The Dubai canal will allow create a ‘beautiful flow of chi’ across the city say practitioners of feng shui. Courtesy RTA
The Dubai canal will allow create a ‘beautiful flow of chi’ across the city say practitioners of feng shui. Courtesy RTA
The Dubai canal will allow create a ‘beautiful flow of chi’ across the city say practitioners of feng shui. Courtesy RTA
The Dubai canal will allow create a ‘beautiful flow of chi’ across the city say practitioners of feng shui. Courtesy RTA

Posters give a glimpse of Dubai Canal’s flow


  • English
  • Arabic

DUBAI // Billboard posters have appeared by the side of Sheikh Zayed Road, thrilling motorists with a glimpse of what the creek extension will look like when it crosses Dubai.

However, one group in particular that have given the plans a nod of approval are practitioners of the ancient science of feng shui.

The canal will cost Dh1.76 billion and will extend the creek across the city and connect it to the Arabian Gulf. It is expected to be ready in 2016, according to the Roads and Transport Authority (RTA).

Aside from the purely aesthetic impact, practitioners of feng shui believe the development could impact the flow of “chi” in the city.

Samita Khanna, a master consultant at Feng Shui Arabia, said water was considered auspicious in the ancient science of geomancy.

“Building a canal that links the sea to the creek and welcomes in the seawater into the city is equal to channelling good energy into Dubai,” said Ms Khanna.

“Water, being a vital life force for well-being and wealth, is always beneficial if treated with respect. Water is related to trade and the accumulation of wealth.

“Connecting the seawater through the Dubai Canal to Business Bay and letting it flow across the centre will not only create a beautiful chi flow, but also generate a thriving economy.”

An ancient Chinese practice, feng shui is over 3,500 years old, and was originally used to reorient buildings such as tombs or temples to ensure a harmonious relationship with nature.

It was suppressed in the 1950s during China’s cultural revolution, but it underwent a renaissance over the past 20 years, with businessmen such as Donald Trump utilising its principles in major property developments.

The US typhoon’s latest Dubai development, Trump Estates, will utilise a very similar, Indian form of geomancy, called vastu, in its design of villas.

Vastu shares many things in common with feng shui, the primary one being a recognition of the importance of water as a facilitator for economic growth, said Padmaja Yadav, a Dubai-based vastu consultant.

“The creek on the north-east of Dubai has always been the strength of the city, in terms of vastu,” she said.

“In terms of history, it’s around the creek that businesses have thrived, and the city has grown. It is the presence of the water element in the north-east of Dubai that gives it a positive thread.

“Ideally the water flow is always from west to east and from south to north. I’ve not seen the exact plans, but, from what I understand, it’s coming from the north-west to the south-east. So, since it travels from west to east, that is very good.”

She said the consequences of getting something like this wrong in terms of a city plan would involve “financial losses, a lack of stability or a bad reputation”.

The Dubai Canal was announced by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, in October last year.

The first phase, which began this year, involves building a 16-lane flyover on Sheikh Zayed Road, under which the canal will flow. The second phase features six-lane bridges on Al Wasl and Jumeirah roads.

The third and final phase will involve the actual digging of the canal from the end of the creek, which will pass across Sheikh Zayed Road, through Safa Park, and will flow into the Arabian Gulf near Jumeirah Beach Park.

Ms Khanna said both the Arabian Gulf and the creek were “auspicious” bodies of water. “It is the sea and creek that have put Dubai on the world map, as the fastest growing metropolis on Earth,” she said.

“Therefore feng shui-wise, to create another extension of the creek is a stroke of farsighted genius.”

mcroucher@thenational.ae

WORLD CUP FINAL

England v South Africa

Yokohama International Stadium, Tokyo

Saturday, kick-off 1pm (UAE)

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Results

5pm: Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Rawat Al Reef, Adrie de Vries (jockey), Abdallah Al Hammadi (trainer)

5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m; Winner: Noof KB, Richard Mullen, Ernst Oertel

6pm: Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Seven Skies, Bernardo Pinheiro, Qaiss Aboud

6.30pm: Handicap (PA) Dh80,000 (T) 2,200m; Winner: Jabalini, Szczepan Mazur, Ibrahim Al Hadhrami

7pm: UAE Arabian Derby – Prestige (PA) Dh150,000 (T) 2,200m; Winner: Dergham Athbah, Richard Mullen, Mohamed Daggash

7.30pm: Emirates Championship – Group 1 (PA) Dh1,000,000 (T) 2,200m; Winner: Somoud, Richard Mullen, Jean de Roualle

8pm: Abu Dhabi Championship – Group 3 (TB) Dh380,000 (T) 2,200m; Winner: Irish Freedom, Antonio Fresu, Satish Seemar

Race card

6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m

7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m

7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m

8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m

8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m

9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m

ZIMBABWE V UAE, ODI SERIES

All matches at the Harare Sports Club:

1st ODI, Wednesday - Zimbabwe won by 7 wickets

2nd ODI, Friday, April 12

3rd ODI, Sunday, April 14

4th ODI, Tuesday, April 16

UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed

In%20the%20Land%20of%20Saints%20and%20Sinners
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERobert%20Lorenz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Liam%20Neeson%2C%20Kerry%20Condon%2C%20Jack%20Gleeson%2C%20Ciaran%20Hinds%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
HWJN
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Shipping%20and%20banking%20
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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.”

Stamp duty timeline

December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.

March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.

The%20specs
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