DUBAI // The first environmentally friendly mosque in the Islamic world is set to open its doors to worshippers on Friday.
The Khalifa Al Tajer Mosque, in Deira, will be the biggest in Dubai, with a capacity for 3,500 people.
Located on 9,755 square metres of land near Deira City Centre mall, it was designed with energy efficiency in mind and built with environmentally friendly materials.
“We aim to convert a large number of mosques in Dubai into eco-friendly facilities that use green building materials, thermal-insulation systems for lowering energy consumption and air conditioners that emit reduced greenhouse gases,” said Tayeb Al Rais, secretary of Awqaf and the Minor Affairs Foundation, a Dubai government body that is responsible for socio-economic development.
The building covers 4,180 square metres and has 5,575 square metres dedicated to landscaping.
The new mosque has been built to meet guidelines set out by the US Green Building Council Standards and Specifications.
“Setting new standards for sustainable mosques in the UAE and the wider region, the mosque will conform to green standards for reducing energy, water and materials consumption,” said Mr Al Rais.
The mosque also meets recent legislation in Dubai that requires new buildings to include green standards in the design, construction and operation of buildings.
Mohammed Hassan, director of investment at the foundation, said a range of new technologies were used in building the mosque.
“Care has been taken to moderate the water flow from taps in the ablution areas,” he said. “Used water will be recycled and utilised in washrooms and for plant irrigation.”
Solar energy is used to power the exterior lighting, a battery storage system and for heating water.
Energy-saving LED lights are installed and a control system will automatically switch on lights at prayer times or in the presence of an individual in the hall.
Daylight sensors in the mosque’s extension and a climate-control system regulate the air-conditioning units.
The first Friday sermon at the mosque will be given by Salih Al Maghamsi, imam of the Quba Mosque in Medina, Saudi Arabia.
nhanif@thenational.ae
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Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
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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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Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
MATCH INFO
Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)
TV: BeIN Sports
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