Bill Lashbrook, the planning manager at the Urban Planning Council, speaks at a meeting detailing plans in the road design manual.
Bill Lashbrook, the planning manager at the Urban Planning Council, speaks at a meeting detailing plans in the road design manual.

Jaywalkers strolling into danger



The changes taking place in Khalifa bin Zayed Street can make it the model for the rest of Abu Dhabi's roads to follow, planners believe. But more zebra crossings and pedestrian-friendly pavements and narrower road lanes to be put into place by the Urban Planning Council may not solve the street's safety problems. The biggest hurdle to a safer street may be the pedestrians themselves.

A walk along Khalifa Street in the afternoon is not unpleasant. High-rise buildings shield pedestrians from the sun, the light traffic flows easily and it is not unduly noisy. But it may be the calm and lack of congestion that lull pedestrians into a false sense of security. Many shuffle across the three narrow lanes to the central reservation, before crossing another series of lanes on the other side. And that is with zebra crossings fewer than 300 metres apart.

Most pedestrians said they were tempted to jaywalk despite the nearby crossings because of an opening in the fence along the central divide. "We follow the wrong way, I know," said Limbo Ramez, a Nepalese electrician jaywalking across the street with a group of co-workers, having ignored a nearby crossing. "But it's not just me. It's everybody. "The Government is also wrong. If there is no gap, nobody will cross - very simple."

Mr Ramez pointed to a restaurant to illustrate his point, arguing that everyone going to the restaurant used the door because the glass walls prevented entry at any other place. Some pedestrians felt that the road needed an aesthetic overhaul. Khalid Mohammed, 18, from Sudan, said it would be improved "if they plant more trees, more flowers, more green and red", in addition to "subways for pedestrians. And they need to close the openings in the fence".

Hakam El Rouby, 54, an Egyptian, agreed. "It's considered the fanciest street in Abu Dhabi, in terms of the people using it and its cleanliness. "Plants and flowers give a good impression of the street - so would organising the parking." Kunnummel Pavithran, 32, an Indian taxi driver, said he felt that jaywalkers often thought they had a right of way. "Khalifa Street is a very big problem," he said. "Sometimes at night it's very difficult. If I see a normal crossing I stop and let them pass. But sometimes the car is coming too fast to stop."

newsdesk@thenational.ae

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

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.”

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
All about the Sevens

Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales

HSBC World Sevens Series standing after first leg in Dubai 1 South Africa; 2 New Zealand; 3 England; 4 Fiji; 5 Australia; 6 Samoa; 7 Kenya; 8 Scotland; 9 France; 10 Spain; 11 Argentina; 12 Canada; 13 Wales; 14 Uganda; 15 United States; 16 Russia

Company Profile

Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

COMPANY%20PROFILE
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Honeymoonish
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