When looking at infrastructure markets throughout the world, a common word we used for our first two geographic focuses – the United States and Europe – was "stuck".
This is not the case with the Arabian Gulf region.
In comparison to the US and Europe, the Gulf is developing new key infrastructure assets at a more robust pace.
Why? A main reason is because the region does not have this issue of "crumbling infrastructure", in part because this part of the Middle East had little infrastructure to speak of 50 years ago.
The older economies of the US and EU have had trouble gaining momentum and public acceptance of putting more money towards repairing an old infrastructure. Conversely, the Gulf is building on limited infrastructure before the 1960s and is very much gaining ground.
The region has been spending more in infrastructure development in comparison with the US and western Europe.
Traditionally, the Gulf has been a trading area and this has continued with the development of the Port of Jebel Ali, which is owned by DP World, and which has become the largest port between Rotterdam and Singapore. Additionally, the region has developed major transportation assets with four airports with over 20 million passengers a year each. Dubai International Airport is a major hub and handled over 88 million passengers in 2017, as well as over 2.65 million tonnes of cargo.
Substantial investment flows into transport in Dubai and Abu Dhabi, and energy and tourism sectors will drive robust growth in the UAE construction sector over the coming decade.
There is now political will in the region to drive forward new legislation to help privatisation and a range of public private partnerships to facilitate the use of long-term private financing to underpin a large proportion of capital projects. The railways will be a major development in the region.
Further proof of the significance of infrastructure in the region will be the World Expo 2020, to be hosted by Dubai.
The primary reason Dubai was chosen? Location, location, location. Other reasons include logistical efficiency and ease of access for visitors and participants.
The Expo site will be served by three international airports, a world-class road network and a new extension to the Dubai metro system.
But can the Gulf region's economy move on from the "oil and gas lifeline"?
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The short answer is "not right now". The Gulf economies are still very much dependent on oil and gas; despite the lower but stabilising oil prices they will see notable acceleration in real GDP growth. Oil prices have a substantial impact on public spending for these countries, feeding through to infrastructure development as well as improved household purchasing power through government spending on wages and subsidies. Governments have been diversifying their economies to be less dependent on hydrocarbons. On the other hand, investment in the industry continues to exceed that in other sectors.
Historically, the region relied upon attracting foreign partners to help develop their hydrocarbon businesses as well as build infrastructure. However, the regional geopolitics has, over time, affected strategic foreign investors interest. With regard to foreign funding, the UAE has a bigger portion of growth domestic product from foreign direct investment when compared to other countries in the Middle East. Across the region FDI has not seen substantial growth in the past few years.
A new form of recycling finance was seen last year with the $3.1 billion bonds for Abu Dhabi Crude Oil Pipeline as the financing was raised on an existing infrastructure asset and the anticipation that the proceeds will be used for investment in new infrastructure.
If the much talked about Hyperloop high-speed transport system is going to be built anywhere, it will be between Abu Dhabi and Dubai. The first prototype of the pods that will transport passengers between the emirates in just 12 minutes at 1,200kph has been unveiled. The vehicles could be launched as soon as 2020.
Another broader development that will inevitably have a meaningful effect on infrastructure globally is driverless cars. Dubai has begun testing autonomous pods in a trial run and aims to make 25 per cent of daily transport robot-driven.
The evolution of infrastructure in the Gulf is striking compared to the pre-oil and gas developments in the mid-1960s. Diversifying away from hydrocarbon revenues and building the tourism sector, developing other technologies and businesses (airport hubs etc), using economic free zones and constructing many world-famous buildings such as the Burj Al Arab and Burj Khalifa, has helped to diversify the Middle East's economy.
The region continues to invest in major infrastructure at a pace well ahead of the western economies even after the global financial crisis over a decade ago lowered hydrocarbon revenues.
Exciting plans for additional infrastructure development in the future include railways and the development of new mega cities in the region and they are likely to usher in a new era of “world firsts”.
Ian Dixon is managing director in Fitch’s Global Infrastructure Group. Fitch Ratings is a member of The Gulf Bond and Sukuk Association
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FIXTURES
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Burnley v Brighton
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Crystal Palace v Tottenham
Everton v Bournemouth
Leicester v Man United
Man City v Norwich
Newcastle v Liverpool
Southampton v Sheffield United
West Ham v Aston Villa
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The five pillars of Islam
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
UAE%20PREMIERSHIP
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The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The%20specs
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
UAE squad
Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)
RESULTS
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'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East