A press conference was the last place the assembled group of hacks wanted to be on a sunny Thursday afternoon. However, this time it was not because the end of the work week loomed, but because there were far too many interesting things going on outside the window.
The event was the official press conference for the inaugural Ferrari Festival for the Middle East, and the interesting bits were the roar of V12 engines coming from the cars racing around the tracks. We had been unceremoniously yanked from the garages to an upstairs conference hall to hear about how great Ferrari's sales had been in 2010 (up five per cent from 2009), and how important the Middle East was to the company (exhibit A, Ferrari World).
Organised by the Ferrari division, Corse Clienti, or "client racing", the Ferrari Festival is part of a travelling roadshow, putting on a dozen or so appearances around the world's most famous racetracks every year. Besides the allure of driving their road-going Ferraris without the hindrance of things like speed limits, a select group of "Prancing Horse" owners flock to these events for the chance to drive one of the so-called "laboratory cars".
The laboratory cars programme began in 2005 with the FXX, which is based on the Enzo - a car so exclusive Ferrari got to decide whether you deserved one. That, I suppose, is part of the appeal. Only 400 Enzos were produced, but the FXX programme is even more exclusive.
About 30 lucky Ferrari owners paid €1.3 million (Dh6.5m) to own a car they could only drive on a racetrack. What was the appeal? A 6.7L V12 engine that produces 850hp, which takes you from zero to 100kph in a blistering 2.5 seconds and has a top speed of about 400kph. This is a car for serious drivers. Based on the successes of the FXX programme, Ferrari released the 599XX in 2009 and the 33 available cars were swiftly bought up by the uber-wealthy. Sometimes, just owning a regular, humdrum Ferrari is not enough of a statement.
They are called laboratory cars because of the black box contained onboard the 60 cars. These record data from every drive, which are then logged and analysed by Ferrari technicians and used to produce future cars. Information garnered from the 599XX programme was used to create the 599GTO, the fastest street-legal Ferrari yet.
This was explained to us by Pietro Innocenti, or Peter the Innocent to non-Italian speakers, who is the general manager of Ferrari Middle East. He has an appropriately papal name for his position as the high priest to Medici-esque crew of Ferrari owners assembled at the event. The owners at the Yas Marina Circuit that day were the elite of the elites, chosen by the company to own some of its most prized creations.
One of them was Frank Kanyet, the 56-year-old Colombian executive chairman of the oil consortium Petrotesting. He is the proud owner of a 599XX, and the epitome of what Innocenti refers to as the "gentlemen drivers", the patrons of Corse Clienti's annual racing events. Heavy around the middle and of average height and looks, Kanayet lacks the physique of a hardened racer, but he certainly has gravitas. He sat sprawled on a couch in a luxury villa adjoining the track with his racing suit down around his waist.
The public relations woman taking me to the interview repeatedly assured me of the privilege I was being granted in this brief interview. "Most of the clients do not want to be seen by the press." This sort of conspicuous consumption is best done in private, I suppose.
Despite only getting to drive his car 10 times a year at Ferrari-approved events, Kanayet is completely enamoured of his purchase. He owns the car out of a passion for the brand - and fast driving. "We got the car a year ago in Valencia," says Kanayet. "It's absolutely amazing; it's an experience that you cannot describe. It's the performance, the instant power, the fast shifting and the security in knowing that if you brake you will stop."
The combination of safety and power is what all 599XX owners and test drivers rave about, but if you want to be a little less safe and a bit more Felipe Massa, there is a traction control dial on the carbon fibre dashboard. It goes from one to nine; turn it to nine and the car handles with all the security of a Volvo; turn it to one and you'll be fishtailing around corners as if the roads were iced.
The traction control ensures that if you hit a corner too fast you won't send your million-euro toy careering into the safety barriers. All of the fun, none of the risk. Well, almost.
It's not hard to see why Kanayet fell in love with the car. Turn the key on the 599XX and it roars to life like some prehistoric beast marking its territory. It is a predator engineered for one purpose: to destroy previous lap times. Hit the accelerator and the car gives off a satisfying, eardrum-destroying howl. The FXX sounds like a house cat by comparison.
A car this powerful requires special treatment. So, like most laboratory car owners, Kanayet keeps his 599XX at the Ferrari stables in Maranello, Italy where it is lovingly watched over by an army of engineers and mechanics. The same goes for the owners of retired Ferrari Formula One cars, which were also on display.
The car disrupting Innocenti's press conference earlier in the day was the F2005, which had previously been driven by Michael Schumacher and was now being driven by some unnamed Scuderia Ferrari enthusiast. Ferrari sells off all its Formula One cars two years after each season ends.
One of the other strange perks of owning a Ferrari F1 car is that you also inherit most of the pit crew. Engineers that worked on the car throughout the season tend to stay on with the car as it is retired and maintain it in Maranello for its new owner. So, you not only get Schumacher's car, you also get his mechanic.
The logistics of running these sorts of events is mind-boggling. Kanayet and most of his fellow laboratory car owners pay an extra fee to Ferrari to store and maintain their vehicles, which includes transporting them around the world so that they can play with their toys.
There is luxury, and then there is the stratified world of Ferrari ownership. It is difficult for the peons and the working stiffs of the world to understand the appeal of owning a car you can drive, let alone see, only a handful of times a year. However, you can't help but feel a twinge of jealousy when you see the joy on face of men like Kanayet. They squeeze their middle-aged bodies into the cockpits of Formula One cars designed for men half their age and trouser size, but for the two minutes it takes them to drive around the Marina Circuit they are Fernando Alonso, sitting astride some of the most powerful machines ever designed by man.
Money, it seems, can buy happiness.
I Feel Pretty
Dir: Abby Kohn/Mark Silverstein
Starring: Amy Schumer, Michelle Williams, Emily Ratajkowski, Rory Scovel
Brief scoreline:
Tottenham 1
Son 78'
Manchester City 0
Match info
What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm
MATCH INFO
Liverpool 0
Stoke City 0
Man of the Match: Erik Pieters (Stoke)
Terminal High Altitude Area Defense (THAAD)
What is THAAD?
It is considered to be the US' most superior missile defence system.
Production:
It was first created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles both inside and outside of the Earth's atmosphere, at an altitude of 93 miles above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then deployed them in 2016, becoming the first Gulf country to do so.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.
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.”
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
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UAE currency: the story behind the money in your pockets
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Company%20profile
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Killing of Qassem Suleimani
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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Turkish Ladies
Various artists, Sony Music Turkey
'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
LA LIGA FIXTURES
Friday Athletic Bilbao v Celta Vigo (Kick-off midnight UAE)
Saturday Levante v Getafe (5pm), Sevilla v Real Madrid (7.15pm), Atletico Madrid v Real Valladolid (9.30pm), Cadiz v Barcelona (midnight)
Sunday Granada v Huesca (5pm), Osasuna v Real Betis (7.15pm), Villarreal v Elche (9.30pm), Alaves v Real Sociedad (midnight)
Monday Eibar v Valencia (midnight)
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AIDA%20RETURNS
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
BIG SPENDERS
Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.