Live updates: World Governments Summit in Dubai
Technical studies on Dubai’s Railbus project will be completed in two years and the new network will complement existing transport infrastructure, such as the Dubai Metro and Dubai Tram, The National can reveal.
Construction costs will be far less expensive than those of the Dubai Metro, with Railbus expected to be "20 per cent to 30 per cent cheaper than comparable systems globally", Abdul Muhsen Ibrahim Kalbat, chief executive of the Roads and Transport Authority, told The National on Tuesday.
“Sustainable transportation is part of the national strategy to achieve zero emissions by 2050,” he added. “This type of system will complement our mass transit system, such as Dubai Metro and Dubai Tram, and will integrate with existing public transport users from the areas adjacent to Metro stations."
Mr Kalbat said a tiered system will be used for ticketing, with the network split into zones making it cost-effective for the customer.
“According to the research and development that the company is doing right now in co-ordination and collaboration with the RTA, we expect to get results of all studies and research within two years," he added. "Then we will be studying the feasibility of implementing this type of system within Dubai to explore the best routes and the best areas to start testing this type of system.”
Although no launch date has been announced, Mattar Al Tayer, director general of the RTA, said the next steps after the two years of technical studies “will involve identifying the optimal locations for pilot operations to assess its operational efficiency and integration with Dubai’s wider transport network”.
What do we know about Railbus?
The RTA said the capsule-like vehicles, 11.5 metres in length and 2.65m wide, have a top speed of 100kph and each can hold 40 passengers.
The vehicles will rely on solar power, with all tracks set to be covered by panels. The design, which has been optimised for urban landscapes, will be 3D-printed and the vehicles will be made from recyclable material.
“All of the related infrastructure will be developed more economically when compared to other similar systems,” Mr Kalbat said. “It will run on rails and have the flexibility of a bus, as it will be able to manoeuvre within residential areas to serve the first and last-mile transport demands in Dubai.”
On Monday, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, was joined by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, in reviewing the Railbus prototype with Mr Al Tayer, while visiting the RTA stand at the World Governments Summit in Dubai.
A transforming city
It is the latest in a series of recent announcements to help ease the pressure on Dubai’s road network, with plans released last June setting out to double the number of Metro and tram stations by 2040.
Dubai has 55 Metro stations – 35 on the red line and 20 on the green line – as well as 11 tram stops. This number is to be increased to 96 stations spanning 140km by 2030, according to Dubai Media Office.
Set to transform the north-east of the city, an Dh18 billion ($4.9 billion) project is under way to add a blue line to the Metro system, which will feature 14 stations and add 30km to the network, more than half of it underground.
Under plans laid out by Sheikh Hamdan, several car-free zones are to be established across the city.
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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.”
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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