Dubai completes Dh10m renovation of Deira's historic Clock Tower roundabout


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Deira's historic Clock Tower roundabout is moving with the times after the Dubai authorities completed a Dh10 million ($2.7 million) revamp.

A major renovation project led by Dubai Municipality began in May with the aim of sprucing up the treasured attraction.

The initiative included the addition of more greenery, modern lighting, painting work and an upgrade to the water fountain.

The restoration scheme - aimed at "breathing new life into the iconic landmark" - is now finished, the municipality said on Thursday.

"We completed the development of the Clock Tower roundabout in Deira, one of the most prominent engineering and architectural landmarks in Dubai on schedule, giving it a new facade with modern designs that are aligned with the nation’s cultural and historical character and the city’s status as a vibrant creative hub," said Dawoud Al Hajri, director general of Dubai Municipality.

Three tiers of wildflowers have been planted at the roundabout to brighten its appearance.

A smart sensor has been installed in the upgraded fountain, to allow for water jets to respond to changes in wind speeds.

Deira Clock Tower in the early 1970s. Peter Alvis
Deira Clock Tower in the early 1970s. Peter Alvis

Beloved landmark

The Clock Tower dates back to the 1960s and in the years before Burj Khalifa it was one of Dubai’s most recognisable sights.

It was designed by Syrian architect Zaki Al Homsi, completed in the mid-1960s and is known for its swooping arches.

Deira was the centre of the city at the time and the Clock Tower was one of the first landmarks seen by visitors arriving by boat or at the international airport in Al Garhoud.

The Clock Tower also marked the first major road that connected Bur Dubai and Deira at Al Maktoum Bridge.

Deira through the years - in pictures

  • Dubai Creek in the early 1960s, with Deira on the left. Across the Creek at the top of the photo is Bur Dubai, with Shindagha on the right.
    Dubai Creek in the early 1960s, with Deira on the left. Across the Creek at the top of the photo is Bur Dubai, with Shindagha on the right.
  • The Clock Tower dominates its surroundings in the 1970s.
    The Clock Tower dominates its surroundings in the 1970s.
  • Deira is one of Dubai's oldest neighbourhoods. The Omar Ali bin Haider mosque – with its striking minaret and white dome – has welcomed worshippers since 1952.
    Deira is one of Dubai's oldest neighbourhoods. The Omar Ali bin Haider mosque – with its striking minaret and white dome – has welcomed worshippers since 1952.
  • Deira is also home to striking buildings with distinctive architecture, like Deira Tower.
    Deira is also home to striking buildings with distinctive architecture, like Deira Tower.
  • The neighbourhood's famed gold souq attracts tourists from across the world.
    The neighbourhood's famed gold souq attracts tourists from across the world.
  • Shoppers in a jewellery shop at the Gold Souq in Deira
    Shoppers in a jewellery shop at the Gold Souq in Deira
  • The neighbourhood is also home to small shops and repair services such as Khan shoe shop.
    The neighbourhood is also home to small shops and repair services such as Khan shoe shop.
  • The Deira Clock Tower has remained a much-loved feature of the area through the years.
    The Deira Clock Tower has remained a much-loved feature of the area through the years.
  • Deira is one of Dubai's most densely packed neighbourhoods. Authorities imposed a lockdown in April 2020 to curb the spread of Covid-19 and its normally busy roads fell quiet.
    Deira is one of Dubai's most densely packed neighbourhoods. Authorities imposed a lockdown in April 2020 to curb the spread of Covid-19 and its normally busy roads fell quiet.
  • The roundabout at Deira Clock Tower was eerily empty during the stay-at-home order in April, 2020.
    The roundabout at Deira Clock Tower was eerily empty during the stay-at-home order in April, 2020.
  • Health volunteers pass through a sterilisation chamber installed to disinfect residents entering and leaving the Naif area in Dubai's Deira during the Covid-19 outbreak, on April 15, 2020.
    Health volunteers pass through a sterilisation chamber installed to disinfect residents entering and leaving the Naif area in Dubai's Deira during the Covid-19 outbreak, on April 15, 2020.
  • But now life is returning to normal in Naif. Trader Fawaz Bello said in April 2021 that the situation had improved.
    But now life is returning to normal in Naif. Trader Fawaz Bello said in April 2021 that the situation had improved.
  • Major development now lines the Deira side of Dubai Creek with the distinctive circular top of Deira Tower visible at centre right.
    Major development now lines the Deira side of Dubai Creek with the distinctive circular top of Deira Tower visible at centre right.
  • But the past is never far behind, as this shot of an old water tank in Deira shows.
    But the past is never far behind, as this shot of an old water tank in Deira shows.
  • The Deira Clock Tower reminds Dubai of its past as it looks to the future.
    The Deira Clock Tower reminds Dubai of its past as it looks to the future.
The Details

Article 15
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Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
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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.”

Company Profile

Company name: Yeepeey

Started: Soft launch in November, 2020

Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani

Based: Dubai

Industry: E-grocery

Initial investment: $150,000

Future plan: Raise $1.5m and enter Saudi Arabia next year

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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Updated: September 04, 2023, 12:20 PM