DUBAI // Police are stepping up patrols around the emirate ahead of the Eid Al Adha holidays.
More than 500 patrols will take to the roads this week, said Dubai Police chief Maj Gen Khamis Al Muzeina.
Female officers will also be on duty in areas where there is a high number of women, such as in the parks.
There will be 216 patrols by Criminal Investigation Department officers and another 167 by plain-clothed officers.
Maj Gen Khalil Al Mansouri, head of CID, said a mobile police station will also move around tourist areas.
He urged visitors and residents to abide by the law and not leave belongings unattended on beaches. Residents heading overseas can register their villas with the security housing programme.
Col Jamal Al Bannai, acting director of the General Department of Traffic at Dubai Police, said 189 patrol cars will manage traffic near markets and congestion hotspots.
Police patrols will cover highways including Sheikh Mohammed bin Zayed Road, Sheikh Zayed Road, Emirates Road, the Dubai-Al Ain Road, Ras Al Khor, and Al Khawaneej.
Officers will also be monitoring residential areas and mosques.
Col Al Bannai said jaywalking would not be tolerated.
“The traffic department will double its efforts during the Eid Al Adha holiday to ensure everyone’s safety,” he said.
“We hope that everything will run smoothly over this period and that there will be a decrease in road incidents.”
Isnad teams, special police units that target reckless driving in Dubai, will also be dispatched during Eid.
Col Al Bannai reminded motorists to be careful and to avoid speeding, reckless driving and overtaking on the hard shoulder.
The emirate’s safety measures also extend beyond land, with 70 divers, 23 rescue boats and 72 police jet-skis at the ready.
Maj Ali Al Naqbi, director of the Maritime Rescue Department, said all units would be on high alert over the holiday period.
Maj Al Naqbi also warned people against entering the sea if they see the red warning flag flying.
Even if the weather is calm, residents should not swim more than 300 to 500 metres from the shoreline.
Other emirates will also be enforcing extra security measures during Eid.
Brig Mohammed Ahmed bin Ghanim Al Kaabi, Fujairah Police chief, said additional security and traffic patrols will be on duty.
“We will also focus on tourist places, where many people frequent during the holidays,” he said.
Brig Al Kaabi urged that motorists drive carefully.
The Eid Al Adha break for staff at government ministries and federal organisations will start on Wednesday. Work will resume on Sunday.
Private sector workers start their holiday on Wednesday and return on Saturday.
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Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
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Dream interviewee - Che Guevara
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Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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So what is Spicy Chickenjoy?
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
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6027 – Dh 100
6026 – Dh 200
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The rules on fostering in the UAE
A foster couple or family must:
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Education: UAE University, Al Ain
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Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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.”