DUBAI // A discarded cigarette butt caused the fire that broke out in the 75-storey Sulafa Tower in Dubai Marina on Wednesday afternoon.
The building’s management said the blaze, which started at about 3pm in an apartment on the 61st floor, was caused by a cigarette. How the flames were able to spread through the tower and to other floors so quickly is still being investigated.
Civil Defence teams evacuated nearby towers and blocked roads to prevent injuries from falling debris, leading to hours of traffic chaos as hundreds gathered to watch the blaze.
Units from Al Barsha, Al Rashidiya, Al Karama and Al Marsa stations attended the scene, with the fire brought under control by 6pm. No injuries were reported.
This is not the first time a high-rise fire has been caused by someone apparently carelessly disposing of a cigarette.
In 2012 the blaze that gutted Tamweel Tower in Jumeirah Lakes Towers was found to have been caused by a cigarette, probably thrown from a balcony, that ignited rubbish outside the building, according to a report by Dubai Police forensic department. The report said that there was no criminal intent.
By 10pm on Wednesday, people were let back into the smoke-damaged building, with those whose flats escaped the flames allowed to briefly enter their homes. Tenants and owners affected have been staying in nearby hotels or with friends and family.
Sulafa Tower’s operations security manager said people whose apartments were damaged would be given temporary accommodation.
About 130 residents took shelter at the Westin Dubai Mina Seyahi Beach Resort & Marina after bosses tweeted an offer of accommodation, with about 130 people making the short walk across Al Sufouh Road after Civil Defence teams prevented them from returning to their homes while they made sure the tower was safe.
To anyone affected by the
#Sulafa tower fire, we are opening up The Westin ballroom should you need temporary shelter and refreshments.
“We had between 100 and 130 in the ballroom, where we set up roll-away beds,” said Nazlee Tayob, assistant director of marketing at the Mina Seyahi complex.
“Most people left on Thursday morning, going to the houses of family or friends.”
Ms Tayob said that staff provided use of showers, toiletries and nappies for infants. They also brought in entertainers to keep youngsters happy.
“We will help them for as long as we need to,” she said. “We even had people come with dogs and cats, which we also welcomed. We could not turn them away in such desperate situations.”
Sandra Merhi, from Lebanon, lived on the 67th floor. She took a taxi from work when she heard about the fire.
“I tried to run into the building, but realised I wasn’t going to get far with the smoke. They didn’t let me in anyway and there was no point.
“We waited downstairs as the fire department did an excellent job putting out the fire.”
The blaze spread to the 70th, Ms Merhi said. Debris and high winds fanned the flames around the sides of the building.
“My flat is on the opposite side [of where the fire was]. We know all the apartments that end with the numbers 09, 02, 01 were damaged from [floors] 60 to 70. I am 04,” said Ms Merhi, who is staying in a hotel after being allowed back to collect her two cats.
“No one is advised to stay in the building and there are no elevators anyway. I don’t believe anyone would move back in. People can go to their apartments if they show their IDs, but they have to take the stairs. It smells really bad,” she said.
“I’m paying for the hotel but I heard there might be some sort of reimbursement or partial reimbursement. I don’t have details yet.”
Ms Merhi is staying at the nearby Le Meridien Mina Seyahi, which has offered residents affected by the blaze a reduced rate for rooms.
“The hotel has been very helpful, and offered us refreshments and a lounge to relax. They also gave us special rates, which is nice considering it is high season. They also let me keep my cats with me.”
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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.”
