The length of e-scooter and bike tracks in Dubai will double to almost 400 kilometres from 2023, and speed limits will be slashed to 30kph on some roads to improve rider safety.
Eleven new routes will be opened to e-scooters and bicycles from next year.
The new zones will be established in residential areas Al Tawar 1, Al Tawar 2, Umm Suqeim 3, Al Garhoud, Muhaisnah 3, Umm Hurair 1, Al Safa 2, Al Barsha South 2, Al Barsha 3, Al Quoz 4, and Nad Al Sheba 1, opening up new routes to more than 114,500 residents.
Routes will connect 10 mass transport stations, and 18 prominent destinations, such as public parks and commercial outlets.
“This will enhance the first and last-mile journeys and reduce the reliance on private vehicles,” said Mattar Al Tayer, the Roads and Transport Authority's director-general and chairman of the board of executive directors.
“Work is up-and-running in those areas to finalise the construction of tracks in line with the top international standards of traffic safety.
“Improvements currently underway in those districts include ground markings, directional signs, and converting internal roads into safe areas by dropping the speed limit from 40km per hour to 30 km per hour for the safety of riders.”
The total number of districts in which e-scooters are permitted to operate will increase to 21, while the total length of tracks dedicated to bikes, e-scooters, as well as safe and shared routes, rises from 185km to 390km.
Existing routes are already in place across Sheikh Mohammed bin Rashid Boulevard, Jumeirah Lakes Towers, Dubai Internet City, Al Rigga, 2nd of December Street, The Palm Jumeirah and City Walk.
To legally use the routes, riders without an existing driver’s license must apply for a free permit.
The process involves attending training courses and passing an online test.
It proved a popular move, with more than 38,100 permits issued for e-scooters in the three months since they were introduced at the end of April.
The RTA said 15,807 permits were issued to riders aged between 30 and 40, or 41 per cent of the total number of applicants.
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.
An extended network of electric vehicles forms part of the UAE Energy Strategy 2050, that aims to increase the contribution of clean energy and reduce carbon footprint of power generation by 70 per cent.
“This supports the efforts aimed to transform Dubai into a bicycle-friendly city and the migration to less-polluting sustainable transport,” said Mr Al Tayer.
“It also encourages visitors to use alternative mobility means and supports the first and last-mile strategy.”
TO%20CATCH%20A%20KILLER
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EDamian%20Szifron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shailene%20Woodley%2C%20Ben%20Mendelsohn%2C%20Ralph%20Ineson%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
MATCH INFO
Southampton 0
Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Zayed Sustainability Prize
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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.”
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
Mohammed bin Zayed Majlis
