On the face of it, Abu Dhabi and Geneva are very different.
One is surrounded by desert and coastline; the other by mountains and lakes. Yet we do have several things in common. One is that both are warming faster than the global average. Another is that we both see infrastructure as a key part of mitigating the impact of climate change on our lives.
Good infrastructure has the power to transform lives. It connects us, it facilitates commerce, it enhances our quality of life, and it propels our economies forward. My government’s vision is to rank Abu Dhabi among the most advanced cities in the world; a smart, safe, sustainable, liveable city that our citizens and residents are proud to call home. Infrastructure must be at the very heart of this transformation.
If we start with public transport, a well-designed system not only reduces travel time and congestion but also decreases pollution and improves quality of life. Switzerland has a first-class public transport system, developed over many decades. Abu Dhabi’s is more nascent. But youth has its advantages.
There’s much more to this ambition than just bragging rights
One of them is the ability to leapfrog development stages and to be transformative in our approach. We have already begun expanding our pilot projects for innovative transport solutions, which has enabled us to introduce self-driving taxi services and autonomous rapid rail vehicles.
This means adopting practices and technologies that minimise environmental impact, promote energy efficiency and ensure resilience against the challenges of climate change. At the entity which I chair – the Department of Municipalities and Transport – we are dedicated to Smart Mobility. Our vision is to deliver improved connectivity, efficiency, and services to our people.
We are building an integrated system that brings all modes of transport together under one roof – electric and hydrogen-powered buses, autonomous self-driving taxis, or private vehicles. The UAE is already ranked seventh in the Global Electric Mobility Readiness Index and has one of the highest charging station-to-vehicle ratios in the world. We are now rolling out rapid charging stations to ensure drivers can refuel their EVs quickly and cost-effectively.
Abu Dhabi already ranks 13th globally in the International Institute for Management’s smart city index. But I want us to go further. I want Abu Dhabi to be the smartest city in the world.
There’s much more to this ambition than just bragging rights. Abu Dhabi is urbanising. By 2040, our population is expected reach six million people.
This is a trend that is accelerating around the globe. Already 54 per cent of the world’s people live in urban centres. Projections indicate that, by 2050, this figure will grow to 66 per cent. More people in urban areas means more competition for increasingly scarce resources and a greater-than-ever need for efficient, sustainable service delivery.
Such scale and pace of change require a considered approach to growth management. This is what we are doing in Abu Dhabi – devising a blueprint with a clear framework for achieving growth in a considered and sustainable way.
A key milestone in the development of our plan was the establishment a year ago of the Abu Dhabi Centre for Projects and Infrastructure, to oversee capital projects throughout the emirate.
The centre's project portfolio stands at over 600 projects with a value of nearly $55 billion across housing, education, tourism and natural resources. It includes the construction and enhancement of parks, public spaces, walk lanes, playgrounds and specialised cycle tracks; more places of worship, community and sports centres, and retail developments; and further innovations in transport and mobility.
To be liveable and smart also means to be sustainable. Infrastructure has a big role to play in mitigation of climate change – not only in the use of sustainable materials and smart technologies that lower our emissions, but in the design of our urban landscapes to lessen the impact of higher temperatures.
Our ancestors knew this well. They built wind towers – barjeel, in Arabic – one of the most effective cooling methods used in traditional Gulf architecture. These towers capture and direct cooler breezes into the building while expelling warmer air, functioning as natural air conditioners.
Architects are still taking cues from Arabic design tradition. The shading system running up the facade of Al Bahar Towers in Abu Dhabi was inspired by mashrabiya; screens that diffuse sunlight and keep buildings cool without blocking light. This makes it more comfortable for its occupants; it also means less energy is used in cooling it.
Good infrastructure is more than just good design. It must be part of a vision to leverage technology and sustainability to redefine urban living. Abu Dhabi has been a pioneer in this regard. It’s why we built Masdar City, back when the concept of sustainable cities was still in its infancy. And Noor Abu Dhabi, the world’s largest single-site solar power plant, which powers 66,000 homes. It's why we commissioned Barakah Abu Dhabi, the first nuclear energy plant in the region, which will soon produce enough clean electricity to provide a quarter of the UAE’s total power needs.
Infrastructure must be financially as well as environmentally sustainable. Delivering good infrastructure while managing risk, particularly financial risk, is a delicate balancing act. It requires careful planning, robust financial models, and a commitment to transparency and accountability.
One of the keys to success in this area is leveraging public-private partnerships. These partnerships can mobilise private sector investment, innovation and efficiency, while sharing the risks and rewards. The Abu Dhabi National Oil Company has linked up with international firms to develop its energy infrastructure. This strategy has not only mitigated financial risks but also attracted significant foreign investment, fostering economic growth and development.
With the right approach, infrastructure can be a powerful catalyst for positive change. By focusing on the holistic benefits of good infrastructure, ensuring its sustainability, and managing risks prudently, we can build better, more liveable cities and shape a brighter future for all.
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
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
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GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Kanye%20West
%3Cp%3EYe%20%E2%80%94%20the%20rapper%20formerly%20known%20as%20Kanye%20West%20%E2%80%94%20has%20seen%20his%20net%20worth%20fall%20to%20%24400%20million%20in%20recent%20weeks.%20That%E2%80%99s%20a%20precipitous%20drop%20from%20Bloomberg%E2%80%99s%20estimates%20of%20%246.8%20billion%20at%20the%20end%20of%202021.%3Cbr%3EYe%E2%80%99s%20wealth%20plunged%20after%20business%20partners%2C%20including%20Adidas%2C%20severed%20ties%20with%20him%20on%20the%20back%20of%20anti-Semitic%20remarks%20earlier%20this%20year.%3Cbr%3EWest%E2%80%99s%20present%20net%20worth%20derives%20from%20cash%2C%20his%20music%2C%20real%20estate%20and%20a%20stake%20in%20former%20wife%20Kim%20Kardashian%E2%80%99s%20shapewear%20firm%2C%20Skims.%3C%2Fp%3E%0A
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000