ABU DHABI // A project to make the Emirate's buildings more environmentally friendly has reached a major milestone.
The Estidama Pearl Rating system, that assesses the sustainability of all new buildings in the capital, now covers an area of 10 million square metres.
More than 400 buildings are now rated under the system, with the 10 million mark being surpassed when the Zayed Higher Organisation for Humanitarian Care and Special Needs Centre in the Western Region signed up.
Completed buildings account for one million square metres, under-construction buildings account for six million and projects yet to start account for three million.
Many of the most iconic buildings in the emirate come under the scheme, including the under-construction Louvre on Saadiyat Island.
There are now 124 buildings with a one-pearl rating, 247 with two pearls, 31 with three and just one, the Sheikh Zayed Desert Learning Centre, with the coveted five-pearl standard.
Estidama now has 50 pearl-rated schools, with 10 completed within the last two weeks and by the end of the year 13,500 children will be learning in school buildings rated under the system.
The system does not apply only to large-scale or commercial developments, but to residential properties as well. About 10,000 villas are rated, about 7,500 of which have at least two pearls.
The largest project to fall under the scheme is the midfield terminal at Abu Dhabi Airport, scheduled for completion in 2017. The terminal is larger than all the Estidama projects in Al Ain together.
"The building will be the highest rated airport in the Gulf region for sustainability," said Edwin Young, Estidama programme manager.
"We worked with the airport to take the job from two to three pearls and we are going to work with the them to put together a sustainable communication programme to show the impact of the work being undertaken to make the Emirate more sustainable."
In 2010, the government ordered all new building projects in the emirate to comply with the rating system, as part of a push for greater sustainability.
The Estidama team get involved at the early stages of planning for all new developments, advising and inspecting the projects on their environmental impact.
"Estidama remains the driving force that will help turn our ambition to create a new generation of sustainable cities into a concrete reality," said Mohammed Al Khadar, the Urban Planning Council's executive director for development review and Estidama.
"Many of the developments that have achieved a pearl rating are now under construction or in use, and are a reflection of the UPC's holistic approach to integrate sustainability concerns within the sphere of urban development right from the state."
The Estidama programme has compiled a list of hundreds of products from a wide range of companies, to enable developers to choose from a large database of approved, sustainable building materials and fixtures for projects.
Already, there are the first signs that the rating system could be extended nationwide, with the American University of Sharjah expressing interest.
"We would be glad to be recognised as a national programme on the federal level," said Mr Al Khadar.
Every new development is inspected by Estidama officials at least four times during its construction to ensure compliance.
"We have conducted several outreach programmes with developers to try to negotiate with them and educate them on applying the Estidama process, and how easily they can apply it."
He said developers were increasingly opting to push for higher ratings as they could increase the value of their projects by marketing them as environmentally friendly.
ksinclair@thenational.ae
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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Name: Kumulus Water
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
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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.”
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Killing of Qassem Suleimani
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