Department to consult on building code



The Department of Municipal Affairs (DMA) is embarking on a broad outreach programme before rolling out a set of new building codes that could transform the construction industry. The DMA said yesterday it would contact 40,000 building professionals in telephone and online surveys to evaluate how ready the industry would be to implement the regulations. "The imminent introduction of the new building codes represents a major change to ? construction practices in the emirate of Abu Dhabi, which will create quality buildings that are safe and sustainable," said Rashid al Hajeri, the chairman of the DMA.

"These codes will also protect construction investments from an economic perspective." The code, expected to be released next year, will be based on the standards of the International Code Council, which sets the standards for the US. Abu Dhabi's buildings have been built according to a range of codes from different jurisdictions. The DMA is seeking to unify these practices under a recognised system that will also reduce fire dangers.

The code will also deal with accessibility and accommodation for the disabled. Several apartment fires in Abu Dhabi have recently put the lack of safety equipment in the spotlight. All new buildings will have to meet the standards. Older buildings will require retrofitting, but any changes or additions will have to be in line with the code. Abu Dhabi Commercial Properties (ADCP), the capital's largest landlord, has hired Schirmer Middle East to conduct a safety audit of more than 2,500 buildings. ADCP has also been issuing fire blankets to residents.

bhope@thenational.ae

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

US households add $601bn of debt in 2019

American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.

Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.

Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.

In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.

The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.

"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.

The Afghan connection

The influx of talented young Afghan players to UAE cricket could have a big impact on the fortunes of both countries. Here are three Emirates-based players to watch out for.

Hassan Khan Eisakhil
Mohammed Nabi is still proving his worth at the top level but there is another reason he is raging against the idea of retirement. If the allrounder hangs on a little bit longer, he might be able to play in the same team as his son, Hassan Khan. The family live in Ajman and train in Sharjah.

Masood Gurbaz
The opening batter, who trains at Sharjah Cricket Academy, is another player who is a part of a famous family. His brother, Rahmanullah, was an IPL winner with Kolkata Knight Riders, and opens the batting with distinction for Afghanistan.

Omid Rahman
The fast bowler became a pioneer earlier this year when he became the first Afghan to represent the UAE. He showed great promise in doing so, too, playing a key role in the senior team’s qualification for the Asia Cup in Muscat recently.

Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

Zidane's managerial achievements

La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017

The specs: 2018 Peugeot 5008

Price, base / as tested: Dh99,900 / Dh134,900

Engine: 1.6-litre turbocharged four-cylinder

Transmission: Six-speed automatic

Power: 165hp @ 6,000rpm

Torque: 240Nm @ 1,400rpm

Fuel economy, combined: 5.8L / 100km

Draw for Europa League last-16

Istanbul Basaksehir v Copenhagen; Olympiakos Piraeus v Wolverhampton Wanderers

Rangers v Bayer Leverkusen; VfL Wolfsburg v Shakhtar Donetsk; Inter Milan v Getafe

Sevilla v AS Roma; Eintracht Frankfurt or Salzburg v Basel; LASK v Manchester United


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