Survey identifies 6,000 danger spots on Abu Dhabi roads



ABU DHABI // Almost a third of the capital's internal roads were found to be dangerous in a recent survey of high-risk traffic areas.
Majed Al Kathiri, head of traffic services section and road safety at Abu Dhabi Municipality, said a survey of high-risk areas and corridors in Abu Dhabi identified more than 6,000 issues.
"We need to intervene urgently to treat the most dangerous sites and our plan for 2011 to 2015 covers all high-risk areas," Mr Al Kathiri said.
"The municipality has set a budget of Dh300 million for this period."
Planned solutions include installing more speed bumps and guardrails, increasing the size of zebra crossing and drop kerbs, and installing new fences at main and arterial routes within Abu Dhabi.
"We started implementing the fencing strategy six months ago with Electra Street and Sultan bin Zayed Street as a pilot project,"Mr Al Kathiri said.
"We try to encourage safe crossing on roads and the use of the 35 underpasses in the city."
Pedestrian bridges are planned for the road near the Pakistani School and Madinat Zayed Shopping Centre on Muroor Road, near Khalidiyah Mall, in Bein Al Jesrain and in Baniyas.
"It will be tendered very soon and construction is scheduled to start by mid-August," he said.
The other initiatives include safety improvement projects such as speed transitional zones on Khaleej Al Arabi Road and Sheikh Zayed Street that alert motorists they are entering a low-speed zone, visual cues to improve speed control and channelling and driver clarity, and safety zones outside 240 schools.
All of these moves are part of Abu Dhabi's response to the Decade of Action on Road Safety, a global policy movement prompted by the UN, which began in May 2011.
About 1.24 million traffic deaths occur each year on the world's roads. The goal of the UN Decade of Action on Road Safety is to reduce the forecast 2020 level of road deaths by 50 per cent, to fewer than one million a year.
"There are 928 annual deaths in the UAE and 372 annual deaths in Abu Dhabi, which means a person dies every day," Mr Al Kathiri explained.
"In response to those figures, we created a joint committee to promote road safety, prioritise road safety in the emirate and come up with an Abu Dhabi road safety action plan.
"Different tasks were assigned to meet the target to reduce road fatalities by 4 per cent annually.
Abu Dhabi Municipality focused on pedestrian crossings, reducing speed, improving geometric design of roads, improving safety in school zones, and reducing dangerous behaviour among road-users, including pedestrians.
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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.”

Jeff Buckley: From Hallelujah To The Last Goodbye
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