Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, on Saturday inaugurated a vast lake in the emirate which aims to protect against flood threats while also being a major tourism attraction.
Al Hefaiyah Lake, on the Sharjah-Kalba Road in the city of Kalba, spans 132,000 square metres and will act as a strategic water reservoir.
It has a capacity of 155 million gallons and a depth of up to four metres. The lake features a 3.2km conduit to bring water in from the lowlands and the surrounding mountains.
The lake will be a crucial tool in Sharjah's efforts to boost its defences against flooding, which is prevalent in mountainous areas such as those found in the emirate and the rest of the Northern Emirates.
Sharjah has been hit hard by flash floods caused by heavy rain across the country in recent years.
In August 2022, the Ruler of Sharjah ordered that Dh50,000 be given to every family forced to leave their homes during flooding caused by the heaviest rainfall to hit the country in 30 years.
Tourism drive
Al Hefaiyah Lake project will also support Sharjah's ambitious drive to cement Kalba as a leading tourism attraction.
The environmental scheme includes the Al Hefaiyah Rest House, which boasts direct views of the lake and Kalba's impressive mountain range, with hanging gardens and waterfalls on one side and an 8,500-square-metre play area and green space on the other.
The building has a covered outdoor courtyard and houses a restaurant and cafe.
Sheikh Dr Sultan was joined at the inauguration of the key infrastructure project by Sheikh Sultan bin Mohammed Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Sheikh Abdullah bin Salem Al Qasimi, Deputy Ruler.
On his arrival, the Sharjah Ruler unveiled a plaque to commemorate the opening of the lake.
He was greeted by children taking part in colourful dance performances in celebration of the inauguration.
He witnessed a number of sporting and maritime competitions and was shown marine boats which will be used by visitors to cruise across the waters.
Sheikh Dr Sultan later opened Al Hefaiyah Mosque, which can accommodate 495 worshippers, and led crowds in maghrib prayers.
The new place of worship covers 852 square metres and has been designed with decorated with geometric and floral themes.
It features a 36-metre-tall minaret, a women's prayer hall for 110 worshippers, an outdoor courtyard for 2,040 worshippers and an Islamic library.
The Sharjah Ruler concluded his visit by enjoying a dazzling drone show which lit up the skies with images of Kalaba's major attractions and new projects.
Efforts to transform Kalba into a tourism and culture hub were announced in 2022 and are rapidly taking shape.
This year the emirate's ruler approved a Dh40.83 billion ($11.12 billion) budget for 2024, the largest in its history.
This month, Sheikh Dr Sultan opened Sharjah's long-awaited Hanging Gardens of Kalba, also on Sharjah-Kalba Road.
The gardens have an area of about 15 hectares and more than 100,000 trees.
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Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
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TOUR RESULTS AND FIXTURES
June 3: NZ Provincial Barbarians 7 Lions 13
June 7: Blues 22 Lions 16
June 10: Crusaders 3 Lions 12
June 13: Highlanders 23 Lions 22
June 17: Maori All Blacks 10 Lions 32
June 20: Chiefs 6 Lions 34
June 24: New Zealand 30 Lions 15 (First Test)
June 27: Hurricanes 31 Lions 31
July 1: New Zealand 21 Lions 24 (Second Test)
July 8: New Zealand v Lions (Third Test) - kick-off 11.30am (UAE)
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
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Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
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