Transport authorities on Tuesday urged the public to temporarily limit their use of the Dubai Metro during peak hours following widespread disruption to services caused by last week's unprecedented storms.
Dubai's Roads and Transport Authority sent the plea to users of its mobile app as efforts continue to restore all routes affected by the adverse weather.
A number of stations on the Green and Red lines of the citywide network were taken out of operation due to heavy flooding.
The UAE experienced its largest single day of rainfall in 75 years last Tuesday, with a major clean-up operation still in full force one week on.
"We encourage you to reduce using the Metro during peak hours," the RTA message stated.
"Plan your trips ahead, use alternative stations and public transport until all stations return to normal operation."
The RTA said it appreciated the "co-operation and understanding" of commuters "during these challenging times".
Disruption to services
The RTA said on its website all 20 stations on the Green Line of the transport network and now back up and running.
A reduced schedule is still in operation on the larger Red Line, which features 35 stations, with trains not stopping at several stations.
Dubai Metro is in service on the line from Centrepoint station to Expo 2020 station and UAE Exchange stations, but is not stopping at the Onpassive, Equiti, Mashreq and Energy stations.
Travellers boarding at Centrepoint are advised that trains will be switched at Business Bay and Al Khail stations, with replacement bus services being laid on.
Sheikh Hamdan hails flood response
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, on Tuesday praised the emirate's response to the extreme weather.
He emphasised the emirate's ability to overcome challenges as he chaired a meeting of Dubai's Executive Council.
He commended the efforts of government and emergency response teams, including the Supreme Committee of Crisis and Disaster Management, and the solidarity of the public.
“Dubai has once again demonstrated the strength and cohesiveness of its society; one that is based on unity, solidarity and readiness to face and overcome challenges," Sheikh Hamdan said, in comments carried by state news agency Wam.
"Dubai is blessed with its people and, on behalf of the leadership, we say: thank you.”
During the meeting, Sheikh Hamdan directed government departments to develop a comprehensive action plan to deal with extreme weather events.
More than 25,000 personnel and volunteers were involved in the emergency response, in addition to about 5,000 security patrols, emergency vehicles, tankers, buses, and water pump operators.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith