Flooding in Remraam Dubai sums up the woes brought on Dubai by the heavy rain. Courtesy David Benson
Flooding in Remraam Dubai sums up the woes brought on Dubai by the heavy rain. Courtesy David Benson

Dubai’s Remraam residents among worst affected by storm



DUBAI // The downpour caused severe flooding in the Remraam complex in Dubai as cars were submerged and residents told to shut off their electricity.

Rainfall caused the residential community, 20 minutes from downtown Dubai, to suffer what tenants called “the worst flooding they’ve seen”.

“We’ve been here for two years and it is the first year that it happened, and I think this is the most rain I’ve seen in Dubai. Last year it wasn’t like that at all. We didn’t have any leakages but right now it is just overwhelming. All my towels are on the floor,” said Soumayya Libdi, a resident of Remraam.

Management advised residents to turn off electricity to avoid any chances of shocks.

Luckily for Ms Libdi, her freelance employment meant that she could quickly attend to the water that leaked into her flat, but other householders were not so lucky.

“The damage isn’t as bad as it could have been if I wasn’t here. We are sleeping in the apartment. We can still live here, but other neighbours it is not the case, especially people on the ground floor – for them it is flooding and it is getting very bad,” she said.

J M, who was at work when his wife called told him that a Facebook group was sending messages which said that the flooding was out of control.

“I couldn’t leave and it just meant that I had to ask my wife to go see what was going on in the apartment,” he said.

Unfortunately, he said that, driving a sedan, she could not get access to the apartment complex as underpasses were flooded.

“So I left work. It took me about 30 minutes to get to our apartment and it was completely flooded. Water was coming in from everywhere, our neighbours were trying to help but I could already tell that water damage had happened,” he said.

Living on the ground floor, the British couple spent the rest of the day trying to make sure the damage did not get worse.

“I don’t know how much this is going to cost, but I really hope that management does something about this, it’s just unacceptable,” he said.

Remraam resident David Benson, from the UK, ran into trouble when he tried to get to his car.

“Well, I looked out the balcony and I saw the roads were starting to flood. It was raining heavily and I couldn’t see where my car was parked but when the rain subsided I walked around and saw that my car was underwater.”

His car was parked outside in one of the designated parking areas.

“I’ve lived in the complex for three years now, and we’ve never got flooding like this. Normally you’ll get pools but I have seen no action in the past 12 months to clear any drains out,” he said.

“The entrance road of Remraam community experienced flash flooding due to sudden heavy rain,” developer Dubai Properties said.

“Deploying the highest standards [of health and safety], Dubai Properties, Ejadah and Taziz’s senior HSE personnel were on location and are in the process of executing quick solutions to address the issues.

“Tankers have been promptly dispatched to manually extract the excess water and the community’s pumps were put to use to support the tankers. All the manholes were opened to remove the water from the main roads leading to the community, and a temporary access has been opened from the construction site area, to offer safe exit and entry to the community in case the inclement weather conditions persists,” the company said.

nalwasmi@thenational.ae

COMPANY%20PROFILE
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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

LIGUE 1 FIXTURES

All times UAE ( 4 GMT)

Friday
Nice v Angers (9pm)
Lille v Monaco (10.45pm)

Saturday
Montpellier v Paris Saint-Germain (7pm)
Bordeaux v Guingamp (10pm)
Caen v Amiens (10pm)
Lyon v Dijon (10pm)
Metz v Troyes (10pm)

Sunday
Saint-Etienne v Rennes (5pm)
Strasbourg v Nantes (7pm)
Marseille v Toulouse (11pm)

UAE currency: the story behind the money in your pockets
Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

Overview

Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu

Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal

Ain Issa camp:
  • Established in 2016
  • Houses 13,309 people, 2,092 families, 62 per cent children
  • Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
  • Most from Deir Ezzor and Raqqa
  • 950 foreigners linked to ISIS and their families
  • NGO Blumont runs camp management for the UN
  • One of the nine official (UN recognised) camps in the region
SCHEDULE FOR SHOW COURTS

Centre Court - from 4pm (UAE time)
Angelique Kerber (1) v Irina Falconi 
Martin Klizan v Novak Djokovic (2)
Alexandr Dolgopolov v Roger Federer (3)

Court One - from 4pm
Milos Raonic (6) v Jan-Lennard Struff
Karolina Pliskova (3) v Evgeniya Rodina 
Dominic Thiem (8) v Vasek Pospisil

Court Two - from 2.30pm
Juan Martin Del Potro (29) v Thanasi Kokkinakis
Agnieszka Radwanska (9) v Jelena Jankovic
Jeremy Chardy v Tomas Berdych (11)
Ons Jabeur v Svetlana Kuznetsova (7)

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

Racecard

7pm: Abu Dhabi - Conditions (PA) Dh 80,000 (Dirt) 1,600m

7.30pm: Dubai - Maiden (TB) Dh82,500 (D) 1,400m

8pm: Sharjah - Maiden (TB) Dh82,500 (D) 1,600m

8.30pm: Ajman - Handicap (TB) Dh82,500 (D) 2,200m

9pm: Umm Al Quwain - The Entisar - Listed (TB) Dh132,500 (D) 2,000m

9.30pm: Ras Al Khaimah - Rated Conditions (TB) Dh95,000 (D) 1,600m

10pm: Fujairah - Handicap (TB) Dh87,500 (D) 1,200m

COMPANY%20PROFILE
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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.”

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Dubai Creek Open in numbers
  • The Dubai Creek Open is the 10th tournament on this year's Mena Tour
  • It is the first of five events before the season-concluding Mena Tour Championship
  • This week's field comprises 120 players, 21 of which are amateurs
  • 15 previous Mena Tour winners are competing at Dubai Creek Golf and Yacht Club