Honda has issued a recall notice for almost 3,500 vehicles across a range of models in the UAE due to concerns that an airbag mechanism could cause injury to front-seat passengers.
Al-Futtaim Honda, Honda's official UAE dealership, and the Ministry of Economy made the announcement in a public notice in The National on Wednesday.
“In certain vehicles, the passenger’s [front] airbag inflator could produce excessive internal pressure,” they said. “If an affected airbag deploys, the increased internal pressure may cause the inflator to rupture.
“In the event of a rupture, metal fragments could be propelled upwards towards the windscreen or downwards towards the front passenger’s foot well, potentially causing injury to a vehicle occupant.”
The models affected are: Civic ES1 from 2002 and 2003 and ES8 from 2003; CR-V RD5 from 2002 and 2003; Stream RN3 2002 to 2003; 2002 Jazz GD1; and the 2003 models of the Accord CM5, Odyssey RL1 and MR-V YF1.
Al-Futtaim urged owners to check if their vehicle identification or chassis number was on the recall list.
“The decision has been taken jointly with Honda and the Ministry of Economy’s department of consumer protection to launch a service campaign to carry out the inspection of those 3,469 vehicles affected in the UAE and, if required, carry out replacements with the modified part to ensure that we give our customers peace of mind,” said Al-Futtaim and the ministry.
Owners are advised to call Al-Futtaim customer-care centre on 800-Honda, or visit honda.ae and make a booking with Al-Futtaim Honda Service centres.
nhanif@thenational.ae
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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.
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