Nikolaos Spanos stands surrounded by rubble yesterday outside the villa in which he is renting a two-bedroom apartment in Abu Dhabi's Gate City. His family is one of six who stayed after the municipality ordered that the partitions come down, despite the lack of utilities, safety and privacy.
Nikolaos Spanos stands surrounded by rubble yesterday outside the villa in which he is renting a two-bedroom apartment in Abu Dhabi's Gate City. His family is one of six who stayed after the municipalShow more

Abu Dhabi Gate City families stay put after illegal walls torn down



ABU DHABI // At least six families are squatting in a partly demolished compound in Abu Dhabi Gate City where the municipality ordered illegal walls to be removed last month.
The remaining tenants, who removed the rubble from the demolished walls themselves and lived without water or power for more than two weeks, refuse to leave the development until they receive refund cheques for their prepaid rent.
"We tenants are stuck in the middle in this mess," said Nikolaos Spanos, a resident who signed a two-year contract.
"We've been living for weeks inside a flat with demolished walls without electricity, without water. This is not something we should be suffering for."
The partitions in the 42-flat waterfront compound were torn down by the municipality after the Supreme Court ruled in November that they were illegal. At that time, about 35 families were living in the compound, which opened in late 2010.
Those who have remained are now living with gaping, ragged holes where walls once stood.
"It's been a good way to get to know my neighbour," said one Lebanese resident who now shares a floor without doors with his next-door neighbour. "I never get lonely now. It's nice to have someone next to you."
After a fire broke out in one of the flats this month after candles were left unattended, residents pleaded with municipal officials to turn on the power.
"They said we could only have the electricity when we returned the villas to their original state, whatever that means," Mr Spanos said. "But that is a lot of work. Who will pay?"
The Supreme Court ruling required the utilities to be cut only while the demolition was under way, and the municipality restored power this week.
The villas are part of a two-phase development that includes nearly a dozen buildings.
Each three-storey villa contains seven flats that are leased for between Dh85,000 and Dh180,000 a year. The development's longest tenants moved in at the end of 2010.
Several remaining tenants said they had been unable to reach the compound's developer, Nevada Building and Construction.
Calls to representatives by The National were unanswered on Thursday.
One resident said the general manager for Nevada had promised there would be good news this week.
The balance on some of the tenants' existing leases ranged from one month to 13 months. Some residents are owed as much as Dh100,000.
"My contract is up in February but I don't plan to leave," said the Lebanese tenant, who is owed more than Dh5,000. "If anybody asks me to move out, I will tell them that I need my money."
A Spanish tenant moved into her flat less than three weeks before the municipality demolished the walls. Nevada told her that temporary wooden partitions could be put up, but she has not heard if she is entitled to a refund.
"I'm just living day by day," she said. "I have no idea what is going on."
This month, the municipality pledged to crack down on illegally subdivided villas.
"Health, security and safety stipulations are being flouted," it said in a public notice.
The Gate City situation is "unusual" because subdivisions are typically designed to split living areas into smaller spaces for bachelors, a municipality official said last month. About 90 per cent of illegally partitioned flats are not rented with contracts but on a monthly or weekly basis.
 
jthomas@thenational.ae

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Fifa Club World Cup:

When: December 6-16
Where: Games to take place at Zayed Sports City in Abu Dhabi and Hazza bin Zayed Stadium in Al Ain
Defending champions: Real Madrid

The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

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Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

• Bloomberg

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Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
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