On Tuesday, residents of Al Aneeqa Tower in Sharjah spent the night in cars and hotels after a fire in their building. Tenants blamed the damage to their property first on the blaze, but also on the delayed arrival of Civil Defence teams, faulty equipment and a shoddy alarm system.
For the residents at Al Aneeqa this was no doubt a week to forget. Slow response times and poor safety gear conspired to allow a preventable fire to grow out of control. But for the rest of us, Al Aneeqa must be a fire to learn from.
Even some of the most modern dwellings in the country still suffer from a lack of fire preparedness. Last month hundreds of families, and NYU Abu Dhabi students and staff, were forced to evacuate Sama Tower in the capital after an electrical fire. Residents on top floors later said they were never given the evacuation order, while others heard the alarm more than an hour after it first sounded. Some were even forced to escape through smoke-filled stairways, raising serious questions about fire doors and other safety measures.
Fires are a fact of urban living; no matter how hard authorities work blazes will continue to take lives and consume property. But the risks can be reduced though better building codes, capable rescue operations and a savvy public. On all of these counts the UAE can do better.
For the Government, inspection campaigns and new, enforceable fire codes are one way to ensure residential dwellings are up to standard. In recent years the risk of fire has been higher in older buildings, while newer one have been required to comply with safety standards before authorities issue a certificate of completion. But as the fire at Sama shows, the work is unfinished.
Yet authorities can only do so much. Building owners also have a responsibility not to cut corners, keep fire doors and stairwells free of clutter, frequently test alarm systems, and take other measures.
In the end, though, safety is everyone's responsibility. The fact that many residents seem not to be taking the issue of fire safety seriously remains the more insidious challenge. When was the last time you checked your fire extinguisher, for example? Do you even have one?
Now might be a good time to go check.
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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