Abu Dhabi to share ideas on planning with world



DALIAN, China // Abu Dhabi will start collaborating with several big cities around the world to promote sustainable planning and diversified economic growth, under an agreement to be signed today in China. The agreement is the brainchild of the Urban Planning Council (UPC) and Abu Dhabi Council for Economic Development, which plan to use the offices of the World Economic Forum (WEF), an informal think tank, to facilitate the global consultation on urban design.

"Cities are incubators of good ideas and it would be arrogant to think we know everything," said Michael White, the senior planning manager of the UPC, who is attending a meeting of the World Economic Council in Dalian. The research effort will look at all aspects of sustainability in cities, not just waste, power and water, but also social amenities such as schools and shops, cultural attractions and "liveability", Mr White added.

The UPC has incorporated such considerations into the Plan Abu Dhabi 2030, which envisages a huge expansion of the capital and a tripling of the population to three million in two decades. But many other cities have come up with ideas of their own which Abu Dhabi hopes to study during an initial one-year consultation. "There are lots of great initiatives under way," Mr White said. "What we want to do with this agreement is bring together the conversation, sharing information so we can all be better off."

Abu Dhabi hopes to benefit from the experience of cities such as Chicago, Seattle, Oslo, Stockholm, Copenhagen and Berlin. But there will be a special focus on MENA. Preliminary findings will be presented at the WEF in Marrakech in October next year. "There will be a report but we want this to be an ongoing process of dialogue," Mr White said. Since its creation in 2007, the UPC has drawn up master plans for several parts of the emirate, including Abu Dhabi city and Al Ain, and is now entering detailed planning and implementation.

In some areas, such as the Corniche, Shahama, Khalifa City and Mohammed Bin Zayed City, the UPC has started work on regenerating communities. This might involve building schools and hospitals or upgrading public spaces. In other areas, UPC has begun to award contracts for the development of greenfield projects, such as the Capital District, the new area for ministries and embassies near the airport.

The consultation with other cities will inform all these developments through planning, consultation and implementation. The project will also look back at urban innovations that worked well in the past. Two examples in the Gulf are the alignment of streets to best capture the prevailing winds and installing wind towers to improve ventilation. "These kinds of things can get forgotten about and you end up planning against nature," Mr White said, adding that the streets of the Capital District would be orientated north-west and south-east for that reason.

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Name: Kumulus Water
 
Started: 2021
 
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Sector: Water technology 
 
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Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

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Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

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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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The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

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Source: American Paediatric Association