Bill Randolph, the director of the City Futures Research Centre at the University of New South Wales.
Bill Randolph, the director of the City Futures Research Centre at the University of New South Wales.
Bill Randolph, the director of the City Futures Research Centre at the University of New South Wales.
Bill Randolph, the director of the City Futures Research Centre at the University of New South Wales.

Australia puts its faith in flats


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SYDNEY // The move towards high-rise living in Australia's largest cities is creating unhappiness and psychological problems among residents, academics say. Researchers have found that a large number of people who live in blocks of flats feel trapped by their surroundings because of poor design, cramped conditions and a lack of open spaces.

With population growth exacerbating chronic housing shortages, authorities in Sydney are planning to build 640,000 new homes, 70 per cent of which are destined to be high-density accommodation. There are concerns, however, that such massive development will create an unsustainable society where poorer families will be marginalised and pre-school children left isolated in large residential blocks.

"There was quite clearly a recognition that some of the children that came out of the high-density housing were not as socially developed, their parents kept them in front of the television and they didn't interact very well with the kids they went to school with," said Bill Randolph, the head of the City Futures Research Centre at the University of New South Wales, which carried out a study of the effect of high-rise living.

"It changed over time but that early part of their life was spent very much cooped up indoors and that is an experience for a lot of low-income families. That is a problem and I don't think our planners really understand quite what they are doing when they plan these things. You've got to plan appropriately for the communities that are out there," he said. The University of New South Wales team also found that Sydney's flat dwellers often did not fit the typical profile of young singles or wealthier "empty-nesters" whose offspring have left home.

A survey of 1,597 residents found that 38 per cent were on low incomes, most of them did have children and many saw living in a flat as a matter of necessity rather than choice. The results of the university-sponsored survey, which was presented at the fourth Australasian Housing Researchers Conference in Sydney last month, also showed that about half of those occupying flats in Sydney and Melbourne, Australia's most populous cities, would prefer to live in a house and did not see high-rise living as a long-term option.

As Australia's largest metropolitan areas prepare for a building revolution, Mr Randolph said more research was needed to ensure that mushrooming housing projects were socially and environmentally sound as well as being family-friendly. "Firstly, it has got to be affordable and secondly it has to be appropriate. If you've got three or four kids, you are going to need more than two bedrooms so family-sized accommodation is a critical part of the mix and then get an affordable housing component out of that. There's no point having three-bedroom flats that nobody can afford," he said.

One vision of the future of such expansive cities as Sydney is that they will move away from low-density suburbs with detached homes and gardens to become high-rise, car-free hubs with sophisticated public transport networks. "We've been showing for the last 10 years that cities everywhere are coming back in and getting denser and that process has reversed a 50-year trend," said Peter Newman, professor of sustainability at Curtin University in Perth.

"Suburbia is dying on the fringes. You can see that in American cities there are many new suburbs that are abandoned now. They are part of the subprime mortgage meltdown and the most car-dependent suburbs are now dying," said Mr Newman, who insisted that a new generation of compact Australian cities would have to radically conserve resources and use less land. "There will be no choice about this because we cannot continue to sprawl. The carbon and oil is just not there in the future to drive those sprawling suburbs and neither is the economy and I would submit neither is the culture.

Development would also be driven by convenience, he said. "People don't want to live further and further out where the dream has turned into a nightmare of no facilities locally, no community and appalling conditions on the freeways whenever you have to go anywhere," Mr Newman said. Crafting greener and socially attractive high-rise blocks will be a challenge to developers, said Matthew Benson, an urban planning consultant in Sydney. Mr Benson said many Australians would need a great deal of persuading to give up their dream of owning their own house in favour of a flat.

He said people looked at a flat building and saw it as characterless or "faceless". Despite these reservations, Mr Benson said he believes Australia's cities with their seemingly endless suburbs will eventually have to contract. "The perception has been historically that there is so much land in Australia that you can just keep building detached houses on their own allotment, [but] people don't necessarily always want to live in a detached house on a big block of land. They do want to live somewhere within walking distance of shops, workplaces and public transport," he said.

foreign.desk@thenational.ae

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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.”

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure' ​​​​
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse

UAE currency: the story behind the money in your pockets
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENomad%20Homes%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2020%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EHelen%20Chen%2C%20Damien%20Drap%2C%20and%20Dan%20Piehler%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20and%20Europe%3Cbr%3E%3Cstrong%3EIndustry%3C%2Fstrong%3E%3A%20PropTech%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2444m%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Acrew%20Capital%2C%2001%20Advisors%2C%20HighSage%20Ventures%2C%20Abstract%20Ventures%2C%20Partech%2C%20Precursor%20Ventures%2C%20Potluck%20Ventures%2C%20Knollwood%20and%20several%20undisclosed%20hedge%20funds%3C%2Fp%3E%0A
The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.