• The Hatta Beach Project will create new investment opportunities for the region's private sector.
    The Hatta Beach Project will create new investment opportunities for the region's private sector.
  • The Hatta Beach Project aims to transform the area into a year-round tourist destination.
    The Hatta Beach Project aims to transform the area into a year-round tourist destination.
  • The development plan includes a five-year plan (2022-2026) to construct tracks for bicycles and scooters in a 120 km network.
    The development plan includes a five-year plan (2022-2026) to construct tracks for bicycles and scooters in a 120 km network.
  • A waterfall and mountain viewing platform also feature in the development plan. Photo: Dubai Media Office
    A waterfall and mountain viewing platform also feature in the development plan. Photo: Dubai Media Office
  • Hatta has in recent years been transformed into an adventure getaway, with mountain biking and kayaking among the most popular activities. Photo: Dubai Media Office
    Hatta has in recent years been transformed into an adventure getaway, with mountain biking and kayaking among the most popular activities. Photo: Dubai Media Office
  • The Hatta Master Development Plan aims to turn the area into an attractive local and international destination for business, investment and tourism. Photo: WAM
    The Hatta Master Development Plan aims to turn the area into an attractive local and international destination for business, investment and tourism. Photo: WAM
  • The project will create investment spaces and facilities, services, and activities for tourists in waterfront areas that will contribute to increasing visitor numbers for Hatta.
    The project will create investment spaces and facilities, services, and activities for tourists in waterfront areas that will contribute to increasing visitor numbers for Hatta.
  • A mountainside health resort will be built as part of the development plan.
    A mountainside health resort will be built as part of the development plan.
  • The resort will provide tourists opportunities to practise sports and activities that are suitable to Hatta’s terrain.
    The resort will provide tourists opportunities to practise sports and activities that are suitable to Hatta’s terrain.
  • Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, approved the Hatta Master Development Plan. Photo: WAM
    Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, approved the Hatta Master Development Plan. Photo: WAM
  • A lake and cable-driven mountain railway are also slated for the mountain town. Photo: Dubai Media Office
    A lake and cable-driven mountain railway are also slated for the mountain town. Photo: Dubai Media Office
  • Hatta Master Development Plan includes a cable-driven mountain railway
    Hatta Master Development Plan includes a cable-driven mountain railway
  • The first-of-its-kind funicular (cable railway) transport system for tourists will connect the Hatta dam site with its car parking area.
    The first-of-its-kind funicular (cable railway) transport system for tourists will connect the Hatta dam site with its car parking area.
  • The plan includes tracks for bicycles and scooters in a 120 km network connecting key attractions and residential areas.
    The plan includes tracks for bicycles and scooters in a 120 km network connecting key attractions and residential areas.
  • Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, pictured with Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, in Hatta. Photo: WAM
    Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, pictured with Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, in Hatta. Photo: WAM
  • The Hatta plan aims to turn the area into an attractive local and international destination for business, investment and tourism. Photo: WAM
    The Hatta plan aims to turn the area into an attractive local and international destination for business, investment and tourism. Photo: WAM
  • Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, with notables including Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Deputy Ruler of Dubai, and Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, at Hatta. Photo: WAM
    Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, with notables including Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Deputy Ruler of Dubai, and Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, at Hatta. Photo: WAM

Dubai 2040 Urban Plan: Sheikh Hamdan orders start of Hatta development


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Latest: Dubai population to surge to nearly 6m in 20 years amid urban transformation

Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, has issued orders to form a supreme committee to oversee the development of the Hatta region.

The Hatta Master Development Plan, part of the Dubai 2040 Urban Master Plan, aims to transform the town into an attractive destination for business, investment and tourism.

This includes the construction of an inland beach, lake and cable-driven mountain railway.

Hatta, near the border with Oman, has already become an adventure getaway, with mountain biking and kayaking popular activities.

Now it is the subject of major investment to turn it into an even bigger destination for residents and tourists, and the new committee will be responsible for all the development work to make it a world-class tourism hub.

The committee will ensure all developmental work is done in a sustainable way and no harm is caused to the environment and historical sites in the area, Dubai Media Office said on Thursday.

What are the plans for Hatta?

In October 2021, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, unveiled the vision for Hatta.

There are plans to construct a beach, a new lake, a cable railway, several hotels, and 120 kilometres of bicycle paths.

The plan is to develop a mountainside health resort and the first tourist funicular system of its kind in the region that will transport visitors to Hatta Dam.

A waterfall and mountain viewing platform is scheduled for completion this year.

There are plans to introduce a new bus service that includes a compartment for bicycles and scooters. A new ride-sharing service and the provision of on-demand bus service is expected. It will allow visitors to tour various heritage sites.

A luxury caravan and camping site opened in October 2021.

How does Hatta plan fit into Dubai 2040 Urban Master Plan?

The Dubai 2040 Urban Master Plan aims to transform the emirate and create a city that balances community with tourism and modernity with heritage and nature.

The Hatta Development Plan, which is a part of Dubai's wider plan, seeks to develop and raise the profile of Hatta's natural and tourism attractions, as well as protect its environment.

A sustainable hydro-electric power plant will be built. People in the area will be given the opportunity to help promote tourism and preserve Hatta's natural beauty - with the aim of increasing tourism and agriculture that contributes to the region's GDP by 32 per cent.

At least 78 per cent of Hatta will be designated as conservation reserves, as the population is expected to double by 2040.

What will be the committee’s tasks and powers?

  • It will draw up the general policy for the development of the Hatta region and supervise and implement the development of projects.
  • The committee will work on providing high-quality services in the area for residents and visitors.
  • It will also be responsible for encouraging investment in Hatta and making sure there are investor-friendly services available.
  • The resolution said the committee should ensure that there are direct communication channels between the relevant government agencies so that projects are completed on time.
  • Organise activities and events that support the developmental work.
  • To propose and review draft legislation that will help in achieving the committee’s objectives.
  • Ensure there is proper co-ordination between the relevant local and federal departments and agencies.
  • Prepare a promotional and marketing plan for Hatta for the local and international markets.
  • The Supreme Committee will form sub-committees and working teams and assist them in performing their tasks.

Tourism projects planned for Hatta - in pictures

  • Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, has unveiled details of six new tourism projects in Hatta. Twitter / @HHShkMohd
    Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, has unveiled details of six new tourism projects in Hatta. Twitter / @HHShkMohd
  • Designs include a 5.4-kilometre cable car system, a sustainable waterfall attraction, an international hotel and new hiking tracks up to Jabal Umm Al Nusour – Dubai's highest peak at 1,300 metres. Courtesy Twitter / @HHShkMohd
    Designs include a 5.4-kilometre cable car system, a sustainable waterfall attraction, an international hotel and new hiking tracks up to Jabal Umm Al Nusour – Dubai's highest peak at 1,300 metres. Courtesy Twitter / @HHShkMohd
  • There are also plans to build 200 holiday homes to support domestic tourism. Courtesy Twitter / @HHShkMohd
    There are also plans to build 200 holiday homes to support domestic tourism. Courtesy Twitter / @HHShkMohd
  • The aim is to turn Hatta into a major tourist destination. Courtesy Twitter / @HHShkMohd
    The aim is to turn Hatta into a major tourist destination. Courtesy Twitter / @HHShkMohd
  • Deborah Thomson, general manager of JA Hatta Fort Hotel, believes the region could become a bucket list location. Photo: JA Hatta Fort Hotel
    Deborah Thomson, general manager of JA Hatta Fort Hotel, believes the region could become a bucket list location. Photo: JA Hatta Fort Hotel
Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

Group B

UAE, Iran, Kuwait, Saudi Arabia

 

UAE group fixtures

Sunday Feb 23, 9.30am, v Iran

Monday Feb 25, 1pm, v Kuwait

Tuesday Feb 26, 9.30am, v Saudi

 

UAE squad

Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed

Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

Company%C2%A0profile
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COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A

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.”

The President's Cake

Director: Hasan Hadi

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

Rating: 4/5

UAE currency: the story behind the money in your pockets
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Updated: January 23, 2022, 7:45 AM