• 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.

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Young women have more “financial grit”, but fall behind on investing

In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.

While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.

In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all). 

“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”

Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.

"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."