Like so many children of the Great Depression, my parents' lives were forever altered by the lost decade of the 1930s. Debt became a curse word and, despite a retirement account that would satiate anyone not employed by a hedge fund, they live an extremely frugal existence. Nothing, but nothing, is capable of enticing them to loosen the purse strings. Their caution, their irrational fear of debt and obsessive devotion to thrift were indelibly stamped by an economic malaise we, their privileged offspring, could never understand.
Until recently.
Few countries escaped the Great Recession of 2008-2009 unscathed, but few - save perhaps Spain and Ireland - suffered through a beat down as badly as the American middle-class. And while I hesitate to label the recent economic travailes as distressing as the Great Depression, there's little doubt that our world has also changed.
I suspect that motorcycling, for instance, is in the midst of a paradigm shift, the most likely consequences of which will be the diminishing importance of the North American market and the resurgence of European brands at the expense of the Japanese.
Both are dramatic changes, the first because Americans have always felt they are the centre of, well, everything, and the second because, if you're a fiftysomething motorcyclist, you can't remember when our sport didn't centre around the Japanese motorcycle. Oh sure, a few odd, quirky types rode BMWs, but before Kawasaki, Suzuki, Yamaha and Honda came along, ours was a sport dominated by recalcitrant AMF-produced Harleys, leaky Triumph twins and cranky BSA singles. The Japanese manufacturers brought us reliability, convenience (wow, electric starting and disc brakes on a motorcycle?) and an incredibly diverse model selection, all at a price that made the traditional marques look usurious.
Unfortunately, it seems this last has proven a curse. When the yen was cheap compared with the US dollar, it was easy to offer bargain-basement pricing. It would appear, however, that the days of a currency exchange favourable to Japanese-based manufacturing are long gone and the Big Four's one failing - a reliance on low price and high sales volumes for profitability - has come back to haunt them.
Where other marques - BMW, Harley-Davidson and a now resurgent Triumph - have continued to rely on unique technology for their successes, Kawasaki, Honda et al have fallen into a trap of design consensus. Shop the various "boutique" brands and, save for the BMW S1000RR, you'll find a showroom chock-full of unique flat twins, inline triples and V-twins of every stripe. Peruse the spec sheets of the traditional supersport 600, on the other hand, and you will find only inline-four motors, all with exactly the same bore and stroke.
The result has been the commodification of the segment. With their performance so alike, eventually the difference comes down to price and he who discounts the most wins.
That used to work back in the days when we now-aged boomers were snot-nosed brats just looking for the biggest bike our measly bucks could buy. But the North American motorcycle market - at least its most profitable portion - has matured, and with those balding pates and failing joints has come the one salvation to ageing: healthier bank accounts. It is no mystery that boomers are driving the motorcycle industry and, as sad as that may be, catering to our childhood fantasies for the expensive motorcycles we could never afford has most benefited the marques that have consistently stuck to building exclusivity into their brand image.
There is hope, however. For one thing, the motorcycle market has bifurcated. Along with the aforementioned yupsters buying expensive trinkets, North America is finally seeing a rejuvenation of the beginner segment. However, unlike novice riders of my youth for whom the biggest bang for the buck was the overriding shopping criteria, the focus now seems to be on style. Honda's CBR125R has been successful here not because it is powerful but because it looks so much like a grown-up bike.
I'm further bolstered by other changes we're seeing in the Big Four. Suzuki is dumping its cheap and cheerful motif with an enhancement in build quality that seems to grow exponentially each passing year. Honda is deeply committed to expanding the beginner-bike market. And Yamaha has carved out a truly unique cruiser appeal. It would help, of course, if they started trumpeting these qualities - rather than price chopping - as their brands' chief selling points.
North Americans are going to have to get used to paying more for motorcycles. We're also going to have to get along without models tailored specifically to North America, as the Big Four try to amortise costs by selling one model worldwide, one often designed for other markets. Indeed, North America is likely to diminish greatly in importance to the Japanese marques compared with emerging markets. After all, why should Honda waste time on the diminishing US market when it hopes to soon sell five million motorcycles in India alone?
And, lastly, we long-term bikers are going to have to start giving the Japanese their due; they saved motorcycling from a descent into irrelevance with quality and performance then unheard of. For me, these are still qualities that resonate.
Specs
Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
On sale: Now
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Match info
Uefa Champions League Group H
Juventus v Valencia, Tuesday, midnight (UAE)
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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Leaderboard
63 - Mike Lorenzo-Vera (FRA)
64 - Rory McIlroy (NIR)
66 - Jon Rahm (ESP)
67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)
68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)
69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)
Results
1. Mathieu van der Poel (NED) Alpecin-Fenix - 3:45:47
2. David Dekker (NED) Jumbo-Visma - same time
3. Michael Morkov (DEN) Deceuninck-QuickStep
4. Emils Liepins (LAT) Trek-Segafredo
5. Elia Viviani (ITA) Cofidis
6. Tadej Pogacar (SLO UAE Team Emirates
7. Anthony Roux (FRA) Groupama-FDJ
8. Chris Harper (AUS) Jumbo-Visma - 0:00:03
9. Joao Almeida (POR) Deceuninck-QuickStep
10. Fausto Masnada (ITA) Deceuninck-QuickStep
PSL FINAL
Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi
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Queen
Nicki Minaj
(Young Money/Cash Money)
Match info
Uefa Champions League Group B
Barcelona v Tottenham Hotspur, midnight
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
India squads
Test squad against Afghanistan: Rahane (c), Dhawan, Vijay, Rahul, Pujara, Karun, Saha, Ashwin, Jadeja, Kuldeep, Umesh, Shami, Pandya, Ishant, Thakur.
T20 squad against Ireland and England: Kohli (c), Dhawan, Rohit, Rahul, Raina, Pandey, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh.
ODI squad against England: Kohli (c), Dhawan, Rohit, Rahul, Shreyas, Rayudu, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh
The Abu Dhabi Awards explained:
What are the awards? They honour anyone who has made a contribution to life in Abu Dhabi.
Are they open to only Emiratis? The awards are open to anyone, regardless of age or nationality, living anywhere in the world.
When do nominations close? The process concludes on December 31.
How do I nominate someone? Through the website.
When is the ceremony? The awards event will take place early next year.
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.