Taking the route to a greener mobility future is a prime commitment for Al-Futtaim Automotive - one which it says is readily achievable through strong collaborative efforts.
The UAE’s largest automotive distributor firmly recognises the importance of pivoting the industry towards sustainability and is incorporating leading green-mobility players across its value stream.
It is actually 15 years since Al-Futtaim Automotive planted the seeds of a green revolution when the company pioneered alternative propulsion in the country by launching hybrid electric vehicles in collaboration with Toyota.
Now that commitment extends across the entire business, from the like-minded partners it works with through to the services that it launches.
That 2008 greener mindset set Al-Futtaim Automotive on a course towards not only its own sustainable future but the start of a significant, influential role in driving the UAE's transition to cleaner, greener transportation options.
In lockstep with much of the world, that sustainability journey has, of course, ramped up in recent times.
And in the past two years, Al-Futtaim Automotive’s strategy has seen it spearhead a new role as the company builds a new green mobility industry in the UAE.
This dedication has been made possible through several actions, not least the creation of a dedicated new entity - Al-Futtaim Electric Mobility Company - which is focused on democratising the electric vehicle market and developing strategies to accelerate and sustain growth of EV adoption.
Al-Futtaim Automotive has made a firm commitment to build a comprehensive new e-mobility ecosystem in the UAE.
This extends from bringing world-renowned electric brands into the country to introducing its own charging solution, Charge2Moov, as well as the region’s first IMI-certified electric mobility training centre to drive EV after-sales expertise in the UAE.
Added to that, Al-Futtaim Automotive has a mission to make electric vehicles accessible to all through a diverse portfolio of EV models, alongside introducing innovative ownership options to accelerate their adoption, including customer leasing and subscription.
Endorsing this potent strategy is the announcement of Al-Futtaim Group as the Strategic E-Mobility Partner of Cop28 - a major alliance and a significant step in steering the sustainability mission of the group.
As part of this strategic partnership, Al-Futtaim Group will deliver a fleet of 370 electrified passenger cars, sports utility vehicles, and buses to be utilised for the globally-significant event, happening at Expo City Dubai from November 30, until December 12. The company will also install its Charge2Moov electric charging stations for the gathering.
Going forward, Al-Futtaim Automotive - one of the major divisions of the Al-Futtaim Group - has pledged to deliver 50 per cent new energy vehicles (NEVs) and install 10 per cent of the UAE’s charging stations by 2030.
Helping to empower the company’s strong sustainable vision and accompanying strategy are valuable partners that it identified as sharing its goals, namely BYD, Polestar, Volvo, Volvo Group, River and Charge2Moov with Siemens.
In partnership with German company Siemens, Al-Futtaim Electric Mobility Company is able to offer a wide range of charging solutions for its customers at a variety of prices.
Charge2Moov is a reliable smart home charger that comes with fast and efficient charging capabilities, enabling EV drivers to seamlessly power their EV with a five-year warranty for peace of mind. Charge2Moov brings rapid-charging performance of up to 22 kW, adjustable to individual requirements.
Al Futtaim’s investment in Indian scooter company River underscores its commitment to developing a full electric ecosystem in the UAE, ranging from commercial vehicles to passenger cars, and last-mile connectivity solutions.
River was the leading two-wheeler start-up in Al-Futtaim’s search and evaluation of more than 50 companies across the globe.
It said it stood out with an outstanding leadership team and relentless commitment to in-house product development that were a testament to River’s focus on producing an exceptional vehicle in less than two years.
The Polestar Project 0, meanwhile, is Swedish automotive brand Polestar’s goal of creating the first truly climate-neutral car by 2030.
Al-Futtaim says the scope of the project is to identify and eliminate all greenhouse gas emissions from the extraction of raw materials, through to when the car is delivered to a customer, as well as end-of-life handling.
The Polestar 0 project aims to cut carbon emissions by changing the way that cars are made, rather than using traditional processes and then planting trees to offset CO2 - essentially encompassing collaboration across the entire development process and value chain, from suppliers to retailers.
In another dynamic partnership, BYD - the world’s leading new energy vehicle manufacturer - has been working on electrification of urban public transport to reduce global greenhouse gas emissions, with a vision to “Cool the Earth By 1°C”.
Perhaps a more familiar name to the public, as a leader in sustainability Volvo Cars says it is committed to reducing its lifecycle emissions per vehicle by 40 per cent by 2025, and to producing only fully electric vehicles by 2030.
Ahead of that date, Volvo Cars says it aims to become a leader in the fast-growing premium EV market.
Likewise, Volvo Group, has stressed commitment to shaping the future landscape of sustainable transport and infrastructure solutions.
Its goals include offering a net-zero emission truck range by 2040, while in its bus division the ambition is to reduce emissions from the group’s operations by 50 per cent and its vehicles by 40 per cent per kilometre by 2030.
Within Volvo Group’s construction equipment division, the aim is to achieve net-zero value chain greenhouse gas emissions by 2040, with significant reductions by 2030.
Al-Futtaim Automotive says its greener vehicle vision is attaining reality at speed with a defined strategy and strong partnerships.
“Our sustainable journey has been progressing at pace and our electric vehicles goals are gaining traction,” said Antoine Barthes, Vice-President of Al-Futtaim Automotive.
“With the collaboration of these other great innovative companies we can ensure the UAE’s electric vehicle revolution is rapidly realised and contributes significantly to the sustainable future we all wish for.”
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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.”
The Saudi Cup race card
1 The Jockey Club Local Handicap (TB) 1,800m (Dirt) $500,000
2 The Riyadh Dirt Sprint (TB) 1,200m (D) $1.500,000
3 The 1351 Turf Sprint 1,351m (Turf) $1,000,000
4 The Saudi Derby (TB) 1600m (D) $800,000
5 The Neom Turf Cup (TB) 2,100m (T) $1,000,000
6 The Obaiya Arabian Classic (PB) 2,000m (D) $1,900,000
7 The Red Sea Turf Handicap (TB) 3,000m (T) $2,500,000
8 The Saudi Cup (TB) 1,800m (D) $20,000,000
LA LIGA FIXTURES
Friday (UAE kick-off times)
Real Sociedad v Leganes (midnight)
Saturday
Alaves v Real Valladolid (4pm)
Valencia v Granada (7pm)
Eibar v Real Madrid (9.30pm)
Barcelona v Celta Vigo (midnight)
Sunday
Real Mallorca v Villarreal (3pm)
Athletic Bilbao v Levante (5pm)
Atletico Madrid v Espanyol (7pm)
Getafe v Osasuna (9.30pm)
Real Betis v Sevilla (midnight)
Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
Company%20Profile
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COMPANY%20PROFILE
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.