The aftermath of the Al Rayyana courtyard collapse. Courtesy Al Ittihad
The aftermath of the Al Rayyana courtyard collapse. Courtesy Al Ittihad
The aftermath of the Al Rayyana courtyard collapse. Courtesy Al Ittihad
The aftermath of the Al Rayyana courtyard collapse. Courtesy Al Ittihad

Hundreds still unable to return home after Abu Dhabi courtyard collapse


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ABU DHABI // Hundreds of people stuck in hotel accommodation for almost three weeks after their building’s courtyard collapsed are to move into new homes from next week.

The 1,400 square-metre area collapsed on September 30 at Al Rayyana, a Sorouh development in Khalifa City A.

Tenants, most of who are teachers working for the Abu Dhabi Educational Council (Adec), were evacuated. No one was injured.

Residents had only 20 minutes to collect their belongings before having to leave, not knowing how long they would be away.

They have been living at the Yas Viceroy Hotel since, with their accommodation and food costs covered, and they said they still did not know where they would be living next.

Sorouh last night said that 15 tenants a day will be moving into equivalent or better accommodation run by itself and third-party developments.  The company said it had taken less than three weeks to find 200 new units.

“This will take roughly two to three weeks,” a spokesman said. “As part of this process, the authorities have granted permission for the tenants to collect their belongings from their old apartments.

“Since the incident, we have agreed to pay for hotel accommodation for the tenants, undertaken to cover any costs associated with moving to their new accommodation and offered to pay for any perishable goods.”

Adec had said that it would not send its staff back to Al Rayyana, and that it was exploring several rehoming options. “Some people have been informed they’ll be moved this weekend while others, like me, are unaware of what’s going on and haven’t been told anything,” said one teacher this week. “It’s not a good vibe at all.”

A total of 194 Adec staff were in 189 flats at the development for a month before the incident.

Police tape was still around the site on Tuesday and two patrol cars were present.  

eharnan@thenational.ae

Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality  within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded 

'How To Build A Boat'
Jonathan Gornall, Simon & Schuster

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