Tenders called for Abu Dhabi tram network



The Department of Transport has invited tenders from firms to help design a 340km tram network in Abu Dhabi. The move comes just weeks after the department narrowed a list of consultancies to help design a metro system. The two projects are part of plans to invest more than Dh300 billion (US$81.67bn) in transport developments in the capital over the next 20 years to reduce road congestion. The tram feasibility study will take 18 months and the first phase of the system is expected to become operational by 2014. It will operate in congested areas such as the central business district on Abu Dhabi Island. It will also cater for new developments on Yas and Saadiyat islands, and projects on the mainland such as Al Reef Villas near Abu Dhabi International Airport. "The Abu Dhabi Light Rail Transit/Tram study will form an integral part of the surface transport master plan, a major initiative taken by the Department of Transport to develop a comprehensive transport infrastructure," the department said. The consultants hired will advise on designing the tram network and stations, vehicle sizes and other technical specifications. This month there were reports that the department had short-listed six firms for a metro consultancy contract. The groups included a consortium of the UK-based Mott MacDonald, US-based Parsons International and Halcrow of the UK; a consortium led by the US-based Aecom with a German and a US firm; and the UK-based Atkins with Australia's Bovis Lend Lease. The remaining three groups include a consortium led by Dar al-Handasah of Lebanon with one French and two Spanish firms; a consortium led by Coteba of France with one Lebanese and four German firms; and a consortium led by France's Systra with British and Danish partners. The metro will be partly underground and stretch several hundred kilometres from Abu Dhabi Island to new developments. The winning consortium will help design the metro lines as well as help supervise its construction. igale@thenational.ae

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

How Beautiful this world is!
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 specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

COMPANY%20PROFILE
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