You might think that stepping out of an Aston Martin DBS and into this tiny, 1.3L powered (and I use that word reservedly, given the modest 98hp output) Aston Martin Cygnet would be something of an anti-climax. There's no denying that the four-cylinder engine's breathless sound and rather flat exhaust note aren't a touch on the rousing timbre of the DBS's 6.0L V12, but it's certainly a lot easier to drive.
As much as super and sports cars thrill, they are a nuisance to use every day. A nice problem to have, admittedly, but people with enough money to buy supercars don't buy more than one car because they can. It's because they need them. A DBS is fine if you're in the mood, but the compromises it brings are huge, not least if the underground parking for your penthouse apartment is on the tight side. Step up the Aston Martin Cygnet.
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The majority of us motoring journalists have been pretty hard on the Cygnet, but since it was shown at the 2010 Geneva Motor Show it has fascinated me. Much like I cannot fathom why my wife and her friends aspire to $2,000 handbags, it's impossible for any but the most handsomely paid motoring journalists - of which there are few, save the odd television presenter - to get into the mindset of someone who might buy a Cygnet. Sure, it's about three to four times the amount you'll pay for the mechanically identical Toyota iQ, but that's not the point. I'm sure the factories churning out $2,000 handbags do a sideline in cheaper versions.
No, the Cygnet is interesting because it's different. Those mechanicals stay the same because, really, if you want to go fast in your Aston Martin, you'll do it in your V8 Vantage, DB9, Virage, DBS or, if you're a real high-flyer, the One-77. It's easy enough for us to enthuse about the sports cars because they represent something we're familiar with: the rich buy fast, flash cars. Fact. What's more difficult to comprehend is the thought process behind buying a car like the Cygnet.
Yet Aston Martin isn't the only firm to tap into an upmarket small car; Mini will soon offer a limited run of "Inspired by Goodwood" models, trimmed and painted by Rolls-Royce. We've yet to hear a price, but it'll be handsome. And people will pay it; one of Mini's dealers at the flagship Park Lane London dealership admitted that it wasn't uncommon to sell Minis costing upwards of £40,000 (Dh229,000) By that rationale, the Cygnet makes a lot of sense.
Not least because Aston Martin has re-styled it. Sure, it's not as lithe as its sports cars, but some of the machismo is there - even if it's not quite as thrusting. It's not just a few lashed-up parts either. The Cygnet's grille is a proper metal one, such as those on the sports cars, while every exterior panel, with the exception of the three-quarter and the roof, is unique to the small Aston. Clever extension of the shape of the lights by adding nostril-like vents, new rear lights, front wing vents and unique wheels all make the Cygnet look the part, even if it is unconventional.
If there is a disappointing area, it's not the performance but the interior. Lashings of leather do raise its game, but the areas left in standard Toyota trim let the side down. A bit more handcrafting and less parts - sharing would help, but then Aston Martin has always been partial to a borrowed column stalk, switch and air vent. Thing is, like the sports cars, it's unlikely if you're buying a Cygnet you'll have ever sat in an iQ, so you're unlikely to be too concerned.
Likewise, the Cygnet is never going to create the kind of maniacal face-contorting performance of the sports cars, but it's not without appeal. The iQ upon which it's based is rightly praised for being fun in that unconventional way that tiny engined cars often are. The Cygnet's wide stance helps, meaning it's not as wobbly as its upright, short dimensions might suggest. And while the steering is light on feel and precision, the Cygnet does hang on well - at the speeds it's capable of. For all its limited performance - 0-100kph taking an age at 11.6 seconds - it's actually a bit of a giggle to drive, because it's the only Aston Martin you can drive everywhere pretty much flat out without fearing for your licence. The top speed is apparently 171kph, but you'll run out of road before you ever achieve that.
No, the fun's to be had from just keeping it going; the little 98hp four-cylinder engine's output might be akin to the power needed to keep a One-77's air conditioning running, but it's enough. Just. It's a shame it doesn't sound more charismatic, though the rev-hungry CVT gearbox is not helping. A manual alternative is offered.
I handed it back to Aston Martin enthusing about it, not because it's an exceptional car, but because it's a clever idea. Its execution might not be perfect, but there's merit to the Cygnet. While I cannot comprehend what it must cost to run five houses, fuel a super-yacht or buy a Jaeger Le Coultre Aston Martin AMVOX DBS with a transponder to open the doors of my actual DBS, I can understand why an Aston buyer might want to buy a Cygnet. Whatever anyone else says about it.
The specs
Base price: not available
Engine: 1.3L four-cylinder
Gearbox: CVT
Power: 98hp @ 6,000rpm
Torque: 125Nm @ 4,400rpm
Fuel economy, combined: 5.2L/100km
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.”
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
UAE currency: the story behind the money in your pockets
