This race-winning Nova NAascar is one of more than 40 cars in the upcoming auction that will be broadcast at Emirates Palace from the US. Courtesy of RKMCCA
This race-winning Nova NAascar is one of more than 40 cars in the upcoming auction that will be broadcast at Emirates Palace from the US. Courtesy of RKMCCA
This race-winning Nova NAascar is one of more than 40 cars in the upcoming auction that will be broadcast at Emirates Palace from the US. Courtesy of RKMCCA
This race-winning Nova NAascar is one of more than 40 cars in the upcoming auction that will be broadcast at Emirates Palace from the US. Courtesy of RKMCCA

Abu Dhabi car enthusiasts eye up some of the rarest vehicles in the world at auction in Emirates Palace hotel


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ABU DHABI // Car enthusiasts with deep pockets will be able to get their hands on some of the rarest vehicles in the world on Saturday night.

R K Motors Collector Car Auctions has put together more than 70 prestige vehicles for which people can bid.

Up for grabs is a McLaren M26 F1 racing car, driven to three Grand Prix victories in the 1977 world championship by James Hunt.

The anticipated sale price of the vehicle is between US$1.2 million and $1.8m, and it will be on display for bidders at the Emirates Palace hotel.

The auction, held by simulcast video link from the United States, will begin at 8pm on Saturday local time. The event is being held in Charlotte, North Carolina, in the US.

Pre-qualified bidders will have the chance to get their hands on other unique cars such as a 1954 Mercedes Gullwing, an original, early model Lamborghini Countach, or a 1963 Corvette.

“We are very excited to host this event in the capital city of the UAE for the very first time,” said Bradley Gresham, the organiser’s representative.

“We believe this will be the first event of a long series, as UAE drivers and collectors have shown in past years they like to distinguish themselves with a very demanding style.”

“It is a well-known fact that the top luxury car makers look at the Emirates as an undisputed premier market, to where all the first lots of new and exclusive cars find their way more often than not, while it is absolutely clear that the classic cars market is becoming a true rage throughout the Gulf region as well.”

A list of the available vehicles can be found online at www.rkmcca.com.

ksinclair@thenational.ae

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Director: Majid Al Ansari

Rating: 4/5

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UAE currency: the story behind the money in your pockets
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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The specs

Engine: 3.0-litre six-cylinder MHEV

Power: 360bhp

Torque: 500Nm

Transmission: eight-speed automatic

Price: from Dh282,870

On sale: now

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

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Sudden change in behaviour or displays higher levels of stress or anxiety

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Ability to sleep well diminishes

Academic performance begins to deteriorate

Changes in eating habits

Struggles to concentrate

Refuses to go to school

Behaviour changes and is aggressive towards siblings

Begins to use language they do not normally use

2019 Asian Cup final

Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi

World Cup warm-up fixtures

Friday, May 24:

  • Pakistan v Afghanistan (Bristol)
  • Sri Lanka v South Africa (Cardiff)

Saturday, May 25

  • England v Australia (Southampton)
  • India v New Zealand (The Oval, London)

Sunday, May 26

  • South Africa v West Indies (Bristol)
  • Pakistan v Bangladesh (Cardiff)

Monday, May 27

  • Australia v Sri Lanka (Southampton)
  • England v Afghanistan (The Oval, London)

Tuesday, May 28

  • West Indies v New Zealand (Bristol)
  • Bangladesh v India (Cardiff)
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Countries offering golden visas

UK
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Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

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Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Biography

Favourite drink: Must have karak chai and Chinese tea every day

Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour

Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour

Best vacation: Returning home to China

Music interests: Enjoys playing the zheng, a string musical instrument

Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes

Favourite book: Chairman Mao Zedong’s poems

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en