How is your carbon footprint? I think mine must be atrocious; I spend half my life on aeroplanes and the other half driving gas-guzzling monsters. But in London, I swapped the internal combustion engine for something much greener for a cruise around England's capital.
These days, it's cool to be green. We recycle, we offset our carbon emissions, but very few of us drive eco-friendly cars as the technology is lagging behind some of the other things we can do to be called green. Electric motoring is not a new thing - who can forget the Sinclair C5, Sir Clive Sinclair's ill-fated electric trike from the 1980s? It cost just £399 plus £29 for delivery (about Dh2,500) and was meant to revolutionise transport. Instead, all it succeeded in doing was knocking Skoda off the top of the joke cars list.
There is hope, however, as I discovered on a typically damp day in London, when I picked up the Tesla Roadster. And, outwardly, there is nothing to suggest that this is your typical geek-type greenmobile. It's a sleek, beautiful design that would be at home on any kind of high-end, petrol-powered sports car. In fact, at first glance, it looks very much like a Lotus Elise; perhaps that's because the chassis and body is built by Lotus in its back yard in Hethel, England, but Tesla is keen to point out that the Roadster shares only seven per cent of its parts with its look-a-like, petrol-powered cousin.
Prospective customers can test drive a Tesla in California, New York, Seattle and Chicago and, from this summer, the company is coming to Europe. Their first European showroom was to open this week in London's trendy Knightsbridge area, to be followed by locations in Monaco and Munich. Already, this small car maker has delivered its 500th vehicle worldwide.
This little sports car is powered totally by batteries - 6,831 lithium ion units, to be precise - and transfers that power to the wheels with a motor and gear box unit that weighs just 45kg. Tesla hasn't bothered with any of the new-fangled energy recovery systems; instead, when it runs out of energy, you simply plug it in.
Many electric cars in the past have failed because their range really wasn't practical. However, the Tesla can travel 393km between charges - if you drive it carefully. In real-life driving, you are more likely to get about 280km out of a charge.
The London sales team estimates it will cost about £6 (Dh36) to fully charge the batteries overnight at current UK rates - that's just over two pence (12 fils) per kilometre and, with British petrol prices creeping over the £1-per-litre (Dh6) mark again, it's a welcome saving.
This technology is all very encouraging from an environmental point of view, but what is the Tesla like to drive? Actually very good, when you get used to some of its quirks. The first is the sound, or more accurately, the lack of it. Turn the key and the car makes a noise similar to a door bell, and that's it. As you pull away, there is just the faintest hint of road noise and the sound of the wind blowing in your hair.
You will soon get used to this - just turn on the CD player with a disc of your favourite car noises. However there is one serious issue with this silence: pedestrians can't hear the car coming. As I cruised around London, people would walk out in front of the car obliviously; fortunately, the horn is nice and loud.
Perhaps some of that electrical power should be directed towards the steering - it's very heavy at slow speeds. Once you get going, it's fine, but trying to park is a nightmare. Thankfully, there is no engine note to alert people to snigger at your red face as you haul on the wheel.
Pulling away, you will instantly realise that this thing is fast: zero to 96kph in just 3.9 seconds. All of that power is linear, as there is only one gear, so the full 270Nm of torque is available at all times - it's akin to driving a full-size slot car. The handling is excellent, thanks to the Tesla's stiff, all-aluminium chassis and its low centre of gravity, although its low height is a little intimidating when fighting with London buses.
Although the packed streets aren't the best place to explore the car's handling extremes, it does feel very nimble, but the ride is a little harsh - again, very similar to the Elise.
The Roadster is offered with both a removable hard top and a fabric cover that is waterproof and very easy to remove and stow behind the seats. But with the roof up, the Roadster is not the easiest car to get into, and a Pilates fitness regime might be a good idea for the everyday driver.
I was a little disappointed by the quality of the interior - although there are some nice aluminium switches and buttons for the heating controls, the indicator stalks are made out of just a few dirhams worth of plastic and feel cheap. They contrast starkly with the lovely, leather-wrapped sport seats and cheapen the interior.
In January, Motoring reported that Tesla was looking at a possible race series here in Abu Dhabi, and that it was in talks to supply cars to Masdar City and other companies. At the moment, the company has no formal comment on its progression here in the Emirates, but Diarmuid O'Connell, vice-president of business development for Tesla, says the company has its eye on the UAE.
"We are actively investigating possibilities in the Emirates," says O'Connell. "We have several cars out there already in private hands. We don't have an official presence in Abu Dhabi or Dubai, but it's something we are definitely interested in pursuing.
"It is a very attractive market for these kinds of vehicles. For one, because there is an affinity for sports cars, and also, there is an increasing awareness of transportation with alternative energies right now."
As well, Daimler AG has just purchased 10 per cent of Tesla in a strategic partnership, which will see both companies join forces on electric technology. The two companies have already been working closely to integrate Tesla's technologies into the first 1,000 units of Daimler's electric smart car.
And just this week, Tesla was awarded a loan of almost $500 million by the US government to develop alternative energy vehicles. The money is slotted for a new factory in California to build Tesla's next car, the Model S saloon. Production is planned to start in late 2011.
You don't have to wait till then for the Roadster. But if you want a Tesla parked in your UK driveway now, be sure to have a spare £94,000 (Dh564,000). At local fuel prices, it may take you a little while to recoup your investment. You will also need to replace that battery pack after seven years, but in the meantime, servicing will be cheap as the motor has but two moving parts.
Saying all this, however, you don't buy the Tesla to save yourself money, you do it to help the planet. And it doesn't hurt that you'll be having loads of fun along the way - the Roadster is certainly the most impressive electric car I have ever driven.
* with files from Neil Vorano
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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.”
Results
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INDIA'S%20TOP%20INFLUENCERS
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UAE%20SQUAD
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The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km