An impulse buy for most people might be a purchase from a favourite clothes store or some unplanned additions for the villa. We've all come home with little gadgets, confectionery or a pair of shoes that wasn't strictly on the shopping list. But Ibrahim Mohammed Redha al Ansari's impulse buy is in a different league.
Attending the 2010 Dubai Classic Car Auction at Times Square Mall last weekend, al Ansari was the winning bidder for a 1968 Mercedes-Benz 280 SL convertible. He looked understandably pleased as his new acquisition was driven slowly out of the auction pit to await his collection.
"I just came in, it was something unexpected. I wasn't planning to come in and buy it," said al Ansari. "I'm looking forward to going cruising in it when I take it home, but I think one purchase today is enough." The car was bought for Dh150,000 and was the highest-priced item of the day in an auction that saw classic cars from around the Emirates up for sale.
The auction featured 19 cars and five motorcycles, among them antique and classic vehicles, trucks, 4x4s, military vehicles, and custom bikes. They were wheeled into a makeshift auction area in front of Yellow Hat car accessories store in the mall. Bidders paid their Dh10,000 deposit and took to their seats as onlookers crowded around and watched from the gallery above.
Among the stars of the auction was an undated Peter Banham Porsche 550 Spyder replica rally car, which was sold for Dh58,000, a 1990 Bentley that was snapped up for Dh41,000 and a 1968 Camaro SS sold for Dh58,000.
The auction, which was organised with Leo Sterling real estate agents and Yellow Hat, provided a new platform for buying and selling classic cars and supported the Dubai Autism Center. The centre supports the families of children with autism, provides care and intervention programs and runs an assessment and diagnostic unit.
Members of the Desert Warriors Dubai, a motorcycle club that aims to increase awareness for social causes, were also in attendance, with a fleet of shining bikes parked outside in readiness for a post-event parade down Sheikh Zayed Road.
Hayula Mourad, head of business support and communications at Dubai Autism Center spoke about the charity's involvement with the auction.
"Leo Sterling thought it would be a great way to raise funds, to organise a classic car auction and give proceeds towards the charity. As a charity, we reach out into the community, lecturing at schools and universities as well as supporting families of children with autism. We do a lot of awareness campaigns, so something like this auction is extremely valuable. The most important thing is that it involves a larger part of the community, people who are interested in classic cars."
The former owner of al Ansari's Mercedes, Shahriar Khodjasteh, was one of the most active bidders, putting in offers for a few cars and bikes that didn't quite meet their reserve prices.
He finally struck gold with a winning bid for a custom motorbike, an old-school, 2007 customised model with 883cc Harley Davidson engine, which he bought for Dh36,000.
"I like classic cars and bikes; my father is big into motorcycles and I think a new bike will be a very nice addition to his collection," said Khodjasteh. "This is all for a good cause, so I am very happy that we're able to help by putting some of the sale proceeds into the Dubai Autism Centre."
Bruno Martorano, managing director of Leo Sterling, explained how the event came about: "This was the first event of its type and size, combining classic cars and custom bikes. Leo Sterling has always been interested in being a good citizen in the region and we decided to generate revenues for charity by organising events such as this. Five per cent of the proceeds of the total sales goes to charity and the remainder to the owner. The charity is largely dependent on donations so this is really important."
All cars on sale were from private individuals and collectors, and the idea for a regular classic car auction holds appeal. Organisers hope that this will be the first of many charity car auctions in the years to come.
"We started off with about three or four cars but ended up with a lot of phone calls from people with collections of cars, in addition to the support from the Sharjah Old Cars Club and Museum, which contacted their 800-plus members. There's been a lot of support from private individuals."
Dr Salah Tahir from the Sharjah Old Cars Club and Museum said, "We invited all the members and a good number has come today to support the charity. I hope this will become an annual event with more participation."
UAE currency: the story behind the money in your pockets
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Ballon d’Or shortlists
Men
Sadio Mane (Senegal/Liverpool), Sergio Aguero (Aregentina/Manchester City), Frenkie de Jong (Netherlans/Barcelona), Hugo Lloris (France/Tottenham), Dusan Tadic (Serbia/Ajax), Kylian Mbappe (France/PSG), Trent Alexander-Arnold (England/Liverpool), Donny van de Beek (Netherlands/Ajax), Pierre-Emerick Aubameyang (Gabon/Arsenal), Marc-Andre ter Stegen (Germany/Barcelona), Cristiano Ronaldo (Portugal/Juventus), Alisson (Brazil/Liverpool), Matthijs de Ligt (Netherlands/Juventus), Karim Benzema (France/Real Madrid), Georginio Wijnaldum (Netherlands/Liverpool), Virgil van Dijk (Netherlands/Liverpool), Bernardo Silva (Portugal/Manchester City), Son Heung-min (South Korea/Tottenham), Robert Lewandowski (Poland/Bayern Munich), Roberto Firmino (Brazil/Liverpool), Lionel Messi (Argentina/Barcelona), Riyad Mahrez (Algeria/Manchester City), Kevin De Bruyne (Belgium/Manchester City), Kalidou Koulibaly (Senegal/Napoli), Antoine Griezmann (France/Barcelona), Mohamed Salah (Egypt/Liverpool), Eden Hazard (BEL/Real Madrid), Marquinhos (Brazil/Paris-SG), Raheem Sterling (Eengland/Manchester City), Joao Félix(Portugal/Atletico Madrid)
Women
Sam Kerr (Austria/Chelsea), Ellen White (England/Manchester City), Nilla Fischer (Sweden/Linkopings), Amandine Henry (France/Lyon), Lucy Bronze(England/Lyon), Alex Morgan (USA/Orlando Pride), Vivianne Miedema (Netherlands/Arsenal), Dzsenifer Marozsan (Germany/Lyon), Pernille Harder (Denmark/Wolfsburg), Sarah Bouhaddi (France/Lyon), Megan Rapinoe (USA/Reign FC), Lieke Martens (Netherlands/Barcelona), Sari van Veenendal (Netherlands/Atletico Madrid), Wendie Renard (France/Lyon), Rose Lavelle(USA/Washington Spirit), Marta (Brazil/Orlando Pride), Ada Hegerberg (Norway/Lyon), Kosovare Asllani (Sweden/CD Tacon), Sofia Jakobsson (Sweden/CD Tacon), Tobin Heath (USA/Portland Thorns)
Abramovich London
A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.
A three-storey penthouse at Chelsea Waterfront bought for £22 million.
Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.
Sale of Chelsea Football Club is now impossible.
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
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Sholto Byrnes on Myanmar politics
Honeymoonish
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Jebel Ali results
2pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner: AF Al Moreeb, Antonio Fresu (jockey), Ernst Oertel (trainer)
2.30pm: Maiden (TB) Dh 60,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
3pm: Handicap (TB) Dh 64,000 (D) 1,600m
Winner: One Vision, Connor Beasley, Ali Rashid Al Raihe
3.30pm: Conditions (TB) Dh 100,000 (D) 1,600m
Winner: Gabr, Sam Hitchcott, Doug Watson
4pm: Handicap (TB) Dh 96,000 (D) 1,800m
Winner: Just A Penny, Sam Hitchcock, Doug Watson
4.30pm: Maiden (TB) Dh 60,000 (D) 1,600m
Winner: Torno Subito, Sam Hitchcock, Doug Watson
5pm: Handicap (TB) Dh 76,000 (D) 1,950m
Winner: Untold Secret, Jose Santiago, Salem bin Ghadayer
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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