The Porsche 911 GT1 that won Le Mans in 1998. Courtesy of Image Electronique
The Porsche 911 GT1 that won Le Mans in 1998. Courtesy of Image Electronique
The Porsche 911 GT1 that won Le Mans in 1998. Courtesy of Image Electronique
The Porsche 911 GT1 that won Le Mans in 1998. Courtesy of Image Electronique

Mazda MX-5 losing weight to get back to sports car roots


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Mazda is set to combine a small, turbocharged four-cylinder engine with lightweight engineering in its new MX-5, in a bid to re-immerse itself in its sports car roots.

Engineers at the Japanese car maker have been told to cut 275kg from the 1075kg weight to hit the "empty" target of 800kg.

This target is a full 155kg lighter than the car has ever been, which was back in 1989 when the MX-5 made its debut at just 955kg.

And its original weight was at a time before crash test results created the requirement for heavier body structures, side-impact bars and airbags.

Mazda engineers will have to look to save weight in numerous ways, including lightening mechanical components, adopting lightweight materials and removing features in a more minimalist spec.

If this is achieved, the lighter car will allow for a lighter transmission, smaller brakes and suspension, therefore reducing the overall weight of the car further.

Replacing the current 1.8 and 2.0L engines, the next MX-5, due in 2012/2013, will use a small direct-injection four-cylinder turbocharged engine of about 1.5L.

Porsche building car for return to Le Mans LMP1 racing by 2014

Porsche - the most successful marque at Le Mans with 16 overall victories - plans to return to racing at the endurance event.

The Stuttgart firm is to develop a works-run sports prototype race car in the top LMP1 category, with the entirely new car scheduled to make its debut in 2014.

"Motorsport was always an essential part of the Porsche brand," said Matthias Müller, president of the executive board at Porsche AG. "So for us it was only a matter of time before we returned as a factory to the top league of racing. The success of Porsche at Le Mans is unrivalled. We want to follow up on this with the 17th outright victory."

Hans Herrmann and Richard Attwood claimed the first overall victory for Porsche in 1970 with the legendary 917 short-tail. The 16th, and by now last, overall win was secured by Allan McNish, Laurent Aiello and Stéphane Ortelli in 1998 with the 911 GT1.

In 2008 and 2009, the Porsche RS Spyder sports prototype won the title in the LMP2 category but this wasn't an official Porsche entry. Rather, it was campaigned by privateers with Porsche's support.

Saab in new three-car deal

Saab has announced a conditional agreement with Chinese partners Zhejiang Youngman Passenger Car Group Company and Pang Da Automobile Trade Company on the formation of a Sweden-based joint venture company for the development of three new Saab models.

Last month it was revealed that the two Chinese firms would invest €245 million (Dh1.3 billion) in Saab and this deal has now become a binding agreement.

Ownership of the three completely new Saab models - the 9-1, 9-6 and 9-7 - will be split 50/50 by Saab and Youngman.

Saab will be responsible for controlling and managing the design, development and testing process to the start of production and providing other necessary technical and quality-control support.

Victor Muller, the chief executive of Saab, said: "This joint venture offers Saab Automobile the opportunity to develop models that were not envisaged nor funded in our original business plan."

Mr Pang Qingnian, of Youngman, added: "The agreement brings together the best of both worlds, merging the industrial and financial strength of Youngman Passenger Car with the state-of-the-art technical expertise of Saab Automobile."

Supercar brand De Tomaso in comeback with new Pantera

De Tomaso is set to make a comeback next year with a new Pantera.

The famous V8-engine supercar is to preview as an all new model at the Los Angeles motor show in November, before it goes on sale in 2012.

The Italian firm is already said to be running tests on prototypes near its headquarters in Modena.

The new model is set to follow in the footsteps of the original Pantera with a Ford V8 engine mounted in the middle of the car, which will drive the rear wheels.

The original Pantera produced 330hp, giving it a top speed of 257kph, but the new model will reportedly have 550hp, meaning the De Tomaso could be a real contender with McLaren's MP4-12C and Ferrari's 458 Italia.

The car maker was founded by Argentine Alejandro de Tomaso in Modena in 1959. It went into liquidation in 2004 and was eventually bought by Gian Mario Rossignolo in 2009.

The new Pantera is expected to cost about Dh900,000.

UAE motor firm offers Lexus owners free cinema tickets

Al-Futtaim Motors, the distributor for Lexus in the UAE, has launched Lexus Gold Movies, where customers are invited to watch blockbuster films booked exclusively for Lexus owners.

Starting today at VOX Cinemas (formerly Cinestar) at Mall of the Emirates, Dubai, and Marina Mall, Abu Dhabi, Lexus owners only have to present their car registration card at the ticket booth to get two free tickets.

Saud Abbasi, the general manager at Al-Futtaim Motors, said: "This initiative takes our service to another level of personalised exclusivity. It reflects our promise of individual attention.

"Lexus is leading the way in transforming automotive luxury with technologies and products that exceed expectations. And by individually connecting to our customers, we are destined to emerge as the true benchmark for uncompromising luxury."

VOX Cinemas feature digital surround-sound and wall-to-wall megascreens.

Men’s singles 
Group A:
Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)

Women’s Singles 
Group A:
Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

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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