A picture of the Jaguar that crashed through an Enoc service station in Jafza north, Dubai on August 6. Courtesy photo
A picture of the Jaguar that crashed through an Enoc service station in Jafza north, Dubai on August 6. Courtesy photo

Transport

Car drives through wall at Dubai drive thru

Lunchtime diners were left bewildered after a Jaguar car, with its headlights on, came through the glass at a food court at an Enoc station in Jafza on Wednesday around noon.

Martin Croucher

August 06, 2014

DUBAI // A motorist took the offer of a “drive through” literally and ploughed his vehicle through a wall at a food court.

Lunchtime diners were left bewildered after a Jaguar car, with its headlights on, came through the glass at a food court at an Enoc station in Jafza on Wednesday.

The British owner had to wait with the vehicle parked in the food court for about two hours before police came and towed the car away.

In the meantime, visitors bought French fries from fast-food chains and enjoyed the spectacle.

“It was a bit sudden at first, but no one really screamed,” said a restaurant employee. “Everyone had their cameras out and were filming or taking pictures. Everyone thought it was pretty funny.”

The car was parked outside, facing into the food court, and had mounted a curb before coming through the glass wall.

Another employee at a neighbouring restaurant said he had heard that the driver had hit the gas rather than the brake.

“He must have been a top manager of a big company, it was a very nice car,” he said. “I think he was a bit embarassed by everyone taking pictures.

A spokesman for Enoc said that the motorist had “lost control” of the car.

“No one was injured,” the spokesman said. “The authorities are investigating the incident. The section of the food court that was damaged will commence operation after repairs.”

All the restaurants remained open for the rest of the day, except for a juice bar directly next to where the incident took place. By 4pm a huge pile of glass had been swept to the corner of the food court, and the car was long gone.

“It looks like it was a big accident,” said Sajid Ahmed, who works in the free zone and was grabbing a late lunch. “I wish I’d been here to see it.”

mcroucher@thenational.ae

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Killing of Qassem Suleimani
Killing of Qassem Suleimani

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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