Fujairah road upgrade a ‘blessing and a curse’ for residents



FUJAIRAH // Work has got under way to widen a 3-kilometre stretch on the E99, or Al Faseel Road, to three lanes.

The roadworks, scheduled to take five months, extend from Al Dallah roundabout in front of the Hilton Hotel to the beach roundabout.

“The upgrade of Al Faseel road will solve the traffic problems and save time,” said Salem Al Mukasah, manager of Fujairah Public Works.

But motorists and shop owners have mixed feelings about the move.

“I believe this project will solve the traffic problems in the area,” said Emirati Mohammed Al Awadi, 30. “It’s getting worse now with the detour, but it definitely will become a solution in the future.”

Beauty centre owner Carolen Sabbagh, 35, from Lebanon, said some of her customers had been inconvenienced by the work.

“The construction started two weeks ago and some of my customers have complained about the detour,” Ms Sabbagh said.

“There used to be a U-turn in front of the centre but now after the construction it no longer exists, so they need to drive until the beach roundabout and come back again.”

Rashid Saeed, 39, an Emirati who owns a mobile phone shop in Al Ghurfa said: “The problem is not with the size of the road, the real issue is with the roundabout. Instead of adding more lanes they should remove the roundabout and replace it with either a bridge or traffic lights.”

rhaza@thenational.ae

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

• Bloomberg

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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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