The Maserati tower dominates Modena's skyline.
The Maserati tower dominates Modena's skyline.

Valley of the kings



It has been nearly 2,000 years since the Roman Empire carved Via Emilia across Italy's northern plains. Its Legions used the road to streak across the top of the peninsula into Lombardy, France and Spain, and it worked so well that millions of people are still doing the same thing today.

To the untrained eye, this part of northern Italy is draped in a heavy, humid, white haze and dotted with small, fertile farms. But untrained eyes miss the stream of believers jumping off the A1 Autostrade, between Bologna and Milano, and turning onto Via Emilia. That's because Via Emilia is not just one of Italy's oldest continuously used roads, it's the funnel into the Valley of Motors, a 50-kilometre cluster of cavalli with the world's richest concentration of manufacturers making some of the world's most beautiful cars.

Ferraris, Lamborghinis, Maseratis and Paganis leave this valley to tease café strips and attack motorways all over the world. The motorcycle manufacturer Ducati also makes a home here, as do some of the most important road- and race-car museums in Italy. At other times, it has been home to Bugatti and the now-dormant brands de Tomaso and Stanguellini. At the heart of it all is the rich, proud city of Modena. Blessed with astonishingly good culinary and artistic legacies and few visible tourists, Modena was the hometown of two of Italy's most famous citizens, Luciano Pavarotti and Enzo Ferrari. Even today, 20 years after his death, Ferrari's legend is larger and, some would argue, his music plays to an even bigger crowd.

Most of Modena's tourist traffic is on a pilgrimage to the Prancing Horse. The Italian sports car giant has the most successful Formula 1 team in history and owns a host of Le Mans 24-hour, Sebring 12-hour, Mille Migle and Targa Florio trophies. Founded in the 1928, Ferrari began life in the heart of Modena, but the factory was flattened by Allied bombers to stop it making aircraft parts. Wisely, Enzo Ferrari moved what was left to his quieter birthplace, Maranello.

There's a multi-storey car park on the original factory site (so nothing to see here), but it's not far from where Ferrari lived (a beautiful palazzo on the corner of Via Emilia and Viale Nicola Fabrizi, across the road from Pavarotti's favourite theatre and now hosting a bank on the ground floor). You can stroll three minutes from Enzo's house, up Via Emilia into the city, turn right on Corso Canal Grande and have a shave in the same barber's chair the great man used on every day of his working life.

From the centre of Modena, drive 22km along Via Giardini (another ancient Roman road) to see everything the Prancing Horse will allow you to see. Which, as many pilgrims find to their chagrin, is not much. Immediately before the motorway overpass on Maranello's outskirts is a right turn, which leads you to Montana. Michael Schumacher's favourite restaurant, Montana remains the favourite haunt for Ferrari's race and executive teams. The more famous Cavallino restaurant is across the road from the Ferrari factory gates. It's where Enzo and the late Canadian driver Gilles Villeneuve ate and it's stacked with even more historic memorabilia, but its food is nothing as good as Montana's.

Ferrari also built his own test track, which is around the corner from Montana. While F1 testing rules limit your chances of seeing an F1 car in action, the Fiorano circuit is in almost constant use for race- and road-car testing and driver training. It's only a few hundred metres from Fiorano to the main gates at Ferrari, but if you expect to tour the factory, you'll need to wave your paid car order proudly.

Tourists are inevitably disappointed by Ferrari, and the main reason is that, aside from the Ferrari factory shop across from the main gates, it shows little genuine interest in helping less-wealthy tourists understand the ups and downs of its journey. Ferrari doesn't have a museum as such. Instead, it has the Galleria, which it designed as an active space. Some of its displays are excellent, such as a reproduction of Enzo's office and an F1 pit garage, but it's not really worth the entry ticket. Most visitors come away with a lower, rather than enriched, impression of the brand, but they still stand an excellent chance of spying a secret Ferrari prototype road car testing on the public roads around Maranello.

The easiest of all the Valley brands to find, Maserati's famed Il Tridente (the Trident) dominates the skyline from Modena's tallest tower. Only four blocks from the city centre, Maserati has been here since it moved from Bologna (Neptune's Trident is that city's symbol) before the Second World War. The original Maserati building in Modena still stands to the right of the entry gate (and is home to senior engineers), next to the steel-and-glass masterpiece on the corner of Viale Ciro Menotti.

Behind them are the assembly buildings, which date back to the pre-war period. Maserati has a long history of ups and financial downs, though its outlook is brighter now than it's ever been. Unlike Ferrari, Maserati welcomes tourists into its ground-floor showroom, complete with a merchandising shop. And you can always see plenty of new Maseratis, because every car is taken on a 30km test loop before it's loaded for delivery. Stay long enough and you may even see one of the camouflaged prototypes for next year's convertible GranTurismo.

A car company built out of spite is always going to strut with attitude, and Lamborghini does attitude like no other car maker on Earth. Italian industrialist Ferruccio Lamborghini had owned a string of Ferrari road cars and tired of their reliability problems. He vociferously complained to Enzo Ferrari, who told him that if he thought he could build a better car, he was welcome to try.

So the tractor maker did, and Lamborghini arrived with a bang. Its Miura of 1968 wasn't the first Lamborghini, but it was the most appealing. Even now, it is universally regarded as one of the most beautiful 10 cars ever built and a stunned Ferrari could only look on. But, while it continued to churn out aggressive classics (the follow-up Countach is usually on the same lists), its financial viability was always scratchy. Sales of 250 cars a year might have guaranteed exclusivity, but never encouraged investment.

Audi took the brand over late last century and it has not looked back, but while Ferrari had room to grow, Lamborghini is on a thin sliver of land in Sant'Agata Bolognese, a small village 25km east of Modena. Inside, though, is a wonderful, small museum, complete with multilingual guides who are trained and enthusiastic about helping people understand the brand's history. The two-level museum has every significant Lamborghini, including the Miura, the Countach and the world's first super SUV, the LM002. There are also picture boards across the walls to help with the history of each model and, upstairs, prototypes, concept cars, racing cars and even Lamborghini-powered Formula1cars. Another highlight is the chance to dive into the factory to see the cars being pieced together by hand on two production lines run like a ballet of craftsmanship. The entire effect is that this brand, which exudes arrogance from its cars, is anything but arrogant to its customers and fans.

Horacio Pagani worked for Lamborghini as a carbon fibre genius before the Argentinian set up his own factory, between Lamborghini and Ferrari.

His team designed and built the astonishing Zonda, with every part crafted to an extraordinary degree and applauded even by the likes of Ferrari and Lamborghini. Pagani builds less than 20 cars a year, but it is a flagship of craftsmanship. It sports a finely detailed carbon fibre chassis with a worked version of a Mercedes-Benz V12 for power. Finding Pagani is easy (it's just off Via Emilia) and so is visiting it. From nothing to building the Zonda in a handful of years, Pagani's achievements are astonishing.

Ducati drifted to the fringes when the Japanese motorcycle wave hit in the 1970s, but has returned with an aggressive series of sports bikes and racetrack success. Sitting on Bologna's outskirts, the factory and the museum nestle together in a convenient package. Like Ferrari, Ducati's race teams and its road production are in the same area. This includes the bikes for reigning World Superbike champion, Troy Bayliss, and former MotoGP world champion, Casey Stoner.

In 1925, Modena's Fiat dealer, Francesco Stanguellini, founded a race team which won major races like the Targa Florio and took class wins in the Mille Migle 1,000-mile road race and the Sebring 12-Hour. The family's museum contains its own cars as well as important race cars from Ferrari, Maserati and most of Italy's quirky race teams, plus trophies and memorabilia from before the Second World War all the way through to the 1980s. It's an extremely professional setup with a slick bilingual website (www.stanguellini.it). It sits behind the family Fiat dealership, so it's easy to find. And entry is free.

Deep in one of its regular financial crises, Maserati had Modena worried. Long interwoven into local society as Modena's car company, there was a serious threat that the Maserati collection of historic race and road cars would be sold at auction and scattered around the world.

The community was in an uproar, so local businessman, Umberto Panini, stepped in and bought the collection and built an air-conditioned museum next to his home to house it all. It's still run by his son, Matteo, and includes everything from the 1936 Tipo 6CM Maserati to the T4 250cc motorbike. There are also Grand Prix-winning Formula 1 cars, most of the road car models and plenty of one-off prototypes, too.

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

THE DEALS

Hamilton $60m x 2 = $120m

Vettel $45m x 2 = $90m

Ricciardo $35m x 2 = $70m

Verstappen $55m x 3 = $165m

Leclerc $20m x 2 = $40m

TOTAL $485m

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

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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

SPECS

Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

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In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

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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.

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.”

FIXTURES

Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan

The top two teams qualify for the World Cup

Classification matches 
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.

Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off

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US tops drug cost charts

The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.

Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.

In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.

Some of the costliest drugs worldwide include Lipitor for high cholesterol. 

The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.

High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.

MATCH INFO

Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD

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The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia