It’s almost a year since the remodelled Rolla Square Park reopened in Sharjah after a multi-million dirham facelift.
The centre piece of the park is a half-size copper replica of a tree, its foliage cleverly simulated by a cut-out in concrete that completes the sculpture. But why a tree?
This photograph supplies the answer. It was taken in 1977 for Al Ittihad newspaper and shows the original tree that gave the square its name; a rolla or banyan tree. The area, the newspaper noted, had been in use as a public space for 150 years, with the original rolla planted by the Ruler of Sharjah, Sheikh Sultan Bin Saqer Al Qasimi, in the 19th century.
Down the years, the square became a regular meeting and a place to hang out where you might see everything from falcons to wresters. It was where people gathered to mark the funeral of Egypt’s president Gamel Abdel Nasser in 1970.
In it’s native India, the banyan can live for up to a thousand years, but while Sharjah rolla has long passed on to the great woodpile in the sky, its memory is honoured in a statue and in the spirit of the park.
* James Langton
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Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
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Fifth Test: Australia won by an innings and 123 runs
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
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Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
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