Dubai’s Roads and Transport Authority has awarded the first contract under Phase 4 of its Al Shindagha Corridor Improvement Project.
The Dh5.3 billion ($1.44 billion) project is aimed at serving the needs of urban growth along the corridor, the authority said.
The scope of the Dh800 million contract extends 4.8km along Sheikh Rashid Road, from the intersection with Sheikh Khalifa bin Zayed Street to the Falcon Interchange on Al Mina Road.
It involves the construction of three bridges spanning 3.1km in total, capable of accommodating 19,400 vehicles per hour across all lanes.
Mattar Al Tayer, director general of the authority, said the project would boost the smooth flow of traffic in the busy area.
"It will also enhance roads capacity and efficiency as well as traffic safety,” he said.
Major project
When complete, the Al Shindagha corridor will feature 15 intersections spanning 13km in total.
Due to its large-scale scope, the project had been split into five phases.
The corridor serves Deira and Bur Dubai in addition to nearby areas such as Deira Islands, Dubai Seafront, Dubai Maritime City and Port Rashid.
It is expected to reduce travel time from 104 minutes to only 16 minutes by 2030.
“Early last year RTA opened the Infinity Bridge extending, approximately 295m and consisting of six lanes in each direction in addition to a combined three-metre-wide track for pedestrians and cyclists," said Mr Al Tayer.
"RTA has made significant progress in the construction works of the Falcon Interchange Improvement Project, which includes the construction of two bridges along Al Khaleej Street.
"The first bridge extends 750m north, and the second one stretches 1075m south. The bridges have six lanes in each direction with a capacity of up to 24,000 vehicles per hour in both directions.”
The authority has already completed the improvement of numerous intersections within the Al Shindagha Corridor Improvement Project, including the opening of the Sheikh Rashid Road-Oud Metha Street Intersection.
It has also carried out the improvement of the Sheikh Rashid Road and Sheikh Khalifa bin Zayed Street Intersection, which included the construction of two bridges on the Sheikh Khalifa bin Zayed Street comprising two lanes in each direction.
Additionally, the authority has opened five bridges leading to Deira Islands and a main bridge on Al Khaleej Street.
Sheikh Mohammed bin Rashid opens Al Shindagha Museum: in pictures
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
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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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Transmission: 8-speed auto
Price: from Dh850,000
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UAE currency: the story behind the money in your pockets