A driverless Cruise vehicle. Thousands are planned for Dubai's roads. AP Photo
A driverless Cruise vehicle. Thousands are planned for Dubai's roads. AP Photo
A driverless Cruise vehicle. Thousands are planned for Dubai's roads. AP Photo
A driverless Cruise vehicle. Thousands are planned for Dubai's roads. AP Photo

Dubai to start driverless taxi service by 2023


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Dubai is to start a driverless taxi service by 2023, it was announced on Sunday.

The Roads and Transport Authority (RTA) said trials of the service were expected to start by the end of the year before an official launch in 2023.

The RTA is working with American company Cruise to offer the service in limited numbers by next year and expand "gradually to reach 4,000 vehicles by 2030".

“Human errors are responsible for more than 90 per cent of accidents,” said Mattar Al Tayer, Director General of the RTA. “Autonomous vehicles are environmentally-friendly electric vehicles and can serve considerable numbers of customers, particularly senior citizens, residents and people of determination."

Details about routes and firm dates for the launch of driverless taxis were not released but Cruise officials have visited Dubai to assess which locations are most suitable for the service. It was also not revealed how much the service will cost. Mr Al Tayer said a “limited number” of the vehicles will be used next year.

Cruise is backed by General Motors and this month opened a limited driverless taxi service to the public in San Francisco, but there are many caveats. It only operates at night and in certain areas, for example, and the service remains free for now.

Abu Dhabi also recently trialled a driverless service on Yas Island. Future operations include increasing passenger operations in different areas around Abu Dhabi. The fleet is composed entirely of electric and hybrid cars.

Self-driving cars — in pictures

  • A self-driving car operated by California start-up Zoox. The company began to test its technology on public roads in Las Vegas in 2019. Reuters
    A self-driving car operated by California start-up Zoox. The company began to test its technology on public roads in Las Vegas in 2019. Reuters
  • W Motors chairman and chief executive Ralph Debbas in the company's self-driving prototype. The company was founded in 2012 but became famous after one of its vehicles, the Lykan HyperSport, was featured in the 2015 film 'Furious 7'. Victor Besa / The National
    W Motors chairman and chief executive Ralph Debbas in the company's self-driving prototype. The company was founded in 2012 but became famous after one of its vehicles, the Lykan HyperSport, was featured in the 2015 film 'Furious 7'. Victor Besa / The National
  • The W Motors self-driving vehicle prototype, on display at the International Defence Exhibition and Conference in Abu Dhabi in 2019. Victor Besa / The National.
    The W Motors self-driving vehicle prototype, on display at the International Defence Exhibition and Conference in Abu Dhabi in 2019. Victor Besa / The National.
  • Cruise, the self-driving vehicle company backed by General Motors and Honda, will launch its first international robotaxi service outside the US in Dubai in 2023. Cruise
    Cruise, the self-driving vehicle company backed by General Motors and Honda, will launch its first international robotaxi service outside the US in Dubai in 2023. Cruise
  • A driverless Cruise vehicle at the Detroit Motor Show. The company is stationing five self-driving cars in San Francisco as it looks to develop a robot taxi service. AP
    A driverless Cruise vehicle at the Detroit Motor Show. The company is stationing five self-driving cars in San Francisco as it looks to develop a robot taxi service. AP
  • The 10-seater smart driverless car tested by the Roads and Transport Authority in Business Bay, Dubai. Courtesy RTA.
    The 10-seater smart driverless car tested by the Roads and Transport Authority in Business Bay, Dubai. Courtesy RTA.
  • Ajman's first self-driving bus went on goes on its first official drive in November 2021, with Sheikh Rashid bin Humaid Al Nuaimi, director of Ajman Municipality and Planning Department and UAE's Minister of Artificial Intelligence, Omar bin Sultan Al Olama, onboard.
    Ajman's first self-driving bus went on goes on its first official drive in November 2021, with Sheikh Rashid bin Humaid Al Nuaimi, director of Ajman Municipality and Planning Department and UAE's Minister of Artificial Intelligence, Omar bin Sultan Al Olama, onboard.
  • A Zoox robot taxi. The vehicle is loaded with sensors, has no steering wheel and is capable of transporting four people at up to 120 kilometres per hour. Photo: Zoox
    A Zoox robot taxi. The vehicle is loaded with sensors, has no steering wheel and is capable of transporting four people at up to 120 kilometres per hour. Photo: Zoox
  • A self-driving car operated by Pittsburgh start-up Argo AI in New York. The company is working with Lyft and Ford to commercialise driverless ride-hailing services at scale. AFP
    A self-driving car operated by Pittsburgh start-up Argo AI in New York. The company is working with Lyft and Ford to commercialise driverless ride-hailing services at scale. AFP
  • Volvo's self-driving 360c concept car, which was first announced in 2018 and can function as a mobile office or transform into a sleeping area. Volvo says the 360c will create demand for inter-city taxi passengers travelling as far as 300km. Photo: Volvo
    Volvo's self-driving 360c concept car, which was first announced in 2018 and can function as a mobile office or transform into a sleeping area. Volvo says the 360c will create demand for inter-city taxi passengers travelling as far as 300km. Photo: Volvo
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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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.”

Defined benefit and defined contribution schemes explained

Defined Benefit Plan (DB)

A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.

Defined Contribution Plan (DC) 

A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.

Winners

Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)

Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)

Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)

Best Young Women’s Player
Vicky López (Barcelona / Spain)

Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)

Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)

Women’s Coach of the Year
Sarina Wiegman (England)

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Bombshell

Director: Jay Roach

Stars: Nicole Kidman, Charlize Theron, Margot Robbie 

Four out of five stars 

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Company%20Profile
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Updated: February 14, 2022, 6:21 AM