Containing the allure of speed

Since January more than half of the 40 deaths on our roads were caused by drivers aged between 22 and 30 – triple the rate of those in their forties. This is a sober reminder of the challenge we face in making our roads safer. Given the disproportionate involvement of younger drivers, we need to craft a way to curb road fatalities using existing approaches to road safety.

Given society’s insatiable thirst for speed as highlighted by the proliferation of racing video games, fast sports cars and Hollywood blockbuster films such as the Furious series, we have to educate our youth as to the proper outlets to channel their need for speed. There are a number of race tracks and safe places in which people can race cars that are removed from our roads. During the learning process, we must hammer home the message that speed is not bad as long as it is experienced in the proper.

Additionally, we have to do more when it comes to educating young drivers as to the consequences of dangerous driving. As The National reported on Friday, too many young drivers aren’t deterred by the prospect of being involved in fatal or near-fatal accidents. Many of these drivers aren’t deterred by the possibility of huge traffic fines for reckless driving as well.

While these revelations are shocking, they are not surprising. We simply must do more to educate and, quite frankly, to scare young drivers about the consequences of speeding and reckless driving. In some countries, drivers are given the option of classes that specifically highlight the consequences of poor or aggressive driving with films and first-hand accounts. In exchange for attendance, insurance premiums are lowered. A similar programme could be tested in the UAE.

When it comes to education, we don’t need to reinvent the wheel. We must take a pragmatic approach to the allure of speed, ensure that there are safe outlets for young drivers to drive fast and educate society about the consequences of fast drivers on regular roads. We have the structure in place and must continue to hammer the message home.

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Lamine Yamal (Barcelona / Spain)

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Vicky López (Barcelona / Spain)

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Luis Enrique (Paris Saint-Germain)

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Sarina Wiegman (England)

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Juventus 2 (Bonucci 36, Ronaldo 90 6)

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THREE

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Disclaimer

Director: Alfonso Cuaron

Stars: Cate Blanchett, Kevin Kline, Lesley Manville

Rating: 4/5

ARSENAL IN 1977

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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.”