Abu Dhabi opens new fish market in Mina Zayed


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A new fish market has opened in Abu Dhabi's historic port area at Mina Zayed, which is undergoing major redevelopment.

The new fish market, located next to the original one, features eight restaurants and 44 fish cleaning stations and commercial spaces.

In addition to a supermarket, there are 104 fresh fish stalls, eight dry fish stalls, four fruit and vegetable stalls and three commercial kiosks.

The redevelopment of Mina Zayed is being undertaken by Abu Dhabi Department of Municipalities and Transport (DMT) and Modon Properties.

  • The renovated fish market in Mina Zayed has opened. Images: Department of Municipalities and Transport
    The renovated fish market in Mina Zayed has opened. Images: Department of Municipalities and Transport
  • There are 104 fresh fish stalls, eight dry fish stalls, four fruit and vegetable stalls and three commercial kiosks.
    There are 104 fresh fish stalls, eight dry fish stalls, four fruit and vegetable stalls and three commercial kiosks.
  • Workers stock fish in the newly opened market.
    Workers stock fish in the newly opened market.
  • The new fish market, located beside the original one, features eight restaurants and 44 fish-cleaning stations and commercial spaces.
    The new fish market, located beside the original one, features eight restaurants and 44 fish-cleaning stations and commercial spaces.
  • Prawns are prepared at the new fish market.
    Prawns are prepared at the new fish market.
  • The new fish market is located beside the original one.
    The new fish market is located beside the original one.

Dr Salem Al Kaabi, director general of operations at DMT, said the new fish market will be a "significant attraction for the residents and visitors of the emirate due to its design".

"The new venue reflects the legacy of Abu Dhabi's fish trading and fishing industry, which is well-known in the region," Dr Al Kaabi said.

"DMT considers the preservation of cultural elements to be an integral part of the emirate's urban development strategy to achieve sustainable development.”

Ahmed Al Zaabi, director of delivery at Modon Properties, said construction at the Mina Zayed redevelopment project "is proceeding in full swing and the project is expected to be completed within the specified timeframe".

Opened in 1972, Mina Zayed has served as the main port in Abu Dhabi for more than 40 years.

Major rejuvenation works started in November 2020 with the demolition of Mina Plaza, an abandoned development consisting of 144 floors.

In addition to the fish market, plans include a complete overhaul of some of the existing souks, as well as the establishment of a new fruit and vegetable market, plant souk and seasonal market.

Businesses remained operational throughout the redevelopment process and when it is completed they will be transferred to new locations in the development.

Regeneration of the area - spanning more than three million square metres - is aimed at transforming the area into an integrated tourist, commercial and residential destination.

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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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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

The finalists

Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho

Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson

Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)

Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)

Club of the Year: Bayern Munich, Liverpool, Real Madrid

Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)

Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola

How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

Roll of honour 2019-2020

Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain

West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership

UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes

UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II

UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby

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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

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THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 
Updated: July 28, 2022, 5:48 PM