AJMAN // An absence of safety in homes and worksites, as well as preventable suicides are causing an increasing number of deaths and serious injuries from falls off high buildings in Ajman, officials say.
The emirate's only government hospital, Sheikh Khalifa, has treated 15 cases of people - including children - falling from high-rise buildings in the past four months, officials said.
Dr Abdul Karim Al Halimi, director of Sheikh Khalifa Hospital's emergency department, said: "Workers falling from construction sites are the most common cases. Almost every month we have a case or two of these workers."
He said there were lax safety measures at many sites and he asked for the authorities to have regular inspection campaigns.
"Another common case now is of children falling from their home flats," he said. "Besides the Ramadan child fall behind GMC Hospital in Nuaimiya, we earlier had another case of two Yemeni children who fell from their home. One died instantly and the other was treated and recovered here."
About a week ago, a pregnant Emirati woman fell from the eighth floor of a hotel and suffered serious injuries, including a miscarriage. And last week, a four-year-old boy fell from his apartment in Dubai, and his mother plunged to her death minutes later.
Hamad Turaym Al Shamsi, the Ajman Health Zone director and director of Sheikh Khalifa Hospital, called for a study on causes of high-rise falls in the area.
"The unfortunate fate of children falling from their homes can be solved by more awareness safety campaigns on families staying in high-rise buildings," he said. "Children in these buildings were falling from either windows or verandas, and these are the main areas to watch for their safety."
Families should not leave children unattended and windows should always be kept closed, said Brig Ali Alwan, the director general of Ajman police.
"As for the suicide cases, religious leaders need to help us here create awareness in prayers, urging people not to take their own life," he said. "Life is a trust from God and no one has a right to take it, even if it's his or her own."
A spokesman for the Ajman municipality and planning directorate said all buildings in the emirate had been inspected by professional engineers and architects, and all their plans met safety requirements.
"No investigations in any fall have had issues with the buildings structure," he said. "It's most important now to create awareness among residents on their safety."
Some residents, like Emirati Hassan Al Mulla, 40, said that because high-rise buildings were alien to many of the cultures that have settled in the country, some people did not know how to live in them safely.
"The economic boom here has given way for all types of skyscrapers, some very new to the people staying in them," he said. "Expats from Europe or America, where skyscrapers have been common for a number of years, are less likely to fall from their apartments."
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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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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million