Sovereign development funds reacted most quickly to acquire strategic assets at the height of the Covid-19 pandemic, in contrast to the 2008 financial crisis when savings funds bought multibillion-dollar stakes in distressed financial institutions, a new report found.
In the 12 years between the financial and health crises, the number of sovereign wealth funds grew to 115 with $9 trillion of assets under management, up from 90 entities with $4tn of assets, according to Global SWF's 2021 annual report titled State-owned investors in a post-pandemic age.
Development funds including Abu Dhabi's Mubadala, Saudi Arabia's Public Investment Fund, the Russian Direct Investment Fund and Singapore's Temasek led the way this year, snapping up stakes in companies affected by the pandemic such as entertainment and travel but also in healthcare and technology as long-term investments.
"In terms of the Middle Eastern funds, the landscape has changed significantly in the past 12 years and we expect it to keep evolving in the next decade. If 2008 brought a lot of opportunities to savings funds like [Abu Dhabi Investment Authority, the Kuwait Investment Authority and others], 2020 was the year for strategic/development funds such as Mubadala and PIF," Diego Lopez, managing director of Global SWF and the report's co-author, told The National.
Sovereign Wealth Funds (SWFs) and Public Pension Funds (PPFs) ended the year with all-time high assets under management of $9.1tn and $18.4tn respectively, benefitting from an uptick in both equity and fixed income markets because they hold three-quarters of their portfolios in liquid assets like stocks and bonds, the report said.
However, their investment activity "contracted significantly" in 2020 due to difficulties in signing off on proposed acquisitions without physical meetings and caution among some SWFs that could still face capital calls to cover fiscal deficits.
Overall investments by SWFs dropped by 33 per cent year-on-year to $83.4 billion in 277 transactions, while capital deployed by PPFs slightly increased in value and volume, up to $76.1bn in 218 deals, according to the report.
While capital flows came to a sudden halt in March during the Covid-19 outbreak, funds adapted to the new normal and accelerated their activity in the third and fourth quarters.
The largest single transaction in 2020 was Dubai World's repurchasing 20 per cent of DP World in February, it said. The second largest was the investment by Singapore's GIC and others into Abu Dhabi National Oil Company's gas pipeline network. Other major deals included Mubadala's contribution to a $12bn Apollo-backed private credit platform.
Singapore's GIC was the most active state-owned investor in 2020 by capital deployed, according to the report. Mubadala was in the top five with $11.5bn in 31 investments. PIF was also significantly active, especially in the second and third quarters, buying and selling US-listed equities and exchange-traded funds.
PIF, which was among the top 10 most active state investors, has seen its assets under management grow to more than $360bn in 2020, the organisation said last month.
"PIF has a long-term financing strategy built around four clearly established sources of funding, including capital injections and asset transfers from the government; retained investment returns; and loans and debt instruments," Yazeed Al-Humied, PIF’s head of local holdings investments, said in an interview with the New York-based industry data specialist.
In terms of targeted sectors, more than a fifth of the deals sealed in 2020 were in technology, media and telecommunications. Healthcare saw a significant rise in interest during the pandemic with a total of 41 investments into businesses pursuing vaccines and biotech.
Real estate and infrastructure saw a decrease in the number of deals related to real assets, from almost half in 2015, to just over a third in 2020.
Alternative assets are witnessing a much higher allocation by both SWFs and PPFs, the report said, as investors search for returns in an environment where much of the world is witnessing negative real yields.
"Just like their global peers, Middle East funds have grown increasingly sophisticated and are now spotting the key trends to be invested in. That includes private credit as an asset class, China and India as a region and technology as an industry," Mr Lopez said.
Looking forward, Global SWF projects that in the next 10 years, SWFs will grow in size to $16.2tn by 2030, with PPFs rising at an even faster rate to $34.2tn. Altogether, the state-owned investors sector is set to exceed $50tn by 2030.
SWFs are expected to keep allocating more capital into alternatives over the next decade, it said. Private equity and debt will be the most popular choices, with the possibility of SOIs becoming direct lenders.
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
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COMPANY%20PROFILE
ICC T20 Team of 2021
Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi
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THE%20FLASH
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COMPANY%20PROFILE
DUNGEONS%20%26%20DRAGONS%3A%20HONOR%20AMONG%20THIEVES
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
The biog
Name: Shamsa Hassan Safar
Nationality: Emirati
Education: Degree in emergency medical services at Higher Colleges of Technology
Favourite book: Between two hearts- Arabic novels
Favourite music: Mohammed Abdu and modern Arabic songs
Favourite way to spend time off: Family visits and spending time with friends
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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How%20to%20avoid%20getting%20scammed
Stan%20Lee
SUZUME
In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press
The specs: 2017 Lotus Evora Sport 410
Price, base / as tested Dh395,000 / Dh420,000
Engine 3.5L V6
Transmission Six-speed manual
Power 410hp @ 7,000rpm
Torque 420Nm @ 3,500rpm
Fuel economy, combined 9.7L / 100km
MATCH INFO
England 19 (Try: Tuilagi; Cons: Farrell; Pens: Ford (4)
New Zealand 7 (Try: Savea; Con: Mo'unga)
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
WORLD CUP SEMI-FINALS
England v New Zealand (Saturday, 12pm)
Wales v South Africa (Sunday, 1pm)
MATCH INFO
Northern Warriors 92-1 (10 ovs)
Russell 37 no, Billings 35 no
Team Abu Dhabi 93-4 (8.3 ovs)
Wright 48, Moeen 30, Green 2-22
Team Abu Dhabi win by six wickets
Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
Company%20Profile
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The chef's advice
Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.
“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”
Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.
The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.
Company%20Profile
RESULTS
5pm: Maiden (PA) Dh80,000 2,200m
Winner: Arjan, Fabrice Veron (jockey), Eric Lemartinel (trainer).
5.30pm: Maiden (PA) Dh80,000 1,400m
Winner: Jap Nazaa, Royston Ffrench, Irfan Ellahi.
6pm: Al Ruwais Group 3 (PA) Dh300,000 1,200m
Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinal.
6.30pm: Shadwell Gold Cup Prestige Dh125,000 1,600m
Winner: AF Sanad, Bernardo Pinheiro, Khalifa Al Neyadi.
7pm: Shadwell Farm Stallions Handicap (PA) Dh70,000 1,600m
Winner: Jawal Al Reef, Patrick Cosgrave, Abdallah Al Hammadi.
7.30pm: Maiden (TB) Dh80,000 1,600m
Winner: Dubai Canal, Harry Bentley, Satish Seemar.
War and the virus
Simon Rushton: War vet raises £12m for health workers
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Sweet%20Tooth
Key features of new policy
Pupils to learn coding and other vocational skills from Grade 6
Exams to test critical thinking and application of knowledge
A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools
Schools to implement online system to encouraging transparency and accountability
While you're here
Mina Al-Oraibi: Iraq is in a fight to show its people who is really in charge
Khaled Yacoub Oweis: Iraq PM goes from shy writer to the political peak
The National Editorial: Iran's 'failed model' should be discontinued
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
If you go:
Getting there:
Flying to Guyana requires first reaching New York with either Emirates or Etihad, then connecting with JetBlue or Caribbean Air at JFK airport. Prices start from around Dh7,000.
Getting around:
Wildlife Worldwide offers a range of Guyana itineraries, such as its small group tour, the 15-day ‘Ultimate Guyana Nature Experience’ which features Georgetown, the Iwokrama Rainforest (one of the world’s four remaining pristine tropical rainforests left in the world), the Amerindian village of Surama and the Rupununi Savannah, known for its giant anteaters and river otters; wildlifeworldwide.com
Mohammed bin Zayed Majlis
More on Palestine-Israeli relations
Albadr Alshateri: US stance has undermined efforts to end conflict
Michael Young: Arab initiative that could be the real path to peace
James Haines-Young: Why Palestinians face a darkening future
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Scoreline
Ireland 16 (Tries: Stockdale Cons: Sexton Pens: Sexton 3)
New Zealand 9 (Pens: Barrett 2 Drop Goal: Barrett)
The Vines - In Miracle Land
Two stars
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
'Jurassic%20World%20Dominion'
Europe's top EV producers
- Norway (63% of cars registered in 2021)
- Iceland (33%)
- Netherlands (20%)
- Sweden (19%)
- Austria (14%)
- Germany (14%)
- Denmark (13%)
- Switzerland (13%)
- United Kingdom (12%)
- Luxembourg (10%)
Source: VCOe
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On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Sunday's Super Four matches
Dubai, 3.30pm
India v Pakistan
Abu Dhabi, 3.30pm
Bangladesh v Afghanistan
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While you're here
Tom Fletcher: How statecraft and summitry will have to adapt
Taylor Luck: Jordanians pin hopes on rebuilding chances in Syria
Gillian Duncan: Progress is slow for women in field of diplomacy
MATCH INFO
Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')
Man of the match Son Heung-min (Tottenham)
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
UAE%20Warriors%2045%20Results
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
On Women's Day
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
Kareem Shaheen on Canada
Results
Stage Two:
1. Mark Cavendish (GBR) QuickStep-AlphaVinyl 04:20:45
2. Jasper Philipsen (BEL) Alpecin-Fenix
3. Pascal Ackermann (GER) UAE Team Emirates
4. Olav Kooij (NED) Jumbo-Visma
5. Arnaud Demare (FRA) Groupama-FDJ
General Classification:
1. Jasper Philipsen (BEL) Alpecin-Fenix 09:03:03
2. Dmitry Strakhov (RUS) Gazprom-Rusvelo 00:00:04
3. Mark Cavendish (GBR) QuickStep-AlphaVinyl 00:00:06
4. Sam Bennett (IRL) Bora-Hansgrohe 00:00:10
5. Pascal Ackermann (GER) UAE Team Emirates 00:00:12
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
MORE FROM ED HUSAIN: The UAE-Israel accord is a win for every Muslim
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
While you're here
Con Coughlin: Nato must renew its sense of common purpose
Sholto Byrnes: In today's times, what is Nato really good for?
C Uday Bhaskar: Could the 'Quad' become Asia's new Nato?
WORLD CUP SEMI-FINALS
England v New Zealand
(Saturday, 12pm UAE)
Wales v South Africa
(Sunday, 12pm, UAE)
More from Aya Iskandarani
Schedule for Asia Cup
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
COMPANY%20PROFILE
The biog
Nickname: Mama Nadia to children, staff and parents
Education: Bachelors degree in English Literature with Social work from UAE University
As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families
Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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While you're here
Bryant Harris: US Congress unites over Turkey sanctions legislation
Damien McElroy: Biden must not fall for Erdogan's promised reforms
Con Coughlin: Grandstanding in Turkey leads to terrorism in France
Company%20profile
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
TOUR RESULTS AND FIXTURES
June 3: NZ Provincial Barbarians 7 Lions 13
June 7: Blues 22 Lions 16
June 10: Crusaders 3 Lions 12
June 13: Highlanders 23 Lions 22
June 17: Maori All Blacks 10 Lions 32
June 20: Chiefs 6 Lions 34
June 24: New Zealand 30 Lions 15
June 27: Hurricanes 31 Lions 31
July 1: New Zealand 21 Lions 24
July 8: New Zealand v Lions
• Remittance charges will be tackled by blockchain
• UAE's monumental and risky Mars Mission to inspire future generations, says minister
• Could the UAE drive India's economy?
• News has a bright future and the UAE is at the heart of it
• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
ELECTION%20RESULTS
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
While you're here
Hussein Ibish: There are reasons for Democrats and Republicans to be happy
Rashmee Roshan Lall: Who are the women driving Joe Biden's success?
More from Firas Maksad
Recommended
Women are on the front line of the coronavirus fight, and we should all remember that by Phumzile Mlambo-Ngcuka
Coronavirus: How the world can end the pandemic by Bill Gates
Famine on the rise in the Middle East and North Africa
Inside the UN's Dubai aid facility delivering support to people in need across the globe
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
While you're here
Con Coughlin: Grandstanding in Turkey leads to terrorism in France
Con Coughlin: The terror threat in Europe remains as potent as ever
Sholto Byrnes: After Charlie Hebdo, is religion dividing the world?
