ABU DHABI // Adel al Marzoqi received a telephone call recently requesting one of the most exclusive cars in the world - a Ferrari Enzo.
"Would you like to come and see it?" Mr Marzoqi asked, already knowing the answer. "No, just deliver it and we will send you the money, in cash," said the man on the phone.
The Enzo would cost aboutDh3 million (US$820,000) if bought straight from Ferrari. But due to limited supply and high demand in the UAE, Mr Marzoqi sold it for double that price.
"It is all about the exclusiveness," said the 36-year-old.
And the Dh6m Enzo, named after the company's founder, is but one example of what enthusiasts are prepared to pay.
Sales of high-end, freakishly expensive motors are rising, despite the global financial turmoil. Italian car maker, Maserati, reported this weekend that sales had tripled in the GCC in the past two years, while demand elsewhere faltered. The company said it expected GCC trade to hit seven per cent of global business by 2009, up from 3.5 per cent only two years ago. The UAE accounts for 40 per cent of that figure, most of them from the car-maker's Gulf distribution hub in Dubai.
Evidence of the Emirates' love affair with high-performance cars is all around. Roads throng with the world's most luxurious vehicles, weaving full-throttle through traffic, their owners anonymous behind tinted windows.
At his Abu Dhabi dealership, Princess Cars, Mr Marzoqi keeps a cash counter by the phone. There is another next to the chief of sales' desk. The machines count the millions of dirham notes that are dropped on the desk by cash-rich customers.
Fast cars and fast cash go hand in hand. Princess sells luxury vehicles including Ferrari, Rolls-Royce, Mercedes, BMW, Lamborghini and Maserati, to name but a few.
"The car you drive defines you, and people always want to stand out, so I started bringing in the most exclusive cars and cater to those who want to stand out," said Mr Marzoqi.
He was the first dealer to bring the Enzo to the UAE in 2005 - there are only 399 of the beasts in the world.
"Even if you have the money, you can't just get an Enzo, there has to be a history between you and the Ferrari company. You had to own at least two previous Ferraris to be able to get an Enzo," Mr Marzoqi said. "If you are seen driving an Enzo, you are sending a message to the people on the road that you are special."
And the lust for luxury extends well beyond the rich and famous. Hussain, a 24-year-old PR executive in Dubai, who drives a turbocharged Range Rover, believes the passion is as much about competing with your peers as about affordability.
"Here in the UAE, particularly among young men, there's an element of competitiveness. If one guy is driving a nice car then the other guy wants to buy an even better, even nicer one," he said.
Cheap fuel prices, he believes, are also another big draw for choosing a car with a larger, faster engine. "Europeans and westerners drive big cars here in the UAE. If they were living at home then the cost of fuel would mean they couldn't afford to keep such a car. But here it's affordable."
Ziad Tariq, 22, comes from a family of car enthusiasts. He, his brother and father buy new cars at least once every two years and have six between them. "We have a 350Z modified Nissan 2007, an E240 Mercedes 2007, a BMW 740 2007, an IS 300 2007 and a Nissan Pedro 2007," he said. "We also always have a 4x4 for the desert - so every time we change it, it's for something stronger and faster.
"The fuel prices are low here, yes, but it's also a fashion statement. When we switch cars we don't just upgrade to a newer model, we try something different. All of my friends do something similar. I don't believe it's something that is cultural, it is just a passion that has been in my family for years."
In the past 10 years, Mr Marzoqi turned a hobby of collecting miniature car models into a multimillion dirham business of life-size cars. He travels regularly to Europe and the US in search of exclusive cars.
"I found this in the US," he said, pointing to a purple Lamborghini Diablo, a collectable car from the 1990s. "My whole family, including my sisters, collect luxury cars. It is fun."
Mr Marzoqi owns 10 cars, but mostly drives a red Bentley, with the licence plate 91. It cost Dh3m, and signifies the year he started collecting cars professionally. "It is not enough these days to have a nice car, you need the exclusive plate to match," he said.
Visiting Princess Cars to gawp at merchandise has turned into a pastime for groups of young men and women. "Unlike other luxury car dealers where people have to make appointments to be allowed inside to look at cars, my showroom is open to everyone," said Mr Marzoqi. "The ones who are buying don't even bother to come to look at the cars, they just buy them over the phone."
For the year 2008, the Porsche Cayenne was the most popular, with 12 sold. Ferrari came in second with six sales. The Dh3m Mercedes McLaren SLR 722 is currently the most popular, with the UAE and GCC nationals requesting white. Also up for grabs is a Dh10m blue Maserati.
Most of them were bought by UAE customers, sheikhs, GCC royals, Aryam, the singer, and Sheikh Khalid al Qassimi, the World Rally Championship driver, with customers from the post-Soviet republics and Japan making up the rest.
Mr Marzoqi's two-year-old son, Mohammed, is restricted to playing with a toy version of the SLR Mercedes for the moment. But "when old enough", his father is handing over his car showroom to his son. "It will remain in the family," he said. Its name, "Princess", is unique name among UAE car showrooms that traditionally carry more masculine names and was inspired by his white Lamborghini.
"She was truly a princess among the other cars I drove, so I named the car showroom in her honour. "Everyone deserves to drive his own princess, or at least a chance to have a look at one," he said.
rghazal@thenational.ae
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
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
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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
RESULTS
6.30pm: Emirates Holidays Maiden (TB) Dh 82,500 (Dirt) 1,900m
Winner: Lady Snazz, Richard Mullen (jockey), Satish Seemar (trainer).
7.05pm: Arabian Adventures Maiden (TB) Dh 82,500 (D) 1,200m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Emirates Skywards Handicap (TB) Dh 82,500 (D) 1,200m
Winner: Rich And Famous, Royston Ffrench, Salem bin Ghadayer.
8.15pm: Emirates Airline Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Rio Angie, Sam Hitchcock, Doug Watson.
8.50pm: Emirates Sky Cargo (TB) Dh 92,500 (D) 1,400m
Winner: Kinver Edge, Richard Mullen, Satish Seemar.
9.15pm: Emirates.com (TB) Dh 95,000 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Aldar Properties Abu Dhabi T10
*November 15 to November 24
*Venue: Zayed Cricket Stadium, Abu Dhabi
*Tickets: Start at Dh10, from ttensports.com
*TV: Ten Sports
*Streaming: Jio Live
*2017 winners: Kerala Kings
*2018 winners: Northern Warriors
Company%20profile
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
COMPANY%20PROFILE
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Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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.
Crazy Rich Asians
Director: Jon M Chu
Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan
Four stars
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Notable cricketers and political careers
- India: Kirti Azad, Navjot Sidhu and Gautam Gambhir (rumoured)
- Pakistan: Imran Khan and Shahid Afridi (rumoured)
- Sri Lanka: Arjuna Ranatunga, Sanath Jayasuriya, Tillakaratne Dilshan (rumoured)
- Bangladesh (Mashrafe Mortaza)
A MINECRAFT MOVIE
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Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The specs
Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
THE%20SPECS
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COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
%20Ramez%20Gab%20Min%20El%20Akher
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Killing of Qassem Suleimani
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.”
