Sharif Jaman says business at the Stop and Buy store suffered during the Green Line's construction. But that, he says, is about to change.
Sharif Jaman says business at the Stop and Buy store suffered during the Green Line's construction. But that, he says, is about to change.

Dubai Metro's Green Line has a golden lining



DUBAI // When construction began on Salah Al Din Metro station two years ago, the Stop and Buy convenience store lost a lot of business.

As work progressed, the store became increasingly obscured to potential customers by the five-metre-high station entrance that was taking shape, towering over it.

But now with the Metro's Green Line opening within days - and with it Salah Al Din station - the shopkeeper Sharif Jaman, 35, from Bangladesh, is stocking up for what he hopes will be a rush of customers.

"The store suffered for two years from when the construction began," Mr Jaman says. "The parking was removed for the Metro's construction, and when the station got higher and higher, people couldn't see the store any more from the street. Business really went down.

"But now I am very excited because we are the closest store to the station. When people come off the Metro they will see us. If just 500 people from the thousands who will use the station every day come into the store, we will be very busy again."

The expected increase in sales is not the only reason Mr Jaman is pleased about the opening of the Green Line.

"To get to work from my home near the Creek now, I have to take the bus, which takes a long time," he says. But thanks to the new line, "I can take the Metro all the way from my home to work. It will be much faster. In every way, I am very happy about the Green Line opening."

Josephine Malla, 24, a Filipina cashier, is also looking forward to using the new route, as it will slash the hour-long commute from her home in Deira City Centre to her workplace, The Gift Village, which is near the Salah Al Din station.

"Of course, I am very excited," she said. "I wait sometimes 45 minutes for the bus in the sun. This will save me almost two hours every day going back and forth from home to work. I have waited a long time for this."

Many residents, workers and business owners along the Green Line's route, which runs from the Creek past the Palm Deira and the Airport Free Zone to Etisalat, stopping at 20 stations, were pleased about the opening. But some said that even with both the Red and Green lines in operation, the Metro would still not cover the entire city.

"I live in Wahidiya and work at Reef Mall," said Yasser Amin, 29, an employee of the Emirates Driving Institute.

"To get to work from my home, I would have to take two buses, so it's just not feasible for me. So I drive. The Red and Green lines don't run near my home and I don't want to waste my time waiting on buses. So until another Metro line opens up near where I live, I will just keep on driving my car."

Yeleni Bobelena, from Russia, does not drive or take buses. She prefers taxis. But after learning the Green Line would begin operation in early September, she invested in a Nol card.

"I take taxis everywhere most of the time," she said. "They are convenient and private, but expensive. But now that the Green Line is opening I will begin using it to get from my home to Mall of the Emirates or Dubai Mall. Instead of paying Dh60 each way, I will pay much less by taking the Metro. That would make me very happy."

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Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

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  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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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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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.