A 2.4km aerial track in Sharjah capable of transporting passengers in futuristic sky pods at speeds of up to 100kph has been unveiled for the first time.
Developed by uSky Transport, the pods that can carry 25 passengers at a time are on show at the $14 million Karat complex at Sharjah Research, Technology and Innovation Park (SRTIP).
They move on cables made of extremely durable material.
The National was among the first to take a journey on the cutting-edge mode of transport, which is expected to contribute to ambitious plans to take thousands of cars off the roads and curb congestion.
It has been three years since the unveiling of the first prototype of the urban mobility system designed by Belarusian scientist Anatoli Unitsky, that costs a fraction of requirements to install a metro or tram system.
This is the unique track structure that is developed for carrying both passenger, container pods and their load
Oleg Zaretskiy,
chief executive of uScovery and uSky Transport systems
Since then a working public service has become operational in Belarus, and a contract signed to deliver a 400-metre tourist track in Karnataka, India.
In Sharjah, developers said the flagship Karat complex shows designs are more than just a proof of concept, and hope the pods could soon be connecting key points in Dubai.
“Each new innovation takes time and what we are developing is not just a new railway, new port, or new machine,” said Oleg Zaretskiy, chief executive of uScovery and uSky Transport systems.
“This is the unique track structure that is developed for carrying both passenger, container pods and their load, without heavy concrete structures, and without spending money for building huge concrete bridges.
“This is our advantage, and why we are more affordable than other technologies.”
Several technologies are vying for the preferable choice for long-term sustainable, cost-effective transport.
Although the much-vaunted Hyperloop project has been recently resurrected with a potential passenger route between Venice and Padua, estimated costs of about $862 million are financially prohibitive.
Meanwhile, the China Aerospace Science and Industry Corporation (Casic) recently announced its new magnetically levitated (maglev) train had broken speed records in tests on a 2km track, reaching 623 kph.
String rail
While the string rail alternative offered by uSky Transport may not offer the same high speeds, it can be delivered at a fraction of the price.
A public tram system typically costs from $30 million to $40 million per kilometre of track, while the estimated costs to develop the planned 30km Blue Line metro in Dubai are about $4.9 billion.
A similar length of track using uSky string technology – where steel wheels run on steel rails – costs about $20m a km, the company said.
The uCar pod that began running in Sharjah along a 400m line in 2022 offered luxurious surroundings in a four-seater pod, but the latest uBus has a more functional, basic capacity to transport up to 25 passengers at a time.
The uFlash – a six seater long distance, aerodynamic pod with luggage space – also has luxurious leather seats and personal TV screens more akin to business air travel, as well as the capacity to travel at speeds approaching 500 kph.
The company is exploring where to construct a 20km aerial track to begin testing of high speed travel, using the same string technology, with costs estimated to top $230 million.
Under an agreement, uSky pays ground rent to the SRTIP to continue testing, with private financing backing the project towards the next development step – another 2.4km track alongside the existing Sharjah route.
By raising uSky networks off the ground, land is spared from the destructive development of a traditional transport system, such as road or rail.
Technology weathers the storm
Mr Zaretskiy said the fully operational Sharjah uSky transport system uses mechanical blowers to remove dust from the lines, and was tested in the recent storms of April 16 in the UAE, performing well in high-winds and heavy rain.
“Our system operating in Belarus has proved very successful, and comfortable for people,” he said.
“When somebody wants to make connection between two points, such as a bus stop and a hotel or a hospital - this is where we can come in.
“We have practical experience, and we have huge desire to be there.
“There are plenty of places in Dubai where it can be implemented connecting the shopping malls with hotels, for example.
“Our system gives an opportunity to move transport to the next level.”
Other simple ideas for sushi rice dishes
Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
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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.”
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