DUBAI // Traffic jams, building work and high parking fees are putting people off visiting a popular beachside development, say business owners and residents.
Restaurants and coffee shops along The Walk, a 1.7-kilometre one-way strip at Jumeirah Beach Residences in Dubai Marina, say they are losing customers.
"I just don't come here as much," said Carlos Soto, a Spanish expatriate who was at The Walk for a business lunch. "My family and I used to come here often but have stopped coming because of the parking situation. If infrastructure gets better we will come back."
Mr Soto paid Dh5 an hour to leave his car at a new private parking lot beside the Hilton Dubai Jumeirah Resort. At weekends the price goes up to Dh10 per hour.
Dubai Properties Group, which owns JBR, said paid parking was introduced to make visiting easier, after spaces had been lost because of the construction of Al Sufouh tram.
"The decision was taken to improve the parking for visitors to The Walk at JBR and the application of this nominal fee has resulted in greater availability," said a spokesman.
The area's traffic woes were added to after Meraas Holding announced last year it was building a mall extending nearly 1km along the beach.
Restaurants owners, who have seen their beachfront view replaced by construction and traffic jams, said customers were unhappy and many stayed away.
"Most customers do not like to come to JBR now," said Mohammed Selim Mohammed, manager of El Chico Mexican restaurant.
"They tell us they can't come again because they have to pay for parking. A family with children will not come here to spend just an hour. We are losing people."
He believes one solution is to allow customers free parking.
"Restaurants could be allowed to stamp tickets so they don't have to pay for parking," said Mr Mohammed, adding he was anxious about dwindling numbers
The manager of a nearby Indian restaurant said customers numbers had fallen but he could not specify by how much.
"Our restaurant is far from the paid parking so people end up going to eat out closer," he said. "There has been a drastic fall in our numbers."
A former frequent visitor to the area, Janhar Ramakrishnan, admitted he had been put off going.
"It took me more than an hour to get out of the parking area on a Thursday evening," he said. "It is not the same as before. The purpose of developing such a place has been lost. It has become very chaotic. We don't go as often any more."
People living in JBR said they had been affected, especially on weekend evenings when the roads were heavily congested.
"It is a real nightmare for people who want to visit us," said one local, Priscilla Browne. "Our friends do not want visit us on the weekends. The traffic is constant at certain times. It starts on Wednesdays and only ends on Saturdays."
Dubai Properties has promised the situation will improve.
"There are development works taking place in JBR which will result in 1,200 underground car-parking spaces," a spokesman said. "Once the development is complete there will be far greater availability of parking.
"The Walk is very popular, particularly on weekends, and we encourage visitors to utilise public transport, including the Dubai Metro, which has stations at Dubai Marina and Jumeirah Lakes Towers.
"We work very closely with authorities to regulate the flow of traffic, especially at peak times."
Despite all of the problems with traffic and development, not everyone is deterred.
"There are inconveniences but Dubai is booming," said Neeta Kumari, who is considering moving to JBR.
"I love this place and I will continue to come, no matter what."
pkannan@thenational.ae
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Company%20Profile
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Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
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'The Ice Road'
Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne
2/5
UAE currency: the story behind the money in your pockets
Specs%20
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Company%20Profile
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Match statistics
Dubai Sports City Eagles 8 Dubai Exiles 85
Eagles
Try: Bailey
Pen: Carey
Exiles
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Man of the match: Tomas Sackmann (Exiles)
The years Ramadan fell in May
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Quick%20facts
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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.”
Killing of Qassem Suleimani