'Dubai Hustle': BBC reality show on city's real estate agents to air next week

Fans of Netflix’s Selling Sunset will know that the world of real estate can be as exciting as it is dramatic. And in Dubai, where you can find some of the world’s most luxurious villas and apartments, it’s no different.

Some of the city’s top property brokers are about to star in a new BBC documentary series, following their move to Dubai and their bid to reach the top of their game in the cut-throat industry.

Two-part series Dubai Hustle will air on BBC Three in the UK on Monday, May 23. It will follow “a group of 20-something real estate brokers from across the UK as they try to earn the big bucks in this playground for the super-rich,” the BBC says.

“With exclusive access to one of the busiest high-end, Brit-owned property agencies in the city [haus & haus], this sun-soaked series will follow the young agents' fortunes as they navigate their way through this cut-throat and highly competitive world.

“The stakes are high for these plucky Brits: if they don’t land the deal, then a broker from a rival company will. But if they work hard, hustle hard, and have a bit of luck on their side, there’s big money to be made and a lifestyle they could only dream of.”

The series, which has been produced by Multistory Media, has worked with haus & haus on Dubai Hustle since March 2021.

James Perry, managing director of haus & haus, said: “This is aspirational television for young people. We hope it inspires others to widen their ideas about what they are capable of; there are so many great opportunities out there.”

Another BBC documentary, Inside Dubai: Playground of the Rich, a show that followed some of the city’s wealthiest residents, was branded as "out of date" by viewers when it aired on BBC Two in January.

While the whole point of the show is to showcase the lavish lifestyles some of the city’s residents lead, it sparked controversy with audiences, with many taking to social media to share their thoughts during the show.

“I'm going in for a second overly rich helping of #insidedubai and will probably need something to ease the queasiness by the end of it,” said Twitter user Erica James.

Others branded the show, which regularly refers to clips from documentaries filmed in the 1990s and 2000s as “out of date”.

“All a little bit out of date,” another Twitter user wrote. “Dubai has moved on a bit @bbc #insidedubai”

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While you're here

National Editorial: Why is a Muslim Brotherhood-linked app still on Apple and Google Play?

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Con Coughlin: How extremists are using Zoom and other tools to exploit this pandemic

Sunday's games

All times UAE:

Tottenham Hotspur v Crystal Palace, 4pm

Manchester City v Arsenal, 6.15pm

Everton v Watford, 8.30pm

Chelsea v Manchester United, 8.30pm

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.”