Mercedes-Benz debuted electric vehicles in 1906, and the brand is arguably the foremost pioneer of the automotive industry. Four-wheel independent suspension, supercharged engines, anti-lock brakes and electronic stability control are only a few of its innovations. Yet it seemed to take an eternity for the three-pointed star to re-enter the fray with a modern-day battery-powered car.
Mercedes's 20th-century relationship with electric power was short-lived, as the rapid progress being made with combustion engines at the time prompted the German carmaker to shelve plans for electric propulsion. But it's now back in the EV game with its all-new EQC 400 4Matic, which will go on sale next year. You could, however, argue that it's a bit late to the party, as rival carmakers such as Audi, BMW and Jaguar all have battery-powered vehicles on sale in showrooms across the world already.
Better late than never, though, and the EQC is the first salvo in an onslaught that will see the EQ family – "EQ" is Mercedes's shorthand for "electric intelligence" – grow to 10 models by 2022. It might not be first out of the blocks, but Mercedes isn't about to miss out on the mushrooming market for EVs, with electric cars especially popular in China, Europe and the US. We might be a little behind the curve in the UAE, but that will change as the recharging network grows and the country shifts increasingly towards clean energy generation. The government has set the target of achieving 50 per cent clean electricity by 2050.
Mercedes chose Norway as the international launch destination for the EQC as, by the end of last year, every second new car sold in the country was either a full-electric vehicle or a plug-in hybrid. The first thing you see in Oslo is an airport car park full of Teslas, Jaguar i-Paces and Audi e-trons. The EQC test fleet assembled for the throng of motoring journalists fits in fine.
Although its source of motive power – two electric motors and an 80kWh battery pack – sits in stark contrast to the rest of the Mercedes range, the EQC 400 shares its basic structure with the GLC crossover. That said, the platform required significant re-engineering to slot in the bulky 642-kilogram battery pack under the passenger cell. That's the safest place for it, as it's protected on all sides by a crash structure that can keep the volatile pack intact in even the severest of collisions. The other advantage in having the battery pack down there is that it keeps the car's centre of gravity as low as possible, which benefits both handling and stability.
The initial impressions of the EQC, after getting about 50km down the road, are of how "normal" it looks and drives. Apart from the lack of engine noise – there's only a muted whine from the electric motors, similar to that of a remote-control car – there is nothing to suggest that it's ions rather than unleaded fuel doing all the work. As in other Mercedes cars, there's a column-shift auto with "P", "R" and "D" settings, and the accelerator and brake pedal are no different to the norm. The car also behaves conventionally in the default "Comfort" driving mode, but there's also "Sport", "Eco", "Individual" and "Maximum Range" modes, depending on whether you want to maximise range by recuperating as much energy as possible.
If aggressive driving is more your thing, you won't be disappointed, as the EQC's 760Nm torque quota (similar to the brutal AMG E63 S twin-turbo V8) practically forces your body into the seat back every time you step on the accelerator. It might weigh 2.5 tonnes, but the EQC leaps at the horizon with virtually the same urgency as a supercar. It's also surprisingly taut and agile for such a heavy car, not to mention supremely quiet and refined. Mercedes says it will do 0-100kph in 5.1 seconds, which is decidedly brisk for a five-seat family hauler. The EQC's rear seats are also suitably spacious, and its 500-litre luggage compartment is good, but by no means class-leading.
The EQC's touring range is quoted at 355km, but that depends heavily on how you drive the car. If you're flooring it all over town, expect to travel half that distance between recharges. It takes 40 minutes at a fast-charge station to boost the battery level from 10 per cent to 80 per cent, or overnight if you use a home Wallbox.
There aren't any glaring downsides in terms of how the EQC drives, but its styling might seem disappointingly conservative and mainstream. Mercedes hasn't used new design language for its first modern-day EV, apart from a new front fascia, and that's largely to avoid alienating its customer base. Other than this minor gripe, there's plenty to like about the EQC 400, even for a petrolhead.
The specs
Engine: Dual asynchronous electric motors, 80kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 760Nm
Touring range: 355km (claimed)
Price, base: From Dh300,000 (estimate)
On sale: 2020
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.”
JAPANESE GRAND PRIX INFO
Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday
Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.0-litre%2C%20flat%20six-cylinder%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3Eseven-speed%20PDK%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E510hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E470Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh634%2C200%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Joy%20Ride%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Adele%20Lim%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAshley%20Park%2C%20Sherry%20Cola%2C%20Stephanie%20Hsu%2C%20Sabrina%20Wu%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Company%C2%A0profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EPyppl%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEstablished%3A%20%3C%2Fstrong%3E2017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAntti%20Arponen%20and%20Phil%20Reynolds%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20financial%20services%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%2418.5%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%20150%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20stage%3A%3C%2Fstrong%3E%20series%20A%2C%20closed%20in%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20venture%20capital%20companies%2C%20international%20funds%2C%20family%20offices%2C%20high-net-worth%20individuals%3C%2Fp%3E%0A