ABU DHABI // Packed and ready to go, Abu Dhabi government employees are making final arrangements for the largest-scale move the country has seen.
For the past 11 months, human resources departments have been working closely with the Executive Council to help employees who have been living in other emirates to resettle in Abu Dhabi. The deadline for the move is September 1.
Ayesha Al Nuaimi, a human resources manager at an Abu Dhabi government entity, said there was little ambiguity with the decree.
“We just told them if they want to keep their housing [allowance], they need to move. If they insist on staying in another emirate, they will lose their housing,” she said. “We cannot give them housing if they do not live here.”
Her organisation has been providing employees with home options in Abu Dhabi and, once they have moved, transport costs.
They have also committed to providing employees with yearly maintenance in their new homes.
Emirates Foundation for Youth Development sends employees a newsletter with apartment listings, and has provided corporate rates for furniture moving and car rental.
Human resources departments have also been consulting with one another to compare ways to help employees.
Although some exceptional cases were still being studied by the Executive Council, human resources officers said come October, housing allowances would be eliminated from salaries for those who do not live in Abu Dhabi.
While many employees made swift arrangements to move, some are leaving matters to the last minute in the hope that their case would be looked into. Those with settled family in other emirates and those living in family-owned homes have been faced with the biggest dilemma.
Company officials have told employees bluntly that if they are unwilling to move they must face the consequences. Sultan Al Sammahi, a Federal National Council member from Fujairah, has not received any complaints from the public on the decree.
“Each emirate looks at its best interests and has the right to introduce such decisions,” he said.
“This will help rents and big projects and protect the economy. Abu Dhabi has always helped insure people and homes. It has the right to protect their projects which have cost millions.”
Although he believed the decree would mostly affect expatriates, the Dubai FNC member Rashad Bukhash said some locals living with their families in Dubai were also affected. He hoped exemptions would be given in the future.
Despite some initial hardship, human resources officers predicted that the move would improve employees’ productivity and put an end to illegal renting practices.
“It is a really good decision, it was studied well for the future of Abu Dhabi,” Ms Al Nuaimi said. “After the financial crisis Abu Dhabi prices went up so most people moved to Dubai in Barsha and those areas, leaving houses in Abu Dhabi empty.
“When the news first came out, people were shocked, they were not happy. Now they have been able to adjust and accept the decision.”
Brig Gen Hussain Al Harethi, head of Abu Dhabi traffic police, said the decree would help reduce the number of accidents.
“In general, any traffic movement can lead to an accident, any accident would not only cost the family dearly, but also the Government,” he said. “And on top of that, the environment suffers. This decree would lower the number of accidents and costs.”
He said that, along the main Dubai-Abu Dhabi road, most accidents happen between Seih Al Sedira and Ghantout and at Al Raha Beach.
“The highway is very busy overall, it is the only road connecting the two emirates,” he said. “We are trying as much as possible to find solutions to reduce traffic volume.”
Abdulilah Zineddin, a road safety specialist in Abu Dhabi, said the move could backfire in terms of road safety. “When there are fewer vehicles, people tend to speed more, which will lead to more crashes,” he said.
“Therefore, the Abu Dhabi Government shouldn’t simply reduce traffic volumes on the highways and expect a reduction in crashes, they also need to be more effective in enforcing speeds and educating the drivers.”
osalem@thenational.ae
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House
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Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
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TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
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.”
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
ICC men's cricketer of the year
2004 - Rahul Dravid (IND) ; 2005 - Jacques Kallis (SA) and Andrew Flintoff (ENG); 2006 - Ricky Ponting (AUS); 2007 - Ricky Ponting; 2008 - Shivnarine Chanderpaul (WI); 2009 - Mitchell Johnson (AUS); 2010 - Sachin Tendulkar (IND); 2011 - Jonathan Trott (ENG); 2012 - Kumar Sangakkara (SL); 2013 - Michael Clarke (AUS); 2014 - Mitchell Johnson; 2015 - Steve Smith (AUS); 2016 - Ravichandran Ashwin (IND); 2017 - Virat Kohli (IND); 2018 - Virat Kohli; 2019 - Ben Stokes (ENG); 2021 - Shaheen Afridi
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
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Charlotte Gainsbourg
Rest
(Because Music)
STAY%2C%20DAUGHTER
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EYasmin%20Azad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3ESwift%20Press%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
The five pillars of Islam