A man rides a bicycle in busy downtown area of Abu Dhabi.
A man rides a bicycle in busy downtown area of Abu Dhabi.

Cyclists live life in the danger lane



ABU Dhabi // Cycling through the streets of Abu Dhabi is not for the faint-hearted. Without designated bike lanes, cyclists are forced to risk sharing the roads with drivers or ride on footpaths - if there are any. But city cyclists have not been able to agree on how to improve a situation in which they are hemmed in by roads and traffic policies and treated with contempt by motorists. There are two types of cyclists in Abu Dhabi, said Martyn White, a member of a group of cyclists who head off every Friday at 5am and cycle up to 120km. There are people like himself, for whom cycling is a serious activity in which all safety precautions are taken and every law of the road obeyed. Mr White said there was another group who loaded their bikes with boxes, obstructing their vision. These riders had no respect for the road, he said, often riding against traffic and turning without signalling. The only designated bicycle lane is along the Corniche. "The Corniche is not good enough," Mr White said. "The bike lane there is always covered in fallen branches and other debris. And it's not very long. And you have to share it with joggers. "We go out at 5am because any later and there is simply no way around Abu Dhabi - nowhere safe, anyway." Those who use bikes for transport, as an alternative to the car, also do not have anywhere to ride. A cycling network has been proposed in Abu Dhabi's 2030 Urban Structure Framework Plan, to be extended through Al Ain and Al Gharbia. Guidelines for a new street network in Abu Dhabi, being developed by the Urban Planning Council (UPC) and the Department of Transport, have included a cycle path network. "Cycling is a practical mode of transport for medium-distance trips," Fouad Kassem, the public affairs manager for the UPC, said. "The capital city district will incorporate a substantial and connected cycling network. It is important to develop an initial practical network of safe bicycle routes before cycling is promoted." Mr White was not convinced lanes would greatly improve the situation for cyclists. "I've been here since 1992 and trust me, you will never change the attitude of the drivers here," he said. "You will never get them to respect cyclists. You can't even get them to respect the speed limit. I applaud anyone who wants to try. "The roads are already so congested, I don't think a bike lane would be too safe. There's probably a better chance at pushing for a bus lane." Sahar Kn uses his bicycle to deliver fruit to his customers in Abu Dhabi. "Thank goodness I have not been in an accident. Drivers don't respect bikers," Mr Kn said. "It is not safe here. I don't go too far when I am delivering because it is difficult. Too many cars. "We need bike lanes, that would make it safer. If it was safer, more people would bike." Jarjeet Kumar's bicycle is a rusted military green which has clearly seen better days. When asked about how he finds cycling on the streets of Abu Dhabi, Mr Kumar misunderstands and begins to apologise profusely, explaining that he had heard cycling was illegal but he was only bringing lunch back to the laundry shop where he works. He will not cycle again, he says sincerely. While it is in fact illegal to cycle through the city's parks - a measure to protect park flora and fauna - Mr Kumar's reaction speaks volumes about the attitude towards cyclists in Abu Dhabi. In June police confiscated 104 bicycles to try to reduce the number of traffic accidents. At the time, Col Hamad Adil al Shamsi, the director of the traffic and patrol division of Abu Dhabi Police, said the decision to confiscate came after an analysis of serious road accident causes. Campaigns were in the works, Col Shamsi said, to urge road users to become more aware of other vehicles. jhume@thenational.ae

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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Oppenheimer
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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.”

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

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