UAE President orders multimillion-dirham development project



ABU DHABI // Dams, roads, power supplies and improved health care are among a Dh229 million package of projects decreed for the Northern Emirates by the President, Sheikh Khalifa.

The works in Fujairah, Umm Al Quwain and Sharjah have been planned to boost the economies of the emirates and provide better quality of life for their citizens.

A meeting of the committee set up to implement Sheikh Khalifa’s directives has met to review the developments, under its chairman Ahmed Al Zaabi, Deputy Minister of Presidential Affairs.

For Fujairah, they include building and maintaining two dams and five flood-protection barriers in the Sakamkam Basin, a Dh42m project that will take 12 months to complete.

Mr Al Zaabi said the area was subject to frequent flooding, threatening homes and farms.

The committee will also develop an upper junction of Yabsa Bypass, close to Fujairah Port, to ease traffic congestion. It will cost Dh40m.

Saeed Al Shehhi, 31, uses the bypass each weekend when he travels home to his family in Khor Fakkan.

“The only way to get to Khor Fakkan is through this road that leads to Fujairah,” Mr Al Shehhi said.

“It is the only basic road that takes us from Fujairah to Abu Dhabi and Dubai. The road is unusable but we have no other choice. It is a two-way road without curbs, and cars surprise us.

“It is broken down in certain areas and filled with sand. Any car driving past gets dirty with the sand.”

In UAQ, the committee will replace part of the overhead line from the main power station with a 9.2-kilometre underground line in Sheikh Mohammed bin Zayed Street, costing Dh60m. It is scheduled to be finished in 18 months.

Dh46m has been set aside to build and maintain Sheikh Ahmed bin Rashid Road, which will connect the existing Ahmed bin Rashid Road to Al Ittihad Street.

Ahmed Al Ali, 35, drives from Abu Dhabi to UAQ almost every week and describes the road as very dangerous.

“We are used to it but others might find the need to be more careful on the road,” Mr Al Ali said.

He said the road had more than seven U-turns, causing sudden stops, and there was no shoulder lane for emergencies.

Another problem is the lack of drains, allowing water to pool on the sides of the road and create a traffic hazard.

“It is risky and dangerous,” Mr Al Ali said. “There are also no speed bumps, traffic lights or radars, which means people are able to speed freely.”

He praised the project and said he hoped shops would be set up in the area.

“There should be development – a complex or coffee shops – so it would be in a better state.”

Finally, Sharjah’s health care will be boosted with medical equipment the committee will provide to Al Qassimi Hospital.

Mr Al Zaabi said it would increase the hospital’s efficiency and ability to provide high-quality health services.

aalkhoori@thenational.ae

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Young women have more “financial grit”, but fall behind on investing

In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.

While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.

In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all). 

“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”

Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.

"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."

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