A Dubai property regulator has renewed calls for developers and owners to work together to identify towers where combustible aluminium cladding must be changed and outlined details about a new safety drive to replace the facades.
The Real Estate Regulatory Agency, the regulatory arm of the Dubai Land department, will provide a list of government approvals required to repair older buildings with non-fire rated cladding and has made it mandatory for owners’ associations to issue tenders to ensure fair prices for overhaul of façade portions that must be changed.
A senior official described it as necessary to protect residents in the emirate’s towers and part of an overall aim to adhere to high standards and continue attracting investments in property, tourism and business.
“We have made it a requirement that tenders are conducted to find the best quotations for the replacements. Developers and management companies will resort to government agencies to obtain necessary licenses and approvals,” said Mohammed Khalifa bin Hammad, senior director of Rera’s real estate regulatory department.
“Rera has begun granting fee approvals from owners of joint-owned properties to replace non-fireproof cladding materials with fireproof cladding materials. It should be noted that the change from non-fireproof to fireproof cladding materials will significantly reduce the insurance fees for these buildings.”
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Major property companies have already spoken out saying their buildings are in line with government criteria.
The focus on fire safety and scrutiny of the materials used on building facades intensified after the Grenfell Tower blaze in London that killed at least 80 people in June and several high-rise tower fires in the UAE, including the recent Torch tower fire in August, the second in one of the world’s tallest residential buildings in less than three years.
“Non-fireproof cladding materials will be replaced with fireproof materials within common areas but not inside owned units. The developers and management companies will take care of the residents of these buildings,” Mr Hammad said.
He said owners were being “encouraged to replace the facades of non-fireproof buildings in cooperation with real estate developers,” based on security guidelines from Dubai Municipality and Civil Defence.
“This includes ensuring the effectiveness of firefighting systems in order to ensure the safety of residents, which is part of our wider endeavour to preserve Dubai’s reputation as one of the world’s leading destinations for business, investment, tourism, and accommodation,” Mr Hammad said.
The flammable thermo-plastic core within the aluminium composite panels, now banned in new constructions, has been blamed by experts for fuelling fire in skyscrapers in the UAE and globally.
As per new regulations, the core within the aluminium panel skin must consist of the highest quality fire-retardant minerals that can limit the fire spread.
But buildings that predate the 2012 UAE Fire and Life Safety Code give cause for concern with measures needed to delay potential flames from sweeping over the structure.
Rera said it was committed to proactive and preventative measures along with developers such as Dubai Properties to reduce fire accidents and identified plans in the Business Bay area where measures have already been implemented in a statement last month.
Dubai Properties said its developments met safety standards.
“Our major developments, including the Executive Towers, Vision Tower and Bay Square projects in the Business Bay area, already meet the required specifications and do not need replacing,” said Marwan Al Kindi, executive director at Dubai Properties.
Mr Al Kindi said the developer welcomed the Land Department’s drive to replace non-fire resistant building facades, adding that the company had selected cladding and construction material based on the highest fire-resistance standards.
Another major developer Nakheel too said “all existing and upcoming Nakheel buildings meet Dubai’s fire safety standards in terms of building materials and standards.”
A spokeswoman said Nakheel would continue to observe and comply with any new regulations.
Al Thuriah Properties said fire barriers were in place in projects it had constructed since 2005 with all towers using fire-retardant cladding.
No towers within the developer’s older projects required replacement, a spokesman said.
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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The specs: 2018 Nissan 370Z Nismo
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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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Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
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Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
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The biog
Year of birth: 1988
Place of birth: Baghdad
Education: PhD student and co-researcher at Greifswald University, Germany
Hobbies: Ping Pong, swimming, reading
