• The tower is 50-storeys high. All photos: Damac
    The tower is 50-storeys high. All photos: Damac
  • Damac Tower Nine Elms comes with fine views across London.
    Damac Tower Nine Elms comes with fine views across London.
  • The project has Versace interiors.
    The project has Versace interiors.
  • The property will have studios and one, two and three-bedroom apartments.
    The property will have studios and one, two and three-bedroom apartments.
  • A rendering of the Nine Elms project.
    A rendering of the Nine Elms project.
  • Floor-to-ceiling windows take advantage of the expansive London views at Damac’s Aykon Nine Elms development.
    Floor-to-ceiling windows take advantage of the expansive London views at Damac’s Aykon Nine Elms development.
  • A rendering of an indoor pool in Damac's Aykon Nine Elms development in London.
    A rendering of an indoor pool in Damac's Aykon Nine Elms development in London.
  • Aykon Nine Elms was designed by architects Kohn Pedersen Fox Associates.
    Aykon Nine Elms was designed by architects Kohn Pedersen Fox Associates.
  • The resident’s lounge at Aykon Nine Elms offers 360-degree views of London.
    The resident’s lounge at Aykon Nine Elms offers 360-degree views of London.
  • Aykon Nine Elms was designed by architects Kohn Pedersen Fox Associates.
    Aykon Nine Elms was designed by architects Kohn Pedersen Fox Associates.
  • A rendering of an indoor pool in Damac's Aykon Nine Elms development in London.
    A rendering of an indoor pool in Damac's Aykon Nine Elms development in London.

Damac Towers Nine Elms in London: Dubai developer completes first European project


Ian Oxborrow
  • English
  • Arabic

Dubai developer Damac Properties has started handing over units at its Damac Towers Nine Elms (DTNE) project in London, marking the completion of its first development in Europe.

The 50-storey development of 450 units including studio and one, two and three-bedroom apartments near the centre of London is a tie-up with Italian fashion house Versace, which has provided the interiors.

As well as 8,010 sq ft of communal gardens, it also has four levels of office space in its South Tower.

“We are delighted to have completed our first project in Europe,” said Niall McLoughlin, senior vice president at Damac. "DTNE is very special to us and we are beyond pleased with the end result."

Average house prices in the UK increased by 12.4 per cent over the year to April, the Office for National Statistics said last week.

The average UK house price was £281,000 ($344,919) in April, which is £31,000 higher than in April 2021.

Damac previously said that Britons, Chinese and Gulf buyers made up the core of the UK customer base for the DTNE development. Homes were on the market from slightly more than £900,000 to £14 million.

“It's an exciting time for Damac and we are rapidly expanding our global footprint by looking at JV [joint venture] opportunities across the world," Mr McLoughlin said.

As well as Versace, Damac has collaborated with various other global brands such as Cavalli, de Grisogono, Paramount, Rotana, Radisson and The Trump Organisation.

The developer last month won a $120m bid to acquire land in the upmarket Miami district of Surfside, where it plans to build a luxury Cavalli-branded condominium project. It will be Damac's first project in the US.

Damac is also developing a luxury resort in the Maldives to be operated by global hotel brand Mandarin International.

In April, it announced it will accept certain cryptocurrencies for property transactions as part of efforts to offer more flexibility to investors, while Damac Group, parent company of Damac Properties, said it plans to invest $100m to build “digital cities” in the metaverse.

Damac's Lagoons project in Dubai - in pictures

  • The Damac Lagoons project in Dubai. All photos: Damac Properties
    The Damac Lagoons project in Dubai. All photos: Damac Properties
  • Damac Lagoons is adjacent to the Damac Hills community.
    Damac Lagoons is adjacent to the Damac Hills community.
  • It will feature eight different clusters.
    It will feature eight different clusters.
  • The eight clusters are inspired by countries based on the warm waters of the Mediterranean Sea.
    The eight clusters are inspired by countries based on the warm waters of the Mediterranean Sea.
  • The community is built around one million square feet of lagoons with white sandy beaches.
    The community is built around one million square feet of lagoons with white sandy beaches.
  • The community was announced late last year.
    The community was announced late last year.
  • The clusters include Venice, Morocco, Santorini, Costa Brava, Nice, Malta, Andalucia and Portofino
    The clusters include Venice, Morocco, Santorini, Costa Brava, Nice, Malta, Andalucia and Portofino
  • The Costa Brava cluster will feature ziplining, rock climbing, kayaking, paddle surfing and wave riding features.
    The Costa Brava cluster will feature ziplining, rock climbing, kayaking, paddle surfing and wave riding features.
  • The project is scheduled to open in 2024.
    The project is scheduled to open in 2024.
  • There will be plenty of entertainment for children.
    There will be plenty of entertainment for children.
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COMPANY%20PROFILE%20
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Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Company%20Profile
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ROUTE%20TO%20TITLE
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Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
Schedule:

Sept 15: Bangladesh v Sri Lanka (Dubai)

Sept 16: Pakistan v Qualifier (Dubai)

Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)

Sept 18: India v Qualifier (Dubai)

Sept 19: India v Pakistan (Dubai)

Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four

Sept 21: Group A Winner v Group B Runner-up (Dubai) 

Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)

Sept 23: Group A Winner v Group A Runner-up (Dubai)

Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)

Sept 25: Group A Winner v Group B Winner (Dubai)

Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)

Sept 28: Final (Dubai)

Company Profile

Name: JustClean

Based: Kuwait with offices in other GCC countries

Launch year: 2016

Number of employees: 130

Sector: online laundry service

Funding: $12.9m from Kuwait-based Faith Capital Holding

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.”

Company%20profile
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Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business

 

The specs

Engine: 4-litre twin-turbo V8

Transmission: nine-speed

Power: 542bhp

Torque: 700Nm

Price: Dh848,000

On sale: now

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

UAE currency: the story behind the money in your pockets
Updated: June 30, 2022, 10:44 AM