Latest: Tenant hails hero receptionist for leading her to safety from building blaze
Firefighters tackled a large blaze at a high-rise in Downtown Dubai in the early hours of Monday.
Footage showed flames spreading throughout the 35-floor building.
The flames were out by dawn, with a large part of the facade charred.
The building is part of a tower complex called 8 Boulevard Walk by Emaar, the developer.
My building faces Boulevard 8 and from what appeared to us, the cladding on the left side of the building was on fire from top to bottom
Bindu Rai,
a resident who lives in the area
“All residents were safely evacuated, and there were no injuries or casualties,” said Dubai Civil Defence.
“The teams arrived at the scene five minutes after the operations room was alerted of the fire at 3.11am.
“The field commander confirmed at 4.52am that the fire had been brought under control and at 6.08am, the operations were completely over and the site was handed over to the authorities concerned to take the necessary action.”
Emaar said it was helping residents impacted by the incident.
Bindu Rai, who lives in a building opposite the scene, said the fire started around 2.20am.
“My mother woke up when the fire started as her entire room was lit up,” Ms Rai said.
“My building faces Boulevard 8 and from what appeared to us, the cladding on the left side of the building was on fire from top to bottom.
“Fire had spread inside two apartments that were somewhere mid-way. For the rest of the building, it was limited to the exterior."
She said there were chunks of debris falling on the ground at one stage.
“It was brought under control by 3.45am and we could see firefighters and emergency crews at the scene," she said.
“A friend, who lives near the mosque that is across the Boulevard building, told me that the entire area has been cordoned off and people have been taken to Rove and other places.”
Residents wait to return home
Residents of the tower are still waiting to return home.
Dubai Police cordoned off the area so recovery work could take place and debris cleared from the streets below.
It is thought some apartments have smoke and water damage.
Witnesses said the fire broke out on one of the lower floors, possibly floor four, and then rapidly spread to the cladding.
Fire drills were regularly held at the tower, occupied by many families and young children - all of whom are reported to have been evacuated safely.
Most just left with the clothes they were wearing, with families taken to nearby Address, Rove and Ramada hotels.
One Russian woman, who talked to The National, was due to travel later on Monday.
She was desperately seeking information on when she would be allowed back into her apartment to retrieve her passport and clothes to catch her evening flight.
“Everything I have is inside the apartment, all I have is the clothes I am wearing,” said the woman, who did not want to give her name.
“I have had to show my airline ticket to allow me to go back into the building but I don’t know when that will be.”
At 9.30am, a busload of beauticians arrived for work at a nail salon underneath the tower, unaware the building had been evacuated.
Security staff, Dubai Civil Defence and police were on the ground to help with the recovery operation.
Residents taken to hotels
Workers in the Al Maya supermarket directly below the fire were evacuated at 2.44am, shortly after the fire. The supermarket reopened at around 8.45am.
“The fire was out within an hour,” one person from the supermarket said.
“Civil defence were here very quickly and everyone managed to get out, they were given food and bottles of water and then bused to hotels.”
One resident, who only moved into her apartment five months ago, told how she “ran for her life” after hearing the fire alarms sound.
“I was on the 12th floor so I took the stairs to get out as quickly as possible,” she said.
“There was a fire drill last Monday that was optional to take part in as an evacuation practice but I didn’t take part.
“I don’t know when I will be allowed back in.”
A housemaid who looks after families in apartments on the ninth, 19th and 34th floors said the fire alarms are tested most days.
“My madam thought it was a false alarm at first as it goes off quite often,” she said.
“She is now staying at the Ramada Hotel near The Frame.
“There are lots of children in the building but everyone got out.”
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Arabian Gulf League fixtures:
Friday:
- Emirates v Hatta, 5.15pm
- Al Wahda v Al Dhafra, 5.25pm
- Al Ain v Shabab Al Ahli Dubai, 8.15pm
Saturday:
- Dibba v Ajman, 5.15pm
- Sharjah v Al Wasl, 5.20pm
- Al Jazira v Al Nasr, 8.15pm
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.7%22%20Super%20Retina%20XDR%20OLED%2C%202796%20x%201290%2C%20460ppi%2C%20120Hz%2C%202000%20nits%20max%2C%20HDR%2C%20True%20Tone%2C%20P3%2C%20always-on%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20A17%20Pro%2C%206-core%20CPU%2C%206-core%20GPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iOS%2017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Triple%3A%2048MP%20main%20(f%2F1.78)%20%2B%2012MP%20ultra-wide%20(f%2F2.2)%20%2B%2012MP%205x%20telephoto%20(f%2F2.8)%3B%205x%20optical%20zoom%20in%2C%202x%20optical%20zoom%20out%3B%2010x%20optical%20zoom%20range%2C%20digital%20zoom%20up%20to%2025x%3B%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20%40%2030fps%2C%20slo-mo%20%40%20120%2F240fps%2C%20ProRes%20(4K)%20%40%2060fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20TrueDepth%20(f%2F1.9)%2C%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3B%20Animoji%2C%20Memoji%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20slo-mo%20%40%20120%2F240fps%2C%20ProRes%20(4K)%20%40%2030fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%204441mAh%2C%20up%20to%2029h%20video%2C%2025h%20streaming%20video%2C%2095h%20audio%3B%20fast%20charge%20to%2050%25%20in%2030min%20(with%20at%20least%2020W%20adaptor)%3B%20MagSafe%2C%20Qi%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%2C%20second-generation%20Ultra%20Wideband%20chip%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Face%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP68%2C%20water-resistant%20up%20to%206m%20up%20to%2030min%3B%20dust%2Fsplash-resistant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual%20eSIM%20%2F%20eSIM%20%2B%20eSIM%20(US%20models%20use%20eSIMs%20only)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Black%20titanium%2C%20blue%20titanium%2C%20natural%20titanium%2C%20white%20titanium%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%20%3C%2Fstrong%3EiPhone%2015%20Pro%20Max%2C%20USB-C-to-USB-C%20woven%20cable%2C%20one%20Apple%20sticker%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh5%2C099%20%2F%20Dh5%2C949%20%2F%20Dh6%2C799%3C%2Fp%3E%0A
THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Teenage%20Mutant%20Ninja%20Turtles%3A%20Shredder's%20Revenge
%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3ETribute%20Games%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Dotemu%3Cbr%3E%3Cstrong%3EConsoles%3A%20%3C%2Fstrong%3ENintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20One%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
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.”
57%20Seconds
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rusty%20Cundieff%0D%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EJosh%20Hutcherson%2C%20Morgan%20Freeman%2C%20Greg%20Germann%2C%20Lovie%20Simone%0D%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20FinFlx%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20January%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Amr%20Yussif%20(co-founder%20and%20CEO)%2C%20Mattieu%20Capelle%20(co-founder%20and%20CTO)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%20in%3A%3C%2Fstrong%3E%20Dubai%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%241.5m%20pre-seed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Venture%20capital%20-%20Y%20Combinator%2C%20500%20Global%2C%20Dubai%20Future%20District%20Fund%2C%20Fox%20Ventures%2C%20Vector%20Fintech.%20Also%20a%20number%20of%20angel%20investors%3C%2Fp%3E%0A