A property developer has assured residents of a Dubai community that a popular playground will not disappear for ever.
Residents of Bay Avenue Mall in Business Bay are worried they may permanently lose a nearby park after the land was barricaded for construction.
The green space was viewed by the local community as a tranquil oasis in an otherwise sprawling urban jungle.
However, a few weeks ago residents found the area, which in the past has hosted events including farmers' markets and movie nights, was fenced off.
Now long-term residents and property owners are concerned the green area and playground may vanish.
It has been used for movie nights in the past and lots of people used it for the skate park and to exercise
Saadat Hussain,
resident
“I’ve been a resident for six years and part of the reason I moved in was because there was a great park on ground level beside the property,” said Briton Jane Clifford, 44, who lives in the nearby Executive Towers.
“When we moved here the park was shown to us by the property agent as one of the benefits of the community.
“We use it all the time. A few weeks ago I was going for a walk and saw it was fenced off with a sign saying it was closed for renovation work.”
Ms Clifford said the residents were initially told the area was closed for cleaning.
“We just haven’t been given any solid information about what is happening with the park,” said Ms Clifford, who works in the communications sector.
The situation has made her and other residents consider their future plans for living in the area.
“I will definitely have a conversation with my landlord when it comes time to renew my rent,” she said.
“This is prompting us to look at relocating to other parts of the city.”
Another resident said the loss of the play area would come as a huge blow to families in the community.
“We came down one day to use the park and it was all barricaded,” said Indian Amol Kulkarni, 41, who works in the computer industry.
“There was some information posted on the walls around the park but it was vague, stating it was closed for enhancements.”
He said he did not receive any communication in advance about the work, despite being an apartment owner in Executive Towers.
The park has long been a key part of life for Saadat Hussain, 43, who is equally upset about its closure.
“I have owned my home here for almost 10 years and we would often use the park,” said Mr Hussain, from Pakistan.
“I have two kids and spent hours and hours in the park with them as they were growing up.
“It feels bad that it has been removed, it’s even worse because we didn’t get any prior notice about it.”
The area played a pivotal role in bringing the community together, said Mr Hussain, who works in sales.
“It has been used for movie nights in the past and lots of people used it for the skate park and to exercise.
“This is going to further reduce the opportunities people have to go outside and exercise in the open air, the opportunities are limited enough as it is.”
Park to be relocated
Dubai Properties told The National the plot adjacent to Executive Towers the area has been barricaded for construction.
“We would like to address the concerns raised by some residents regarding the temporary closure of a playground at Executive Towers,” said a representative.
“Since the inception of the Business Bay master plan, the plot adjacent to the Executive Towers has always been zoned as a development plot and not a common area.
“In order to prevent the unsightly appearance of a development site in an otherwise developed community, Dubai Properties landscaped the area for the comfort of residents and installed playground amenities, whilst the plot remained vacant.”
The representative said the playground facilities would be moved to a nearby location in the community.
“As the plot is now being developed, the area has been barricaded for construction, and the playground amenities will be relocated to ensure that residents and their families can continue to utilise them,” said the representative.
“We want to reassure our residents that the original common areas and amenities allocated for the Executive Towers master community are still intact.”
Honeymoonish
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Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
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Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
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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.”
The bio
Job: Coder, website designer and chief executive, Trinet solutions
School: Year 8 pupil at Elite English School in Abu Hail, Deira
Role Models: Mark Zuckerberg and Elon Musk
Dream City: San Francisco
Hometown: Dubai
City of birth: Thiruvilla, Kerala
