Public urged to help catch reckless beach drivers


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DUBAI // Police have appealed for help in catching 4x4 drivers who are dune-bashing at a popular new public beach close to Jumeirah Beach Residence. When it opened early last month, the beach attracted not only crowds of beachgoers, including many families, but also aggressive drivers of the large vehicles. To keep the 4x4s away from people, the residential complex erected a barrier of artificial sand dunes. However, the drivers started dune-bashing at high-speed, sometimes passing within metres of playing children. Police, who have received a number of complaints, are now urging beachgoers to report the licence plates of any vehicles driving recklessly in the area or using the beach as a road. The managers of Jumeirah Beach Residence have issued a similar recommendation. Lt Saood of the Dubai Port Police confirmed it was illegal to drive on the beach. "Cars cannot drive on the beach because it is a safety hazard," he said. "If anyone sees a car on the beach they can phone 999 and a police car will be sent and the driver will receive a fine. If the car is driving dangerously then the driver could be arrested." Isam Barbour, a spokesman for Dubai Properties, the developer of Jumeirah Beach Residence, said: "If residents see vehicles on the beach they should note the registration plate and contact the police. It is a police responsibility." Local residents and visitors welcomed the warnings since there had been some confusion over who had jurisdiction over the beach. It also gives some momentum to a nascent campaign launched by some residents online to have vehicles banned from the area altogether. "Four-wheel-drive vehicles churning up the beach is one of the issues that has made many residents in JBR angry," said Tina Walsh, an English resident of the complex. "One of the main selling points of the development was a beach park and exclusive access to the beach. A year on and the beach park is now a car park and there are vehicles and tyre tracks all along the beach." Mandy Van Hatten, a Dutch resident of The Springs and a regular visitor to the beach, suggested that signs be posted to warn vehicles away from the sand. "Recently I have seen a lot of cars on the beach, especially at weekends and in the evenings," Ms Van Hatten said. "It is somewhere where children should be able to play without the danger of nearby vehicles. Some people drive far too fast, showing off to their friends. "I think they should build an avenue of palm trees. It would look nice and stop cars from gaining access to the beach. Another solution could be to build a low wall, as they have done at Umm Sequim. This would stop vehicles and could be made into a herbaceous border." One man who drove his Hummer on to the beach and parked close to some children said he did not see a problem. "It is much easier for me to drive on to the beach itself. I do not want to have to walk from the car park with my beach gear," the man, who asked not to be named, said. "I didn't see any signs telling me I couldn't drive on the beach so I found a gap in the dunes and drove through. I can relax with all my things close to me and even play music if I want." Asked if he felt he was endangering people or damaging the beach, he said, "Drivers should always be aware of what is around them," but added: "Only ships drop oil. My car will not harm the beach." Despite the complaints of residents, several lines of dunes in the area also appear to have removed in the past few days. Mr Barbour, the spokesman for Dubai Properties, refused to say why. tbrooks@theational.ae

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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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