The symposium will emphasise the need for more common spaces where people can gather.
The symposium will emphasise the need for more common spaces where people can gather.

UAE urged to build 'liveable' places



The UAE has constructed impressive buildings and roads but not built enough liveable spaces. That is the message a consultancy wants to deliver during an urban planning conference in the capital July 26. The Department of Municipal Affairs and other Government entities will attend the seminar on "place making" - creating attractive public places that people will enjoy.

Place Partners, an Australian consultancy firm, is hosting the event. "It's a certain attention to detail to usability, approachability, livability, and if you look at places in Abu Dhabi they are not all that pedestrian friendly," said Geoffrey Batzel, a planner with KEO International. "There are places where the curbs aren't the same level, cars strewn all over the place, no shade where you need it. Those places aren't approachable or friendly. What's approachable is maybe the Corniche or the parks, which are just a lot better put together, a lot more attention to detail."

Mr Batzel said large parts of Abu Dhabi needed a facelift. "You look at Mohammed bin Zayed City, Khalifa City B, Khalifa City A, there are moves afoot to basically add parks, add mosques, local retail, put in streetlights, a streetscape to what's just a patch of pavement now," he said. The municipality and government agencies have recognised that those details make far better homes, Mr Batzel said.

Place Partners co-founder Kylie Legge cited Al Shindagha in Dubai as an example of an old town that attracted residents because it had ample shade and allowed for cooling air movement. She said western-style plazas and piazzas were ill-suited to the climate in the Middle East. "In the Middle East, place making is more important because you've got an existing culture that doesn't rely on a built environment for its culture, but is more about community and relationships," she said.

Place Partners is working with Al Ain Municipality and last year shared research from more than 800 surveys with the Urban Planning Council. They showed that Emiratis preferred traditional government housing over European designs, Ms Legge said. Residents said the older housing allowed residents to easily walk to mosques, which was "an important part of socialisation and family life". Bringing life back into the cities is the objective of place making, said Talal Abdulla al Salmani, Al Ain Municipality's director of urban planning. By better understanding what makes a neighborhood appealing, he said, the city can "meet the needs and desires of residents".

Greg Bargull, who will speak at the seminar on Yas Island as a representative of the Tourism Development and Investment Company, said it was important to the master developer to create 27 square kilometres of space where people would want to live, work and play. "Everyone knows those museums - the Zayed National Museum, the Guggenheim Abu Dhabi, the Louvre Abu Dhabi - everyone knows they're coming into place," said Mr Bargull, the development manager for Saadiyat Island. "But it's not just about museums."

The development also will feature a marina and other amenities. "In the end, we want to make sure we're creating a destination people will want to go to," Mr Bargull said. About 60 people are expected to participate in the seminar, which will be held at the Radisson Blu hotel. @Email:mkwong@thenational.ae

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books

Klopp at the Kop

Matches 68; Wins 35; Draws 19; Losses 14; Goals For 133; Goals Against 82

  • Eighth place in Premier League in 2015/16
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The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre

 

 

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Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
TEST SQUADS

Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.

Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.

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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