Dubai's Roads and Transport Authority has issued 38,102 permits for e-scooters in the three months since they were introduced.
The authority has required e-scooter riders without a driving licence to have a permit since April 28.
It said 15,807 permits were issued to riders aged between 30 and 40, which is equal to 41 per cent of the total.
The 20-30 age group received 14,576 permits (38 per cent) and 1,570 permits (4 per cent) were given to those under the age of 20.
More than 6,000 permits were issued to people over the age of 40.
The authority said people from 149 different nationalities have registered for a permit, with Filipinos accounting for 40 per cent and Indians 20 per cent.
The free permit includes a requirement to pass an online test available at www.rta.ae and applicants must be at least 16.
The training course includes lessons about the technical specifications and standards of e-scooters, as well as guidance about the obligations of riders and districts where e-scooters can be used.
Using an e-scooter in a place other than a street, such as cycling tracks or pavements designated by the authority, does not require a permit.
The permit allows the use of e-scooters in 10 districts of the city, covering a 167-kilometre stretch across Sheikh Mohammed bin Rashid Boulevard, Jumeirah Lakes Towers, Dubai Internet City, Al Rigga, 2nd of December Street, The Palm Jumeirah and City Walk.
It also covers safe roads and tracks within certain zones at Al Qusais, Al Mankhool and Al Karama.
E-scooters will not be allowed on the cycling tracks at Saih Assalam, Al Qudra and Meydan, and users who fail to park their vehicles correctly face a Dh200 ($54) fine.
The operation of e-scooters in Dubai is in the hands of four companies – two that are international (Tier and Lime) and two that are local (Arnab and Skurtt).
An extended network of electric vehicles forms part of the UAE Energy Strategy 2050.
Launched in 2017, the strategy aims to increase the contribution of clean energy in the total energy mix from 25 per cent to 50 per cent by 2050 and reduce carbon footprint of power generation by 70 per cent.
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Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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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Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
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