DUBAI // As Eid Al Fitr approaches, police in Dubai and Abu Dhabi are stepping up traffic patrols to ensure everything flows smoothly in the holiday period.
“We will be taking into consideration during this period the festivities and activities that may have an affect on traffic flow,” said Col Saif Al Mazrouei, director of the General Department of Traffic at Dubai Police.
“Patrols will be distributed to places that see the most congestion and there will be no leniency towards those who break the road rules.”
He said that 64 patrols and more than 30 on-the-ground traffic officers would be dispatched across the emirate.
“They will cover areas including markets, tourist spots and mosques,” Col Al Mazrouei said.
For safety, he said, Sheikh Zayed Road, Al Khail Road, Mohammed bin Zayed Road and Emirates Road would be closely monitored. He urged the public to cooperate with the authorities and to report any breaches via the free police hotline at 800 4353.
“There will be no tolerance towards reckless drivers, especially young men who find such occasions an opportunity to showcase their driving skills by posing a danger to themselves and others.”
In Abu Dhabi, the police’s Eid plan is part of the Ministry of Interior’s “Your Safety” initiative. It includes warning drivers about the risks involved in responding to holiday greeting text messages and phone calls while driving.
Acting director of the traffic department, Brig Gen Khamis Mohammed, said motorists should observe traffic laws, avoid speeding, use seat belts at all times and leave a safe distance between vehicles.
Adults should also take extra care with children on the roads and drivers should look out for pedestrians.
dmoukhallati@thenational.ae
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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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THE BIO: Martin Van Almsick
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