Cycling is a big part of Abu Dhabi's future

Cyclists in the UAE have every reason to feel good – and not just because the Middle East's only World Tour race, called the UAE Tour, begins early next year. This past week, Abu Dhabi was distinguished as a Bike City by Union Cycliste Internationale, the prestigious Switzerland-based governing body for international competitive cycling events. The recognition puts the UAE capital in good company; other UCI-recognised biker-friendly cities include Copenhagen, Bergen, Paris and Glasgow, where the climate summit, Cop26, is well under way and where the UAE reiterated its climate change commitments.

A peloton of bikers at first glance may not seem like the people most obviously associated with climate change, but cycling has an undeniable link with sustainability and keeping carbon emissions down. For one, there is less pollution where there are more bikers. When more people in the city take to cycling, even for short distances, it lowers emissions as much as it reduces the use of cars. It is, of course, incumbent on drivers of cars anywhere in the world to learn to give way to those on two wheels. But besides the sporting, fitness and traffic etiquette aspect of pedalling, there is a sense of community fostered when cycling is given as much priority as it is in the UAE.

The culture of cycling benefits people and affects a city in numerous positive ways

The UAE is working at developing cycle tracks that can even help people to cycle to offices and back, for those thus inclined. The culture of cycling benefits people. It affects a city in numerous positive ways, promoting a sense of well-being that comes from being outdoors and incorporating exercise into a daily regimen.

As those in the cycling community know firsthand, it is a way of life easily adopted and encouraged. The UAE already has a sizeable community of cyclists. The two-time winner of the Tour de France title, UAE Team Emirates rider Tadej Pogacar, would agree. The 23-year-old cyclist last month even added the Giro di Lombardia crown to his Tour de France titles. For younger people just taking up the sport and the lifestyle, role models such as Pogacar are often just the sort of nudge and healthy influence they need to pick up a helmet and take to biking for life, along the way bettering one's chances of managing diabetes, obesity and other lifestyle diseases.

With velodromes in the works on Abu Dhabi's Hudayriyat Island and plans for a new 109-kilometre designated cycling track, the direction of urban development in Abu Dhabi is heartening. In the coming decade, the landscape of the city is likely to undergo an enormous shift. For one, the UAE will plant 30 million mangroves by 2030. As people who take their bikes out early morning to pedal by the water know, the sight of sunrise is an enormous draw for cyclists anywhere in the world. Abu Dhabi will have a natural edge in this regard as residents are already afforded the luxury of being able to pedal along the Eastern Mangroves, taking in the air that comes from being around these underwater carbon sinks, an environment unparalleled in tranquility.

And despite the pandemic affecting momentum, as it has globally, there are redevelopment projects planned for Abu Dhabi's parks, as part of Ghadan 21, a far-reaching Dh50 billion package of reforms that aims to improve every aspect of residents’ lives.

Even in neighbouring Dubai, Crown Prince Sheikh Hamdan bin Mohammed regularly promotes the sport, is a known cyclist and motivator for people to adopt lifestyles that centre around fitness. Just this past weekend, 33,000 people participated in the Dubai Ride. Among other expansions for the city's bikers, a new cycle track spanning 16km along Jumeirah Beach in Dubai is ongoing. There are already more than 460km of cycle paths in Dubai, and like in Abu Dhabi, this landscape will expand dramatically over the next few years. For reluctant exercisers in our families and social circles – and we all know a few – these biker-friendly plans could be spokes in the wheels. For all avid cyclists in the UAE, however, these are only more reasons to rejoice.

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Scoreline

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Agüero 18'
Kompany 58'
Silva 65'

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.”