The Expo 2020 Dubai legacy site will transform into a residential community once the world's fair is over — with cycling the main method of transport.
District 2020 will become the country's first “15-minute city”, meaning it will be possible to walk or cycle from end to end without the need for a car.
David Gourlay, director of architecture for District 2020, the name of the legacy site, took visitors on a cycling tour of the site on Wednesday. There is already a major focus on its future use, he said, with only 56 days to go until its grand finale.
“With Expo 2020 Dubai ending on March 31, we hosted this tour to highlight how the site will evolve into a fully integrated community, and a 15-minute city that offers workers, residents and visitors everything they need in close proximity,” he said.
“A big part of District 2020’s infrastructure is centred around health and well-being with the aim of promoting an active and balanced lifestyle.
“The site will feature smart mobility solutions that encourage sustainable and flexible means of movement, allowing people to travel safely and conveniently between their office and home.
“This includes a range of mobility options that link the site, such as a dedicated autonomous vehicle route, a 10 kilometre cycling track, interconnected, wide pedestrianised pathways and a 5km jogging track.”
Mr Gourley spoke after an event at Expo's Health and Wellness week. Examples from the International Well Building Institute (IWBI), Copenhagenize Design — an index providing a ranking of bicycle-friendly cities — and the Swedish Public Health Agency were also featured.
The Expo 2020 Dubai site forms of large part of Dubai's 2040 Urban Plan.
Much of the city's physical expansion to accommodate a projected population of 5.8 million is focused in the southern part, with expanded suburbs around Expo and Silicon Oasis.
Once the world's fair draws to close on March 31, work will begin on transforming the $8 billion site into a residential and commercial community. It is estimated that about 80 per cent of the structures will remain in some form.
The UK has already said it will open a hydrogen innovation centre with the UAE on the legacy site. Italy's government said it will run a “renaissance” legacy project at the site to preserve archaeological artefacts and art recovered from war zones.
Speaking to The National shortly before the world's fair began, chief experience officer Marjan Faraidooni said some of the largest buildings on site, such as the Mobility pavilion, were built with the future in mind.
“When we thought about the buildings, we automatically thought about what these buildings would be doing after the event is over. For this particular one — Mobility — the legacy is very flexible,” Ms Faraidooni said.
“We have worked closely with the architects on a design that allows us to shift and repurpose it as a commercial office building.”
Expo 2020 Dubai legacy plans: in pictures
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
THE%C2%A0SPECS
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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.”
How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
