An expensive outlay it may have been, but Jolanda Pas has no regrets about splashing out Dh100,000 on a VW Tiguan earlier this year.
Having arrived in Dubai 10 months ago, the events company sales manager initially relied on taxis and a rental car to travel around the emirate.
By June this year, she opted to hand back the keys to the hire car and invest in her own motor. A few internet searches returned some Peugeot 206s and 307s within her budget, but Jolanda eventually scrapped the idea for something more extravagant.
"My original plan was to buy second-hand and not spend more than Dh20,000 - I spent five times more than that," she says in mock horror. "But in the end I am actually quite pleased I did it because I got far more value for money."
Jolanda says the 2.0L Tiguan, which she bought from a local dealership, makes more financial sense in the long-run than forking out less for a second-hand car. Her plan is to have the car - which would have cost much more had she bought it in her home country of the Netherlands - shipped back when she eventually returns home.
"I got it for Dh100,000, but had I bought it at home it would have been over 50 per cent more, costing about Dh250,000," she reasons. "If you compare it to the prices in Europe, the Tiguan is not at all expensive.
"I was thinking I should go for second-hand but realised it wasn't worth it because while you spend less money, if you want to take it home the value of the car after a couple of years isn't much compared to a brand new one."
Once she returns to Amsterdam, Jolanda says she will rely on her Tiguan to make occasional jaunts across Europe.
"One of the reasons I bought it was it's convenient to go to the Alps for skiing trips or for summer holidays," she says excitedly.
During the week, Jolanda uses the VW for her 20km work commute and regular trips to hockey practice sessions with her appreciative friends in tow.
"It's a big car with a fast engine and my friends are always asking where I bought it from or some of them say they'd like to get one for their wives," she says.
The car is also ideal for camping trips around the UAE at weekends. When renting, Jolanda had to make do with a small motor in which she often felt intimidated by the slew of bulky, imposing vehicles clogging the roads.
But she believes her Tiguan is more than a match for other cars cruising the highways, adding it can withstand difficult terrain beyond the city limits. "It's a bigger car that feels safer to drive and it's more convenient for camping and going off-road, which I couldn't do if I bought a Peugeot 206 for example," she says.
"It was OK [off-road]; we saw some other cars struggling and I was a little concerned about getting the Tiguan stuck in the sand because it wasn't me driving, it was my friend. But we were fine."
The car's park assistance function is a welcome feature, according to its owner. Jolanda says the system, which automatically guides the Tiguan into even the tightest parking spaces, has helped her avoid any bumps or scrapes. "If I want to do parallel parking you just press a button and the car does it for you. That's really cool and it's a lady gadget because all guys say we can't parallel park," she jokes.
Parking assistance will come in handy when Jolanda returns to Amsterdam. The Dutch capital is renowned for its narrow streets and cycle lanes, especially in the heart of the city. But there is nothing this function can do to help her secure a regular parking spot.
Leaving cars in the city centre requires a permit, which can take up to four years to obtain. Jolanda says she will only have to wait between six months and a year for a permit because her home is just outside the restriction zone. But having grown accustomed to parking with ease around Dubai, the wait for a permit will not be easy.
"When I first go back, I will have to use my bike and cycle about 10 minutes to get my car, which will be slightly frustrating because here in Dubai you are used to parking anywhere," she says. "It is so convenient here and with the metro system you have all these parking lots close by."
motoring@thenational.ae
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Ant-Man%20and%20the%20Wasp%3A%20Quantumania
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The%20specs
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Past winners of the Abu Dhabi Grand Prix
2016 Lewis Hamilton (Mercedes-GP)
2015 Nico Rosberg (Mercedes-GP)
2014 Lewis Hamilton (Mercedes-GP)
2013 Sebastian Vettel (Red Bull Racing)
2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
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.”
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
