View of Amman city, which could have its own metropolitan transit system.
View of Amman city, which could have its own metropolitan transit system.
View of Amman city, which could have its own metropolitan transit system.
View of Amman city, which could have its own metropolitan transit system.

Amman seeks approval for transport plan


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A light rail network and underground could be on the cards for Amman if the government accepts the city's plan to develop a metropolitan transit system, says Omar Maani, the mayor of Jordan's capital. A public transport system would help to ease traffic congestion in the city and support the extensive property developments in the pipeline, Mr Maani said. "Infrastructure and public transport are big challenges for development - we need to satisfy the needs of investors," he said.

Several major projects are already under construction in the city, including the Abdali Downtown development, a central business and residential district. Work also began earlier this week on Sanaya Amman, a twin tower residential complex by the UAE developer, Limitless, destined to be the tallest building in the city. The construction of a further 30 residential towers have been approved by the municipality, with work on all of them expected to begin in the next 18 months.

The rail system has been designed to be integrated with the overall development plan for Amman. "We're going to submit the plans to the government in the next six weeks," said Mr Maani. Rail transport is now a major focus of economic development in Jordan, which has a population of six million, with 2.8 million people living in Amman. At the end of May, after suffering a number of planning setbacks, the Ministry of Transport signed a Dh1.2 billion (US$327 million) deal with a consortium of Kuwaiti and Spanish companies for the construction of a 26km railway between Raghadan station in Amman and Zarqa, the second-largest city in Jordan.

The railway will run on a dual track and is expected to transport about 100,000 passengers a day between the two cities. It will also connect Raghadan with the Queen Alia International airport in Amman. The project is expected to begin operating in early 2011. Mr Maani said that migration to the urban centres of the country in the past 20 to 30 years had placed a considerable amount of pressure on housing and transport.

Earlier this year, in response to a severe housing shortage, the government said it would build 120,000 homes throughout the country for low- to middle-income Jordanians, with almost half that number being built in Amman. "The disposable income of families in Jordan has not risen, this is why the government has intervened," said Mr Maani. The only other form of rail travel available in Jordan is the Hejaz railway, which was built in 1906 to link Damascus in Syria and Medina in Saudi Arabia. Today, the small section of the line that remains offers sporadic freight and passenger services between Damascus and Amman, while the rest of the rail line has either fallen into disrepair or been destroyed.

@Email:agiuffrida@thenational.ae

Essentials

The flights

Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours. 

The package

Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.

Company%20profile
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Emergency

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Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

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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.”

Start times

5.55am: Wheelchair Marathon Elites

6am: Marathon Elites

7am: Marathon Masses

9am: 10Km Road Race

11am: 4Km Fun Run

How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

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Engine: 1.5-litre

 

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Torque: 147Nm 

 

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Tamkeen's offering
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Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying