Dubai Completes Al Khail Road Development Project: Five New Bridges and Wider Roads to Ease Traffic

Dubai Completes Al Khail Road Development Project: Five New Bridges and Wider Roads to Ease Traffic

The Roads and Transport Authority (RTA) of Dubai has announced the successful completion of the Al Khail Road Development Project. This ambitious initiative includes the construction of five new bridges and the widening of roads over a total length of 6,820 metres, aimed at alleviating traffic congestion in the emirate.

Key Enhancements to Al Khail Road

The project focused on enhancing seven critical areas along Al Khail Road: Al Jaddaf, Business Bay, Zabeel, Meydan, Al Quoz 1, Ghadeer Al Tair, and Jumeirah Village Circle. This road serves as a vital corridor, linking major highways such as Sheikh Zayed Road, Sheikh Mohammed bin Zayed Road, and Emirates Road. Al Khail Road itself stretches from Business Bay Crossing to its intersection with Sheikh Mohammed bin Zayed Road, consisting of five lanes in each direction and expanding to over six lanes in certain sections.

With an estimated capacity to serve around 1.5 million residents, the development has resulted in a remarkable 30% reduction in travel time and can now accommodate approximately 19,600 vehicles per hour. The enhancements have effectively eliminated traffic bottlenecks at key interchanges, ensuring a smoother and more efficient flow of vehicles.

Details of the New Infrastructure

The project included the following significant developments:

Zabeel: A 700-metre, three-lane bridge was constructed, capable of handling up to 4,800 vehicles per hour. This bridge connects Oud Metha Street and Financial Centre Street to Al Khail Road, facilitating traffic towards Jebel Ali.

Meydan: A 610-metre, two-lane bridge was built, accommodating up to 3,200 vehicles per hour. This bridge links Al Meydan Road to Al Khail Road, enhancing traffic movement toward Deira. An additional 1,550 metres of surface road improvements were made to facilitate connectivity to Ras Al Khor Street.

Al Quoz 1: A 650-metre, two-lane bridge with a capacity for 3,200 vehicles per hour connects Al Meydan Road and Al Waha Street, while 2,170 metres of surface road improvements link Al Khail Road to Al Waha Street and Latifa Bint Hamdan Street.

Ghadeer Al Tair: A two-lane, 640-metre bridge was constructed, also serving 3,200 vehicles per hour. This bridge links Latifa Bint Hamdan Street to Al Khail Road toward Deira, with an additional 1,350 metres of road enhancements to improve traffic flow.

Jumeirah Village Circle: A 700-metre, two-lane bridge connects Hessa Street and Al Khamila Street, accommodating 3,200 vehicles per hour. Surface road improvements of 900 metres were also made to link traffic from Jumeirah Village Circle to Al Khail Road.

Al Jaddaf: A new lane was added over 600 metres, increasing capacity by approximately 2,000 vehicles per hour between Oud Metha Street and Financial Centre Street.

Business Bay: An additional 435-metre lane was introduced to improve traffic flow into the Business Bay area from Al Khail Road, enhancing road safety in this sector.

The completion of the Al Khail Road Development Project represents a significant step toward improving Dubai’s transportation infrastructure and enhancing the overall driving experience for residents and visitors alike.

 

 

 

 

 

LuLu Group International to Launch 25% Share IPO on Abu Dhabi Securities Exchange

In a landmark move, UAE retail powerhouse LuLu Group International announced on October 21 that it will offer 25% of its shares in an initial public offering (IPO), set to be listed on the Abu Dhabi Securities Exchange (ADX).

The hypermarket chain operator aims to sell a total of 2,582,226,338 shares, each with a nominal value of Dirham 0.051. The IPO will be conducted in three tranches, with subscription starting on October 28 and closing on November 5, 2024. The offering is open to UAE retail investors, employees, institutional investors, and eligible senior executives.

Book Building Process and Dividend Strategy

The final offer price will be determined through a book building process, with trading expected to commence on the ADX around November 14. LuLu Group anticipates a total dividend payout ratio of 75% of annual distributable profits after tax, distributed semi-annually. The company plans to issue dividends for the six months ending December 31, 2024, in the first half of 2025.

Leadership Remarks and Company Growth

M A Yusuffali, founder and Chairman of LuLu Group, expressed pride in the IPO announcement, highlighting the company’s position as the largest full-line retailer across the GCC. Since its founding in 1972, LuLu Group has expanded to over 240 stores in six GCC countries, exceeding its own growth expectations.

“We’re eager to welcome new shareholders to LuLu and share our passion for the company and our excitement for future endeavors,” Yusuffali stated.

Saifee Rupawala, CEO of LuLu Retail, emphasized the brand’s strong presence in the GCC retail market, noting, “Our scale is matched by a proven track record of substantial revenue growth, attractive profit margins, and a focused growth strategy.” He added that LuLu Group is committed to enhancing value from existing stores, expanding its network, improving operational efficiencies, and growing its high-value private label and loyalty programs.

With the GCC retail sector poised to present a $100 billion market opportunity over the next five years, Rupawala expressed confidence in LuLu’s potential, particularly in the Saudi Arabian market, stating, “We are certain that LuLu will continue to be the go-to destination for shoppers worldwide.”

President Sheikh Mohamed meets with Vladimir Putin During Official Russia Visit

President Sheikh Mohamed arrived in Moscow on Sunday for an official visit aimed at enhancing the longstanding relationship between the UAE and Russia. His visit includes high-level discussions with President Vladimir Putin, who hosted a special dinner in his honor at his official residence that evening.

During the dinner, Sheikh Mohamed expressed gratitude to President Putin for his dedication to strengthening UAE-Russian relations. In return, Putin emphasized the importance of furthering bilateral ties, as reported by state news agency WAM.

Upon his arrival at Vnukovo International Airport, Sheikh Mohamed received an official reception, complete with a guard of honor and the playing of both countries’ national anthems.

Delegation and Agenda

Sheikh Mohamed’s delegation is notable, comprising key figures such as:

  • Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs
  • Sheikh Hamdan bin Mohamed, Deputy Chairman of the Presidential Court for Special Affairs
  • Sheikh Mohammed bin Hamad, Adviser for Special Affairs at the Presidential Court
  • Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology
  • Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade
  • Ahmed Al Sayegh, Minister of State

On Monday, Sheikh Mohamed and President Putin will engage in discussions aimed at bolstering cooperation across various sectors, including economy, trade, investment, and energy. Their talks are part of the strategic partnership between the two nations, and they will also address regional and international issues of mutual interest.

Previous Engagements and BRICS Summit Participation

This meeting follows Sheikh Mohamed’s prior engagements with Putin, including a state visit to the Emirates in December, where they discussed issues such as the conflicts in Gaza and Ukraine. The two leaders also met in St. Petersburg during Sheikh Mohamed’s working visit to Russia last June.

Notably, the UAE has become Russia’s largest trading partner in the Gulf, accounting for 55% of total Russian-Gulf trade. During this visit, Sheikh Mohamed will also participate in the 16th BRICS summit, held in Kazan from October 22 to 24. This marks the UAE’s inaugural participation in the summit as a member, having joined the bloc, which initially consisted of Brazil, Russia, India, China, and South Africa, in January 2024.

Sheikh Mohamed’s visit underscores the UAE’s commitment to fostering strong ties with Russia, highlighting the importance of collaboration in various sectors to support mutual interests.