Saudi Arabia’s newest megaproject, The Line, created interest around the world when it was unveiled last month.
Now, Saudis at home are being offered their first glimpse inside it at an exhibition in Jeddah.
Makkah governor Prince Khalid Al Faisal said he planned to be the first to book accommodation in the megacity, in a clip of him touring the exhibition which has since gone viral.
Members of the public expressed excitement about the proposal for a skyscraper 170 kilometres long, 200 metres wide and more than 300 metres tall, creating a new linear city expected to be home to nine million people.
"I am mind-blown, is this real? Is this Saudi? Our future has never looked better!" said Hala Salih, 20, a Saudi visitor to the exhibition told The National on Thursday.
Ayah, a Lebanese citizen visiting the exhibition, said the guides answered all her questions about The Line.
“I particularly loved the fact we will have a museum, sports stadium and even the cool-looking yoga studio overlooking Neom's landscape," she said.
What is The Line?
The project’s designers are hoping that the small, linear footprint will minimise the effect on the surrounding environment and are aiming to build a sustainable, eco-city where people live, work and spend time within minutes of each other. The project will include a high-speed rail network as well as other forms of transport.
"The designs revealed for the city's vertically layered communities will challenge the traditional flat, horizontal cities and create a model for nature preservation and enhanced human liveability," Crown Prince Mohammed bin Salman said about The Line.
The Line will be built in Neom, on the Red Sea in the north-west of Saudi Arabia, as part of a megaproject offering people a novel way to live.
The diverse terrain includes red desert expanses and snow-topped mountains with views of the Gulf of Aqaba.
"Forty per cent of the world is less than six hours away by air and 13 per cent of global trade passes through the Red Sea," a representative at the exhibition said.
Inside The Line
The exhibition comprises blueprints, models of the megaproject and concept art for the proposal, showing an urban space with wide-open areas spread over numerous levels dappled in sunlight and shade. The structure and design will provide natural ventilation and the coolest temperatures in the GCC, the designers say.
The organisers say reimagining urban living in 3D is key to The Line and prevents ugly, urban sprawl.
The guided tours, run by young Saudi women for groups of 15, show how people will live and travel around The Line between communities.
"The modules are designed to house up to 80,000 people in close proximity to their work," one of the tour guides said, adding that leisure, education and health services will be close at hand via high-speed rail links that will take less than 20 minutes from end to end.
"For those who say that this project is too ambitious, I would tell them that if humanity is not visionary in this precise moment, in which we are facing the challenges of climate change, lack of human interaction, pollution, when are we going to be ambitious?" said Antoni Vives, chief urban planning officer. "Certainly, we're thinking bold because we are reflecting the level of the challenges that the world has today."
Construction of The Line is ambitious, the teams behind it say. Rather than a series of buildings, the facade will be a continuous structure presenting significant challenges to the designers and teams on the ground.
“We will be prototyping equipment, connecting equipment autonomously and training people to use it using virtual — as well as real-world – methods,” said Roger Nickells, who heads the design and construction department.
They will be using 3D-printing, robotics and more conventional building techniques to bring it all together.
“It’s not just innovation, we need application at scale," said Mr Nickells. "Many cultures will come and work together to build Neom and other projects in the region."
Neom also plans to be the first desert environment to be self-sufficient in food, using integrated systems.
“[Neom will be] locally producing the food that makes environmental and economic sense," said Dr Juan Carlos Motamayor, head of the food sector for Neom.
He added that Neom will represent a virtuous circle, growing and farming food dense in nutrients while offering residents nutritional services tailored to their needs.
Neom chief executive Nadhmi Al Nasr said: "The heart of Neom is The Line. I believe when we share this with the world, the reception will be [that] this is a revolution."
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Federer's 11 Wimbledon finals
2003 Beat Mark Philippoussis
2004 Beat Andy Roddick
2005 Beat Andy Roddick
2006 Beat Rafael Nadal
2007 Beat Rafael Nadal
2008 Lost to Rafael Nadal
2009 Beat Andy Roddick
2012 Beat Andy Murray
2014 Lost to Novak Djokovic
2015 Lost to Novak Djokovic
2017 Beat Marin Cilic
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SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
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.”
Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
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Gearbox: Eight-speed automatic
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Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
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Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office