicate the success of its smaller cousin and inspiration, the Mini. Its image wasn't helped by appearances in the popular British farce Carry On films and Fawlty Towers.

It was intended to be desirable but, in most people's estimation, was just a little bit dull. For reasons best known to Leyland executives, they only wanted one hatchback in their model range, which meant that sales of the contrived saloons of the Allegro, Princess and Ambassador also failed to turn engineering promise into boardroom profits.

Shocked by its less than generous reception by critics, Leyland worked hard to overcome its shortcomings. A more powerful 1.7L engine producing 90hp improved performance while a more conventional gear change improved reliability. Equipment levels were gradually introduced, including heated rear windows and intermittent window wipers.

By the early 1980s, the Maxi's retail price had increased to £4,995 but it was looking very dated.

An experiment of making it more exciting with a lurid Orange paint option couldn't disguise the fact it was long in the teeth and, in 1981, its place at the Cowley production line was taken by the Honda-based Triumph Acclaim. In 1983, it was succeeded by the Austin Maestro. Around 700 Maxis survive, with examples still in daily use in Pakistan, Malaysia and the West Indies.

Profile

Name: Carzaty

Founders: Marwan Chaar and Hassan Jaffar

Launched: 2017

Employees: 22

Based: Dubai and Muscat

Sector: Automobile retail

Funding to date: $5.5 million

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
The BIO:

He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal

He ascended Mount Everest the next year from the more treacherous north Tibetan side

By 2015, he had completed the Explorers Grand Slam

Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border

He carries dried camel meat, dried dates and a wheat mixture for the final summit push

His new goal is to climb 14 peaks that are more than 8,000 metres above sea level

Cultural fiesta

What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421,  Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day. 

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.”

While you're here
Other IPL batting records

Most sixes: 292 – Chris Gayle

Most fours: 491 – Gautam Gambhir

Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)

Highest strike-rate: 177.29 – Andre Russell

Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)

Highest average: 52.16 – Vijay Shankar

Most centuries: 6 – Chris Gayle

Most fifties: 36 – Gautam Gambhir

Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)

Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)

 

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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The specs

Engine: 5.0-litre V8

Power: 480hp at 7,250rpm

Torque: 566Nm at 4,600rpm

Transmission: 10-speed auto

Fuel consumption: L/100km

Price: Dh306,495

On sale: now