UMM AL QUWAIN // Khalifa Al Ghafli loves classic cars of all shapes, sizes and ages. But he loves classic Land Rovers most of all.
The 57-year-old Emirati has a collection of 200 vintage vehicles that he has lovingly restored over the years, with 192 of the famous British off-roaders taking pride of place.
His passion for Land Rovers started in the 1950s when they were among the few vehicles that British troops stationed in what was to become the UAE were using.
His first experience behind the wheel was as a 14-year-old driving his father’s 1954 Land Rover.
“I used to repair any malfunction in my father’s car and go to school in it,” he said.
Mr Al Ghafli, who lives in Al Falaj Al Mualla and spent 10 years in the armed forces before working in business, did not start his collection until 2004.
“For years I was yearning for my past days and for my father’s car that I had driven in my youth,” he said. “Then in 2004 I found the same car model when my friend brought it from Britain, and I bought it from him.”
This was the spark that led Mr Al Ghafli to buy another Land Rover, and then another until his collection reached three figures.
“At the beginning, I used to put them in the yard of my house and the number of people who used to come and see the vehicles increased until the Ruler of Umm Al Quwain [Sheikh Saud bin Rashid Al Mu’alla] gave me a piece of land, which is now my exhibition.
“The UAQ Ruler is the main supporter of my project, in addition to the piece of land that he gave me, he exempted me from licences and commercial papers that are required when I need to buy or bring a car from outside the country.”
As well as Land Rovers, Mr Al Ghafli also owns a Ford, Dodge, Nissan, Cadillac, Audi, Volkswagen, Land Cruiser and a Bedford, although only one of each make.
“I intend to increase the number of the other car types and to diversify by bringing more saloon vehicles and American and Japanese kinds.
“I concentrated on assembling models of classic cars launched between 1940 and 1970 because they are cheaper than the models of 1920s and 1930s. The price of a 1922 model costs US$1 million (Dh3.67m) which is equal to the value of all my cars and auto parts.
“I always search to buy old cars that are cheap and need an engine or to be fixed. I have 200 classic cars and want to buy 300, but I concentrate on bringing more auto parts.”
Word of his collection soon spread, attracting tourists and other car enthusiasts from all over the globe. Some come to admire the vehicles, while others hope to drive one away.
“The tourists began coming from Europe, America, Japan and Russia to see the cars and buy auto parts,” said Mr Al Ghafli, adding he always gives visitors a gift as a sign of what he calls “a desert generosity”.
To finance his passion, Mr Al Glafli occasionally has to sell some of his beloved cars or parts to other fellow collectors, exhibitions or museums.
“I don’t have government financial support,” he explained. “So I do these sales to bring an income.”
Although his collection of Land Rovers came out of a personal desire to collect the cars that meant so much in his youth, Mr Al Ghafli is also keen to give a little back to his community and used to offer training courses to youngsters keen to lean about cars.
“Every year in the summer vacation I used to do lessons for about 15 school students and train them on mechanics and structures of cars. But the heat of the summer was not conducive to the continuation of the lessons because the exhibition does not have air conditioning.”
His dream is to have a permanent museum for his cars and a place where he can offer vocational training to youngsters.
“Expo 2020 is coming and many tourists will surely come here, so I want the support of the Government to develop my gallery and provide air conditioning in it to make me able to welcome tourists and visitors and to bring school students to train them practically, along with the theoretical lessons that they take them in their schools.”
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.”
The specs: 2018 Audi R8 V10 RWS
Price: base / as tested: From Dh632,225
Engine: 5.2-litre V10
Gearbox: Seven-speed automatic
Power: 540hp @ 8,250rpm
Torque: 540Nm @ 6,500rpm
Fuel economy, combined: 12.4L / 100km
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204-cylinder%202-litre%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20automatic%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E252%20brake%20horsepower%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E352Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh146%2C700%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
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%3Cp%3EThere%20are%20regular%20flights%20from%20Dubai%20to%20Kathmandu.%20Fares%20with%20Air%20Arabia%20and%20flydubai%20start%20at%20Dh1%2C265.%3Cbr%3EIn%20Kathmandu%2C%20rooms%20at%20the%20Oasis%20Kathmandu%20Hotel%20start%20at%20Dh195%20and%20Dh120%20at%20Hotel%20Ganesh%20Himal.%3Cbr%3EThird%20Rock%20Adventures%20offers%20professionally%20run%20group%20and%20individual%20treks%20and%20tours%20using%20highly%20experienced%20guides%20throughout%20Nepal%2C%20Bhutan%20and%20other%20parts%20of%20the%20Himalayas.%3C%2Fp%3E%0A
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
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