Plans for what could be the world’s largest ocean restoration and ecotourism project in Dubai have been revealed.
Dubai Reefs would be a floating living lab for marine restoration and ecotourism, said developer URB.
At the heart of the futuristic project is a sprawling marine institute, where scientists and researchers could work towards greater protection of Dubai’s marine and coastal regions.
The project, which is currently only in the research and development stage, would support the building of an artificial reef, spanning approximately 200 square kilometres across the Dubai coastline. This would help regenerate the city's coastal ecosystem and provide protection from storms and habitats for fish and marine life.
Responsible tourism is a major part of the plans. Tourists would travel by electric boat shuttles to Dubai Reefs for unique marine ecotourism experiences.
Staying in floating eco resorts and lodges, all of which would be powered by 100 per cent renewable energy, travellers would have first-hand access to the marine projects at the site, which include creating a habitat for more than a billion corals and the planting of more than 100 million mangrove trees.
Unique eco activities on offer would include underwater “forest bathing”, similar to the ancient Japanese wellness practice that promotes calm and quiet among the trees. At Dubai Reefs, the corals would act as the trees of the ocean. Tourists would also have “edutainment” classes at The Marine Institute, to help visitors better understand the ecosystem connecting people with the ocean.
The project would also include residential properties, retail outlets, educational facilities and research hubs, with a total built-up area of about 80,000 square metres and a target of creating more than 30,000 green jobs.
If realised, Dubai Reefs could also house wave farms which would be used to produce additional clean energy for the city’s growing population. And climate-friendly food production could be produced at the floating site via regenerative ocean farming.
“The health of our cities is intrinsically tied to the health of our oceans. The ocean is the source of life controlling everything. Given that everything on our planet is connected, a healthy ocean is a healthy city,” said Baharash Bagherian, chief executive of URB.
“We need an entrepreneurial spirit in the planning of coastal cities and the types of infrastructure as well as developments that are linked to the ocean. As an innovative coastal city, Dubai is best positioned to lead such a transformation. Beyond creating a unique resilient destination for eco-tourism and marine research, Dubai Reefs aims to become a blueprint for ocean living, while mitigating the impacts of climate change,” added Bagherian.
Depending on when the project is funded, the first phase could be realised by 2025 to 2030, and Dubai Reefs could be the project Dubai needs to transform it into a world-recognised eco-destination. With travellers in the UAE increasingly prioritising sustainable travel, it could be a timely initiative.
At present, URB is addressing several challenges for the project, the primary one being commercial viability.
“The main challenge is the commercial viability, to ensure that the entire initiative can be funded privately and that all assets are revenue-generating assets. We are looking to develop the best balance between built-to-lease assets and built-to-sell assets that are in line with the project mission. Any built-to-sell assets will provide the revenue for funding the additional phases of the project, thus not requiring any public funding,” Bagherian told The National.
Other factors still being considered during the research phase are ways to ensure that all aspects of sustainability are considered by the operators, and that the project, if realised, is entirely inclusive and accessible to all.
URB has had a busy year so far. In February, the developer announced plans for The Loop — a sustainable 93km cycling and wellness highway in Dubai.
Housing a zero-emissions transport system, The Loop would be powered by kinetic flooring, allowing it to operate on 100 per cent renewable energy, and the aim is to offer leisure options for residents and visitors.
Scroll through the gallery below for more pictures of The Loop
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The specs
Engine: 4-litre twin-turbo V8
Transmission: eight-speed PDK
Power: 630bhp
Torque: 820Nm
Price: Dh683,200
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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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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A list of the animal rescue organisations in the UAE
KILLING OF QASSEM SULEIMANI
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Starfield
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
