Northern Emirates on the agenda: In this series
February 16: Keeping pace with change in Ajman
February 17: Lack of services holding UAQ back, residents say
February 18: Infrastructure needs to catch up with RAK's growing population
February 19: Residents conflicted over changes in Fujairah
_____________________________________________________________
SHARJAH // In an emirate renowned for Islamic culture, art festivals and traditional architecture, residents point out Sharjah is also infamous for its lengthy traffic jams.
Long tailbacks of vehicles along main roads leading in and out of the city and its suburbs have been a way of life for many years. Recent investment in roads and bridges, however, aims to improve the situation.
In research by Sharjah Police it was found that the average traffic speed in peak hours was a painfully slow 20kph.
“Al Wahda Street is 10 kilometres long. It takes an average of one hour to travel it during rush hours,” said Lt Col Obaid Saleh Hassan. “In off-peak hours it should take seven minutes.”
A Dh1 billion project to redevelop one of the main problem areas around the National Paints roundabout is near completion, with new bridges, intersections and more lanes for traffic.
“I’ve been taking Mohammed Bin Zayed Road every day for the last few years,” said Ahmed Yousef. “My commute is consuming less time than it used to. It takes me around an hour and a half to reach Al Barsha in Dubai.”
Traffic problems, however, still persist, especially during the morning rush hour and school run in the Muwailih and Aezzrh neighbourhoods.
“Can you believe that it takes me almost two hours to drop off my kids in the morning?” said Al Qasimiya resident Nora Said. “It takes me one and half hours to pick them up after school.”
To tackle the problem, the Department of Planning and Survey has added more entrance and exit roads and has banned lorries from the area between 7am and 8.30am and 1pm to 3.30pm. Sharjah Ruler Sheikh Sultan Al Qasimi has also ordered security guards in the area to facilitate traffic flow in front of the schools until the road work is completed.
In Aezzrh, the Sharjah Roads and Transport Authority has finished building new roads around school complexes at a cost of Dh4m.
Another problem being addressed is the lack of pedestrian bridges, particularly in Helwan and Al Tawon.
Khalid Al Ali, secretary general of the Urban Planning Council, said plans for several bridges were under way, including one near Al Qassimi Hospital.
With the creation of the Al Majaz waterfront delivering a huge boost to local tourism, the area is now undergoing a facelift where roads are resurfaced. A lack of parking is also being addressed with the creation of more regulated spaces.
Investment is also being made in flood prevention works, with the municipality clearing water drainage tunnels.
Marwan Al Sarkal, chief executive of Shurooq, the investment and development authority, said the emirate was opening up the healthcare, transport and logistics sectors, as well as in environment and tourism.
“The development in Sharjah has seen a dramatic advantage recently with regulations that have been set by the government.
“There are many projects announced by Shurooq and other developers all around the emirate, be it in Kalba, Khor Fakkan, Diba and the central region.”
tzriqat@thenational.ae
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.”
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Mobile phone packages comparison
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
Profile
Company name: Marefa Digital
Based: Dubai Multi Commodities Centre
Number of employees: seven
Sector: e-learning
Funding stage: Pre-seed funding of Dh1.5m in 2017 and an initial seed round of Dh2m in 2019
Investors: Friends and family
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A