Chevrolet Aveo 5-door hatchback
The Aveo has been redesigned to attract younger people. Courtesy Chevrolet

Chevrolet Aveo is a small slice of Americana that needs more polish



Think Chevrolet and you might picture a shark-like Sixties muscle car shuddering under the power of its enormous, thundering V8 engine. A small, value-driven hatchback may not be the first thing that springs to mind then, but that's the direction that Chevy is headed in. A far cry from the cars of yesteryear, the Aveo is the latest of Chevrolet's current models to be fully revamped.

The outgoing Aveo is the company's best-selling car globally, so the newcomer, due on sale in left-hand drive markets in June, has a lot resting on its shoulders. This is no mild facelift either, as the Aveo has been completely redesigned from the ground up, in a bid to up its game and appeal to a younger audience. The new model is more visually striking than its dreary forebear, but it's debatable as to whether this Aveo has what it takes to muscle in on the turf occupied by established rival hatchbacks. The squared-off headlamp areas with circular lights shrouded in black plastic are reminiscent of the none-too-handsome Mitsubishi ASX, and it's a similar affair at the rear. The sharp lines along the sides add a dose of road presence, though, and the larger five-spoke alloy wheels offset the flared wheel arches nicely. Heavy use of black plastic, coupled with those obscure head and tail lights leave beauty very much in the eye of the beholder, though.

The interior elicits an equally lukewarm reaction. It's made up of a mixture of materials, some of which are of better quality than others. The centre console is fabricated from plastic that's pleasantly smooth to the touch, while the rest of the dashboard consists of unpleasant, cheap grey and black plastics that emit a grating sound should you run your fingers across them.

The cabin's saving grace is a logical layout, with three chunky dials to operate the air conditioning on the lower section of the dash and a simple, easy-to-use stereo. However, the speedometer and rev counter are housed in a curious, Eighties-style pod, flanked by two lines of black circles containing the warning lights. Chevrolet claims it is inspired by motorcycle dials (therefore alluding to a sportier image), but the reality is that it appears a little tacky and out of place.

Practicality is a stronger point for the Aveo. It may be a hatchback of modest proportions but leg and headroom for rear passengers is ample considering the size of the car. Front and rear visibility is equally impressive, rendering the baby Chevy easy to manoeuvre and park. The boot can swallow 290 litres with the rear seats upright, which is impressive, but it's not quite as capacious as the 315 litres of the Skoda Fabia, one of the Aveo's chief rivals.

Engines are modest in size and power output. Chevrolet expects the most popular option to be the basic 1.2L petrol, but 1.4L and 1.6L variants will also be offered. A super efficient 1.3L turbodiesel engine is also on the cards, which will be available with a stop-start system for ultra-frugality, though whether that will go on sale in all markets has yet to be confirmed.

It may be the biggest seller but the 86hp 1.2L petrol engine falls short of being the class best. It needs a thorough thrash to get anywhere and lacks any kind of low down pulling power. Drive it hard and the diminutive engine eventually gathers pace, but with nowhere near the kind of clout that most sorted modern engines - petrol or diesel - can muster.

The 1.4L and 1.6L petrol engines sort out the 1.2's woeful lack of punch, with 100 and 115hp respectively. Neither feels particularly quick, though, and they return 5.9 and 6.6L/100km on average, which is a long way from class-topping and is significantly thirstier than the 5.5L/100km of the 1.2.

Regardless of which one you pick, the Aveo's engines are all loud and buzzy because they need to be worked so hard. There's also a lot of noise from the tyres during cornering, so refinement is lacking. On the plus side, the Aveo is quite comfortable, as the soft suspension copes well with bumps and rough surfaces, though the ride can become a little unstable at high speeds. As for the Aveo's handling, it's not what you'd call a thrilling driving experience. The steering is reasonably accurate in the sense that the car goes where you point it, but there's little, if any, feedback through the wheel, along with a noticeable amount of body roll, all of which tallies up to render the Chevy pretty unmemorable.

The five-speed manual gearbox is preferable to the six-speed automatic by a long way, too. Though not a highlight of the car, the manual transmission's action is soft and easy-going, which suits the Aveo well, while the self-shifter is very jerky and seems to change gear with something of a mind of its own.

If the Aveo were cheap enough to drastically undercut its key rivals from Kia, Hyundai and Skoda then it would get a serious recommendation. However, with an estimated starting price of Dh57,500, the harsh reality is that its competitors offer better quality, superior desirability and a more engaging driving experience for similar money. The Aveo represents a step in the right direction for Chevrolet in that it's better than its predecessor, but it needs more than a budget price tag if it's to steal any sales from the Czechs and the South Koreans.

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

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.”

PSA DUBAI WORLD SERIES FINALS LINE-UP

Men’s: 
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)

Women's: 
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)

RESULTS

5pm Wathba Stallions Cup Maiden (PA) Dh70,000 (Dirt) 1,400m

Winner Munfared, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)

5.30pm Handicap (PA) Dh70,000 (D) 1,600m

Winner Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami

6pm Maiden (PA) Dh70,000 (D) 1,800m

Winner Dergham Athbah, Pat Dobbs, Mohamed Daggash

6.30pm Handicap (PA) Dh70,000 (D) 1,800m

Winner Rajee, Fernando Jara, Majed Al Jahouri

7pm Conditions (PA) Dh80,000 (D) 1,800m

Winner Kerless Del Roc, Fernando Jara, Ahmed Al Mehairbi

7.30pm Handicap (TB) Dh70,000 (D) 2,000m

Winner Pharoah King, Pat Dobbs, Doug Watson

8pm Conditions (PA) Dh85,000 (D) 2,000m

Winner Sauternes Al Maury, Dane O’Neill, Doug Watson

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

COMPANY PROFILE

Company name: Dresos

Started: September 2020

Founders: Vladimir Radojevic and Aleksandar Jankovic

Based: Dubai, UAE

Industry: Fashion

Funding: $285,000; $500,000 currently being raised

Investors: Crowdfunding, family, friends and self-funding

Ticket prices

General admission Dh295 (under-three free)

Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free

Buy tickets at: wbworldabudhabi.com/en/tickets

Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”


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