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

UAE currency: the story behind the money in your pockets
The bio

Job: Coder, website designer and chief executive, Trinet solutions

School: Year 8 pupil at Elite English School in Abu Hail, Deira

Role Models: Mark Zuckerberg and Elon Musk

Dream City: San Francisco

Hometown: Dubai

City of birth: Thiruvilla, Kerala

Naga
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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

What went into the film

25 visual effects (VFX) studios

2,150 VFX shots in a film with 2,500 shots

1,000 VFX artists

3,000 technicians

10 Concept artists, 25 3D designers

New sound technology, named 4D SRL

 

ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Top%2010%20most%20competitive%20economies
%3Cp%3E1.%20Singapore%0D%3Cbr%3E2.%20Switzerland%0D%3Cbr%3E3.%20Denmark%0D%3Cbr%3E4.%20Ireland%0D%3Cbr%3E5.%20Hong%20Kong%0D%3Cbr%3E6.%20Sweden%0D%3Cbr%3E7.%20UAE%0D%3Cbr%3E8.%20Taiwan%0D%3Cbr%3E9.%20Netherlands%0D%3Cbr%3E10.%20Norway%0D%3Cbr%3E%3C%2Fp%3E%0A
SUZUME
%3Cp%3EDirector%3A%20Makoto%20Shinkai%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Nanoka%20Hara%2C%20Hokuto%20Matsumura%2C%20Eri%20Fukatsu%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Who is Allegra Stratton?

 

  • Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
  • Took up a public relations role for Chancellor Rishi Sunak in April 2020
  • In October 2020 she was hired to lead No 10’s planned daily televised press briefings
  • The idea was later scrapped and she was appointed spokeswoman for Cop26
  • Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
  • She has strong connections to the Conservative establishment
  • Mr Sunak served as best man at her 2011 wedding to Mr Forsyth

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.”

ICC Awards for 2021

MEN

Cricketer of the Year – Shaheen Afridi (Pakistan)

T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)

ODI Cricketer of the Year – Babar Azam (Pakistan)

Test Cricketer of the Year – Joe Root (England)

WOMEN

Cricketer of the Year – Smriti Mandhana (India)

ODI Cricketer of the Year – Lizelle Lee (South Africa)

T20 Cricketer of the Year – Tammy Beaumont (England)

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Women%E2%80%99s%20Asia%20Cup
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Mission%3A%20Impossible%20-%20Dead%20Reckoning%20Part%20One
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Company%20profile
%3Cp%3ECompany%20name%3A%20Shipsy%3Cbr%3EYear%20of%20inception%3A%202015%3Cbr%3EFounders%3A%20Soham%20Chokshi%2C%20Dhruv%20Agrawal%2C%20Harsh%20Kumar%20and%20Himanshu%20Gupta%3Cbr%3EBased%3A%20India%2C%20UAE%20and%20Indonesia%3Cbr%3ESector%3A%20logistics%3Cbr%3ESize%3A%20more%20than%20350%20employees%3Cbr%3EFunding%20received%20so%20far%3A%20%2431%20million%20in%20series%20A%20and%20B%20rounds%3Cbr%3EInvestors%3A%20Info%20Edge%2C%20Sequoia%20Capital%E2%80%99s%20Surge%2C%20A91%20Partners%20and%20Z3%20Partners%3C%2Fp%3E%0A
Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

Credit Score explained

What is a credit score?

In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.

Why is it important?

Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.

How is it calculated?

The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.

How can I improve my score?

By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.

How do I know if my score is low or high?

By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.

How much does it cost?

A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.