Twenty playgrounds will be built in different areas of Khalifa City A and B, Officers City, Mohammed Bin Zayed City, Baniyas, Al Shawamekh and Al Falah.
Twenty playgrounds will be built in different areas of Khalifa City A and B, Officers City, Mohammed Bin Zayed City, Baniyas, Al Shawamekh and Al Falah.
Twenty playgrounds will be built in different areas of Khalifa City A and B, Officers City, Mohammed Bin Zayed City, Baniyas, Al Shawamekh and Al Falah.
Twenty playgrounds will be built in different areas of Khalifa City A and B, Officers City, Mohammed Bin Zayed City, Baniyas, Al Shawamekh and Al Falah.

More parks and playgrounds to be opened in Abu Dhabi


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ABU DHABI // The emirate is set to become greener and its citizens healthily leaner when nine public parks and 20 playgrounds open by the first quarter of 2014.

The programme is part of the municipality's plan to provide healthy environments and tend to communities' welfare, as well as that of the ecologies.

Safe mini-parks for families and children are part of the plan.

By the end of this year, the municipality will start building four parks each in Mohammed Bin Zayed City and Al Shamkha, and another in Al Adla.

"Five parks will be ready by the first quarter of 2014, four in Al Shamkha and one in Al Adla, while four parks in Mohammed Bin Zayed City will be ready by end of 2013," said Rashed Al Falasi, director of the municipality's parks and recreational facilities division.

The Urban Planning Council (UPC) surveyed the community to determine which areas were most in need of parks, Mr Al Falasi said.

He would not reveal the cost of the project.

The largest park planned will be in Mohammed Bin Zayed City, covering almost two hectares. The smallest, in the same neighbourhood, will be about 0.5 hectares.

Twenty playgrounds will be built in different areas of Khalifa City A and B, Officers City, Mohammed Bin Zayed City, Baniyas, Al Shawamekh and Al Falah.

Three parks are due to open by the end of this year in Khalifa City A, Mr Al Falasi said.

Residents of Mussaffah and Al Falah will have to wait a little longer. Although Mussaffah is densely populated, it will not be considered for park space until the next phase, he said.

Playground sites are decided in coordination with the UPC and other agencies. Then the community services department will survey residents to identify what sort of activities should be included in the playgrounds.

Abu Dhabi intends to develop parks at a rate of 25 square metres a person by 2015. The plan includes trees and landscaping.

The capital has about 20 sq metres per capita of green and open space, more than double the international standard of 9 sq metres recommended by the World Health Organisation.

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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.”

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