Times, it would appear, could be a-changing in the UAE. That's if some of the motoring world's premium manufacturers have anything to do with it, because they're slowly but surely getting the region to wake up to the possibility of owning a hybrid car. Porsche and Lexus have been dipping their toes into the hybrid soup here for a while, and now Volkswagen has a Touareg Hybrid in the region to get some real world feedback before deciding whether or not to offer it in the range here.
These are all positive steps to be applauded, but before I give the big Volkswagen a resounding thumbs up, it might be prudent to live with one for a few days to see if it can make it as a viable proposition in the Middle East. So I do exactly that.
While the Porsche Cayenne, which was always essentially a Touareg with a different drivetrain and an uglier body, has metamorphosed into something that's much easier on the eye, the VW has remained pretty much the same in appearance since its 2003 debut. The only bits that appear to have been tinkered with are the front and rear lamps, which now fall in with the rest of the generic styling of everything from the Scirocco to the Polo and the new Golf. But it still looks rather smart - not vulgar like a BMW X5 or X6, nor bland or ordinary like the Japanese efforts.
Inside, it's an exercise in tasteful restraint. Plush leather abounds, and there are lashings of burr walnut veneer, while the materials used to cover the doors, dashboard, roof and all the rest are a mix of soft touch and brittle plastics. It succeeds in offering a premium feel that's quite at odds with its humble badge, impressing the point that it's a range topper without hammering it home.
The dashboard's central screen, though, is particularly worthy of mention. As you would rightly expect, it allows you to view satnav mapping and fiddle around with your smartphone's music collection and Bluetooth, but it also keeps you constantly informed as to where your power is coming from and what the reserves are, via the communications programme for the e-motor and the rather smart "hybrid manager" that negotiates between internal combustion engine and electric motor. You can see at a glance how and when the battery is charged, as well as what your power source is at any given time - a good thing, because this car is so quiet it's sometimes the only way to tell if you're running on petrol or electric - and it's quite compelling to have this on-board analysis of journeys and energy consumption displayed like this, actively encouraging you to be more frugal with your inputs, trying to eek out as much economy as possible from this enormous vehicle.
Braking is regenerative, harnessing kinetic energy to boost the battery whenever you apply the stoppers and whenever you're coasting. Initially, its coasting ability is unnerving, with none of the engine braking you'd normally expect, but it feels perfectly balanced and comfortingly heavy at the same time, so you soon get used to getting on the brakes when approaching hazards.
In urban areas, you can drive, emission-free, on the electric motor. When crawling along in heavy traffic, the Touareg makes silent and guilt-free progress up to speeds of about 55kph, after which the petrol engine takes over. It's perfectly happy to cruise around all day at low speeds without burning any petrol, but that's providing that the road surface is suitably flat. Because at the first sniff of an incline, when you need to gently get on the throttle to maintain your speed, the engine pulls rank and you're back in petrol mode. And you can forget about green motoring if you head for the dunes, too, where the only time you'll be moving without polluting is when you're pointing down and on the brakes.
Like many of its contemporaries, the Touareg Hybrid is happiest on the open road, where its abilities shine more easily. It has plenty of power on tap and, when you do get on the power, that V6 makes a satisfying growl. It's a sizeable and heavy vehicle, yet it feels nimbler than its looks suggest when you have to take a tight corner, its full-time four-wheel drive offering security and safety. The eight-speed, Tiptronic transmission is sometimes a bit slow on the uptake, mind, and it would benefit from fitting steering wheel shift paddles. Other than that, it's a fine, comfortable and refined road companion that instils an enormous sense of well-being.
Should Volkswagen sell it here? I reckon so, because when it comes to environmentally aware motoring in the UAE, every little helps. Of course, if you have the planet's best interests at heart then you wouldn't be driving a big SUV in the first place, but hybrids in the region are at least a step in the right direction.
THE SPECS
Price N/A
Engine 3.0L, supercharged V6
Transmission eight-speed automatic
Power 333hp @ 5,500rpm
Torque 440Nm @ 3,000rpm
Fuel economy, combined 8.2L / 100km
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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.”
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
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THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
SERIES INFO
Cricket World Cup League Two
Nepal, Oman, United States tri-series
Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Table
The top three sides advance to the 2022 World Cup Qualifier.
The bottom four sides are relegated to the 2022 World Cup playoff
1 United States 8 6 2 0 0 12 0.412
2 Scotland 8 4 3 0 1 9 0.139
3 Namibia 7 4 3 0 0 8 0.008
4 Oman 6 4 2 0 0 8 -0.139
5 UAE 7 3 3 0 1 7 -0.004
6 Nepal 0 0 0 0 0 0 0
7 PNG 8 0 8 0 0 0 -0.458
UAE currency: the story behind the money in your pockets
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.