The dome of the Louvre Abu Dhabi will be 180 metres wide and weigh 7,000 tonnes when complete. Picture courtesy TDIC
The dome of the Louvre Abu Dhabi will be 180 metres wide and weigh 7,000 tonnes when complete. Picture courtesy TDIC

Making concrete progress towards opening day



The Louvre Abu Dhabi on Saadiyat Island came a step closer to completion yesterday when builders poured the first concrete into one of the four piers set to hold up the museum's massive dome.
Senior management of the Louvre developer, the Tourism Development & Investment Company (TDIC), were on hand at the site to witness contractors pouring the first concrete into the structure that will eventually support the 180-metre wide, 7,000-tonne dome.
Eventually the vast laced dome, which will weigh almost the same as Paris's Eiffel Tower, will be supported by four piers nine metres high at the entrance to the museum and reaching a height of 30 metres inside. The dome is designed to allow light to pass through in a so-called "rain of light" reminiscent of palm fronds.
The move marks the first major construction milestone for the long-waited Jean Nouvel-designed 9,200 square metre project.
A temporary platform in the sea, on which the entire building will be constructed, was built in 2009 to allow all works to take place in a dry environment. More than 4,000 steel and reinforced concrete piles - a total volume of 21,000 cubic metres of concrete - were driven into the ground to serve as a base for the Louvre Abu Dhabi building.
However, it was not until January that TDIC awarded the Dh2.4 billion contract to construct the art gallery to an Arabtec-led joint venture.
The concrete frame of the museum is scheduled to be completed by the end of next year and the museum is set to open in 2015. It will be located in Saadiyat's cultural quarter alongside the Guggenheim Abu Dhabi, which is expected to open in 2017 and the Zayed National Museum, slated to open in 2016.
Upon completion of the building, 40-metre high temporary concrete walls currently built in the sand will be removed to allow seawater to gradually flow in around it.
"This is an important time for us because it's symbolic of moving into a new construction stage and most importantly getting another step closer towards realising our landmark project," said Mubarak Hamad Al Muhairi, the managing director of TDIC.
 
lbarnard@thenational.ae

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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.”

T20 World Cup Qualifier

October 18 – November 2

Opening fixtures

Friday, October 18

ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya

Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE

UAE squad

Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan

Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed

Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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