Mercedes-Benz's stylish SL Roadster remained in production for 18 years, until 1989.
Mercedes-Benz's stylish SL Roadster remained in production for 18 years, until 1989.

The SL Roadster: Eighties glamour and German geometry



The Mercedes SL roadster was as much a symbol of 1980s style as permed hair and shoulder pads. It was what the woman who wanted for nothing really wanted. With the roof down, big hair streaming in the wind and a manicured poodle panting dotingly on the rear bench seat, ladies who lunch could cruise the promenade, gently rebuke wolf whistles from builders and whisk a friend to the tennis club in comfort.

Whether in Miami, Manhattan or Margate the SL had a certain cachet; it spoke of a beautiful fusion of comfort and capital. It was an aspirational car for the upwardly mobile. Its typical driver wasn't a career woman but rather the leggy girlfriend of a rich businessman. While he made his fortune in a gleaming office block she would squander it in boutiques and bistros. The SL was never as curvaceous as its typical owner. It didn't have the swoops of a Ferrari, or the sleek, sporty lines of an Alfa Romeo Spider.

But in a way its Germanic geometry and its solidity better reflected the 1980s hallmarks of prosperity and materialism than its Italian counterparts. Of course that isn't to say that the Mercedes lacked pedigree, far from it in fact. The SL was a descendant of the original 1950s Mercedes 300SL Gullwing, one of the most visually arresting and sought after cars in the world. The quintessential SL convertible is still a common sight on roads, especially when the sun is shining. Indeed, despite its age, it remains a popular choice even in comparison with newer, faster and better equipped models. As the little black dress has proved, style rarely goes out of fashion.

It was fitting that the SL's 18-year lifespan ended in 1989 when it was superseded by a new series of SLs and SELs that lasted until 1995. It will forever remain one of the enduring symbols of the Eighties, along with the New Romantics, Sony Walkmans and the yuppie. In total over 235,000 were built and a surprising number have endured. This is partly due to their quality and robustness but also testament to the fact that the SL was never a workhorse.

Seldom was one seen stuck loaded with flat-pack furniture. Instead, the SL was usually seen cruising down palm-lined, sun drenched rivieras and enjoying a similarly laid-back lifestyle to its owners. tbrooks@thenational.ae

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.”

Getting there

The flights

Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.

The stay

Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net 

Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama

Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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