The welcome
I arrive by car, and the valet staff attend to my stuff with reasonable speed. The lobby is more residence than hotel, without the extravagance of some nearby properties. The two reception desks, which are staffed by Russian and Arabic staff, have a slightly workaday feel. Staff go about their business without cloying obsequiousness, which makes for a pleasant change.
The neighbourhood
The hotel sits on The Palm’s West Crescent, before the Jumeirah Zabeel Saray. To the right of the property is what will be the main Kempinski hotel on The Palm. That’s under construction, but doesn’t impinge on the hotel’s relaxing, well-landscaped gardens. The back of the hotel faces the gardens and beach. Mature trees, shaded lawns and the classical European-style architecture make you feel like you’re somewhere else.
The room
The hotel has 240 suites, of which 131 are hotel accommodation – the rest are private residences. The smallest are one-bedroom apartments; mine – on the first floor, facing the gardens – is spacious and has two bedrooms, a living room with dining area, kitchen and three bathrooms, and a large balcony (also with a dining space). There are marble floors and an attractive blue, cream and silver colour scheme runs through the upholstery, curtains, carpets and furniture. Everything is spotless. The bathrooms are well equipped, though the baths are narrow. I’m woken at 5.30am by what sounds like banging and crashing in a nearby garbage room – otherwise, it’s peaceful.
The scene
Deceptively serene. Because relatively few units are being used as hotel suites, the property has an adult, almost exclusive feel. There isn’t the din of young children, but there are some large, well-heeled family groups. The clientele are Russian, European and Emirati. There’s just one restaurant, Brunello, which is dimly lit and elegant at night, plus a poolside bar and a beach barbecue. The only downside is that sunset is on the other side of the hotel, so it’s mostly blocked by the building.
The service
Attentive without being suffocating. Only two of my three bags made it from my car to my room, but the mistake was quickly rectified without stress. Dinner service was assured, fast and efficient, but still relaxed.
The food
At Brunello, I order a starter of blue mussels, which come in a generous portion in a tasty garlic-and-tomato sauce with herb butter (Dh85). The seared bluefin tuna (Dh185) is two large, fresh pieces of fish coated in a black-pepper-and-sesame-seed crust with cucumber and grilled watermelon – delicious and enough for two (more of the watermelon would have been good, as no sides were included). The breakfast buffet is more average, with all the usuals; there’s a good juice selection and good coffee; the hot items could have been better.
Loved
Getting a glimpse of life as a Russian oligarch, and the dreamy view across what looks like parkland from my window.
Hated
I couldn’t get my laptop to connect to the Wi-Fi. It worked on my iPhone, but the signal outside was very weak.
The verdict
A surprisingly relaxing break.
The bottom line
One-bedroom suites at the Kempinski Hotel & Residences, Palm Jumeirah, Dubai (www.kempinski.com; 04 444 2000) cost from Dh1,940 per night, including tax but excluding breakfast.
rbehan@thenational.ae
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Henrik Stenson's finishes at Abu Dhabi HSBC Championship:
2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8
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1. Unemployment
2. Spread of infectious diseases
3. Fiscal crises
4. Cyber attacks
5. Profound social instability
Top 5 concerns in the Mena region
1. Energy price shock
2. Fiscal crises
3. Spread of infectious diseases
4. Unmanageable inflation
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Source: World Economic Foundation
COMPANY PROFILE
Company name: Alaan
Started: 2021
Based: Dubai
Founders: Parthi Duraisamy and Karun Kurien
Sector: FinTech
Investment stage: $7 million raised in total — $2.5 million in a seed round and $4.5 million in a pre-series A round
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Everton 2 Huddersfield Town 0
Everton: Sigurdsson (47'), Calvert-Lewin (73')
Man of the Match: Dominic Calvert-Lewin (Everton)
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
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Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
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Qalandars 112-4 (10 ovs)
Banton 53 no
Northern Warriors 46 all out (9 ovs)
Kumara 3-10, Garton 3-10, Jordan 2-2, Prasanna 2-7
Qalandars win by six wickets
The biog
Name: Sari Al Zubaidi
Occupation: co-founder of Cafe di Rosati
Age: 42
Marital status: single
Favourite drink: drip coffee V60
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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.”
