For more than 50 years, Porsche's 911 has been the epitome of great sports cars. But no more. With the arrival of the Cayman GT4 at the start of this year, Porsche has signalled the beginning of the end of an icon.
Well, that’s not what the press release says, obviously. But the introduction of a super-focused Cayman will, I suspect, show up the 911 for what it is – a relic of a bygone age, albeit one that’s been evolved and improved superbly over the decades.
The fundamental problem is that the 911 is built wrong. The engine sits behind the rear axle. From a dynamic point of view, that’s a silly place to put it. There are advantages – more interior space; increased traction thanks to the weight on the rear tyres – but when the 911 is in motion around corners, the heavy engine acts like a pendulum, constantly wanting to swing the car around. It’s inherently unbalanced.
Porsche’s engineers have worked wonders over the history of the 911, turning it into a superbly handling machine. But there’s only so much you can do against the laws of physics.
Ironically, the original 1960s 911 could well have been mid-engined. Its creator, Ferry Porsche, came up with the mid-engined, two-seater 356/1 prototype in 1948 – the first “real” Porsche. It was only when practicality came to mind, with the need to sell a car with four seats, that the engine was moved back for production. That set the template for future road cars. But look at Porsche’s purpose-built race cars through the years – the ones not based on road cars – and most, if not all, have had the engines in the middle, simply because it works better.
When the Cayman was first introduced in 2006, its engine was mid-mounted, behind the driver but in front of the rear axle, which created a much more stable platform. From the start, the Cayman was lauded for its handling aplomb, but ever since, there’s been the sneaking suspicion that Porsche was holding back its potential; because if it gets too good, it starts to show up the 911. Consequently, even the hottest Cayman models have had relatively modest power outputs, so as not to tread on the heels of the mildest 911 Carrera.
But now the Cayman GT4 has its stamping boots on. Behind its seats is the same 3.8L, flat-six engine seen in the 997-generation 911 Carrera S, pushing out 380bhp – more than the current 911 Carrera. It has upgraded kit all over it compared to the standard Cayman, including bigger brakes, a big rear wing and a limited-slip differential. Although no road tests have been published yet, I’ll put money on it handling more progressively, and more confidently, at the limit than a 911. It will be the driving enthusiast’s Porsche of choice, aided by the lack of paddle-shift option – only manual gearboxes will be fitted to the GT4. Take that, auto-only 911 GT3.
Why has Porsche finally relented and allowed the Cayman to run free? My speculation is that the powers-that-be see the writing on the wall. Rumours have abounded for years that future 911s will be mid-engined, and/or a new model will be introduced ahead of the 911 and below the 918, with its power plant in the “right” place.
If that happens, where does the 911 sit? It’s no longer the fastest Porsche or the best to drive. Leave it to the 918 and the yet-to-be-announced model to deliver ultimate power and speed, while for ultimate driver involvement, it looks like the Cayman GT4 will be the king in 2015. For all its incredible history, is there a legitimate future for the 911?
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RESULTS
2pm: Handicap (PA) Dh40,000 (Dirt) 1,000m
Winner: AF Mozhell, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)
2.30pm: Maiden (PA) Dh40,000 (D) 2,000m
Winner: Majdi, Szczepan Mazur, Abdallah Al Hammadi.
3pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Athabeh, Tadhg O’Shea, Ernst Oertel.
3.30pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Eshaar, Bernardo Pinheiro, Khalifa Al Neyadi
4pm: Gulf Cup presented by Longines Prestige (PA) Dh150,000 (D) 1,700m
Winner: Al Roba’a Al Khali, Al Moatasem Al Balushi, Younis Al Kalbani
4.30pm: Handicap (TB) Dh40,000 (D) 1,200m
Winner: Apolo Kid, Antonio Fresu, Musabah Al Muahiri
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.”
What is 'Soft Power'?
Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
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La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.