• Visitors to the Lowline in New York get a look into what the future holds for urbanisation. Courtesy of the Lowline
    Visitors to the Lowline in New York get a look into what the future holds for urbanisation. Courtesy of the Lowline
  • Visitors to the Lowline in New York get a look into what the future holds for urbanisation. Courtesy of the Lowline
    Visitors to the Lowline in New York get a look into what the future holds for urbanisation. Courtesy of the Lowline
  • Visitors to the Lowline in New York get a look into what the future holds for urbanisation. Courtesy of the Lowline
    Visitors to the Lowline in New York get a look into what the future holds for urbanisation. Courtesy of the Lowline
  • Visitors to the Lowline in New York get a look into what the future holds for urbanisation. Courtesy of the Lowline
    Visitors to the Lowline in New York get a look into what the future holds for urbanisation. Courtesy of the Lowline

Digging deep: is the future of green space underground?


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  • Arabic

As available land becomes more scarce, developers are looking at the space beneath our feet as an answer to the lack of green areas in urban centres. Most notably, New York has begun work on what many are calling the world’s first underground park. Called the Lowline this nod to the city’s above-ground High Line green space will look to turn the former Williamsburg Bridge trolley terminal, located on the Lower East Side of Manhattan, into a subterranean green space for residents and tourists.

The terminal, which opened in 1908 on Delancey Street, once helped to transport the residents of Manhattan from the Lower East Side to Brooklyn. It was closed to the public in 1948, and remained unused and forgotten until 2009, when James Ramsey, owner of the Lower East Side design firm Raad Studio, was introduced to the facility. He was so inspired by the historical space that he began looking at ways to grow plants there, using solar technology. He eventually teamed up with Dan Barasch of the tech think tank PopTech, and the idea for the Lowline was born.

Despite receiving an overwhelming response to both initial fundraising and multiple planning studies, the logistics of maintaining an underground park still needed to be addressed. To demonstrate how they would pull off growing grass and trees without direct sunlight, Ramsey and Barasch compiled an exhibition entitled Imagining the Lowline. A functioning, full-scale model of the solar technology, designed by Ramsey, was displayed in 2012 at a warehouse directly above the site.

The mechanics involve a remote skylight where sunlight passes through a glass shield placed above ground, directly over the Lowline. The captured sunlight is then directed underground through a helio tube, made from fibre-optic cable. At that point, a large dome reflects and distributes the channelled sunlight to help sustain the flora. Although the exhibition was temporary, the technology is now on public display at The Lowline Lab.

In keeping with the project’s ethos – one that looks to engage the surrounding community through programming and youth activities – the team also created the Young Designers Programme in 2013.

The summer-long education initiative worked with young people interested in science, technology, engineering, art and maths. Attendees were given the opportunity to have their say in the kind of public space they would like the Lowline to become. Many of these projects went on to be displayed at the Mark Miller Gallery in 2014 and again in March last year.

Though plans were officially given the green light by New York officials in July, the Lowline team still needs to raise more funds, plus finalise and submit detailed plans for further approval during the next 12 months, before construction can commence. In the meantime, residents and tourists can still enjoy The Lowline Lab, which is open until March next year, located two blocks from the proposed Lowline site.

This free community is home to more than 70 species of plants, all of which are sustained by natural and artificial light, and plays host to various cultural and community events. It’s open to the public and has attracted more than 60,000 visitors to date.

It’s well worth a visit, and will help you imagine what future green spaces may look like in an increasingly urbanised world.

alane@thenational.ae

21 Lessons for the 21st Century

Yuval Noah Harari, Jonathan Cape
 

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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.”

WRESTLING HIGHLIGHTS
THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

RESULTS

Tottenham 1

Jan Vertonghen 13'

Norwich 1

Josip Drmic 78'

2-3 on penalties

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

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The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

My Country: A Syrian Memoir

Kassem Eid, Bloomsbury

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Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.