A new tunnel will help ease traffic congestion in Business Bay. Courtesy RTA
A new tunnel will help ease traffic congestion in Business Bay. Courtesy RTA
A new tunnel will help ease traffic congestion in Business Bay. Courtesy RTA
A new tunnel will help ease traffic congestion in Business Bay. Courtesy RTA

Transport

New tunnel to boost traffic flow on busy Dubai route

Project is part of road improvement scheme in Business Bay

The National

July 19, 2018

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A new tunnel boosting traffic flow on a busy stretch in Business Bay in Dubai will open to motorists on Friday.

The 420m tunnel will provide a left-turn from Happiness Street to Al Meydan Street.

The new scheme is part of the recently opened second phase of the Parallel Roads Improvement Project at the Business Bay district, being spearheaded by Dubai Road and Transport Authority (RTA).

The tunnel is a key feature of the Western Parallel Roads Improvement Project, which spans the area between Al Meydan and the Financial Centre Streets and across Business Bay.

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New road opening is good news for Business Bay commuters in Dubai

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The wide-ranging project has seen the construction of a 240m  flyover at the intersection of the Happiness Street and Burj Khalifa Boulevard, and a 535m tunnel at the intersection of the Happiness Street and the Business Bay Street.

The scheme has also covered the construction of a 500m bridge along the extension of the Happiness Street crossing over the Dubai Water Canal, and a 420m bridge at the intersection of Al Meydan Street and First Al Khail Street.

The improvements are part of the RTA’s strategic plan to ease congestion on Sheikh Zayed Road at peak times.

Other aspects of the development include a 340-metre underpass for horses crossing at the Dubai Stables.

The RTA said journey time between Shaikh Zayed Road and Al Khail Street will reduce from 12 to 2.5 minutes, by increasing vehicle capacity to 20,000 vehicles an hour.

The RTA said the opening of the project has contributed to an improved traffic flow in the area between the Financial Center Street and Al Meydan Street, and across the Business Bay district up to Al Qouz.

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Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

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Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)

Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)

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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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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