UAE then and now: constructing the Middle East's only 'golden ratio' building


James Langton
  • English
  • Arabic

Today, life in the Emirates moves in the fast lane. In a regular series to mark the 50th anniversary of the UAE, 'The National' takes a trip back in time to examine how much the country has changed.

Known everywhere simply as the “coin building”, the Aldar headquarters in Abu Dhabi is one of the most instantly recognisable in the country, indeed the world.

Perfectly circular, it is ideally located as a statement of intent by the company that built the Yas Marina F1 circuit and Ferrari World; impossible to ignore by anyone who travels between Abu Dhabi and Dubai.

The building was designed by Marwan Zgheib, the Lebanese architect, whose company has built several eye-catching buildings in the Middle East and Africa, including Doha’s Al Dana Tower, Abu Dhabi’s Wing or Youth Hub, and the under-construction Al Qana leisure district in the capital.

One face of the building overlooks the E10 motorway in Al Raha Beach, another Aldar project, while the other faces the sea.

Built by the engineers Arup, the building was completed in just 30 months, in time for the first Abu Dhabi Grand Prix in 2009.

The shape of Aldar's headquarters building made it the perfect canvas for a display to celebrate the premier of 'Star Wars' in 2016. Photo: twofour54
The shape of Aldar's headquarters building made it the perfect canvas for a display to celebrate the premier of 'Star Wars' in 2016. Photo: twofour54

The 121-metre-high, 23-storey structure has a framework that removes most internal columns, and was the first of its kind in the UAE.

To speed construction, many of the internal elements, including stairs and toilet modules, were pre-assembled, while a rethink of the glass exterior by Arup reduced the number of individual shapes for the panes from more than 10,000 to just 10.

The building’s east-west alignment allows its exterior to catch both the rising and setting sun, while also reducing its exposure in the hottest hours of the day.

Cleaning the 62,000 square metres of glass is almost continuous, using a specially designed cradle. It takes place four times a year and takes up to three months to complete each cycle.

For those who might be wondering, the circular design does not continue underground.

But it exactly adopts the principle of the “golden ratio”, a mathematical formula first developed in Ancient Greece, which imagines a pentangle inside a circle as a human figure, where the feet – or in this case the ground floor – are placed firmly on the ground.

Landmark buildings of the UAE — in pictures

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UAE currency: the story behind the money in your pockets
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The years Ramadan fell in May

1987

1954

1921

1888

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Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

While you're here

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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Five personal finance podcasts from The National

 

To help you get started, tune into these Pocketful of Dirham episodes 

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How gamers are getting rich by earning cryptocurrencies 

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Should you buy or rent a home in the UAE?  

UAE currency: the story behind the money in your pockets
Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Updated: October 14, 2021, 6:40 AM