A fire broke out late September 29, 2016, in a flat on the eighth floor of the Al Taawun tower, a residential building on Al Wahda Road in Sharjah. Thaer Zriqat / The National
A fire broke out late September 29, 2016, in a flat on the eighth floor of the Al Taawun tower, a residential building on Al Wahda Road in Sharjah. Thaer Zriqat / The National

No injuries as fire forces evacuation of Sharjah apartment building



SHARJAH // Scores of families have been evacuated from a residential building after a fire broke out late Thursday in a 15-storey residential building in Sharjah.

Tenants rushed down the fire exits as fire crews tackled the blaze, which started in an apartment on the eighth floor. No one was injured.

Across the hall from the burning apartment, Balakrishna Maran was spending the evening with his family when smoke started seeping into the flat from the door peephole.

“The peephole glass is broken, so smoke started coming in our apartment,” Mr Maran said. “We immediately opened the door and saw the blaze and smoke coming out of the opposite apartment., We closed down the door and went into the balcony.”

When fire crews arrived, they told the Indian family to put wet rags on the door frame to block the smoke while they tackled the blaze.

“Once they contained the fire, they came and told us that we can exit the apartment,” said Mr Moran

Lt Col Sami Khamis Al Naqbi, Sharjah Civil Defence director, said the fire was contained to one apartment.

“There was no injuries or fatalities in the blaze, however there were simple cases of breathing difficulties, which were treated on the spot by emergency crews,” he said.

One of those was 45-year-old Julia Robertson, who lives on the 14th floor. She was not aware of the fire a few storeys below her flat.

“As soon as we were told by a tenant and a friend, me and my husband fled our apartment and ran down the stairs. There was a lot of havoc as families fled down the stairs,” she said.

“Emergency staff gave me inhalers to be able to breathe, I had a hard time down the stairs and twisted my ankle,” said the Indian teacher.

Krishna Kumar said his wife was taking the trash out when she saw smoke filling the corridor of their floor.

“She rushed back in, and told me that there was a fire in one of the apartments on our floor.”

Mr Kumar ran down the stairs with his wife and 13-year-old son.

“Children, men and women were running down the stairs trying to exit the building,” said Mr Kumar. “There was no fire alarm. It was by chance we got out early, due to my wife.”

Filipino Andrew H, who lives on the same floor as the fire, said he rushed into his apartment, doused some clothes in water and covered his one-year-old child’s face, before his family rushed down the stairs.

“Electricity was cut, and smoke was everywhere on our floor, thankfully we exited the building safe and sound, and slept over at a friend’s house,” he said.

A Sharjah Police forensic team is investigating the cause of the fire.

tzriqat@thenational.ae

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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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Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

QUALIFYING RESULTS

1. Max Verstappen, Netherlands, Red Bull Racing Honda, 1 minute, 35.246 seconds.
2. Valtteri Bottas, Finland, Mercedes, 1:35.271.
3. Lewis Hamilton, Great Britain, Mercedes, 1:35.332.
4. Lando Norris, Great Britain, McLaren Renault, 1:35.497.
5. Alexander Albon, Thailand, Red Bull Racing Honda, 1:35.571.
6. Carlos Sainz Jr, Spain, McLaren Renault, 1:35.815.
7. Daniil Kvyat, Russia, Scuderia Toro Rosso Honda, 1:35.963.
8. Lance Stroll, Canada, Racing Point BWT Mercedes, 1:36.046.
9. Charles Leclerc, Monaco, Ferrari, 1:36.065.
10. Pierre Gasly, France, Scuderia Toro Rosso Honda, 1:36.242.

Eliminated after second session

11. Esteban Ocon, France, Renault, 1:36.359.
12. Daniel Ricciardo, Australia, Renault, 1:36.406.
13. Sebastian Vettel, Germany, Ferrari, 1:36.631.
14. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:38.248.

Eliminated after first session

15. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:37.075.
16. Kimi Raikkonen, Finland, Alfa Romeo Racing Ferrari, 1:37.555.
17. Kevin Magnussen, Denmark, Haas Ferrari, 1:37.863.
18. George Russell, Great Britain, Williams Mercedes, 1:38.045.
19. Pietro Fittipaldi, Brazil, Haas Ferrari, 1:38.173.
20. Nicholas Latifi, Canada, Williams Mercedes, 1:38.443.

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