DUBAI // A fire gutted half of a residential tower block in Jumeirah Lakes Towers (JLT) early this morning.
Authorities have confirmed that there were no casualties, and emergency services have contained the fire in Tamweel Tower.
The blaze started on the roof of the 34-floor Tamweel Tower, and residents were evacuated around 2am as the fire spread down the facade of the building.
According to an official statement from Dubai Multi Commodities Centre, the licensing authority for JLT, all previously evacuated towers that were not affected by the fire have been reopened and relevant authorities are on site to manage the situation.
"The fire alarm went off at 2.30am and at first we thought they were just testing the system," said Ildo Son, 37, from Korea.
"Then we looked out of the window and saw lots of fire crews waving for us to come out."
He and his wife Marta Martinez had moved to the neighbouring Al Seef tower just two weeks ago, and were already having second thoughts.
“After seeing what happened here, we just wish that we’d moved to a house instead. We’re on the 21st floor, so I can’t imagine what it would be like to walk down those stairs if there was also a fire in our building.”
The residents of Tamweel Tower have been banned from re-entering their building for 24 hours.
DMCC has arranged hotel accommodation for all affected Tamweel Tower residents. More than 30 people from Tamweel Tower have already checked in to the Bonnington Hotel, and another eight people are on the waiting list.
The owner of a nearby cafe also stepped in to help displaced residents.
"We're just trying to be good neighbours, we've been offering free coffee and tea, and charge their phones," said Shujah Qadir, owner of nearby UAE cafe, Sheikh and Shake. "It's the least we can do at this time."
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Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
