Dangerous drivers targeted with 24-hour police patrols



DUBAI // Authorities in Dubai say they are attacking dangerous driving with more police patrols - including 24-hour patrols on Emirates Road - and harsher prosecution.

Chief Dubai Traffic Prosecutor Salah Bu Faroosha said yesterday: "We will not take any traffic case that leads to death and injury lightly. We will prosecute offenders to the fullest extent of the law and be firm to ensure that road deaths stop."

The Director of the Dubai Police General Traffic Administration, Maj Gen Mohammed al Zafein, said yesterday that more patrols would be placed on the roads, with a focus on Emirates Road.

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"The Emirates Road is the deadliest road in the emirate, and we are co-ordinating between the Jebel Ali, Bur Dubai, Rashidiyah and Qusais police stations to have two police patrols on the road 24 hours a day," Maj Gen al Zafien said.

Last year, 22 deaths were recorded on Emirates Road, in comparison with 21 in 2009. Sheikh Zayed Road was second with 14; it had 11 in 2009. Al Khail Road had five in 2010, compared with seven in 2009, according to police.

The number of road deaths in 2010 reached 152, police said. There have been 47 this year, according to the Dubai Traffic Prosecution.

"The implementation of preventive campaigns is going to become more effective, we will concentrate on monitoring traffic flow and pulling over violating drivers immediately to cite them," Maj Gen al Zafien said.

Police are also taking aim and hazards caused by minibuses and recreational motorcycles, the traffic chief said.

"These are our main areas of concern at this point in time, and we have implemented regulations on limiting the number of minibus passengers and are looking to enforce more rules on the quad bike usages in urban areas," he said, reiterating the department's goal of having zero traffic deaths by 2020.

Traffic deaths in Dubai peaked in 2007 with 332 deaths.

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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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