Karl Benz was that rarest breed of man, an inventor remembered by history. He had the good sense and the good fortune to invent one of the symbols of the modern age, 125 years ago. While bread-bins and spanners are an integral part of everyday life, the names of their inventors are not embedded in the public consciousness. But cars are different. Cars are special. Cars are one of the few objects that can inspire love, so it is fitting that, without love, Benz may not have found the success he did.
When Benz was born in 1844 journeys were made by steam-powered train or horse-driven carriage. The notion of engine-driven personal transport was in the realm of science fiction. For much of the 19th century steam seemed to be the answer, but though it was pioneering, steam-powered modes of transport were cumbersome and unsafe, hardly the blueprint for travel of the future.
As a young man in Karlsruhe, Germany, Benz worked as an engineer making iron bridges. But his passion was in propulsion and when, in 1871, he secured a sizeable dowry for his wife, Bertha, he used it to set up his own engineering workshop and focused exclusively on developing an engine that could replicate the power of horses. But Benz was not alone. Germany was the crucible of the combustion engine and over the last three decades of the 19th century several men worked tirelessly to perfect and, most importantly, patent their designs. Gottleib Daimler, Nickolaus Otto and Wilhelm Maybach had invented the four-stroke engine in 1876 and, at one stage, looked like they would claim the ultimate accolade. But just as they were on the verge of a breakthrough, Benz unveiled the invention that would change the world.
In January 1886 he presented his Patent Motorwagen, the world's first ever car. It ran on petrol, then a product solely used for cleaning and only available in small quantities in pharmacies. With this fuel, a two-stroke engine could propel the three-wheeled vehicle through a chain, driving the rear wheels. Its 1L engine produced less than 1hp, propelling it to 16kph. He was granted his patent and with it his place in history. It was his marriage that had made this possible and it was his dear wife, an eminent engineer in her own right, who was to revolutionise motoring and make her husband his fortune.
Although Benz had been granted the patent, he was yet to prove that his invention was commercially viable. It was exciting, certainly, a breakthrough, undoubtedly, but there remained the question of how useful it was. On August 5, 1888, without her husband's knowledge, Bertha drove the car 106km to her mother's house in the Black Forest (the route dictated as much by the location of pharmacies as the most direct roads). This was the first-ever long journey in a car and proved that it could be a functional mode of transport as well as a technical marvel. The publicity this created saw a surge in demand.
By 1893 Benz was selling almost 100 cars a year and, by the turn of the century, he was the largest car manufacturer in the world. As business grew he continued to innovate, creating the first "flat" cylinder configuration in 1896, a design still used by Porsche today.
As cars became big business, investors increasingly began calling the shots and when French engineers were brought in to the company, Benz resigned, though remaining on the board. He then created his own distinct company, Benz and Sons, and made a line of cars that became a popular choice for London taxis.
The hyperinflation that followed the Great War saw the price of a car rise to an absurd 25 million Deutschmarks, which led manufacturers to the brink of bankruptcy. To stave off disaster, Benz merged with his one-time bitter rival Daimler in 1926. Karl, now in his 80s, took his place on the board. But the new marque was to have a new name, one of the most evocative in the motoring lexicon. The most famous Daimler model had been named after the daughter of its designer, Emil Jellinik. She was Mercedes and her name was destined to inspire the devotion of many more men than her father.
Benz died in 1929. His house is now the centre of the Daimler and Benz research institute. A TV drama of his life, Karl and Bertha, was broadcast in Germany this year.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
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.”
