Plans have been revealed for a net-zero mosque to be built in Abu Dhabi's Masdar City.
The mosque, said to a first for the region, will have capacity for 1,300 worshippers, and the energy required for the building to operate will be 100 per cent solar.
“We have designed and created several net-zero energy projects but this one has particular significance for us and for me personally – particularly given we’re announcing it during Cop28,” said Mohamed Al Breiki, executive director of sustainable development at Masdar City.
“It will be more than a gathering place, a community hub or a place of worship. It will take people on a cultural, spiritual and environmental journey, serving as a powerful symbol of our commitment as responsible stewards of the Earth. This mosque is our gift to the community.”
Masdar City plans to set a new industry standard for houses of worship in the region through a design that blends environmental protection with cultural heritage and community building, according to a statement released on Monday.
“Touching the Earth lightly and helping others do the same is the very heartbeat of Masdar City,” said Lutz Wilgen, head of design.
“Integrating that heartbeat into a mosque was a unique challenge we were honoured to take on.
"After months of collaboration and consultation, we’ve created a design that seamlessly combines beauty, cultural significance, function and sustainability.”
Designing the mosque
The mosque’s main structure will primarily consist of rammed earth and a series of tiered windows on the roof, allowing the space to be illuminated with natural light patterns.
Rammed earth is the name given to the technique used for constructing foundations, floors and walls using compacted raw materials such as earth, chalk, lime or gravel.
“Each design choice is multifaceted,” said Mr Wilgen.
“The rammed earth provides outstanding insulation, helping to keep hot air out and cool air in, while also fostering a sense of place and belonging. It is also cost-effective.
"A series of tiered, operable windows on the ceiling will help inspire wonder and reverence for worshippers, while also creating a natural ventilation system that will make air conditioning optional in the winter months.
"This holistic approach, integrating environmental, social and economic sustainability is the essence of our methodology.”
At least 70 per cent of construction waste will be diverted from landfill and recycled materials will be used, wherever possible, to reduce both costs and the carbon footprint.
Low-flow water fixtures, drought-resistant landscaping and the use of recycled water for irrigation will reduce water use by 55 per cent.
Work will begin next year with a completion date to be announced at a later date.
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Founders: Walid and Karim Dib
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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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