Could this floating city be the future of urban life as sea levels rise?


Patrick Ryan
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Could a futuristic floating city capable of housing more than 50,000 people provide vital shelter from the growing threat of climate change?

Architect Luca Curci believes his grand design could offer the key to safeguarding coastal cities vulnerable to rising sea levels.

The proposed project is designed specifically for areas with low elevation such as New York, Miami, New Orleans, Jakarta, Amsterdam, Hong Kong, Shanghai and Tokyo.

Many cities will end up underwater if climate change continues at its current rate and sea levels rise as they expected to
Luca Curci

“Many cities will end up underwater if climate change continues at its current rate and sea levels rise as they expected to,” said Mr Curci, who collaborated with Tim Fu Design on the concept of the floating cities.

‘It was based on this that we began work on the floating city project with an emphasis on providing sustainable solutions by using renewable energy sources such as wind, water and solar panels.”

The floating city community is designed to feature a total of 10 hectares over connected platforms, accommodating more than 50,000 people.

It will be separated into high and low-rise communities surrounded by a “membrane of photovoltaic glasses” which will provide electricity to the entire structure, making it completely self-sufficient in terms of energy production.

The city is designed to be accessible by sea and by air with external and internal docks and each floating platform will have its own drone port.

Mr Curci envisages green zones and vertical gardens being spread throughout each city, along with social spaces and areas designated for farming.

Italian architect Luca Curci has devised grand plans for floating cities to protect at-risk areas from rising sea levels. Photo: Luca Curci
Italian architect Luca Curci has devised grand plans for floating cities to protect at-risk areas from rising sea levels. Photo: Luca Curci

Designs on the future

The floating city design is not the first time Mr Curci has been in the headlines. In 2020, The National reported how the Italian architect designed a vertical city that could host up to 200,000 people — a possible solution to urban sprawl.

More than 410 million people are expected to be at risk from rising sea levels by the year 2100, said a report released last year by the World Economic Forum.

The reason for this is a warming climate will cause oceans to expand.

The global sea level has risen by about 21cm since records began in 1880, however a recent report from Nasa said that levels along the US coastline alone would rise by 25-30cm by 2050.

This would match the total sea-level rise over the past 100 years in less than a third of that time.

Certain countries are more likely to be immediately affected than others by rising sea levels.

The WEF list of nations most at risk includes China, Bangladesh, India, the Netherlands, Egypt, the US, Brazil, Australia and New Zealand.

The vast majority of the population in Egypt, 95 per cent, lives along the banks of the River Nile, with many areas already located below sea level.

In the Netherlands, around half the population are already living below sea level, according to the WEF.

While the GCC was not listed among the nations most immediately at risk from rising sea levels, Mr Curci believes the region could be perfect for the adoption of the floating city model.

“There are already many high-profile projects in the Middle East that are built with great care taken about sustainability,” he said.

Mr Curci did not reveal exactly how much the floating city would cost if it ever made it past the concept stage. He said the size could be adjusted depending on necessity.

“This project can be absolutely scalable, it can be bigger or smaller depending on what is required,” he said.

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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.”

Updated: January 23, 2023, 2:13 PM