So I'm interviewing Lotus chief executive Dany Bahar in his big, sparsely appointed office with its panoramic glazing and flood of natural light. It's about the same size as Ron Dennis's over at McLaren but not quite as obsessively, compulsively tidy. We're sat on a pair of facing black leather sofas: angular, achingly minimalist, probably Italian.
So far Bahar has been batting away my questions with casual good humour, giving a fair impression of a man who hasn't heard them a hundred times before in the nine months since this former Ferrari marketer took the top job at Lotus and stunned the motoring world with his five-year/five model plan to return the iconic British sports car maker to profitability and the global premier division. His responses are predictably upbeat. All "year one" financial, development programme and factory expansion targets met. A few adjustments, of course - Elan launch postponed after customer feedback suggested it was too close in power and positioning to the Esprit, though it's still pencilled in for spring 2013 - but, basically, despite the challenging economic landscape, everything's going to plan. Smiling, reclined, arms draped over the backrest of his sofa, Bahar's on autopilot.
Then I ask him this. In a group test between a Ferrari 458 Italia, a McLaren MP4-12C and the new Esprit, which wins? Bahar leaps to his feet, scoops up an armful of dog-eared magazines from a nearby shelf (Dennis would have a heart attack) and sprays them on the low-rise table between the sofas. They're decades-old copies of Autocar, Motor and Car, all with the previous Esprit going toe-to-toe with its supercar adversaries of the day, frequently to headlining effect. "This is where the Esprit should be," he says, galvanised by the prospect of glories yet to come, "and the comparison you just mentioned is exactly the idea."
I'm slightly startled. Dany Bahar the petrolhead has just entered the room and there can be no doubting his passion for the job. His prediction seems prescient in the retelling. A few weeks later, the first Ferrari v McLaren twin tests appear in the media and the McLaren's "lack of soul" is a recurring theme. "I'm not sure that the 458, with its huge technology, gives you the honesty we're looking for," says Bahar. "And the McLaren's maybe just too perfect: too dry, too cold. I think the Esprit will be the most authentic driver's car."
He adds: "It's because we have a strategy of not incorporating any technology that is actually not needed. It doesn't mean all our cars have to be the same weight as an Elise. If we can make a car that is lighter than our competition, it will be a super achievement.
"We will never be perfect and we don't want to be perfect. If you drive a sports car out of passion and emotion, you don't want it to be perfect. What I fear, and this is the road we will not follow, is that all these supercars are going in the direction where they rely too much on technology, and we don't want to do that.
"We'll put as much F1 tech as we can into a car, such as a KERS system, but only that which contributes to the driving pleasure, not the systems that help you drive."
Sounds tempting, especially given the recent announcement that Lotus will now build its own engines for the new range and not have to rely on Toyota/Lexus as a supplier. It seems a daunting task, and an unlikely one considering everything else Lotus has on its plate. I ask Bahar how it's been possible. "Again, the customer feedback told us the new cars won't be pure Lotus unless they have pure Lotus engines," he explains. "Yes, it's a big undertaking, but the luck we have is that postponing the Elan has freed up some capital expenditure for our engine programme. We haven't wasted any time; development started October last year and we'll have our first fire-up of the engine in the next two to three weeks. It's a V8 but it will form the basis for an engine family that also comprises a V6 and in-line four, so it will serve the needs of all our future products.
"Our V8 far exceeds the power and torque figures of the Toyota-sourced V8. It's 80 kilos lighter and 40 per cent smaller, too. I would compare this engine to the one in the Ferrari 458. I think it deserves the additional investment. And don't forget the V8 will be used in the Esprit, the Elite and the Eterne.
"We try to use as many components as possible across all the cars, from drivetrains to the suspension, brakes, electronics," he adds. "This is the only way we can get the investment to affordable levels. It continues with the strategy, the DNA of the company: to have a clever engineering approach, to have a clever manufacturing approach. I think if you try to understand what we're doing, it's 100 per cent Lotus."
I can't help wondering, though, if the Esprit will be 100 per cent ready by spring 2013. We've seen the full-scale mock-ups but exactly where, I ask, has the Esprit got to in its development? Surely the first prototypes should be up and running by now? And getting the quality right isn't going to take just a few months. Bahar remains unfazed: "We've built the first rolling chassis, with fully running prototypes coming in October or November. They'll be put through the rigours of an industry-standard test, with some of the powertrain and chassis development taking place here at Hethel on the new track facility but also at the Nürburgring and Idiada, in Spain.
"I think, to be realistic, we will never achieve the solidity of a Porsche. But what we can do is replicate the quality of rival manufacturers by using their suppliers. We have never been famous for our interiors - that's not our core competency - so we're outsourcing the complete interior to people who do this for Porsche, for Lamborghini, for Ferrari. If we cannot deliver the quality ourselves, we go to the people who can."
What readers of The National want to know, of course, is when Lotus will be coming to the UAE, and what with? Bahar's face lights up again. "My favourite holiday destination!" he exclaims. "I know this market well from my previous experience with Ferrari. The affinity with sports cars here is obviously huge. And I think, not to be present in the UAE, or even the Middle East in general, is something we can't afford to do.
"Our competitors are doing significant numbers, so it's an important market and we have very nice plans to enter it this year, details of which we'll announce at the Dubai auto show [in November]," he says. "We'll have a state-of-the-art showroom in Dubai and prepare the market with the current range before the introduction of the Esprit. All the new models will be sold in the UAE."
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
RIVER%20SPIRIT
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More from Neighbourhood Watch:
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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.”
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
COMPANY%20PROFILE
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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.
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
The biog
Name: Salvador Toriano Jr
Age: 59
From: Laguna, The Philippines
Favourite dish: Seabass or Fish and Chips
Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
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.
Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
