Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, on Monday approved various projects to support the Dubai Economic Agenda D33 strategy and boost the emirate’s competitiveness and future-readiness.
The projects, approved during a meeting of the Executive Council, include a centennial sewerage system, which will include an investment of Dh80 billion ($21.8 billion), and the adoption of a new model to boost small and medium enterprises in Dubai, the Dubai Media Office said in a statement.
The centennial sewerage system aims to be among “the world’s most advanced and sustainable” infrastructure projects and has been designed to serve the needs of the population for the next 100 years, in alignment with the D33 agenda and the Dubai Urban Plan 2040.
It will reduce carbon emissions in the sector by 25 per cent, promote a circular economy and contribute to Dubai’s global development and competitiveness indicators related to quality of life.
Sheikh Hamdan has also directed Dubai Municipality to team up with private sector companies for the sewerage system, the statement said.
Launched in January, D33 aims to double the size of Dubai’s economy, with a target of reaching Dh32 trillion by 2033 and establishing the emirate among the top three global cities.
The plan envisages a programme to support 30 private companies to achieve unicorn status ― worth more than $1 billion. Other business incubators will support the growth of private companies, with 400 of the most promising identified.
D33 also aims to make Dubai a global digital economy leader, the fastest growing and most attractive global business centre, a centre for sustainability and economic diversification, and an incubator and enabler of talented citizens.
The 10-year D33 strategy also seeks to establish Dubai as the world’s safest and most connected city as well as a preferred destination for major international companies and investments.
Private sector investment in projects geared towards achieving the goals of the D33 agenda is set to exceed Dh1 trillion by 2033.
As part of the new sewage system project, strategic tunnel projects will be carried out in Dubai’s Jebel Ali and Warsan stations.
The initiative includes reducing the number of main wastewater treatment plants from 20 to two in urban areas, as well as reducing main pumping stations from 13 to two. Sub-pumping stations will be reduced from 110 to fewer than 20 in urban areas, the statement said.
Sheikh Hamdan also approved the adoption of the future model of the Mohammed bin Rashid Establishment for SME Development (Dubai SME).
Through this strategy, the emirate aims to support innovative ideas and projects, create 86,000 new job opportunities, enable 8,000 Emirati entrepreneurs, establish 27,000 projects and contribute Dh9 billion to Dubai’s gross domestic product.
“Over the past two decades, the development of an entrepreneurial ecosystem has provided Dubai’s economy with dynamic growth based on knowledge and innovation,” Sheikh Hamdan said.
“Today, SMEs play a pivotal role, accounting for the largest share of businesses in Dubai.”
The strategy takes aim at specific sectors for Emirati entrepreneurs, with a focus on future-orientated, technology-based and scalable business models, the statement said.
These sectors include financial services, advanced manufacturing, transport, energy technology, retail and e-commerce, professional services and new business models, food and agricultural technology, health and society, and education technology.
Racecard:
6.30pm: Mazrat Al Ruwayah (PA) | Group 2 | US$55,000 (Dirt) | 1,600 metres
7.05pm: Meydan Sprint (TB) | Group 2 | $250,000 (Turf) | 1,000m
7.40pm: Firebreak Stakes | Group 3 | $200,000 (D) | 1,600m
8.15pm: Meydan Trophy | Conditions (TB) | $100,000 (T) | 1,900m
8.50pm: Balanchine | Group 2 (TB) | $250,000 (T) | 1,800m
9.25pm: Handicap (TB) | $135,000 (D) | 1,200m
10pm: Handicap (TB) | $175,000 (T) | 2,410m.
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures and results:
Monday, UAE won by three wickets
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
Naga
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SOUTH%20KOREA%20SQUAD
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Turkish Ladies
Various artists, Sony Music Turkey
Company%20Profile
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
At a glance
Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free
Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland
UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
Honeymoonish
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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.”
UAE currency: the story behind the money in your pockets
DUBAI CARNIVAL RESULTS
6.30pm Handicap US$135,000 (Turf) 2,410m
Winner Dubai Future, Harry Bentley (jockey), Saeed bin Suroor (trainer).
7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m
Winner Dubai Love, Patrick Cosgrave, Saeed bin Suroor.
7.40pm Dubai Dash Listed $175,000 (T) 1,000m
Winner: Equilateral, James Doyle, Charles Hills.
8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m
Winner Laser Show, Kevin Stott, Saeed bin Suroor.
8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m
Winner Glorious Journey, James Doyle, Charlie Appleby.
9.25pm Handicap $135,000 (D) 2,000m
Winner George Villiers, Tadhg O’Shea, Satish Seemar.
ENGLAND SQUAD
Joe Root (c), Moeen Ali, Jimmy Anderson, Jonny Bairstow, Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Ollie Pope, Adil Rashid, Ben Stokes, James Vince, Chris Woakes
