DUBAI // Some drove or took a cab across town, while others simply walked from their flats to board the first Dubai Tram on Wednesday.
The inaugural journey would make them late for work and school, but that did not stop businessmen, students and families from hopping aboard.
For Emirati siblings Shahd, 14, and Rashid, 10, it was a day to remember.
“We thought it would be a normal day but then my dad woke us early and said, ‘let’s ride the first tram’,” she said.
“Today it’s fine being late to school – my teacher will understand because we are all excited about the tram.”
Abu Rashid, who runs a trading business, ushered the children into Jumeirah Beach Residence station before the first tram pulled up.
“As an Emirati it is a proud moment for me. Also, it will be convenient for my travelling needs,” he said.
For bank worker Mona Al Areqi, it was a chance to make up for just missing the first Dubai Metro ride.
“It’s a big event for me,” said Ms Al Areqi, who woke at 4.30am to catch a taxi to JBR station from Al Qusais.
“I have waited a long time for this. My family is asleep at home. But I always like to be the first to experience things,” the Yemeni said. “This is the first tram outside Europe to run on electricity on the road. Exciting, no?”
Grandparents boarded with toddlers in prams and parents carried babies. Commuters posed for pictures and recorded on video as they waited at 11 stations along the 10.6-kilometre route.
Glitches with the trams’ synchronised doors meant several failed to halt at stations including Jumeirah Lakes Towers and Dubai Marina, or needed help from supervisors.
In some cases journeys were suspended after a couple of stations, and commuters were asked to board the next tram. Trams stopped at some stations, leading drivers to apologise for the delay.
“This will happen for the first few days. I’m not complaining because they will need to fine-tune it,” said Miguel Rogel, who works with an offshore oil company.
“This is a big investment but good for tourists and people like us who live near the Marina, because we don’t need to walk or take a cab anymore.”
The tram will replace a taxi for schoolchildren such as Wing Chan, 13, and accountant Roshan Moraes, who will use it daily.
“This will save so much time because otherwise you wait for a taxi, then argue with people who also want the same cab, then get stuck in traffic,” said Mr Moraes, who will commute from JLT to Palm Jumeirah station.
“This is the best thing to happen.”
Parking problems and congestion at JBR and the Marina had forced many to stay away from the area, but they came back in droves yesterday.
“This is perfect because there are no steps, unlike other places, that are not buggy friendly,” said Kirsty Radley, who was pushing a double pram holding her 11-month-old twins.
“This is wide with enough space for buggies. We saw the fireworks at the launch, we’ve been walking near the station for weeks and waving to the drivers, so we’re excited to finally be on it.”
Back at JBR, Abu Rashid said he would take the tram instead of driving to Jumeirah Lakes Towers Metro station and travel on to World Trade Centre for work.
“The tram will make life easier. Some people don’t understand why there are so many new plans and projects, it is human nature to wonder. But the Government studies our needs to make us happy,” he said.
rtalwar@thenational.ae
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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.”
Abu Dhabi racecard
5pm: Maiden (Purebred Arabians); Dh80,000; 1,400m.
5.30pm: Maiden (PA); Dh80,00; 1,400m.
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA); Group 3; Dh500,000; 1,600m.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (Thoroughbred); Listed; Dh380,000; 1,600m
7pm: Wathba Stallions Cup for Private Owners Handicap (PA); Dh70,000; 1,400m.
7.30pm: Handicap (PA); Dh80,000; 1,600m
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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The specs
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Transmission: Eight-speed auto
Power: 575bhp
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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