Why Sofia?
Long ruled by the Ottomans, Sofia became the capital of a newly independent Bulgaria in 1878, and these days its ornate churches and mosques are interspersed with modern cafes, restaurants and picturesque parks.
Once an ancient Thracian settlement, remains of the 1,800-year-old Roman city Serdica lie beneath the paving stones of modern Sofia, with various sections of roads and city gates – found during modern construction projects – left on display. Nearby, monumental government buildings attest to the decades of communist rule during the second half of the 20th century, completing the historical journey of the city.
The heart of one of the European Union’s newest nations, Sofia combines history with youthful energy and the cheapest prices in a European capital (according to recent polls), all within an easily walkable city centre.
A comfortable bed
For guaranteed peace of mind, the five-star Radisson Blu (www.radissonblu.com; 00359 2933 4334), located opposite the National Parliament building at the heart of the city, has doubles starting from €115 (Dh570) per night, including tax and breakfast.
Billed as Sofia's first upscale design hotel, Sense Hotel (www.sensehotel.com; 00359 7002 0670), which opened last year, offers luxury and unrivalled views in a central location. Rooms start from €75 (Dh373) per night, including tax. Les Fleurs Hotel (www.lesfleurshotel.com; 00359 2810 0800), another highly rated boutique hotel, has rooms starting from €85 (Dh422) a night, including tax.
Alternatively, head to Arena di Serdica (www.arenadiserdica.com; 00359 2810 7777) where history literally blends with comfort, with a section of an ancient Roman amphitheatre located within the hotel's lobby. Rooms start from €110 (Dh446) a night, including tax and breakfast.
Find your feet
At its heart, Sofia is a compact and easily walkable city. Follow Tsar Osvoboditel Boulevard, with its unusual yellow brick road (a wedding gift to a late 19th-century Bulgarian prince), past the imposing Soviet-style governmental buildings, the National Art Gallery, and on to Parliament Square, with its impressive statue of Emperor Alexander II, who liberated Bulgaria from Ottoman rule. Make sure to take a small detour en route to check out the 4th-century Rotunda of St George, a small church hidden behind the Ministry of Education and Science. Finally, head up to the gold-domed St Alexander Nevsky Cathedral, a towering landmark finished in the early 20th century and now the seat of the Bulgarian Orthodox Church. You can also take one of the free, twice-daily guided city tours (www.freesofiatour.com).
Meet the locals
Every evening, the restaurants, cafes and bars on Vitosha Boulevard, a broad, pedestrianised street that runs through the centre of Sofia, fill with crowds of Bulgarians and foreign visitors. In the summer months especially, young and old gather on the traffic-free street, with restaurant terraces expanding outward and plenty of live-music performances.
Book a table
Bulgaria is renowned for its hearty and flavoursome cuisine, notably the skara (grilled meats). Check out Pod Lipite (www.podlipitebg.com), a popular dining option and one of the oldest restaurants in the city. Be sure to try the Gergeovski roast lamb (17.90 Bulgarian leva; Dh45), and the pan-fried wild mushrooms with fresh herbs (9.70 leva; Dh25).
With its lakeside location, Edno Vreme (www.ednovreme-ariana.com) offers Bulgarian hospitality, traditional cuisine and nightly shows featuring music, fire walking and folk dances. Try different types of meatballs (starting from 3.20 leva; Dh8) or some of the traditional salad dishes.
If you’re looking for a quick snack as you explore central Sofia, duck into Supa Star (8 Tsar Ivan Shishman Street) behind Parliament Square, which offers delicious and intriguing soup combinations. Try the chicken and lentil, carrot and coriander, or simply the traditional borscht (soups cost around 5 leva; Dh13).
Shopper’s paradise
Most high-end fashion brands are located on Vitosha Boulevard. For a more lively experience, visit the unpredictable Zhenski Pazar (Ladies’ Market) with its jumbled stores offering fresh fruit, vegetables, meat and cheese. It’s also well worth checking out the open-air and seemingly ad hoc antique market just across from St Alexander Nevsky Cathedral – an ideal place for picking up simple souvenirs, and Soviet-era memorabilia; you might even find a Roman coin or two.
What to avoid
Zhenski Pazar has a reputation for pickpockets, so be on guard there, although the rest of the city is safe. Also, depending on your timing you might arrive in Sofia during one of the many anti-government protests, which, while nearly always peaceful, can be a nuisance if you only have a short time there.
Don’t miss
A short taxi ride from central Sofia, on the outskirts of the city, the 10th-century church of Boyana (www.boyanachurch.org) is considered one of the best-preserved examples of medieval Balkan art in the region. The 13th-century frescoes, which almost completely cover the walls and ceilings of the small church, are well worth the visit alone, and were a key reason why Boyana was added to the Unesco World Heritage list in the 1970s.
Go there
Turkish Airlines (www.turkish-airlines.com) flies to Sofia from Abu Dhabi, via Istanbul, with round-trip fares starting from €428 (Dh2,143), including taxes.
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THE SPECS
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Power: Up to 201bhp
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IT, software development and tech: Data analyst, back-end or front-end developers
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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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.”
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