Dubai's Roads and Transport Authority has unveiled congestion-cutting plans for a 1.6km six-lane tunnel in Diera.
Al Khaleej Street Tunnel will serve 12,000 vehicles an hour and is a key part of a multi-billion dirham drive to boost traffic flow and ensure the emirate's roads can meet the demands of a growing population.
The RTA on Sunday announced a contract had been awarded for the construction of the transport link, which will stretch from the end of the ramp of Infinity Bridge in Deira to the junction of Al Khaleej and Cairo streets.
The RTA did not confirm when the tunnel is expected to open.
It is the latest addition to the Dh5.3 billion ($1.44 billion) Al Shindagha Corridor Improvement Project, which encompasses a 13km area encompassing Sheikh Rashid Road, Al Mina Street, Al Khaleej Street and Cairo Street.
It will include the upgrade of 15 intersections and aims to benefit about one million people living in Dubai Islands, Dubai Waterfront, Dubai Maritime City and Mina Rashid.
The RTA said the scheme is projected to slash travel times from 104 minutes to 16 minutes by 2030.
“Al Khaleej Street Project, which is part of Phase 4 [of the Al Shindagha project], covers the construction of a tunnel extending 1,650 metres and encompassing three lanes in each direction," said Mattar Al Tayer, director general of the RTA.
"It provides a free traffic flow from the Infinity Bridge towards Deira and back.
"The scope includes transforming the crossing of the Cairo and Al Wuheida streets from a roundabout to a signalised intersection, besides improving Cairo Street and connecting the ramp of the bridge from Dubai Islands to the new tunnel on Al Khaleej Street northward.
"This phase will serve the residents of Abu Hail, Al Wuheida and Al Mamzar along with development projects like Dubai Islands, Dubai Waterfront, Waterfront Market and Hamriya Port."
In March 2023, the RTA awarded the first contract under Phase 4 of Al Shindagha master plan.
The Dh800 million project extends 4.8km along Sheikh Rashid Road, from the intersection with Sheikh Khalifa bin Zayed Street to the Falcon Interchange on Al Mina Road.
It involves the construction of three bridges spanning 3.1km in total, capable of accommodating 19,400 vehicles per hour across all lanes.
Improvements already completed under the major infrastructure project include the opening of an intersection of Sheikh Rashid Road and Oud Metha Road, and the launch of five bridges leading to Dubai Islands, which together can serve more than 20,000 vehicles an hour.
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
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