The F1 rewrote the rule book for road cars. Each car was custom-built for its owner and placed the driver in the centre of the cockpit.
The F1 rewrote the rule book for road cars. Each car was custom-built for its owner and placed the driver in the centre of the cockpit.

When deluded dreams took root in reality



Car manufacturers have gone to remarkable lengths to replicate a race track experience on the road, to enable the millionaire magnate and enigmatic entrepreneur to imagine that the Burpham bypass is, in fact, a Silverstone chicane. However, put Michael Schumacher in such a car and he would quickly turn up his nose at the formula faux pas. But then came the McLaren F1, and deluded dreams suddenly found a root in reality. For this wasn't a road car with a body kit, but a sports car with genuine racing pedigree. It was 1992, and the conception of the car would never be the same again. It was so far in advance of its challengers that it was as if it had been left as a gesture of goodwill by an advanced alien race from a distant galaxy. To attempt to compare it with any other vehicle is not just difficult, it is disrespectful.

It was the fastest production car up to that time, with a top speed of 386kph. That kind of performance sorted the men from the boys. As did the whopping $1 million price tag - you could buy a mansion with a moat for less. But the F1 wasn't merely a mode of transport, it was a piece of motoring history, a technological marvel. It isn't an exaggeration to say that it was the most sought after object on the planet. In six years of production, only 64 individuals were lucky enough to get their hands on the keys, as each model took more than three months to build. What is the saying? The few; those lucky few.

The F1 was an aberration. Generally in automotive development, evolution is the rule of thumb: a cassette player makes way for a CD; a crumpled road map is made redundant by GPS. But McLaren took one look at the rule book and promptly tore it to pieces. The F1 was so technologically advanced it made other sports cars look like a rag and bone man's cart. For a start, it was the first production car with a carbon-fibre chassis. With cost not a limiting factor, the engine bay was lined with gold foil, not for show but to maximise engine cooling. The car's bolts and fixings are not made of steel, but magnesium. The driver sits in the middle of the cockpit, simulating an F1 setup, and can be flanked by two passengers slightly behind him.

The cars were custom-built. The seats were moulded according to the drivers dimensions and the steering column and pedals were built to measure. It included some creature comforts, such as a defrosting windscreen, air conditioning and a CD changer. A radio was considered surplus, but a modem was fitted to enable communication with the engine management computer in the event of a breakdown. The F1 has been widely heralded as the best car ever made; the very pinnacle of perfection all others have sought for but not attained. Even though it is no longer the fastest production car or the most technologically advanced, it retains an almost mystical allure as a motoring icon.

Set-jetting on the Emerald Isle

Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)

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Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

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 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.

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5


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