A thing about trains


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  • Arabic

By his own admission, for a man travelling the world extolling the virtues of railways, Timothy Galarnyk is the owner of "an awful lot of air miles".

High Speed Rail Asia 2010 at the Renaissance View Hotel in Hong Kong, Urban Transport Brasil 2010 at the Sheraton Barro in Rio … if this is Tuesday, it must be Middle East Rail 2011 at the Beach Rotana hotel in Abu Dhabi.

After a lifetime of obscurity in the infrastructure construction business, Galarnyk, who in 1996 founded his own consultancy, Construction Risk Management, has been fast-tracked to relative late-career fame as The Vigilante Inspector.

Disappointingly, this new 10-part series from the History Channel does not feature Galarnyk as an infrastructural Charles Bronson, mercilessly hunting down and slaying the perpetrators of sloppy maintenance. Instead, as the blurb has it, he will "take a look at our nation's infrastructure... bridges, tunnels, roadways, rails, dams, sewer mains, power lines, communications towers... you name it!"

Ten episodes? Clearly, this is a show pitched squarely at train-spotters and that, perhaps, is why the man in the yellow hard hat finds himself in such demand as the warm-up act for railway conferences the world over.

As Middle East Rail 2011 starts to gather steam in Abu Dhabi, the arriving delegates are treated to a puzzling choice of muzak that seems somehow inappropriate for a railway conference - an instrumental version of the 1975 Rod Stewart hit We Are Sailing. This is followed by a faintly disturbing animated film, in which the organising company's terrapin logo dances to an accompanying caption urging the audience to "Love the turtle".

It's a tough act to follow, but The Vigilante Inspector gives it his best shot.

"I expect we're all here today to have some fun," is Galarnyk's opening crowd-warmer, a sentiment that earns a lone and faintly cynical "Yo!" from the back of the room but is otherwise greeted by uncertain glances from the assembled major players on the international railway scene. Fun? They, clearly, are here to make some money.

"Well," quips Galarnyk to a stony silence, "at least one of you is going to have some fun."

Galarnyk isn't helped by the fact that he's fighting the clock. In a train-related phenomenon that would be depressingly familiar to commuters in the UK - birthplace of the railway and all its torments - the programme is already running 20 minutes behind schedule.

The delay probably also comes as little surprise to Richard Bowker, the British head of the UAE's recently formed Union Railway Company, who is sitting patiently on the platform, waiting to take part in the opening panel discussion, "Delivering the Middle East rail vision".

Bowker's last vision, for the UK's East Coast Main Line, former home of the legendary Flying Scotsman, didn't work out so well. In 2009, following huge losses and the revelation by the UK rail regulator that the East Coast line was the second most complained about train service in the country, National Express was obliged to surrender the franchise and Bowker resigned as chief executive. It was, as The Daily Telegraph noted, a timely departure.

Now in Abu Dhabi, he is currently charged with delivering the proposed 1,500km freight and passenger rail network that will link the UAE end-to-end and, ultimately, be part of a planned GCC-wide system.

Here, at least, the man bowed by the shambolic economic complexities of Britain's post-privatisation railway "system" is starting with a clean sheet - and is unlikely to find his efforts thwarted by autumnal falls of the wrong sort of leaves. Sand drifts, however, could prove more problematic.

Meanwhile Galarnyk, trying to make up time, is rattling through a condensed version of his pitch. In one sentence the man from Minnesota moves smoothly into the patter of a Woodstock-era peacenik, as he urges the world to come together in rail-assisted harmony.

"Can you imagine me, a gentleman from the United States, being in the same room with Iran and Syria?" he asks.

To be honest, there's a bit of breath-holding. Sitting next to Bowker at the other end of the stage is Dr Mohammad Montazeri, deputy managing director of the Tehran Urban and Suburban Railway Company. One of its stations is right outside the former US embassy in the city. He seems to be trying hard not to snap his head round to look in Galarnyk's direction.

"And that's a good thing," continues The Vigilante, and everyone breathes again. "Because this conference is to bring people together, to share our knowledge, not to dictate. To form a coalition..." - he is not, surely, going to say "of the willing"? - "... of people, where we can all get together and find a way in harmony and peace. There is turmoil across the world, and that turmoil is spreading; and I think with more conferences like this we can find common ground."

Right on, man; three days of peace, love and profitable high-speed rail connections.

It might seem odd to be staging a railway conference thousands of kilometres from the nearest operating railway - if you discount Dubai's driverless rapid-transit Metro - but then this conference is more about the future than the present, and the burgeoning renaissance of railways in the region.

It has to be said that the Arab world's introductory flirtation with the romance of steam didn't end well.

The first railway in the region was the Hejaz, a narrow-gauge line which spanned the 1,300 kilometres from Damascus to Medina, in modern-day Saudi Arabia, between 1908 and 1915. Built by the Ottoman Turks and the Germans, it never really recovered from the attentions of the Arabs who, aided and abetted by Lawrence of Arabia, took great delight in repeatedly blowing it up during the 1916-18 revolt. Fragments of blasted line and the carcasses of toppled locomotives still litter the desert today.

Now, however, the Saudis are back on track, with a flurry of projects including the ambitious Land Bridge, a line that will cross the country from Red Sea to Arabian Gulf. Throughout the region, in fact, where even the oil-rich nations are recognising the need for sustainability in all things, environmentally and economically friendly railways are the next big thing.

All this, of course, is big business - especially in the UAE, where Bowker's Union Railway is about to put out to tender the first of the contracts for its $11 billion network - and the conference exhibition heaves with contractors from around the world angling for a slice of a pie large enough to satisfy the appetite of even the fattest Fat Controller. There is, apparently, a fortune to be made supplying exothermic rail connections and parallel flange beams.

Freight is one thing; shipping it by rail rather than road makes economic and environmental sense. But when it comes to persuading UAE commuters to take advantage of the planned high-speed rail link between Abu Dhabi and Dubai, Galarnyk believes the biggest challenge will be "how to convince the people that the railway will be dependable, efficient and an option that makes the car a non-option".

After a one-day tour of all things infrastructural in Dubai, including the Metro, he believes the answer lies in laying on luxury wagons - and he sees a metaphor for the operating model in the seating arrangements in the auditorium. "Look in the conference room," he says as it starts to fill up before his speech. "You have three tiers of audience; you have the VIPs, very comfortable in nice chairs; then you have the second group, sitting at round tables. And then..."

Of course, in the high-end UAE, even "cattle class" is a relative term and, as the conference-goers take their seats, even those in the perfectly acceptable cheap ones find a complimentary chocolate on their chair, courtesy of Nokia Siemens Networks.

Later that night, the conference-goers do their best to take Galarnyk's advice and have some fun, flocking undeterred by irony to the Yas Marina Circuit - that temple of the car - for the Middle East Rail Awards. Dubai's Metro ends up sweeping the board, a not altogether surprising result. The emirate's rail network is, after all, already up and running and carrying an average of 170,000 passengers every day.

RESULTS

5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
Winner: Dahess D’Arabie, Connor Beasley, Helal Al Alawi
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: Fertile De Croate, Sam Hitchcott, Ibrahim Aseel

Race card

4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m

4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m

5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m

5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m

6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m

6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m

7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m

The National selections:

4pm Zabardast

4.35pm Ibn Malik

5.10pm Space Blues

5.45pm Kimbear

6.20pm Barney Roy

6.55pm Matterhorn

7.30pm Defoe

Results

5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)

6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson

6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar

7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi

7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer

8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi

9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi

9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi

 

UAE players with central contracts

Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.

Barbie
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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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.”

Match info

Champions League quarter-final, first leg

Liverpool v Porto, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

Getting%20there%20
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COMPANY%20PROFILE
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How Apple's credit card works

The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.

What does it cost?

Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.

What will the interest rate be?

The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts

What about security? 

The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.

Is it easy to use?

Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision. 

* Associated Press 

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Evacuations to France hit by controversy
  • Over 500 Gazans have been evacuated to France since November 2023
  • Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
  • The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
  • Artists and researchers fall under a programme called Pause that began in 2017
  • It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
  • Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
  • Unlike students, they are allowed to bring their families to France
Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart