Amid some complaints about taxis with bad odours, officials are taking steps to try to make rides more pleasant.
Amid some complaints about taxis with bad odours, officials are taking steps to try to make rides more pleasant.
Amid some complaints about taxis with bad odours, officials are taking steps to try to make rides more pleasant.
Amid some complaints about taxis with bad odours, officials are taking steps to try to make rides more pleasant.

Dubai taxis smell progress


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Seat belt? Check. Safe tyres? Check. Sweetly perfumed air? The Dubai Taxi Corporation is working on it. Amid some complaints about taxis with bad odours, officials are taking steps to try to make rides as easy on the nostrils as possible. Among the steps are stain-resistant seat covers, power washers to scrub vehicle interiors and, of course, air fresheners. "These organic perfumes have pleasant fragrance, and many passengers expressed their pleasure with this type of perfume," said Yousef al Ali, the director of fleet processes and operations at the taxi corporation.

A statement issued by the Roads and Transport Authority said it was part of a drive to "create a feeling of added comfort". So far, only cabs running airport routes are perfumed. But what if a bump - or a queasy passenger - leads to a spill in the cab? Officials say a barrier of treated, removable plastic will prevent any nastiness from setting in. "This type of heavy-duty cover is supported by a plastic coat precluding the penetration of liquids and unpleasant smells to the seats," Mr al Ali said.

And if all else fails, problems can be wiped out by machines that can scour 50 vehicles a day and have them back on the road the next morning, Mr al Ali said. Some passengers welcomed the idea of air fresheners, but could take or leave the other measures. "The cars are usually clean, and I never notice it unless someone has spilt something on the back seat and didn't tell the driver," said Bill Edwards, 36, an engineer from the UK. "The added fragrances could make a difference."

Matt Hecke, 29, a food and beverage manager from Germany, said: "I think the drivers look after their cars and don't want them messy. I never got out of a taxi because it was dirty, but have been tempted several times to get out because of the smell." Officials will seek drivers' opinions after a month before rolling the changes out for the fleet.
eharnan@thenational.ae

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Most sought after workplace benefits in the UAE
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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.”

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