Fire-resistant cladding will be installed at a high-rise Downtown Dubai tower, months after a major blaze tore through the 35-storey building.
Those residents forced to evacuate the Boulevard Walk complex in November received emails from master developer Emaar informing them that work was scheduled to get under way soon to replace exterior cladding across the entire building facade.
In January, Dubai Civil Defence said it faced difficulties persuading building owners to replace hazardous aluminium composite cladding with the latest fire-proof materials because of the high costs involved.
As residents, this work will give us peace of mind – I can sleep again
Peri Hellyer,
resident of 8 Boulevard Walk
Residents welcome safety boost
Tenants said a notification from Emaar that all cladding would be replaced, and not just the area damaged by fire, was a huge relief.
Subramanian Krishnan, who works in banking, moved out of his apartment in Boulevard Walk three months before the fire, and now rents it out.
“It sends a good message that the cladding will be replaced across the entire building,” he said.
“We have been kept informed [by Emaar] with what work will be done.
“The new cladding is good news, and a relief.
“We had the email on January 31, and we were worried about the valuation of these properties falling, and also the rents. No one is in a panic now to sell up because of this.”
A 2017 Fire and Life Safety Code of Practice banned the use of aluminium composite panel cladding after a spate of fires in high-rise buildings.
Although new buildings must be fitted with more durable, advanced non-combustible cladding, it is not mandatory for buildings built before the new legislation was introduced.
The Boulevard Walk complex opened in 2008.
“Emaar is showing a good example and has taken the lead in refitting this cladding, hopefully other developers will follow,” Mr Krishnan said.
“Everyone has a duty to maintain safety, including residents.
“The message is loud and clear, people need to be more careful.”
Action plan in place
At Boulevard Walk, structural analysis has been completed and submitted to Dubai Municipality while the process of installing remedial work on the damaged side of the building is likely to take at least six months.
Work will then be done to replace cladding on the rest of the building, and is expected to be completed by the end of the year.
External cladding will be prioritised on the outside of the building where the apartments worst hit by the fire in November were located.
Residents there have been temporarily rehoused until the work is complete while their personal belongings and appliances have been stored securely.
'I can sleep again'
Peri Hellyer, another resident rescued by maintenance workers during the fire, said the new cladding would help residents sleep at night, knowing the building is safe.
“As residents, this work will give us peace of mind ― I can sleep again,” said Ms Hellyer, who lives on the 14th floor and whose apartment suffered minor damage from water sprinklers during the fire.
“I was very concerned as these are our homes.
“It is a relief to know there is a timeframe for the work and that it will be repaired to the correct standards so we don’t have to go through a fire like this again.
“Fire spread very quickly and we were all scared. We should not have a fear of fires in 2023.”
Emaar declined to comment.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
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.”
CONFIRMED%20LINE-UP
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
