Police: workers lacked fire equipment in tower blaze



ABU DHABI // Police said a lack of basic fire-fighting equipment on site was partly to blame for a blaze that damaged four towers under construction in Khalifa City yesterday. The fire began at about 12.30pm in a tower in Al Rayyana development in Khalifa City A, before spreading to three adjacent towers. The wooden beams on what was believed to be the 10th floor caught fire and two levels of the building were consumed by the blaze. The fire spread quickly and could have been less serious if fire safety equipment was in place rather and workers properly trained, a police spokesman said. "It started off as a small fire on the roof of one of the towers and the workers could have been able to fight it but they didn't have the right equipment there," he said. "If they were properly trained in this and had the right equipment it could have been contained." A statement issued by Sorouh, the developer, said: "The fire was detected at the top of one tower during a mandatory routine safety inspection by the safety team and the alarm was raised immediately and the Civil Defence authorities alerted." Senior personnel from Sorouh, Pivot, the contractor and Turner, the project management company were on site within 10 minutes of the alarm being raised, according to the statement. There was also no water available near the site for the fire engines to use and the Abu Dhabi Civil Defence had to send its own water tankers. Sorouh, Turner, and Pivot, also provided 10 water tankers to assist Civil Defence. The wind, which constantly changed direction, also helped spread the fire to the other towers according to the police spokesman. By 1pm yesterday, eight different fire fighting crews were at the scene including Abu Dhabi Civil Defence and Abu Dhabi Police's emergency response team. Fire engines with cherry pickers helped contain the fire. "All my colleagues started shouting and running for it when the first tower caught fire," said one worker on the site. "It then spread very quickly to the other ones. Luckily, no one was hurt." The police said it would start an investigation into the cause of the blaze. A Sorouh spokesperson said: "We can thank our safety standards and well-trained personnel for the lack of injuries and the containment of the fire." eharnan@thenational.ae

Premier Futsal 2017 Finals

Al Wasl Football Club; six teams, five-a-side

Delhi Dragons: Ronaldinho
Bengaluru Royals: Paul Scholes
Mumbai Warriors: Ryan Giggs
Chennai Ginghams: Hernan Crespo
Telugu Tigers: Deco
Kerala Cobras: Michel Salgado

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

'Nope'
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Jordan%20Peele%0D%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Daniel%20Kaluuya%2C%20Keke%20Palmer%2C%20Brandon%20Perea%2C%20Steven%20Yeun%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Family reunited

Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.

She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.

She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.

The couple were married in August 2009 in Winchester and their daughter was born in June 2014.

She was held in her native country a year later.

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.”

About%20My%20Father
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ELaura%20Terruso%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ERobert%20De%20Niro%2C%20Sebastian%20Maniscalco%2C%20Kim%20Cattrall%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%26nbsp%3B%3C%2Fp%3E%0A
The Gandhi Murder
  • 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
  • 34 - Nationalities featured in the film The Gandhi Murder
  • 7 - million dollars, the film's budget