DUBAI // Kingfield Owner Association Management Services, the building management company for The Torch, released an updated statement on Thursday in regards to the tower fire in Dubai Marina on February 21.
Here is the statement in full sent to The National by email:
● The Loss Adjuster and Oman Insurance are continuing with the inspection of affected apartments. All Owners and Tenants that will not be able to return to their apartments for the foreseeable future will be notified by the management.
● There are currently 4 low zone and 4 high zone lifts working. The 4 low zone lifts are working automatically while 1 high zone lift is operated automatically down to Basement 4, another high zone lift is expected to return to automatic operation by later on Thursday night and the remaining 2 high zone lifts are manually operated. KONE remains on site to bring all lifts back under normal operation.
● The rope access team has started onsite to commence with the removal of the remaining debris from the building façade. To ensure the safety of all pedestrians and residents during this process, the access roads directly outside the building are being closed in conjunction with Dubai Police and RTA. The next cleaning session is authorised to take place on Friday, 27 February between 1.30am–8.30am.
● The cause of the fire is yet to be determined. This will be addressed by the Dubai Civil Defence.
● All the elevation materials used for the construction of The Torch were approved by the authorities and the tower was built in complete compliance with relevant building codes. Approvals from relevant authorities were obtained prior to the completion certificate being issued by the authorities.
● Kingfield Owner Association Management Services has participated in various meetings with the Loss Adjuster and Oman Insurance and has compiled a set of guidelines to all Owners or Tenants of affected apartments which cannot be re-inhabited at this time and for the foreseeable future.
● Kingfield Owner Association Management Services continues to coordinate with the relevant contractors and authorities to bring the building back under normal operation as soon as possible.
● On behalf of the Owners and Tenants of The Torch, Kingfield Owner Association Management Services thanks the many neighbouring residents and businesses in Dubai Marina and other districts of Dubai for their continued support to residents of The Torch during this challenging period.
newsdesk@thenational.ae
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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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Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
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▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
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Source: Federal Office for the Protection of the Constitution
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