Luxury car maker Porsche is concerned about potential delays due to the disruption of shipping in the Red Sea, although there has been no impact on production so far, its regional head has said.
“It's a concern currently in terms of delays or product arrival. But that's really all for now,” Manfred Braunl, chief executive of Porsche Middle East and Africa, told The National on Friday, on the sidelines of a press briefing.
“So, we all hope for the best [and for the conflict to end].”
The escalating conflict in the Red Sea, as attacks on shipping vessels by Yemen's Houthis intensify in retaliation against Israel's bombardment of Gaza, has reignited inflationary fears and concerns over supply chains.
Shipping companies have suspended operations on the route and are rerouting through the Cape of Good Hope, which, in turn, is adding more time and cost.
The route joins Eastern Asia and Europe to the southern parts of Africa.
Electric vehicle maker Tesla on Friday said it was suspending most car production at its factory near Berlin for two weeks from the end of this month, due to a squeeze on component supplies.
“The armed conflicts in the Red Sea and the associated shifts in transport routes between Europe and Asia via the Cape of Good Hope are also having an impact on production in Gruenheide,” it said.
The latest shipping disruption threatens to derail supply chains just as they were steadying following the Covid-19 pandemic and the Russia-Ukraine war, which began in February 2022.
For Germany's Porsche, waiting times for some of its models, which had been extended to more than a year during the peak of disruptions, have now normalised, more or less, to pre-pandemic levels, Mr Braunl said.
“Waiting times in general have been significantly reduced. And if I compare this to two years ago, and it still depends a little bit also on the model line, … we are going now back to kind of a normal one,” he said.
“When the war in Ukraine started, there were a lot of suppliers affected. And, of course, this had immediately also an impact on the production. So, it was a mix of suppliers and also of logistics, and both of these things have significantly improved right now.”
Despite the disruptions, Porsche did not raise its prices in the region.
The company delivered 9,135 cars in the Middle East, Africa and India region last year, an increase of 11 per cent annually, it said on Friday. New car deliveries since 2020 have now grown by 47 per cent.
The Cayenne was the best-selling model for Porsche in the region last year, as a new model was launched.
Meanwhile, the Taycan all-electric sports car also reported strong sales, up 80 per cent from the previous year.
The Taycan currently accounts for nearly 10 per cent of sales across the region, indicating the strong trend towards electrification, said Mr Braunl.
“People are buying electric cars for multiple reasons. Of course, they're buying it for environmental reasons, but an electric car has also different things which people like. It has an amazing acceleration. It is full of new technology. And I think this is also what customers really are going for,” he said.
In terms of electric vehicle infrastructure, some countries in the region, such as the UAE, are more advanced, although the infrastructure is currently in a development phase across the board.
Porsche currently has 326 destination chargers in the Emirates, in locations such as malls and hotels.
The brand is currently working towards its goal of having 80 per cent of its cars being all-electric by 2030, Mr Braunl said.
On Thursday, the company said it was putting the prototype of its next generation all-electric Macan through a test programme before its launch later this month.
“And then, in the second half of the year, we will also see it here in the [regional] market,” he said.
Regionally, Porsche plans to expand in Morocco this year. It is also studying the Saudi market, although there are no concrete plans in place as of now.
“I think when you see the product line-up, and we see the strong customer base we're having, [we are] definitely optimistic for this year, and we just hope that all these conflicts come down, and the economy stays strong … It's important to be optimistic, and that's what we are,” Mr Braunl said.
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.9-litre%20twin-turbo%20V6%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E353hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E500Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh408%2C200%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
Launched a 641billion-rupee federal health scheme
Allotted 200 billion rupees for the recapitalisation of state-run banks
Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score):
Manchester City (0) v Tottenham Hotspur (1), Wednesday, 11pm UAE
Match is on BeIN Sports
UAE currency: the story behind the money in your pockets
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Brief scores:
Scotland 371-5, 50 overs (C MacLeod 140 no, K Coetzer 58, G Munsey 55)
England 365 all out, 48.5 overs (J Bairstow 105, A Hales 52; M Watt 3-55)
Result: Scotland won by six runs
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
More from Rashmee Roshan Lall
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
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COMPANY%20PROFILE
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Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
UAE currency: the story behind the money in your pockets
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