It’s a long lost part of the UAE’s history. A six metre, two and half tonne Rolls Royce Phantom V limousine with several careful past owners, most notably Sheikh Zayed.
The car was tracked down in Austria by Abu Dhabi motoring historian Mohammed Luqman Ali Khan and is now owned by a private collector in the UK.
Mr Khan is currently writing a book about the Rolls Royce to be published later this year in time for the UAE’s 50th anniversary,
The vehicle has a tendency to oversteer, while the petrol consumption of its V8 6.2 litre engine and 105 litre fuel tank is, to put it plainly, "awful"
It has been almost two years since he revealed the discovery. At the time, Mr Khan was researching a book on the cars of Sheikh Zayed, which he plans to publish in 2022.
The Rolls-Royce will also get a book of its own, scheduled to hit the shelves later this year.
But it was another publication, Memories of Emirates, by the UAE's National Archives, that started his quest. Among the book's illustrations was a colour photograph from 1966 of a gleaming Rolls-Royce being unloaded from a barge at Abu Dhabi, after shipment from England by importers Grey Mackenzie.
The car had been ordered from Rolls-Royce the previous year as the state vehicle for the Ruler at the time, Sheikh Shakhbut.
Six months after the car was unloaded on the beach – at that time Abu Dhabi had no port – his brother, Sheikh Zayed had become Ruler. With the office came the official Rolls-Royce.
After persuading the then owner to sell, Mr Khan acquired the vehicle on behalf of the UK collector, and has also located all the associated paperwork that established it was the genuine article.
It includes the original bill of sale, which records the car cost around £10,000, the equivalent of £165,000 or Dh830,000 today and something of a bargain, given that the current Phantom model is around twice that.
Extras included a refrigeration unit, an illuminated drinks cabinet, a pull-out picnic table and flag holders.
Rolls-Royce records confirm that the chassis number – 5VE15 – matches the one sold to Abu Dhabi.
It registered the owner as “His Highness Sheikh Shakbut bin Sultan Al Nahaiyan Ruler of Abu Dhabi”, with the car sold through Jack Barclay of Mayfair, London, and payment made via the Ottoman Bank, which had a branch in Abu Dhabi.
Sheikh Zayed made most use of the car. It was on active service at least until the end of the 1970s, when it greeted Queen Elizabeth II on her first state visit to the UAE in 1979.
Fitted with huge desert tyres, it transported Sheikh Zayed to his historic meeting on the border of Dubai in 1968, where the Rulers of the seven emirates agreed to come together as one country.
Three years later, on December 2 1971, it was dispatched by Sheikh Zayed to bring the UK diplomat James Treadwell to the newly established UAE, where he would present his credentials as Britain’s first ambassador.
Finally, it was given by Sheikh Zayed to Edward "Tug" Wilson, the founder and first commander of the Abu Dhabi Defence Force. Mr Wilson was a personal friend of the Ruler and also founded the Royal Stables.
Mr Wilson returned the car to the UK where he drove it in the 16,000-kilometre 1990 London to Beijing Motor Challenge.
Although there are currently no plans to return the Phantom to Abu Dhabi, Mr Khan hopes one day it might be displayed in the capital.
“I am driven by a passion to bring this car back to Abu Dhabi where it belongs,” he says.
Before shipping the car from Vienna to its new owner in the UK, Mr Khan could not resist taking a turn behind the steering wheel of what he calls the “most important motor car in the history of the nation".
He reports that the vehicle has a 15-metre turning circle and “a tendency to oversteer’’, while the petrol consumption of its V8 6.2 litre engine and 105-litre fuel tank is, to put it plainly, awful.
But as they used to say of those thinking of buying a Rolls-Royce: “If you have to ask how much it costs, then you probably can’t afford it.”
•This article has been updated to better reflect the chain of ownership of the car
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Global state-owned investor ranking by size
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China
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Japan
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Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
UAE currency: the story behind the money in your pockets
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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.”
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