ABU DHABI // If all goes according to plan, the future of Abu Dhabi looks bright - and green.
Having evolved from a desert settlement to a bustling, modern capital city in a matter of decades, Abu Dhabi has assembled an all-star team of planners, designers and architects to devise what may be the most ambitious development plan in the world.
"Abu Dhabi is a key player in the world. We want the city to be sustainable and we have an advantage over all the others," said Falah al Ahbabi, general manager of the emirate's Urban Planning Council. "Other cities don't have the guts or the resources. We have both."
The goal is to bring Abu Dhabi into the 21st Century by shifting the focus from cars to people.
Abu Dhabi has followed what is known as the Vancouver Model, used in the design of the Canadian city. Public transport was expanded, and suburban sprawl was avoided through greater density in residential and office development; mixed-use areas were connected by linked parks and green belts, making walking more attractive and improving the beauty and comfort of public areas.
The vision for the capital's future is in Abu Dhabi Plan 2030. Finished late last year, it is intended to be the guiding light for all development. Its policies, guidelines and philosophies should touch every aspect of the city's growth, Mr Ahbabi said.
"As the Government, we developed the vision, we regulate, we put the policies in place, then we push out to the private sector," he said. "Once they've grabbed the opportunity, we help them execute the plans."
That way, he added, no new development can deviate from Plan 2030.
The impetus for the plan was the emirate's growing population, which is expected to reach 3.1 million by 2030, compared with 930,000 in 2007.
The World Wildlife Fund last year designated the UAE as the country whose residents consumed the most resources per capita. As one of the youngest - and richest - countries in the world, the nation is in the unique position, Mr Ahbabi said, to learn the lessons of other cities and design for the future using best practices from around the world.
Larry Beasley, a high-profile Canadian urban planner and the brains behind the Vancouver Model, was lured out of retirement to head the design team for Abu Dhabi.
"The Vancouver Model is a manifestation of what people understand as the contemporary approach to the modern, sustainable city," Mr Beasley said. "Abu Dhabi's leadership... want to create a liveable city, and if you leave it to chance, you won't get a liveable city."
The plan deals with each component of the city separately, with relevant professionals contributing to their area of expertise.
Making public transit an alternative to private vehicles is one of the most important ways to make Abu Dhabi more people-friendly, Mr Beasley said.
The plan envisions a comprehensive public transport network, comprising two high-capacity metro lines, high-speed rail, local trolleys and a ferry route. Its designers hope that the added transportation alternatives would greatly reduce traffic congestion, although there is no estimate yet of how many vehicles the plan would take off the streets.
Making the city more enjoyable means public areas are not only more attractive but also more usable, Mr Beasley said.
"Architectural practice has not focused on the public realm," he said. "You have to have policies that drive the shaping and development of the public realm and focus on people. It's called experiential planning."
One test of a successful city, Mr Beasley said, was whether young children could play in the streets on their own. "If they can play comfortably on their own, if it works for them, it works for everyone else."
One way to do that, and what worked in Vancouver, is to design parts of the city for mixed primary uses. In a mixed-use area, residential, commercial, offices, schools and small businesses are established close enough to each other to be accessible on foot. Thus the streets would always be busy, Mr Beasley said, making them safe for children. Plan 2030 also calls for creating a park network - ranging from large natural parks, to sand belts, to community parks and gardens.
The idea, Mr Ahbabi said, was to maintain the traditional Emirati identity - based largely on privacy in the home - while developing a world standard for quality of living.
Saving energy is another major component of Plan 2030.
"It's hot here. Fine," Mr Ahbabi said. "But we shouldn't ignore saving power, water... How much we save is all based on human knowledge. We can design the city in such a way that we save [resources] for the next generation."
All guidelines, policies, documents and methods for the execution of Plan 2030 will be finished by the end of the year. The challenge is to change the behaviour and the attitudes of Abu Dhabi's people, Mr Ahbabi said.
@Email:jhume@thenational.ae
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.”
How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
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