Saudi Arabia's Crown Prince Mohammed bin Salman on Friday unveiled the master plan and main features of the 75 billion riyal ($20bn) Jeddah Central Project, which would create a world-class destination at the heart of the city and further strengthen its economy.
The development, which will be financed by the kingdom's Public Investment Fund and local and international investors, will cover more than 5.7 million square metres and is expected to add 47bn riyals to Saudi Arabia's economy by 2030.
It is part of Prince Mohammed's programme to develop all regions and cities of the kingdom.
The project, which was formerly known as New Jeddah Downtown, will include four landmarks – an opera house, a museum, a sport stadium and an oceanarium – and contribute to opening the way for the local private sector to participate in the development.
These, in turn, will help shape the operation of promising economic sectors including tourism, entertainment, culture and sport, say officials.
In addition, modern residential areas spanning 17,000 units and diversified hotel projects with more than 2,700 rooms will be developed, with provisions for integrated solutions for the business sector. The project will also feature a marina, beach resorts, restaurants, cafes and diverse shopping options.
“The project master plan reflects the Hejazi essence of urban fabric and blocks that characterise the historic city of Jeddah in a contemporary interpretation designed to the highest international standards,” a statement released on Friday said.
Jeddah is located in the Hejaz region in the west of Saudi Arabia.
“It also considers the application of the latest technologies to transform Jeddah into a 'smart destination', creating an effortless experience for residents and visitors.
“In addition, the design of the project has adopted world-class sustainability programmes to contribute to supporting the environment and the economy, in line with the objectives of the Saudi Green Initiative.
“More than 500 expert engineers and consultants participated in the development of the master plan, representing five of the best design houses in the world.”
Saudi Arabia is pushing forward with numerous mega developments that are aimed at significantly boosting and diversifying the national economy.
In November, Prince Mohammed announced a futuristic new industrial city in the sea called Oxagon, which is set to be the largest floating industrial complex in the world and will be the first fully integrated port and supply chain ecosystem for Saudi Arabia's high-tech city Neom.
The kingdom also announced plans that Neom will expand a tiny local port into a trade and manufacturing hub near the Suez Canal to anchor Oxagon.
The Jeddah Central Project contributes to achieving the objectives of Vision 2030, which aims to build a prosperous economy and a vibrant society while providing the best lifestyle for residents and visitors.
The waterfront of the project is 9.5 kilometres long and includes a promenade, a marina to host local and international yachts and a 2.1km-long beach. Open spaces and public services make up 40 per cent of the project area, with the provision of designated pedestrian areas to create a walkable environment.
The Jeddah Central Project is one of the biggest local investments of the Public Investment Fund, which contributes to diversifying sources of income, advancing the national economy and creating more job opportunities for Saudi citizens.
The project’s developer, Jeddah Central Development Company, was established in 2019 by the fund, and its board of directors is headed by Prince Mohammed. The company will complete the project in three phases, the first of which is set to be finished by the end of 2027.
Following this, the project will begin welcoming Jeddah residents as well as visitors from both inside and outside the kingdom.
Currently, the company is working with all relevant authorities to ensure the implementation of every stage of the project.
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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.”
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In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
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