Jumeirah Group launches luxury branded residence in Dubai's Business Bay

Jumeirah Group has unveiled its fourth branded residence in Dubai as part of the area's new Peninsula waterfront development.

Jumeirah Living Residences Business Bay is expected to be complete in the fourth quarter of 2025, and will accompany Jumeirah's other residences in the city — Jumeirah Zabeel Saray Royal Residences, Jumeirah Living World Trade Centre Residences and Jumeirah Living Marina Gate.

The project is being built in partnership with developer Select Group, and will be one of six premium residential towers within the Peninsula development on the edge of Dubai Canal.

Travellers are looking for more than just a hotel room when they come to Dubai, according to Jose Silva, chief executive of the Jumeirah Group.

“Our Jumeirah Living serviced hotel residences at Marina Gate have proven highly popular since opening in 2020, where we have seen a rise in global travellers in search of that ‘home away from home’,” he said.

“We are entering a new dynamic of hospitality where guests are no longer simply a holiday maker, business traveller or staycationer; they are now often all three rolled into one, looking for greater immersion in the local community.”

The 35-storey tower includes 82 premium branded residences, including two, three, four and five-bedroom units, along with a unique full-floor, five-bedroom penthouse located on the top floor.

It will have concierge services, a resident’s lounge, a teenager lounge with gaming amenities and a co-studying area.

Dubai has become a key global centre for branded residences in the past 10 years, according to a recent report from Knight Frank.

“Residential development across the emirate has flourished since 2010 with the Armani Residences Burj Khalifa first in the market. Since then, we have seen an explosion of this asset class with strong demand from HNW [high-net-worth] and UHNW [ultra high-net-worth] buyers from across the globe,” said Dean Foley, head of residential project sales and marketing at Knight Frank Middle East.

“Such has been the rate of expansion that Dubai is now a global leader rivalling Miami and New York for completed and pipeline projects. Over the last 12 months, we have seen launches from Four Seasons, The Ritz-Carlton, St Regis, W and Six Senses, cementing Dubai’s popularity and boosting confidence with hotel operators, developers, owners and buyers.”

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Tamkeen's offering

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Transmission: eight-speed automatic

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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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