Built in 1921, the EXP 2 was a wonder of engineering in its day, powered by a four-cylinder engine with twin-spark ignition. Photos by Fatima Al Marzooqi / The National
Built in 1921, the EXP 2 was a wonder of engineering in its day, powered by a four-cylinder engine with twin-spark ignition. Photos by Fatima Al Marzooqi / The National
Built in 1921, the EXP 2 was a wonder of engineering in its day, powered by a four-cylinder engine with twin-spark ignition. Photos by Fatima Al Marzooqi / The National
Built in 1921, the EXP 2 was a wonder of engineering in its day, powered by a four-cylinder engine with twin-spark ignition. Photos by Fatima Al Marzooqi / The National

Genteel spin around Yas track in Bentley's eldest statesman, 1921 EXP 2


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The UAE has, in recent years, become famous for many different reasons but there's no doubt that one of the main ways people around the planet get to hear about this country is that it's home to many of the world's biggest, tallest, fastest and most expensive objects. But the world's oldest? Not so much.

That didn't prevent Bentley from parading the oldest surviving example of this most respected and cherished marque in the streets of Dubai or the tracks of Abu Dhabi's Yas Marina Circuit recently, though. It would appear that, to get across the message to potential customers that there's a long and distinguished history to Bentley and companies like it, sometimes it's necessary to prove it by wheeling out the elder statesmen. Bentley would very much like us to know that there's more to the company than the Continental GT or the Mulsanne. Much, much more.

How many visitors to Ferrari World in Abu Dhabi have wondered what those strange old cars are? For many people, the discovery that a famous brand has a history stretching back a number of decades is a complete surprise and this, ladies and gentlemen, is the oldest surviving Bentley in existence. It's not the most famous, not the fastest, not the most glamorous. But the EXP 2 forms a crucial part of the Bentley story and even in 1919 was a pointer for the company's future output. At least until Rolls-Royce got hold of the company in 1931.

If you type "world's oldest Bentley" into an internet search engine, chances are that EXP 2 won't put in an appearance. That's because it was never a production car - it was an experimental prototype, hence the EXP moniker. The oldest production Bentley, Chassis No 3, left the factory in 1921, and was recently sold at auction during the impossibly glamorous Pebble Beach event in California. Beautiful and in almost entirely original, unrestored condition, when the hammer came down it fetched US$962,500 (Dh3.5 million). It was originally sold to one Noel Van Raalte for £1,150 (Dh6,818). EXP 2, however, was founder WO Bentley's own little project. There was an EXP 1 before it, but that ceased to be a very long time ago.

Richard Charlesworth, Bentley's director of royal and VIP relations, is the perfect public face for the company. Normally, he's the one-stop-shop for dignitaries, royals and sheikhs for all things Bentley new and old, but when the EXP 2 was in the UAE he was its guardian. With a moustache as huge as his personality and physically imposing frame, this old-school English gent never fails to lift the spirits and he's a veritable walking encyclopaedia on Bentley's rich history. They don't make them like Richard Charlesworth anymore.

He explains to me that, in September 1919, WO Bentley and his small team of engineers started up their first engine in their Baker Street workshop in London. It was pretty advanced for its time, having four cylinders (with four valves each) and twin-spark ignition, and was fitted to a rolling chassis designed and built by Frank Burgess. Within four months, EXP 1 was undergoing test runs and the same year work had begun building a proper factory for the fledgling motor company. The chassis that would become EXP 2 was also displayed at the British Motor Show. They must have been extraordinarily exciting times.

A year later in 1921, before that first customer car was built, EXP 2 was not only hand crafted but was entered into racing competition, taking a win at Brooklands and 10 further victories at other events. In that sentence alone, I know all I need to know. EXP 2, the very car I sat in and was driven around Yas Marina in by Charlesworth, is where the Bentley story really began. For this racing success brought huge amounts of publicity to Bentley and the rest, as they say, is history.

Unlike the first production car, EXP 2 has been subjected to a detailed restoration and yet the feel, the patina of the thing, seems entirely genuine. That'll be something to do with Bentley constantly using its heritage collection, sending the cars on events all around the world and letting fortunate members of the public (as well as freeloading hacks like yours truly) experience them for themselves. Despite the ultra-modern surroundings of the Formula One circuit at Yas, somehow the old timer seems right at home - it was, after all, born to race.

Invited aboard, I awkwardly squeeze my torso into the tiny cockpit, shoehorning my way next to Charlesworth. Wearing leather driving hoods and almost comedic goggles, we looked like fictional adventurer Biggles' less intelligent relatives. "Can I honk the horn?" might be a question more fitting for a curious five-year-old, but I couldn't help it - getting to experience this sort of motoring history always makes me feel like a big kid. So, klaxon horn emitting its trademark oooo-gaaahh refrain, off we trundled onto the floodlit track for a few laps of the circuit being shared by some of Bentley's VIP clients in their brand new Continental GTs.

On one of the longer straight sections, the new cars pass us with ferocious speed, buffeting EXP 2 and leaving us for dead in a cloud of airborne dust and sand. It doesn't matter to me and the new cars, despite their technical might, seem bland and uninteresting when compared to the feel, sound and smell of this historic racer. A Toyota Yaris would rinse it at the lights but that's totally irrelevant - in its day, this was as fast and as advanced as automobiles got.

The car was sold to its first owner - Mr J E Foden - in 1923 and changed hands eight times until Bentley bought it back in 2000. Unsurprisingly, the original plans and drawings have long since vanished, so to restore it to its former glory, archive photography was used as reference points and the most authentic materials available were used to achieve the closest possible match. And yet, what surprises me the most about this beautiful Bentley, is its insured value.

While the incredible supercharged "Blower" Bentleys of the 1930s, which ruled the Le Mans 24 Hours endurance races and made Bentley a household name, are valued in the stratosphere (Dh4.7m for a decent replica, Dh12m for a real one), EXP 2 seems positively unloved, with an estimated value of Dh4.3m. Not that it's for sale though as Bentley, now more than ever, realises the importance of its heritage and despite (or perhaps because of) the fact this most British of companies is in German hands now (Volkswagen), the people at the top know the value of history.

As I left the steamy Yas circuit, I had to glance back longingly at EXP 2 and I'm glad I did. Because a short time later, Bentley unveiled another EXP model - the unfortunate and ill-fated EXP 9 F SUV - at the Geneva Motor Show. There's nothing at all wrong with a company of Bentley's standing developing a new model that points in a new direction, and I'm sure that when the 'ute does eventually start production it will be superbly engineered like any Bentley. But the sheer, simplistic beauty and charm of the world's oldest example will be totally missed - and that's a crying shame.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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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How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

England v South Africa Test series:

First Test: at Lord's, England won by 211 runs

Second Test: at Trent Bridge, South Africa won by 340 runs

Third Test: at The Oval, July 27-31

Fourth Test: at Old Trafford, August 4-8

The 12 breakaway clubs

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

THE SPECS

Aston Martin Rapide AMR

Engine: 6.0-litre V12

Transmission: Touchtronic III eight-speed automatic

Power: 595bhp

Torque: 630Nm

Price: Dh999,563

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 240hp at 5,500rpm

Torque: 390Nm at 3,000rpm

Transmission: eight-speed auto

Price: from Dh122,745

On sale: now