New road signage on Sheikh Zayed Road, heading towards Dubai.
New road signage on Sheikh Zayed Road, heading towards Dubai.

New signs baffle Dubai drivers



Dubai // It was created to bring Dubai's road maps into the modern age, but the first phase of implementing the new system of street names has confused motorists and even caused a few road accidents. Signs along Sheikh Zayed Road, the city's main thoroughfare, which previously displayed the names of well-known areas such as Umm Suqeim, Al Safa and Jumeirah, have been replaced by boards directing traffic to the areas' main arterial roads, some of which have been given new names.

The Roads and Transport Authority (RTA) recently started altering road signs in line with the new system that will eventually allocate every street a unique name instead of a number. Many motorists on Sheikh Zayed Road have been baffled by the new signs. Their confusion has been compounded by the fact that several of the road names on them have only just been created under the new addressing regime.

The RTA says the changes are in line with global standards and should not cause confusion for long, as motorists will soon get used to them. The signs at exit 43, which indicated Umm Suqeim, now direct drivers to Al Manara Road, and exit 47, which leads to the Al Safa and Al Wasl districts, is now signposted Meydan Road and Al Hadiqa Road. "The problem is nobody has heard of these roads unless they live there, so the signs are completely meaningless," said James Stewart, 31, a recruitment consultant.

"I nearly collided with another car the other day when I was trying to decipher these signs to find my exit. I was trying to get to my friend's house in Jumeirah 3 and I'd been told to follow signs from Sheikh Zayed Road to Safa Park, but instead I just saw signs to these places I'd never come across before. I was so busy studying the signs I nearly crashed into a car in front of me, which looked like it was having the same problem. I ended up missing my turning and had to pull in and phone my friend for directions - it was very inconvenient but I guess it will be OK once people are used to it."

Steven Khan, 45, who runs an irrigation business, said he suffered a minor whiplash injury when he hit another vehicle as he craned his neck to read the new sign to Al Hajar Road at exit 46. "It was terrible," Mr Khan said. "I was heading to a dental appointment on Jumeirah Beach Road and looking for my exit. When I saw this sign to Al Hajar Road I was convinced I'd missed my turning or something, so I slowed a bit and was looking around and before I knew it 'bang' I crashed into the car in front of me.

"Luckily it wasn't very serious, but I got a bit of a whiplash in my neck from the impact." Jane Sankar, 44, a resident of Al Safa, said she had noticed traffic slowing down on the approach to the new signs on several occasions. "More than before I see cars slowing down on Sheikh Zayed Road in those areas, I think because they're probably confused by the signs," she said. "I think it's great what the RTA is doing though - the new address system is definitely necessary, and if that means changing some road signs, then so be it."

The RTA believes the new road signs format and addressing system - which are to be extended to the rest of the emirate over the next year - will make life a lot easier for residents and motorists. The authority says the changes are to bring Dubai's roads in line with global standards Peyman Younes Parham, the RTA's director of communications, said: "The signs from main roads like Sheikh Zayed Road are being changed so that they point to the main arterial road in an area rather than the area itself. So for example there are now exit signs pointing to streets like Meydan Road and Al Hajar Road. It's a test phase being carried out between interchanges two and four and it's a very large operation to get all the different sign boards changed - production of the boards takes quite a long time.

"Whenever you introduce a new scheme like this in a test phase, there's always going to be some confusion because people are seeing it for the first time. I think drivers will get used to the changes pretty quickly." Dubai's new addressing system - which is undergoing a pilot testing in Jumeirah 3 - will replace the system of numbers for minor roads with unique street names. Dubai will also be divided into new zones, each including several districts. Details of the zones have not been released.

Signs with traditional street numbers in the test zone were replaced by road names at the beginning of last month, and literature explaining the changes was distributed to residents. The three-month pilot phase is designed to iron out any problems in the system before implementing it in the rest of the city. arichardson@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.”

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