Designs revealed for Dubai Reefs, world’s largest ocean restoration and ecotourism project


Hayley Skirka
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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.

Ecotourism activities at Dubai Reefs would give guests hands-on experiences. Photo: URB
Ecotourism activities at Dubai Reefs would give guests hands-on experiences. Photo: URB

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 proposed location of Dubai Reefs. Photo: URB
The proposed location of Dubai Reefs. Photo: URB

“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

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
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Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.

The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.

All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.

No person who has received refuge in Poland will be sent back to a country torn by war.

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Chelsea 1
Azpilicueta (36')

West Ham United 1
Hernandez (73')

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.”

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

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SERIE A FIXTURES

Friday Sassuolo v Benevento (Kick-off 11.45pm)

Saturday Crotone v Spezia (6pm), Torino v Udinese (9pm), Lazio v Verona (11.45pm)

Sunday Cagliari v Inter Milan (3.30pm), Atalanta v Fiorentina (6pm), Napoli v Sampdoria (6pm), Bologna v Roma (6pm), Genoa v Juventus (9pm), AC Milan v Parma (11.45pm)

Profile of Udrive

Date started: March 2016

Founder: Hasib Khan

Based: Dubai

Employees: 40

Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.

Results

Female 49kg: Mayssa Bastos (BRA) bt Thamires Aquino (BRA); points 0-0 (advantage points points 1-0).

Female 55kg: Bianca Basilio (BRA) bt Amal Amjahid (BEL); points 4-2.

Female 62kg: Beatriz Mesquita (BRA) v Ffion Davies (GBR); 10-2.

Female 70kg: Thamara Silva (BRA) bt Alessandra Moss (AUS); submission.

Female 90kg: Gabreili Passanha (BRA) bt Claire-France Thevenon (FRA); submission.

Male 56kg: Hiago George (BRA) bt Carlos Alberto da Silva (BRA); 2-2 (2-0)

Male 62kg: Gabriel de Sousa (BRA) bt Joao Miyao (BRA); 2-2 (2-1)

Male 69kg: Paulo Miyao (BRA) bt Isaac Doederlein (USA); 2-2 (2-2) Ref decision.

Male 77kg: Tommy Langarkar (NOR) by Oliver Lovell (GBR); submission.

Male 85kg: Rudson Mateus Teles (BRA) bt Faisal Al Ketbi (UAE); 2-2 (1-1) Ref decision.

Male 94kg: Kaynan Duarte (BRA) bt Adam Wardzinski (POL); submission.

Male 110kg: Joao Rocha (BRA) bt Yahia Mansoor Al Hammadi (UAE); submission.

About Krews

Founder: Ahmed Al Qubaisi

Based: Abu Dhabi

Founded: January 2019

Number of employees: 10

Sector: Technology/Social media 

Funding to date: Estimated $300,000 from Hub71 in-kind support

 

THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

The Lost Letters of William Woolf
Helen Cullen, Graydon House 

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

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ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

Updated: May 11, 2023, 8:01 AM