This conceptual design file rendering provided by SpaceX shows a Hyperloop passenger transport capsule within a tube that would zoom passenger capsules through elevated tubes. Phil Larsen / SpaceX via AP
This conceptual design file rendering provided by SpaceX shows a Hyperloop passenger transport capsule within a tube that would zoom passenger capsules through elevated tubes. Phil Larsen / SpaceX viaShow more

High hopes UAE among early adopters of Hyperloop transport system



Rob Lloyd, the chief executive of Hyperloop Technologies, has said that he hopes the UAE will be one of the early adopters to embrace its ultra-fast transport system.

Hyperloop is a tube-based transportation system cur­rently under development that can move containers or up to 40 people in a single capsule at speeds of up to 1,100 kilometres per hour, which could potentially cut journey times between Abu Dhabi and Dubai to 15 minutes.

Although he declined to discuss conversations with individual customers, Mr Lloyd said on the sidelines of Middle East Rail that he “would expect the history of innovation in this region could make Dubai and the UAE one of the first places where the Hyperloop comes into production”.

“Our goal in the next few years is to select the top three projects in the world where we can build the Hyperloop, where we can demonstrate its capabilities and we will be working with innovative companies, regulators and governments to try to make that a reality,” Mr Lloyd said. “Our dream would be that it happens here and we will see if we can make that dream come true.”

Mr Lloyd described Hyperloop as “the new broadband for transportation”. It can be used to shuttle people across cities – from one airport to another, say – within minutes. It could also be deployed at existing ports to quickly shift containers enclosed within tubes from shoreline to a “dry port” for customs clearance 80 kilometres inland, freeing up shoreline real estate for more valuable uses.

“None of what I have described requires any new science. It can all be built today,” argued Mr Lloyd.

US-based Hyperloop Technologies has already raised $100 million in venture funding, which it has used to acquire a 50-acre site in north Las Vegas, where a 3km-long test facility is under construction using 11.5ft-diameter steel tubes. Mr Lloyd said it has received interest from around the world, but would focus on an initial three projects – all of which would be freight-based. He expects contracts for the first of these to be agreed either this year or next, with civil and construction work starting in 2017 for delivery by 2020-21.

“Typically, it takes more than a decade to do high-speed rail. This can be done much more quickly,” he said.

The senior executive vice president of Siemens’ Middle East mobility division, Joerg Scheifler, said that more forms of public transport are needed given the massive predicted rise in urbanisation and travel both within and between cities. He said that transport use is forecast to grow from 22.8 trillion person kilometres in 2010 to 49 trillion by 2050, with the biggest growth expected in individual car transportation. He added that Dubai already has considerably higher commute times than average at 105 minutes per person per day, compared with just 45 minutes in London and 36 minutes in Singapore.

“Something needs to be done. [We need to] move away from individual transport to public transport. Make public transport as attractive as possible.”

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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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The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

COMPANY%20PROFILE
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About Housecall

Date started: July 2020

Founders: Omar and Humaid Alzaabi

Based: Abu Dhabi

Sector: HealthTech

# of staff: 10

Funding to date: Self-funded

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.9-litre%20twin-turbo%20V8%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E620hp%20from%205%2C750-7%2C500rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E760Nm%20from%203%2C000-5%2C750rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1.05%20million%20(%24286%2C000)%3C%2Fp%3E%0A
The specs: 2018 Mitsubishi Eclipse Cross

Price, base / as tested: Dh101,140 / Dh113,800


Engine: Turbocharged 1.5-litre four-cylinder


Power: 148hp @ 5,500rpm


Torque: 250Nm @ 2,000rpm


Transmission: Eight-speed CVT


Fuel consumption, combined: 7.0L / 100km

Company%20profile
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The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

COMPANY%20PROFILE
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The biog

Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.

His advice to anyone starting out in business is to have no fear as life is about taking on challenges.

“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.

"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”

Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.

He relaxes by spending time with his family at home, and enjoying his wife’s India cooking. 

The specs

Engine: 3.8-litre V6

Power: 295hp at 6,000rpm

Torque: 355Nm at 5,200rpm

Transmission: 8-speed auto

Fuel consumption: 10.7L/100km

Price: Dh179,999-plus

On sale: now 

Company%20Profile
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RESULTS

 

Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)

Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke

Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)

Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke

Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)

Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO

Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision

Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke

Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)

Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke

Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO

Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision

2019 Asian Cup final

Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi