The specs: 2018 Renault Megane
Price, base / as tested Dh52,900 / Dh59,200
Engine 1.6L in-line four-cylinder
Transmission Continuously variable transmission
Power 115hp @ 5,500rpm
Torque 156Nm @ 4,000rpm
Fuel economy, combined 6.6L / 100km
Renault is keen to talk up how its elite motor-racing know-how translates into its road cars, with its dealerships plastered with photos of chequered-flag-chasing track pinnacles. Considering its current lowly standing in Formula One right now, it could be suggested that is not a particularly wise move.
Either way, roaring off the start line is probably last thing on your mind while piloting the fourth-generation Megane, in its plainclothes incarnation (the souped-up GT is a slightly different story, as detailed in our recent feature on its hot-weather testing in Dubai.
When I plonk myself into the driver's seat of my 1.6-litre test car and turn the ignition key, my first thought revolves around the words "hire" and "car". It emits a whiff of rental-fleet mediocrity.
The Megane sure revs, though. Indeed, whenever you put your foot down, that is the primary thing it does do, only without any actual impressive forward momentum. In an age of engine downsizing, when carmakers wring increasingly impressive performance out of dwindling cubic-centimetre totals, I start to doubt that this engine is actually a 1.6L.
My test car's PE spec possesses few features you wouldn't have found in a small family car five years ago. Maybe 10. There is a USB slot, but do you get a touchscreen via which to play your files? Sorry. No dice.
But here is where things flip: the Megane costs from Dh52,900. You are in the territory of the Toyota Corolla and omnipresent hire-car staple the Mitsubishi Lancer, yet that price is set to undercut. And while the interior isn't in any way striking, with its ugly dog's-leg hand brake, it does offer some strange embellishments on dash and door that look like – but I am almost certain are not – carbon fibre. At least Renault is trying.
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READ MORE:
Hot-weather testing: behind the scenes with Renault's new Megane GT
The future of driving? Living with two electric cars in the UAE for a week
Road test: 2016 Renault Talisman, shows signs of progress
Latest from The National's Motoring section
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From the outside, the bulbous nose, offset by daytime-running LED lights, won't be to everybody's liking, but it has a lick of individuality about it, in a habitually uninspired segment. Not quite French flair or Renault's hallowed "va va voom", but enough character to ensure that you won't be shamefully shielding your face when you retrieve the Megane from car parks and valets. It is slightly larger than the previous generation, meanwhile, and that increased scale shows: the rear seats don't feel cramped and boot space is more than adequate.
The ride quality is surprisingly smooth; the continuously variable transmission means acceleration is similarly jolt-free, if lackadaisical, with an optimistic manual up/downshift option. And the light steering gives fairly precise handling, where in some competitors you feel an errant twitch from the driver could lead to a horrific multi-car collision. The claimed fuel economy might be generous judging by my own driving, however – the aforementioned high revving and my attempts to hurry along the Megane to something approaching highway speeds saw me comfortably eclipse even Renault's urban-driving figures.
The sedan is a bit of a pariah variant, given it is not sold in Renault's native France – rather, it is sent into emerging territories to bid for market share. But if you need a well-put-together small family car, the Megane could pique your interest and instil a dose of pride not often inspired by a no-frills ride. Just don't harbour intentions of dashing along the outside lane on anything other than special occasions.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
RESULT
Arsenal 0 Chelsea 3
Chelsea: Willian (40'), Batshuayi (42', 49')
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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.”
HIV on the rise in the region
A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.
New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.
Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.
Access to HIV testing, treatment and care in the region is well below the global average.
Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The specs: 2018 Renault Megane
Price, base / as tested Dh52,900 / Dh59,200
Engine 1.6L in-line four-cylinder
Transmission Continuously variable transmission
Power 115hp @ 5,500rpm
Torque 156Nm @ 4,000rpm
Fuel economy, combined 6.6L / 100km
