The Nimr 6X6 APC has been tested in all terrains, can handle 7.62 mm armour piercing rounds and has run-flat tyres and a central tyre inflation system.Delores Johnson / The National
The Nimr 6X6 APC has been tested in all terrains, can handle 7.62 mm armour piercing rounds and has run-flat tyres and a central tyre inflation system.Delores Johnson / The National
The Nimr 6X6 APC has been tested in all terrains, can handle 7.62 mm armour piercing rounds and has run-flat tyres and a central tyre inflation system.Delores Johnson / The National
The Nimr 6X6 APC has been tested in all terrains, can handle 7.62 mm armour piercing rounds and has run-flat tyres and a central tyre inflation system.Delores Johnson / The National

Lean, mean military machine designed and built in the UAE


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ABU DHABI // Tawazun's multipurpose vehicle manufacturer Nimr Automotive yesterday unveiled the first entirely Arab-built six-wheeled armoured personnel carrier.
The Nimr 6X6 APC was designed and manufactured in the UAE by Emirati engineers over 18 months.
Nimr developed the vehicle based on requirements from the Armed Forces to withstand desert heat and provide comfort and protection to troops on board.
"The APC was designed with a V-shaped hull to withstand blast weights of up to 8 kilograms," said General Manager of Nimr, Mohammed Al Mazroui.    "We have tested the vehicle in all terrains and it can handle 7.62mm armour-piercing rounds, and has run-flat tyres with a central tyre inflation system."
The 14-tonne vehicle has a range of 700 kilometres on one tank of fuel, with a top speed of 135kph, and can withstand chemical, biological and nuclear attacks. "The air-conditioning system is designed to operate by blocking out poisonous materials from biological, chemical and nuclear environments," Mr Al Mazroui said.
The 6X6 APC is the second vehicle base developed by the company. Their 4x4 vehicle is already used by the Armed Forces and 500 were delivered between 2007 and 2011.
"We currently have 2,000 orders for the 4X4 vehicles and have signed a contract with Algerian government to build Nimr vehicles," Mr Al Mazroui said.
The company has a contract to build 200 vehicles a year for use by the Algerian armed forces for the next 15 years.
amustafa@thenational.ae
* An earlier version of this article referred to Mr Mohammed Al Mazrou as Mohammed Al Marzooqi. It also said he was the CEO when he is in fact the General Manager.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
About Karol Nawrocki

• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.

• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.

• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.

• Met Donald Trump at the White House and received his backing.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
What is Bitcoin?

Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.

The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers. 

Tips to avoid getting scammed

1) Beware of cheques presented late on Thursday

2) Visit an RTA centre to change registration only after receiving payment

3) Be aware of people asking to test drive the car alone

4) Try not to close the sale at night

5) Don't be rushed into a sale 

6) Call 901 if you see any suspicious behaviour

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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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