Petrol in the UAE is cheaper than in Britain. Sarah Dea/ The National
Petrol in the UAE is cheaper than in Britain. Sarah Dea/ The National
Petrol in the UAE is cheaper than in Britain. Sarah Dea/ The National
Petrol in the UAE is cheaper than in Britain. Sarah Dea/ The National

The air bag: Fuel-saving game en route to the Middle East?


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Recently, I moved to Britain after six years living in the UAE. To say that the cost of fuel has been a shock would be an understatement. In Dubai, filling my Volkswagen Golf GTI cost... well, I don't know, as I never really looked. I'd hazard a guess at about Dh100. In Britain, my Renaultsport Clio 172 Cup drinks up the equivalent of Dh325 every time. And it's a pretty frugal car.

The expenditure mounts up. When it comes to cost, the UAE is a great place in which to drive, not just because of the cheap fuel, but because of the nature of the cities – everything is close by, so it’s rare that any journey within a city takes more than half an hour. Dear old England has everything spaced out around the country, so a drive to a meeting that in Abu Dhabi might be on the other side of town is now a dreary three-hour slog. Consequently, my wallet is taking a battering at the pumps. I need to stem the flow of cash.

One of the reasons fuel is so expensive outside of the Middle East is that governments are slapping high taxes on it, as societies pressure their leaders to slow the dwindling of fossil fuels. This not only ensures that the public thinks more about consumption, but also prompts manufacturers to make cars more fuel-efficient.

Before I bought my Clio, I had a succession of hire cars, among them a Chevrolet Volt – a petrol-­electric hybrid born from the desire to save fuel. Partly to inform its driver and partly, I suspect, to show off its novel technology, the Volt comes with a series of clever displays on its central screen. They show where the power flows from and to, depending on your driving style. You can see whether thrust is delivered from the engine or the electric motor; when the battery recharges during coasting or braking. And do you know what? It’s actually interesting, much like playing a video game. It made what would normally be a dull journey fun, as I tried to better my previous “scores”, with the added bonus that the better I did, the less money I spent.

Saving fuel during the boring bits of motoring is currency. My Renault is 11 years old, so it doesn’t have as sophisticated a system as that of the Volt. But it does have an average fuel display on the dash, and I now monitor it constantly. My thinking is thus: if I can get close to 6L / 100km while pondering down congested motorways and through towns, I feel far less guilty – both ethically and financially – about revving the needle off the Clio when the right road and circumstances present themselves. A day of careful throttle use means I can legitimately spend half an hour battering through back roads. In many ways, it makes the times where I can really burn through that valuable fuel much more precious than if I were blatting around all the time with the throttle nailed into the carpet.

To all the indignant petrolheads: I want V12s forever as well, but it ain’t gonna happen. Much as I want climate change and peak oil to be a hoax, it’s hard to argue with 99 per cent of the world’s scientists. Even if they’re wrong, too many people are convinced. Car manufacturers are global companies, and they’ll follow the wishes of the majority of customers.

Increased awareness of fuel efficiency is therefore coming to the Middle East. Residents might not be tempted to save fuel by the goodness of their hearts, and it’s unclear whether governments will force them to do so, by hitting their wallets. But whatever happens, the need to save fuel is pretty much undeniable; perhaps if we can have fun doing it, the Middle East might start taking heed.

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Who is Mohammed Al Halbousi?

The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.

The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.

He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.

He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.

He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.

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.”

MATCH INFO

Real Madrid 3 (Kroos 4', Ramos 30', Marcelo 37')

Eibar 1 (Bigas 60')

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Benefits of first-time home buyers' scheme
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  • Discounts on sales price of off-plan units
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  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

The specs

Common to all models unless otherwise stated

Engine: 4-cylinder 2-litre T-GDi

0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)

Power: 276hp

Torque: 392Nm

Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD

Price: TBC

Previous men's records
  • 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
  • 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
  • 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
  • 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
  • 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
  • 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
  • 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
  • 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
  • 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
  • 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
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GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)