The muscular Chevrolet Camaro is an iconic image of General Motors and Transformers 2 : Revenge of the fallen.
The muscular Chevrolet Camaro is an iconic image of General Motors and Transformers 2 : Revenge of the fallen.

GM gets a makeover made in Hollywood



Just when you might have expected General Motors (GM) to be keeping a low profile while it gets on with the business of working out how to pay back $50 billion (Dh183.5bn) of loans from the US taxpayer, along comes a Hollywood blockbuster to remind the world of some of the excesses that helped humble the company in the first place. Of course, the millions of dollars GM committed to Transformers 2: Revenge of the Fallen in product placement were promised long before the car maker's recent troubles began. But, depending on your view point, Transformers 2 is either another example of the overspending that brought the company to its knees or a step forward on the road to recovery.

In case you've missed all the pre-release hype and, indeed, Chevrolet Arabia's "Transform Your Ride" promotion on new cars, the movie features a number of GM products - the muscular Camaro, the outlandish Corvette Stingray concept and the groundbreaking Volt, to name but a few - in some of the finest Chevy chase scenes since Fletch was playing at your local cinema in the 1980s. With all those cars speeding across the screen, the film's plot is fairly standard fare. As it begins, the world is at peace thanks to the efforts of the fabulously named organisation called NEST who have been keeping a lid on the evil Decepticons since the first instalment of Transformers.

Then, there's a lot of aggravation and, wouldn't you know it, only two people, some GM cars (Autobots) and a load of CGI can save the world. Fortunately, for any male viewers of the film, one of those two people is Megan Fox. After the best part of two-and- half-hours - during which GM cars always look like world-beaters - all concerned agree to settle their differences and move on. And while you may not be able to stifle a yawn at these predictable turn of events, it didn't stop the film raking in $201.2 million (Dh738.9m) at the US box office in its first five days. The film is also a huge worldwide hit.

You might have thought this is good news for GM too? And, it's true, the Chevys look stunning in these high-gloss surroundings, but there are some obvious flaws too. Sure, the Camaro (which transforms into the loveable Bumblebee) is already in production and the Volt (aka Jolt) will definitely make it too, but the rest are more of a mixed bag. Sideswipe, a Corvette Stingray Concept, is such a futuristic rendering that it is unlikely to be seen in showrooms any time in the next hundred years.

While Mudflap and Skids, who are respectively, the defunct Chevrolet Trax concept and the next-generation Chevy Spark, are meant to be to this film what R2-D2 and C-3PO were to Star Wars, but have, instead, become embroiled in accusations that both characters are offensive, racial stereotypes. Michael Bay, the film's director, strenuously denies these claims, but its not really the best argument for Chevrolet to be caught in the middle of.

Despite all this, the futuristic retro classic that is the Camaro does literally and metaphorically win the day and makes GM look decidedly cool in the process. Whether the legions of teenagers who make up the film's target audience could afford to buy Chevrolet's hot new muscle car is another matter entirely. motoring@thenational.ae

The Cairo Statement

 1: Commit to countering all types of terrorism and extremism in all their manifestations

2: Denounce violence and the rhetoric of hatred

3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC  

4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.

5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.

6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security

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.”

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Awar Qalb

Director: Jamal Salem

Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman

Two stars

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

The past Palme d'Or winners

2018 Shoplifters, Hirokazu Kore-eda

2017 The Square, Ruben Ostlund

2016 I, Daniel Blake, Ken Loach

2015 DheepanJacques Audiard

2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan

2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux

2012 Amour, Michael Haneke

2011 The Tree of LifeTerrence Malick

2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul

2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke

2008 The Class (Entre les murs), Laurent Cantet

COMPANY%20PROFILE
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Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia