• A rendering of the AlJurf project. Courtesy Imkan
    A rendering of the AlJurf project. Courtesy Imkan
  • A three-bedroom Joud-style villa at AlJurf. Courtesy Imkan
    A three-bedroom Joud-style villa at AlJurf. Courtesy Imkan
  • A Budoor-style villa at Al Jurf Gardens. Courtesy Imkan
    A Budoor-style villa at Al Jurf Gardens. Courtesy Imkan
  • Imkan announces AlJurf during Cityscape Global 2018. Credit: Maram El Hendy
    Imkan announces AlJurf during Cityscape Global 2018. Credit: Maram El Hendy
  • Nature plays a key part of the AlJurf masterplan. Courtesy Imkan
    Nature plays a key part of the AlJurf masterplan. Courtesy Imkan
  • AlJurf features marinas and beaches along the Arabian Gulf coastline. Credit: Maram El Hendy
    AlJurf features marinas and beaches along the Arabian Gulf coastline. Credit: Maram El Hendy

Abu Dhabi-Dubai 'Riviera': phase two of AlJurf Gardens launched


Ian Oxborrow
  • English
  • Arabic

The second phase of a residential community within Imkan's "Riviera" project on the coast between Abu Dhabi and Dubai has been launched.

The new phase of AlJurf Gardens will feature 98 villas within the Dh15 billion ($4.08bn), 370-hectare AlJurf masterplan, which stretches 1.6 kilometres along the Arabian Gulf coast. The first phase, comprising 293 small, “ranch-like” villas, is due to be completed by mid-2023.

The project, which has a strong emphasis on nature, seeks to conserve the existing 100,000 trees, sea turtles and other wildlife at the Ghantoot reserve, creating a coastal “retreat” for UAE city dwellers, similar to New York’s The Hamptons, the developer said.

“The launch of AlJurf Gardens Phase 2 demonstrates our commitment to delivering prime residential destinations for investors and end-users amid booming real estate demand in the UAE," said Parvin Al Awadhi, head of development at Imkan Properties.

The second phase villas will come in two styles — Joud and Budoor.

Joud is inspired by rich tradition of Arabic homes in the region with intimate courtyards, majlis and maqa’ads, all designed for family living, Imkan said.

The Budoor villas, in contrast, have a design inspired from the basic elements of the Arabian desert tent, and will be available as two, three, four and five-bedroom options.

AlJurf Gardens will include a private marina, a private beach and a large central park stretching across the community with play areas and sports amenities.

The overall masterplan features a private school, shops, restaurants, boutique hotels, parks, heritage sites and a canal adding eight kilometres of prime waterfront real estate.

AlJurf was first announced during Cityscape Global 2018. Credit: Maram El Hendy
AlJurf was first announced during Cityscape Global 2018. Credit: Maram El Hendy

AlJurf will also house Sha Emirates, a branch of the European wellness clinic, and retreat Sha Wellness.

Imkan's other key projects in the UAE include Pixel, a mixed-use community in its Makers District development on Reem Island, luxury beachside villa community Nudra, Saadiyat, and Sheikha Fatima Park.

A host of major launches have been announced in Abu Dhabi this year, including the Louvre Residences Abu Dhabi, the Grove District on Saadiyat Island and Reem Hills on Reem Island.

They come at a time when property prices have been rising in the capital and more so in Dubai in the past year, as the UAE economy picks up after the coronavirus-induced slowdown.

Average residential property prices in Abu Dhabi increased 1.5 per cent in the 12 months to March 2022, CBRE reported in its first-quarter market review.

Abu Dhabi recorded 3,304 property deals worth Dh11.3bn in the first quarter of this year, the emirate’s Department of Municipalities and Transport (DMT) said.

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Reem Hills: $2.1bn villa project in Abu Dhabi is 'truly unique'

  • The elevation at the Reem Hills community can be seen in this rendering. All photos: Q Properties
    The elevation at the Reem Hills community can be seen in this rendering. All photos: Q Properties
  • Views across Reem Hills and beyond.
    Views across Reem Hills and beyond.
  • An overhead view of the development. The first phase of the project is due for completion in December 2024.
    An overhead view of the development. The first phase of the project is due for completion in December 2024.
  • The project will come with beach access.
    The project will come with beach access.
  • Parkland will provide a serene setting for residents.
    Parkland will provide a serene setting for residents.
  • Different villa styles have been presented in the renderings.
    Different villa styles have been presented in the renderings.
  • Three-storey villas are in contrast to Reem Island's tall apartment towers.
    Three-storey villas are in contrast to Reem Island's tall apartment towers.
  • The villas are set to be surrounded by greenery.
    The villas are set to be surrounded by greenery.
  • The interiors are filled with natural light.
    The interiors are filled with natural light.
  • Another style of villa.
    Another style of villa.
  • The living areas are spacious.
    The living areas are spacious.
  • The featured interiors are modern and should appeal to a broad section of buyers.
    The featured interiors are modern and should appeal to a broad section of buyers.
  • Private swimming pools are included in the renderings.
    Private swimming pools are included in the renderings.
  • Reem Hills is among a number of villa projects announced in Abu Dhabi this year.
    Reem Hills is among a number of villa projects announced in Abu Dhabi this year.
  • Reem Island is a popular location for Abu Dhabi residents and is considered a good area in which to buy and rent.
    Reem Island is a popular location for Abu Dhabi residents and is considered a good area in which to buy and rent.
  • Pathways and grass should provide a pleasant experience for residents.
    Pathways and grass should provide a pleasant experience for residents.
  • There is currently only one villa development on Reem Island.
    There is currently only one villa development on Reem Island.
  • The villa will provide room for all the family.
    The villa will provide room for all the family.

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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Updated: June 29, 2022, 10:02 AM