People biking on Corniche to keep healthy life in their busy schedule in Abu Dhabi. Ravindranath K / The National
People biking on Corniche to keep healthy life in their busy schedule in Abu Dhabi. Ravindranath K / The National

Making our city more walkable



The mayor of Oklahoma City, Mick Cornett, discussed at Daman's Creating Health Communities conference in Abu Dhabi this week his city's journey to collectively losing a million pounds (450,000kg), which began at the end of 2007 after the city was ranked among the most obese cities in the United States. He said that the secret behind such notable success is that the city invested in redesigning its infrastructure in a way that nudged people towards a healthier and more active lifestyle.

And this is what Abu Dhabi can learn from to address our lifestyle-related national health issues, including obesity and diabetes. As Mr Cornett rightly said, Abu Dhabi and Oklahoma City have many things in common. Both cities have experienced rapid development as a result of commodity-based economies with a focus on oil and other natural resources. Both cities are also spread out and have very wide streets and large highways. We can follow Oklahoma City’s step in making its streets more walkable and pedestrian-friendly by adding more pavements to connect neighbourhoods to parks, schools, work places and shopping malls. In busy areas, particularity in the city centre, we should make more efforts to prioritise people above cars to not just encourage people to walk but also to ease congestion.

When it comes to summer’s hot weather, Mr Cornett suggested an innovative solution: we can design readily available access to air-conditioned venues to reduce the strain of heat for those who choose to walk. Nowadays, many of those who want to incorporate walking in their lifestyle have to go to a shopping mall to find that. Why not make it easier for them? Making a shift in culture requires innovation and creativity.

More focus must also be put on creating awareness about the importance of leading a healthy lifestyle on the the physical and psychological well-being. Walking does not only solve many health issues, but also makes it possible to recover the pure sensation of being and rediscover the little things in our surroundings.

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The specs

Engine: 1.5-litre turbo

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What can you do?

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Profile of Bitex UAE

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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.”

Frankenstein in Baghdad
Ahmed Saadawi
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FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

MATCH INFO

Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)

Arsenal win 5-4 on penalties

Man of the Match: Ainsley Maitland-Niles (Arsenal)