United Arab Emirates - Dubai - January 3, 2011.

BUSINESS: Construction crews work on skyscrapers dotting the north end of the Dubai Marina on Monday, January 3, 2011. At center is the Tameer Holding Investments company's "Princess Tower." Amy Leang/The National
Dubai's Princess Tower, the world's tallest residential tower at a final height of 414 metres.

Dubai tower became world's tallest residential building by accident



DUBAI // At slightly more than 413 metres high, the Princess Tower in Dubai Marina is the tallest residential tower in the world.
But that was not always the plan.
"The original idea was to have an iconic tower in one of the best locations in Dubai, and to take advantage of the view," said Federico Tauber, the president of Tameer, the property developer.
At first, breaking a world record was not on the agenda of the ambitious team. Rather, they decided to construct a tower that would efficiently use the space allotted. The idea was formed in 2004 and in 2006, construction began.
"At that time the plot was very expensive, and from a developer point of view we had to maximise the use of that land," Mr Tauber said. "Nobody really new how tall it was going to be, but we worked to make it as tall as possible."
And so using a land area of 3,475 square metres, the team built a tower 413.4 metres high with a total build-up of nearly 167,225 square metres. The top floor of the tower offers a beautiful panorama of Dubai.
"A building like this is not built conventionally," said John Zwets, chief development officer. "The height and size of the building required some innovation with respect to timing."
According to Guinness World Records, construction of the tower is estimated to have cost US$210 million (Dh771.3m).
The building is constructed as if it were four buildings, one on top of the other.
This was done, Mr Zwets said, for the efficient distribution of power and water.
"One can imagine if we were to pump water 400 metres up the building the pressure involved would be of an industrial level," he said. "Rather than engineering it for that, what really happens is that every 25th or every 28th floor, there is a water transfer station."
A separate floor is taken out of residential use and is dedicated as a services floor, Mr Zwets said. This level contains a large water tank, a power distribution network, water pumps, heat exchangers and air handling units.
In addition to the building's design, its developers had to worry about logistics - primarily the safety and mobility of workers and the equipment. At peak production, 2,500 workers were on the job.
"The transportation of people from their camps to the site, moving them up the building in a safe manner - it's like managing the relocation of a small town every morning and every evening," Mr Zwets said.
Worker safety was monitored throughout the process. Lifts were always available as an escape mechanism, all fire escape staircases were built simultaneously and kept free, and independent hoists were located on the outside skin of the building in case of a calamity inside.
With 100 floors above ground containing 763 residential units and 16 penthouses, developers also had to consider the safety of their residents.
To do this, they improvised the design of the balconies.
"The balustrades have been designed to a height so that people cannot stand on the ledge or they cannot stand at a balustrade and somehow fall," Mr Zwets said.
On higher floors with larger balconies, engineers installed a wind detection system. The system detects the wind speed, and if it's beyond a certain limit, the sliding doors of that floor's units will not open.
"If the wind picks up beyond a certain speed, access to your own balcony is restricted," Mr Zwets said. "So if you want to go outside on a very windy day, it's not going to happen."
The name Princess Tower was given to represent the building's luxurious design.
However, the name called for another design element - a crown, which doubles as the shell that hides the four cooling towers that sit on top of the building.
In May, the tower was officially recognised as the tallest residential tower by Guinness, beating 23 Marina, its predecessor, which is also located in Dubai and which stands 392.8 metres tall.
Once Mr Zwets discovered that his team was approaching a world record, there was no turning back.
"We went forward with the tower really because we could," he said. "It was that simple."
mismail@thenational.ae

RESULTS

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Winner: Raghida, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh80,000 1,600m
Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi
6pm: Arabian Triple Crown Round-2 Group 3 (PA) Dh300,000 2,200m 
Winner: Basmah, Fabrice Veron, Eric Lemartinel
6.30pm: Liwa Oasis Group 2 (PA) Dh300,000 1,400m
Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: SS Jalmod, Richard Mullen, Satish Seemar
7.30pm: Handicap (TB) Dh100,000 1,600m
Winner: Trolius, Ryan Powell, Simon Crisford

THE SPECS

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Design, multimedia and creative work: Logo design, website design, visualisations

Business and professional management: Legal or management consulting, architecture

Business and professional support: Research support, proofreading, bookkeeping

Sales and marketing support: Search engine optimisation, social media marketing

Data entry, administrative, and clerical: Data entry tasks, virtual assistants

IT, software development and tech: Data analyst, back-end or front-end developers

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Source: World Bank

Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

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MATCH INFO

Newcastle United 2 (Willems 25', Shelvey 88')

Manchester City 2 (Sterling 22', De Bruyne 82')

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

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)

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.”

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5


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