Fire fighters battle the blaze that claimed the lives of at least two people.
Fire fighters battle the blaze that claimed the lives of at least two people.

Two die in Abu Dhabi apartment fire



ABU DHABI // Two people have died and 32 more were injured after an early morning fire in the Tourist Club area of the capital today. One of the dead was named at the scene as Raja Mohammed Azin, a 60-year-old from Pakistan. A relative said he had a wife and four daughters.

The blaze at the Saif Hashed al Qabaisi building, just behind the International Rotana Inn in Hamdan Street, started shortly after 12am and burned through all eight floors. It is believed to have started in an electrical room on the ground floor in which rubbish had been dumped.

Fire fighters used three fire engines with elevated hoses and crews on the ground to tackle the flames from opposite sides of the building, which sustained significant damage. The fire was most severe at the top of the building, where it had spread to the entire width and depth of the block. The flames were extinguished by the emergency services at 2.30am and a crane was used to retrieve the bodies of the dead at 10am.

Abu Dhabi Police confirmed this afternoon that two people had died of smoke inhalation and a further 32 were injured. Twenty one people received hospital treatment. A police officer at the scene, Faisal Abdullah, said he saw people jumping from as high up as the fourth floor to escape the flames and fumes.

"People were being taken to hospital with burns and injuries from jumping out of the building," he said. "They were in shock and coughing ... about 35 of them went to hospital."

Musharif Hussein, 20, a cleaner from Bangladesh, jumped from the second floor to escape the flames with his three flatmates.

They were released from hospital this morning and, with nowhere else to go, the four slept on the floor in a nearby shop. "I am alright, but not my friends," he said nodding to his sleeping companions, one of whom had broken an ankle trying to escape last night's flames. The first floor was on fire. We were on the second floor so we jumped."

Nasir Ahmed, 25, from Pakistan was on the first floor when the flames broke out. He took nothing with him and was one of the only survivors to escape via the stairwell before it was engulfed in smoke and flame. "When I first saw the flame, I came down. No luggage," he said. "I did have time but I save first my life." He was one of dozens of survivors who spent the night on the street outside the burnt out building.

The buildings owner confirmed to The National that he had sought a demolition order but had been in dispute over the last two years with a number of the tenants over their continued occupancy of the building. A number of people remained outside this morning following the evacuation of the building, and said many of their possessions, such as travel documents and visas, remained inside. An investigation is underway into the exact cause of the fire.

pdriscoll@thenational.ae

jgerson@thenational.ae

KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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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.”

SERIES INFO

Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series

All matches at the Zayed Cricket Stadium, Abu Dhabi

Test series

1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March

Play starts at 9.30am

T20 series

1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March

TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube

Company%20profile
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Match info

Uefa Nations League Group B:

England v Spain, Saturday, 11.45pm (UAE)

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

The specs

Engine: 3.8-litre V6

Power: 295hp at 6,000rpm

Torque: 355Nm at 5,200rpm

Transmission: 8-speed auto

Fuel consumption: 10.7L/100km

Price: Dh179,999-plus

On sale: now 

Dolittle

Director: Stephen Gaghan

Stars: Robert Downey Jr, Michael Sheen

One-and-a-half out of five stars

COMPANY%20PROFILE
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