SHARJAH // Contractors are racing against time to finish the first phase of Sharjah's five-stage redevelopment project before the 10th Sharjah Biennial in April.
Most of the work on the first phase of the Heart of Sharjah project is complete, according to Marwan Jassim al Sarkal, the chief executive of the Sharjah Investment and Development Authority (Shurooq).
This means that curators and artists can look forward to exhibiting at the Sharjah Art Foundation's new home during the Biennial.
Mr al Sarkal said that complications arose during the rebuilding of some of the older houses, work that required a lot of care and attention.
Shurooq is working with experts including the International Centre for the Study of the Preservation and Restoration of Cultural Property (ICCROM) and the Sharjah Academy for Scientific Research to develop a new method of rebuilding old houses, one that makes use of traditional techniques but provides extended durability.
"The Heart of Sharjah project aims to add attractive points of leisure and tourism that further develop the heritage of our emirate and enhance its position in the region," he said.
He said much of the focus had been on creating a unique space for retailers, which is a key component of the project.
"We are also building decking for the abra boats on the creek side, which are considered an important part of Sharjah's history and heritage, and a big draw for tourists."
In addition, the plan includes "upgrading the abras themselves to conform to higher standards of safety", Mr Al Sarkal said.
Phase One of the Old Town renovation, which is scheduled for completion in 2013, includes work at the Sharjah Art Foundation, rebuilding the Al Shanasiah Souq and making modifications along the Corniche.
The regeneration plans include demolition of buildings that fall within the boundaries of the Heart of Sharjah project and do not fit in with the overall historical atmosphere of the area.
The first phase of the project also involves rebuilding residences near Al Hisn Sharjah Fort, which once housed the ruling family of Sharjah, redeveloping the houses behind the Al Zahraa Mosque in Al Muraijah, and the conversion of the Al Midfaa family home into a hotel.
Many other old houses will be converted into hotels, museums, retail shops and restaurants.
These changes and upgrades are all planned with the aim of bringing the Al Hisn area in line with its status as a heritage site.
Upgrades will also take place at the Saqr and Al Arsa souqs, which will receive new lighting before being joined together by the reconstruction of Al Shanasiah souq, which once sat between the two.
In support of these improvements and new developments, a number of roads will be upgraded, closed or diverted, in several stages and phases.
Sharjah Corniche Road will undergo intensive redevelopment, while Bank Street will be redesigned in order to serve the new master plan of the whole project.
In addition, other roads will have some diversions during the development project, according to Wael al Masri, chief architect of the project.
"We have conducted studies to sort out the traffic congestion and allocate enough parking slots for all residents and visitors," he said.
"This multi-phase project aims to bring the whole area back to its past glory, making the emirate a destination for those looking to experience the Gulf as it once was, without losing out on modern artistic touches."
The project's five phases are scheduled to conclude in 2025.
In total, the project's series of ongoing development works have the overall aim of reviving the historic and heritage areas and transforming Sharjah into a significant tourism and trade destination with modern contemporary artistic touches.
ykakande@thenational.ae
If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
'Nope'
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WITHIN%20SAND
%3Cp%3EDirector%3A%20Moe%20Alatawi%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Ra%E2%80%99ed%20Alshammari%2C%20Adwa%20Fahd%2C%20Muhand%20Alsaleh%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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.
AL%20BOOM
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How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
FA CUP FINAL
Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')
Watford 0
Man of the match: Bernardo Silva (Manchester City)
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.”
Killing of Qassem Suleimani
