Seemingly every industry has its own award ceremonies – and the motoring press is no different. As we rapidly approach the end of 2014, groups of motoring hacks the world over will be hosting ceremonies and awarding gongs to the manufacturers, the dealers and the journalists who have made a mark in the past 12 months. It’s like our own little Oscars season, but with participants that most people have never heard of, who can just about afford a bottle of Armani fragrance but not the suits.
Thanks to my position as The National's motoring editor, I take part in the Middle East Motor Awards. For the past two years, this has been in name only and I haven't cast a single vote because of the infuriating processes involved. For 2014, things are different – much more streamlined, so that even a dinosaur like me can nominate personal favourites without the likelihood of a forehead-keyboard interface. So my votes, along with those of 18 of my peers region-wide, will be fed into a system and the results announced at Sharjah's Expo Centre on November 26.
Why do we bother? For one, taking part means I get more cars going through my hands, which, in turn, means I have more things to write about. It keeps things nice and balanced, too, enabling me to come up with material about more than supercars or luxury saloons and SUVs. Sometimes, it’s nice to experience an honest-to-goodness shopping hatchback like a Yaris or a Tiida, if only to keep one’s feet on the ground.
Looking back on the past few months of driving, though, one thing has become abundantly clear to me: cars are getting so good that it’s becoming almost impossible to criticise them. Is there actually such a thing as a really bad car these days? There is, but thankfully they’re normally not on sale in the more demanding markets, of which the UAE is definitely one. And there’s no denying it, no matter how much you might disagree with the findings of me or my contemporaries, the opinions of journalists (and, by association, awards judges) do still count.
If you were to compare the output of manufacturers today with that of 20-or-so years ago, you’d be shocked at just how far things have come. Standards of safety, comfort, refinement, technology, economy and design aesthetics are all things we compare, contrast and comment on. Buyers may take no notice, but I know for a fact that manufacturers do. They’re often outraged by the things that we critics say, but they eventually get over it, listen to our findings and make improvements to their output.
So when the Middle East Motor Awards announces its winners and losers, these snippets of information will be filtered and fed back to the men and women at the sharp end – the ones who design, engineer, build and sell the cars we all drive. And even I have to stop and remind myself from time to time that what we do does make a difference. So, too, does your opinion, because whenever I receive an email full of praise or dismay regarding a car or dealership experience, it’s sent straight on to the very people who can make a difference.
It’s a partnership, when you stop to think about it. Our voices don’t go unnoticed, although it may often feel like they are. But together we can, and do, make our cars better – the quality of the automobiles on offer today is testament to that fact.
khackett@thenational.ae
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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.
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.”
Company profile
Name: One Good Thing
Founders: Bridgett Lau and Micheal Cooke
Based in: Dubai
Sector: e-commerce
Size: 5 employees
Stage: Looking for seed funding
Investors: Self-funded and seeking external investors
Mobile phone packages comparison
UAE currency: the story behind the money in your pockets
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
RESULTS
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE