• Construction is under way to transform Mina Zayed into a top tourist and commercial destination. This shows the fisherman's wharf with the new fish market. Courtesy: Department of Municipalities and Transport / Modon
    Construction is under way to transform Mina Zayed into a top tourist and commercial destination. This shows the fisherman's wharf with the new fish market. Courtesy: Department of Municipalities and Transport / Modon
  • The entrance to Mina Zayed's new fish market. Courtesy: Department of Municipalities and Transport / Modon
    The entrance to Mina Zayed's new fish market. Courtesy: Department of Municipalities and Transport / Modon
  • The new fish market is being built beside the old one. Courtesy: Department of Municipalities and Transport / Modon
    The new fish market is being built beside the old one. Courtesy: Department of Municipalities and Transport / Modon
  • Mina Plaza will be demolished on November 27, heralding the start of the redevelopment. Victor Besa / The National
    Mina Plaza will be demolished on November 27, heralding the start of the redevelopment. Victor Besa / The National
  • Existing markets will be retained. Victor Besa / The National
    Existing markets will be retained. Victor Besa / The National

Relief as Abu Dhabi's Mina Zayed shops allowed to remain open


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Latest: Abu Dhabi tears down towers in seconds ahead of port regeneration

The shops and markets in Abu Dhabi's historic Mina Zayed area will stay open during the area's landmark redevelopment.

It will bring relief to traders in the historic area known for its colourful souqs, who were worried about the future of their businesses.

Abu Dhabi Media Office on Thursday said the shops will move only when construction is complete.

Major rejuvenation works will begin in the area on November 27 when the abandoned tower block, Mina Plaza, is demolished.

The area will be temporarily closed from 7pm on Thursday, November 26 to 4pm on Friday to facilitate the demolition.

Works are being undertaken by Abu Dhabi Department of Municipalities and Transport and Modon Properties.

"I would like to take this opportunity to reassure retail and business owners in all the markets that fall within the redevelopment areas of the project that their shops will not be closed," said Ahmed Al Zaabi, director of delivery at Modon.

"Businesses will remain operational throughout the redevelopment process.

“The main objective of this redevelopment is to consolidate all the significant markets and souqs into one destination within the retail hub of Abu Dhabi. The strategic enhancements will focus on remaining true to the culture of the historic area ... to build community pride and maintain Mina Zayed’s decades-long legacy of importance in the capital.”

  • Traders in Mina Zayed are braced for change as a major regeneration project of Mina Zayed gathers momentum. All pictures by Victor Besa / The National
    Traders in Mina Zayed are braced for change as a major regeneration project of Mina Zayed gathers momentum. All pictures by Victor Besa / The National
  • Mohammad Riyas, from Kerala, has worked at the Mina Plant Market for ten years
    Mohammad Riyas, from Kerala, has worked at the Mina Plant Market for ten years
  • Mina Plaza Towers which will be demolished on November 27 as part of an ambitious redevelopment scheme
    Mina Plaza Towers which will be demolished on November 27 as part of an ambitious redevelopment scheme
  • Abdulla Hussein, from Pakistan, delivers pillows to the Dar Al Ain shop.
    Abdulla Hussein, from Pakistan, delivers pillows to the Dar Al Ain shop.
  • Many shop owners have operated in Mina Zayed for several years
    Many shop owners have operated in Mina Zayed for several years
  • Hassan Mohammad Ali at the pillow sales section of Dar Al Ain
    Hassan Mohammad Ali at the pillow sales section of Dar Al Ain
  • A rich array of goods are sold by the many market traders in Mina Zayed
    A rich array of goods are sold by the many market traders in Mina Zayed
  • The Jaberkhoory Household Appliances shop in the vast port area
    The Jaberkhoory Household Appliances shop in the vast port area
  • The pillows and mats section of the Dar Al Ain shop
    The pillows and mats section of the Dar Al Ain shop
  • The Mina Zayed market area will be transformed as part of plans to turn the port into a tourist attraction
    The Mina Zayed market area will be transformed as part of plans to turn the port into a tourist attraction
  • Mounir A.K. has worked at the Mina plant market for four years
    Mounir A.K. has worked at the Mina plant market for four years
  • Anna Varghese, from Kerala has owned her plant stall with her husband for 15 years
    Anna Varghese, from Kerala has owned her plant stall with her husband for 15 years

Prominent in the new development is a new seafood market beside the original one. New seasonal markets are also being built beside it.

Opened in 1972, Mina Zayed has served as the main port in Abu Dhabi for more than 40 years.

“We are very proud to embark upon this new milestone for the redevelopment of Mina Zayed," said Hamad Al Mutawa, executive director of operations affairs at the DMT. Following the successful demolition of Mina Plaza, scheduled to take place on Friday November 27, we look forward to advancing our plans in revitalising the historic area."

A date for the completion of the development has not been revealed.

Construction on the three-tower Mina Plaza block, meanwhile, began in 2007 but was halted several times.

Plans were being considered, however, for a wider regeneration of the area.

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, approved these plans in 2018.

Now that vision is coming to life.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Poacher
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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

THE BIO

BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.

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.”

GRAN%20TURISMO
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Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

 

 

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David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

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Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia