"A shadowy flight into the dangerous world of a man who does not exist. Michael Knight: a young loner on a crusade to champion the cause of the innocent, the helpless, the powerless, in a world of criminals who operate above the law."
Ring any bells? This evocative quote was from one of the most popular television car series of all time - Knight Rider - where self-made billionaire Wilton Knight rescues police detective Michael Long after a near-fatal gunshot to the face, giving him a new identity through plastic surgery and a new name: Michael Knight. The undoubted star of the series among automotive fanatics is the Knight Industries Two Thousand (KITT), a sleek, black car with numerous features including an almost indestructible frame, artificial intelligence, talking computer and, of course, a very cool red light scanner on the front bumper. The car used as KITT in the series was a customised 1982 Pontiac Trans Am, which is the same model that plays a central role in Jehanzeb Abbas's own car-obsessed life.
Originally from Pakistan, the 34-year-old product marketing manager for Etisalat Yellow Pages has lived in Dubai for more than 30 years and still can't believe his luck when he is driving his own version of KITT. "The TV KITT was, in all children's opinion, the most advanced car of its time, and I grew up watching it with admiration. This model of car still looks stunning, as it's got timeless lines and a shape that was way ahead of its generation," he says, beaming with pride.
Ever since he was a child, Abbas's dream has been to own his own KITT and his wish came true in 2007 when he imported his Pontiac from the US for $12,000 (Dh44,080). The car boasts a V8 engine and a three-speed automatic transmission. "My KITT may not be exactly the same as the movie star version, but it's very close, and the reaction from like-minded Knight Rider fans who immediately notice the car and are immediately transported back to their own childhoods with a mere glimpse make it quite a celebrity in itself."
And Abbas plans to carry out some modifications in order to make his car more KITT-like. "Budget allowing, I'm going to spend a bit on the car and make it a real Knight Rider replica, although I'm not sure where I'd buy the artificial intelligence unit - perhaps some of your readers might be able to help me," he laughs.
When he can be persuaded to take his prized possession out of the garage, Abbas heads to the open roads and beaches and has no issues adding to the current 45,000km count on the odometer, which is impressively low for a 30-year-old vehicle. For the time being, this aspiring hero will need to make do with some less adventurous missions than Michael Knight. "Well, I'm often asked to take it out on special occasions like weddings and parties; otherwise I drive it along the beach road in Sharjah and Dubai on weekends," he says. "Whenever I drive the car, it puts a smile on my face and also delights others, who constantly ask for pictures to be taken with it. Once, a gentleman politely enquired as to whether the car talked like KITT. He was checking it out from top to bottom and couldn't stop staring at it - I think he was serious," he exclaims.
Abbas concludes: "Owning the car of your childhood fantasies is not something everyone gets the chance to achieve and I'm very happy this has happened with me. In terms of modern cars, I'd quite fancy a Honda Integra Type R, but where people may talk about 'forever' houses - this Pontiac is definitely my forever car." So if you see Abbas, stop him for a picture with his very own KITT and make his day by attempting your very best impression of the famous phrase: "Yes, Michael."
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
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.”
DC%20League%20of%20Super-Pets
%3Cp%3EDirector%3A%20Jared%20Stern%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Dwayne%20Johnson%2C%20Kevin%20Hart%2C%20John%20Krasinski%2C%20Keanu%20Reeves%2C%20Olivia%20Wilde%2C%20Kate%20McKinnon%2C%20Jameela%20Jamil%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
More from Armen Sarkissian
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
