Muhammad Ashfak with his 1995 Lexus. Al Badia, Dubai. 24th December 2010. Duncan Chard for the National
Muhammad Ashfak loves the UAE's clean, smooth roads but it is not a fan of slow cars in the fast lane or fast cars in the slow lane.

My car: Lexus LS 400



Muhammad Ashfak juggles a busy job as a trainee network administrator with studying computer networking. His Lexus LS 400 makes the high-wire act a bit easier.

Ashfak, a lifelong Dubai resident whose family hails from Pakistan, had the car shipped in from the US a year ago.

Unlike a lot of people who have encountered hurdles importing cars into the UAE, he found the process to be relatively smooth.

"When importing a car, you have to be a little patient. But if you really want it, it would be worth the wait," he says. "All you have to do is meet up with a car's dealer, find out about the car he's offering and then you fix the payment, before or after the car arrives, depending on the dealer."

Ashfak bought his car from an Ajman-based dealer that imports cars from Japan and America.

"They were very co-operative and I had no trouble importing and getting my car registered," he reports. "The car was imported from the USA and is a certified pre-owned vehicle."

He is enthusaistic when he talks about the car. "Saying 'I love it' would be an understatement - it has the luxury, the handling and the speed enforced by the V8 engine. What more could a car fanatic ask for?"

Ashfak continues to wax lyrical, describing the Lexus LS series as "one of the finest works by the Japanese. I think it is among the best machines ever manufactured.

"It possesses its own appeal; be it a long drive or a short trip, it would live up to your expectations."

He is also impressed by the quality control of Lexus, saying his car has "no vibrations or unwanted irritating sounds, even at the highest speeds, and the V8 engine just keeps my adrenaline pumping".

Continuing his general positivity about motoring in the UAE, Ashfak says the best thing about driving here is the roads.

"The roads are clean and smooth and I can enjoy driving my car to the fullest," he says, but adds that "people driving slow in the fast lanes and fast drivers in the slow lanes cause accidents and extreme inconvenience".

Ashfak's father taught him to drive in Dubai and his first car was a Mitsubishi Pajero. He passed his driving test two years ago but,unlike the importing of his Lexus, that particular process was not without its hiccups.

"I failed my driving test twice before getting through," he recalls. "I failed the first time because I argued with the inspector and the second time I failed I was above the speed limit."

Before he bought his Lexus, he was rather loyal to the Mitsubishi brand.

"I've owned a Pajero, a Mitsubishi Galant and a Mitsubishi Lancer - yes, a lot of Mitsubishis indeed," he laughs.

But when it comes to replacing his beloved Lexus, something he doesn't plan to do anytime soon, he would need a much bigger garage to house all his fantasy cars.

"I don't really dream of a single car," Ashfak says. "I have favourites in varying categories.

"For luxury I would go for the Lexus LS 460; for off road trips I would love to bash dunes in a Nissan Patrol; and for speed and control, I would floor a Nissan GT-R or a Lancer Evolution X."

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.”

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

Company Profile

Company name: myZoi
Started: 2021
Founders: Syed Ali, Christian Buchholz, Shanawaz Rouf, Arsalan Siddiqui, Nabid Hassan
Based: UAE
Number of staff: 37
Investment: Initial undisclosed funding from SC Ventures; second round of funding totalling $14 million from a consortium of SBI, a Japanese VC firm, and SC Venture

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

Women’s T20 World Cup Qualifier

From September 18-25, Abu Dhabi . The two finalists advance to the main event in South Africa in February 2023

Group A: United States, Ireland, Scotland, Bangladesh
Group B: UAE, Thailand, Zimbabwe, Papua New Guinea

UAE group fixtures:
Sept 18, 3pm, Zayed Cricket Stadium – UAE v Thailand
Sept 19, 3pm, Tolerance Oval - PNG v UAE
Sept 21, 7pm, Tolerance Oval – UAE v Zimbabwe

UAE squad: Chaya Mughal (captain), Esha Oza, Kavisha Kumari, Rinitha Rajith, Rithika Rajith, Khushi Sharma, Theertha Satish, Lavanya Keny, Priyanjali Jain, Suraksha Kotte, Natasha Cherriath, Indhuja Nandakumar, Vaishnave Mahesh, Siya Gokhale, Samaira Dharnidharka

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

UAE SQUAD

Khalid Essa, Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Bandar Al Ahbabi, Mohammad Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoon Al Zaabi, Ali Saleh, Caio Canedo, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

UAE currency: the story behind the money in your pockets
DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 2.5/5

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

OIL PLEDGE

At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.

The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press


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