DUBAI // A pilot project that will link Ajman with Dubai using water taxis is expected to begin by the middle of next year.
The announcement follows the signing of an agreement between Ajman Municipality and the Dubai Roads and Transport Authority (RTA). Specifics on the project to connect the two emirates, and how the plan will be implemented, will be announced soon, said Mohammed al Muhairi, the director of the municipality's planning and survey department.
The municipality has previously announced that the service would cost Dh30 million (US$8.2m) and begin with the launch of 10 air-conditioned boats that will ferry as many as 30 passengers each between 17 stations for a Dh10 fare. The department has submitted a request to the RTA to study the project. According to the RTA's marine agency, 10,884,007 passengers were transported during 621,082 trips on water buses, motorised and rowing abras in the emirate between the months of January and August.
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”