A high-speed rail pod capable of travelling at 600 kilometres per hour has been unveiled at the Sharjah Research, Technology and Innovation Park (SRITP).
The research at the $14 million (Dh51m) site continues as a 20km test track for the high-speed “uFlash” pods is being developed.
A working test track to run the sky pods using Unitsky String Technology (UST) was unveiled in January. The company designed high-speed passenger pods suspended on a track above the desert in Sharjah as a working model to show the potential for string-rail transport.
The pods have already proved successful in wind-tunnel tests, with designers confident a longer track would allow for the further progress of the technology.
The aerodynamics of this UFlash pod have proved to be extremely efficient. The problem now is to test it at full capacity as we need a track of at least 20km
Dr Anatoli Unitsky
The estimated cost for a longer track is about $230m (Dh845m), though funding is still some way off.
“We need to get land and finances to build a longer test track. We cannot build this at our own expense,” said Dr Anatoli Unitsky, the Belarusian inventor of the system.
“It will cost $230m to build a 20km test track to take the pods up to 500kph. To get to 600kph, it would need to be even longer.”
In Belarus, the company is registered as Unitsky String Technologies while in the UAE it is called USky.
USky pays ground rent to the SITP to continue its testing and hopes to raise funds through private financing to expand the project further.
Development costs have so far been paid by Dr Unitsky and private investment funds, the company said.
The longest test track in Minsk is only 800 metres, where pods have been recorded travelling at a top speed of 108kph.
Dr Unitsky said a power-production platform using renewable energy to fuel the string rail system would send costs spiralling to $580m (Dh2.1bn) and require 250 hectares of land.
Despite that, the project has attracted interest from countries in Europe as well as Saudi Arabia and India, he said.
The UST system can be tailored to support both cargo and passenger logistics.
Its developers said pods suspended on steel rails like the working testing line in Sharjah can move up to 50,000 passengers an hour at speeds approaching 150kph.
Oleg Zaretskiy, chief executive of USky Transport, said those numbers can be achieved at a fraction of the cost of other solutions like high-speed rail, with minimal ecological impact.
“The aerodynamics of this UFlash pod have proved to be extremely efficient,” he said.
“The problem now is to test it at full capacity as we need a track of at least 20km.
“Our next challenge is to find where we can build this.
“Three years ago, people did not believe we could get a working track for the UCar pod, and now it is here [in Sharjah].
“We expect the high-speed string rail to also happen. This is the next stage.”
The Unitsky pods are one of several bids under consideration by Dubai Roads and Transport Authority to develop an elevated transport network in the emirate.
A map released by Dubai Media Office in 2020 showed an aerial link between Al Wasl and Business Bay, extending to cover Dubai International Financial Centre, Bay Avenue, Marasi Drive, City Walk and the Coca-Cola Arena.
Other tenders submitted include the Zhong Tang Sky Railway Group from China and Cabline, from French transport engineers MND.
Costs of the UST project in Dubai have been estimated at between $7-15m per kilometre.
That will include the construction of the track, stations and other infrastructure elements such as a control system and necessary vehicles.
Hussain Al Mahmoudi, chief executive of SRTI Park, said the Unitsky system has the potential to revolutionise mass passenger transport.
“This is a real project, not just a project on paper,” he said.
“It is an achievement just to attract this kind of technology and world class innovation to Sharjah and the UAE.
“I hope this will be a major solution to mobility issues in the Middle East and Africa.”
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.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
COMPANY PROFILE
Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
COMPANY%20PROFILE
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Brief scoreline:
Manchester United 1
Mata 11'
Chelsea 1
Alonso 43'
Turkish Ladies
Various artists, Sony Music Turkey
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Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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