One of the UAE's most famous areas is in line for a major overhaul with plans announced for a Dh112 million project to rebuild the walls along Dubai Creek.
The walls along the Deira side of the creek will be rebuilt to improve safety for docking of ships, Dubai Municipality announced on Sunday afternoon.
The project aims to ensure the walls of the creek are in good condition by upgrading the dock, reconstructing sections that have been damaged, and preventing potential flooding during severe weather.
The project is set to be carried out in two phases, and the first phase includes the restoration of a 2.1km stretch along the Deira side. The second phase will cover a 2.3km length on the Bur Dubai side of the creek.
"The project is set to improve security and safety measures for maritime traffic and commercial operations within Dubai Creek," said Dawoud Al Hajri, director general of Dubai Municipality.
"As a significant symbol of the city’s growth, Dubai Creek serves as a vibrant artery at the heart of Dubai."
The project is set to be completed in 14 months and includes the restoration of the 2.1km Deira pier, which involves the replacement and the refurbishment of damaged sections of the concrete wall, reaching a depth of 8m and increasing its height to 3m.
This is aimed at ensuring that ship can dock safely in the area.
"Facilitating the passage of over 13,000 ships annually, it plays a key role in fostering the economic and social prosperity of the emirate," said Mr Al Harj.
“We have implemented several measures to mitigate the risks posed by climate change and rising sea levels, closely monitoring changes on both sides of the creek.
"Furthermore, we have conducted technical studies to devise construction designs that can enhance the efficiency of the marine docks on both banks."
Mr Al Harj said the designs adhered to the highest global standards, ensuring the preservation of the supporting walls’ stability and safeguarding against increased flooding during bad weather conditions.
Through this project, he said Dubai Municipality aims to improve services and facilities for safe docking and navigation, which will be ensured through the provision of 200 anchors across the dock.
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Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
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Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
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Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
