When it comes to cars, I take the philosophy of buy and hold – possibly motivated by my regular beat as a personal-finance journalist.
If you’re going to buy new, which I resorted to after being horribly stung by poor-quality second-hand motors in the UAE, the only way to justify the high outlay is to keep the car as long as possible.
Which is why my family cars are currently an eight-year-old Mitsubishi Pajero and a five-year-old Nissan Juke – both still in very good condition.
So you can imagine the rapturous response a four-day test drive of the 2017 Cadillac XT5 receives from my two children, Tabitha, 10 and Tasker, 8.
“Wow, it’s so nice,” they coo, stroking the immaculate cream leather seats, when I offer to drive them to a play date in the robust-looking motor. “Can we keep it?”
They’re in awe of the panoramic sunroof, which covers the length of the car and can be opened through a set of controls above the rear-view mirror (there was a lot of opening and closing over the four days). And the heated/ventilated seats are a hit – the kids have their own control panel in the back. Plus, in their eyes, the doors shut with “a nice clunk” and the car feels “big and safe, mummy”.
The XT5 is Cadillac’s first luxury crossover and one of four that the brand plans to roll out. This car focuses on its interiors, with padded and stitched leather seats, and real wood and brushed metal surfaces, plus high-end extras such as those kid-pleasing seats and sunroof, as well as 20-inch wheels on the Platinum model I’m driving.
The five-seater, however, is a comfortable car for a family of four, not five. Three children would be a stretch unless one child is much older, because you can only fit two car seats or two boosters across the back seats. Although the pull-down central partition, with cup holders, is ideal to separate warring siblings.
For me, there are a number of instant pluses for the busy mum. Firstly, the lack of a handbrake – instead, just push a button to the left of the steering wheel. When my children were younger, when I was tired and had a crying baby in the back, the number of times I drove off with the handbrake on – or worse, parked and forgot to put it on – are too many to comfortably mention.
The second plus is the video display, which as well as being a touchscreen control panel for the GPS and music system, streams video from behind the car, making reversing a breeze.
Its 310hp, 3.6L V6 engine allows the car to switch into a fuel-saving mode when it’s not going full pelt; the engine also automatically stops when you are stationary at the lights or in heavy traffic, saving on fuel and emissions.
On a more personal level, I like the electric adjustable seat. Given more time with the car, I would have programmed the memory seat function to remember my short stature.
I’m also a fan of the mode button, which changes the personality of the car depending on your mood; sport was ideal for that bit of extra oomph.
But the XT5’s gear shifter is another story. To reverse, you have to push the gear stick forwards and to the left, all while holding a button in. Frankly, it’s confusing.
When it comes to handling, the XT5 is smooth and takes tight corners with ease. I’m also able to put it to the ultimate UAE test: the rain. On the rare occasions it does rain here, drivers seem to lose all common-sense and either turn on their hazard lights while driving very slowly in the fast lane or zoom past skidding and sliding their way through large puddles. This is where the XT5 really shows its stealth. It grips the roads beautifully and isn’t phased by water on the roads.
Which is why it doesn’t surprise me that the Insurance Institute for Highway Safety in the United States gave the 2017 XT5 a Top Safety Pick rating when equipped with front-crash prevention. This is the highest rating a vehicle can earn from the IIHS – a big plus for a family car.
Another plus is storage. With 30 cubic feet of storage space, loading the boot with scooters for the park proves no issue. There’s also a handy management system, almost like a fence, that you can slide across the boot to stop items from sliding around – perfect for keeping strollers or the grocery shopping in place. Fold the rear seats down, and the storage space extends to 63 cubic feet. If you need any more than that, you probably have the wrong class of vehicle.
Cadillac’s XT5 is a solid family car with plenty of parent and child-friendly features. It has just one stumbling block: the price. The XT5 costs from Dh168,000. Yes, I like the luxury extras and the space and, yes, it’s an “absolute winner” for the kids. But for me, it’s too much to shell out for an asset that’s only going to get battered by messy offspring.
arayer@thenational.ae
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Engine: 5.6-litre V8
Transmission: seven-speed automatic
Power: 400hp
Torque: 560Nm
Price: Dh234,000 - Dh329,000
On sale: now
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Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
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The rules on fostering in the UAE
A foster couple or family must:
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- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
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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.”
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What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
MATCH INFO
Manchester City 3 (Silva 8' &15, Foden 33')
Birmginahm City 0
Man of the match Bernado Silva (Manchester City)
