NEW BRUNSWICK // The story behind the ill-fated Bricklin was so full of drama that the tale has made its way onto the stage as a musical. The Fredericton Playhouse, in the capital of New Brunswick, commissioned a musical, The Bricklin: An Automotive Fantasy, to focus on this infamous car and the period in the province's history. "It's a fantastic story and it's made for the stage," Tim Yerxa, executive director of the Fredericton Playhouse, told CBC News. The Bricklin - the car - was the dream of Malcolm Bricklin, who left his native America for Canada to build a sports car. He found investment in the province of New Brunswick, where the premier Richard Hatfield was intrigued by the idea. After a flashly unveiling in New York, orders started to flow in, but problems soon followed. Visibility was poor; there were electrical issues; the headlights refused to pop up; the plastic body was subject to cracks and warping; the windshields leaked; and the gull-wing doors were so heavy that they moved very slowly, if at all. The plant managed to produce fewer than 800 cars in 1974 and 2,100 in 1975. With $23 million in debt accumulated and rising political pressure, Hatfield was forced to abandon the project.
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.”
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 178hp at 5,500rpm
Torque: 280Nm at 1,350-4,200rpm
Transmission: seven-speed dual-clutch auto
Price: from Dh209,000
On sale: now
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
COMPANY PROFILE
Name: Ejari
Based: Riyadh, Saudi Arabia
Founders: Yazeed Al Shamsi, Fahad Albedah, Mohammed Alkhelewy and Khalid Almunif
Sector: PropTech
Total funding: $1 million
Investors: Sanabil 500 Mena, Hambro Perks' Oryx Fund and angel investors
Number of employees: 8
FIGHT CARD
Featherweight 4 rounds:
Yousuf Ali (2-0-0) (win-loss-draw) v Alex Semugenyi (0-1-0)
Welterweight 6 rounds:
Benyamin Moradzadeh (0-0-0) v Rohit Chaudhary (4-0-2)
Heavyweight 4 rounds:
Youssef Karrar (1-0-0) v Muhammad Muzeei (0-0-0)
Welterweight 6 rounds:
Marwan Mohamad Madboly (2-0-0) v Sheldon Schultz (4-4-0)
Super featherweight 8 rounds:
Bishara Sabbar (6-0-0) v Mohammed Azahar (8-5-1)
Cruiseweight 8 rounds:
Mohammed Bekdash (25-0-0) v Musa N’tege (8-4-0)
Super flyweight 10 rounds:
Sultan Al Nuaimi (9-0-0) v Jemsi Kibazange (18-6-2)
Lightweight 10 rounds:
Bader Samreen (8-0-0) v Jose Paez Gonzales (16-2-2-)
Transgender report
Superliminal
Developer: Pillow Castle Games
Publisher: Pillow Castle Games
Console: PlayStation 4&5, Xbox Series One & X/S, Nintendo Switch, PC and Mac
Rating: 4/5
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
What is a rare disease?
A rare disease is classified as one that affects a small percentage of the population. More than 7,000 diseases are identified as rare and most are genetic in origin. More than 75 per cent of rare genetic diseases affect children.
Collectively rare diseases affect 1 in 17 people, or more than 400 million people worldwide. Very few have any available treatment and most patients struggle with numerous health challenges and life-long ailments that can go undiagnosed for years due to lack of awareness or testing.
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
Company profile
Company name:+Dharma
Date started:+2018
Founders:+Charaf El Mansouri, Nisma Benani, Leah Howe
Based:+Abu Dhabi
Sector:+TravelTech
Funding stage:+Pre-series A
Investors:+Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
SPECS: Polestar 3
Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September