Hundreds of motorcycles and bikes are seized by Sharjah Police. Courtesy Sharjah Police
Hundreds of motorcycles and bikes are seized by Sharjah Police. Courtesy Sharjah Police

Transport

Cars and bikes seized in Abu Dhabi and Sharjah

Abu Dhabi Municipality issued almost 750 warnings during inspections

The National

September 15, 2018

Almost 250 cars were removed from roads in Mussaffah and more than 700 warnings handed out during inspections.

Organised by the industrial area’s municipal centre and Abu Dhabi Municipality, the inspections targeted abandoned vehicles, street vendors and building offences — such as improper storage of building materials or poorly maintained buildings.

Some 742 warnings were issued to unlicensed street vendors and 242 cars were removed from Mussaffah and taken to the impound lot because they “mar the public appearance of the city”, the municipality said.

Building waste from 23 areas in Mussaffah were also removed.

UAE Law No (2) for 2012 calls for the protection of public appearance, public health and tranquillity in Abu Dhabi and the Executive Regulation.

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Under this law, owners of abandoned vehicles will be issued a warning that expires in three days from the date of affixing notices on car windows. If the car is not removed by the end of deadline, the car will be impounded and its owner fined Dh3,000.

The Municipality also serves landlords warnings if their buildings do not meet safety standards.

In a similar drive, Sharjah Police confiscated more than 400 motorbikes in one day, the force said on Saturday.

The 435 unlicensed motorcycles were deemed dangerous and their seizure was part of efforts to reduce accidents in the emirate.

Maj Mohammed Al Shehhi, head of the traffic control department, called on motorcyclists to drive carefully and ensure their vehicles are licensed. He also reminded bicycle owners to wear reflective vests and helmets when cycling.

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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.”

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