Myles Evans, pictured at the Mall of the Emirates Metro Station, says the new line will save him Dh60 a week.
Myles Evans, pictured at the Mall of the Emirates Metro Station, says the new line will save him Dh60 a week.
Myles Evans, pictured at the Mall of the Emirates Metro Station, says the new line will save him Dh60 a week.
Myles Evans, pictured at the Mall of the Emirates Metro Station, says the new line will save him Dh60 a week.

Residents welcome Green Line


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DUBAI // For those who live or travel through Dubai, the Metro Green Line, which makes its grand opening today and its public debut tomorrow, will make the city a little smaller.

Myles Evans, a 16-year-old Briton who lives in Dubai Festival City, said the Green Line would save him up to Dh60 of his Dh200 weekly allowance he spends on taxis to meet his skateboarding friends at the city's malls.

Mame Bekle, 40, a housewife, said she hopes to explore Dubai's older, and more traditional parts, far from her home in Al Barsha.

Rasika Gamage and Savinda Liyanage, salesmen from India, will seek clients in areas previously too costly to visit by taxi, but now easily accessible by the Green Line.

"Perhaps I will spend the money I will be saving on some skateboarding stuff, maybe even a new board," Myles said.

"Because I live in DFC, to get to the Metro's Red Line was expensive by taxi, so I couldn't always afford it. But now I won't have to pay so much to see my friends. The Green Line will save me a lot of money."

Mrs Bekle, who is Ethiopian, has never been to Dubai's most densely populated area near the creek, where shops stand that ply traditional wares such as perfumes and incense at cheaper prices than the malls. That, she said, would change.

"To visit those places by taxi would cost me Dh75, so I don't go to those areas," Mrs Bekle said. "But now I will start. The Metro makes travelling through Dubai cheap and easy. I have always been very impressed with the service. I love it."

Mr Liyanage, 23, and Mr Gamage, 35, both banking solution officers, were at the Mall of the Emirates Metro Station yesterday.

"We don't usually go to that part of the city, because public transport options are few there," said Mr Gamage.

"It was too costly to travel there by taxi and taking the bus was too time consuming, but from Saturday we will begin seeking new credit card customers there."

Mr Liyanage agreed.

"The Green Line will open up the city more to us," he said. "It will save us time getting around. We generally avoided that part of the city, but now, no more."

Brett Greenwood, 15, a pupil from Zimbabwe, said he depended on taxis or his parents whenever he had a need to travel beyond where the Red Line ran. He and his friends Lee Venter, 15, and Adam Oliver, 16, both from South Africa, will use the Green Line to get to Mirdif City Centre.

"I was spending about Dh100 a week on taxis," Lee said. "I won't be doing that anymore."

Adam said the three of them use taxis and the Metro daily.

"Now we will use the Metro more and taxis less," he said. "I'm really looking forward to saving some money. The Metro is much cheaper."

But every rose has its thorn.

For Lyn Comendador, 24, a Filipina secretary, the Green Line has made the daily commute almost twice as expensive. She is not pleased, especially because she has no need to travel along the Green Line.

"I'm not happy," she said. "Since the zones were changed because of the new line, I went from paying Dh2.30 for one trip to Dh4.10. Before, Union and Al Jafiliya Stations were within the same zone, but now they have been split into two zones. So I am paying more for the same trip. The Green Line is of no use to me. It has hurt me, not helped me."

The Green Line will run from Etisalat Station in Al Twar district near Emirates Road via the Al Qusais, Hor Al Anz, Al Meena, Deira, Al Ras, Bur Dubai, Umm Hurair and Al Jadaf areas of Dubai to the Dubai Creek. Public service begins tomorrow at 5.50am.

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Company%20profile
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How it works

A $10 hand-powered LED light and battery bank

Device is operated by hand cranking it at any time during the day or night 

The charge is stored inside a battery

The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode

A full hand wound charge is of 16.5minutes 

This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode

When more light is needed, it can be recharged by winding again

The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge

No limit on how many times you can charge

 

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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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Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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