• VILLA PRICES FROM CBRE: Palm Jumeirah: Dh3,597 per square foot — up 0.2 per cent in September, up 1.9 per cent in August, up 4.6 per cent in July, up 4.9 per cent in June, up 5 per cent a month in May, up 5 per cent in April.
    VILLA PRICES FROM CBRE: Palm Jumeirah: Dh3,597 per square foot — up 0.2 per cent in September, up 1.9 per cent in August, up 4.6 per cent in July, up 4.9 per cent in June, up 5 per cent a month in May, up 5 per cent in April.
  • Emirates Hills: Dh2,255 per square foot — up 3.8 per cent in September, no change in August, up 0.3 per cent in July, up 3.3 per cent in June, up 1.8 per cent in May, up 1.8 per cent in April. Photo: Knight Frank
    Emirates Hills: Dh2,255 per square foot — up 3.8 per cent in September, no change in August, up 0.3 per cent in July, up 3.3 per cent in June, up 1.8 per cent in May, up 1.8 per cent in April. Photo: Knight Frank
  • Jumeirah: Dh2,137 per square foot — up 2.3 per cent in September, down 1.1 per cent in August, up 2.2 per cent in July, up 1.0 per cent in June, up 2.0 per cent in May, up 3.7 per cent in April. Sarah Dea / The National
    Jumeirah: Dh2,137 per square foot — up 2.3 per cent in September, down 1.1 per cent in August, up 2.2 per cent in July, up 1.0 per cent in June, up 2.0 per cent in May, up 3.7 per cent in April. Sarah Dea / The National
  • District One: Dh1,991 per square foot — up 2.4 per cent in September, down 2.1 per cent in August, up 2.2 per cent in July, up 4.1 per cent in June, up 2.3 per cent in May, down 0.9 per cent in April. Satish Kumar / The National
    District One: Dh1,991 per square foot — up 2.4 per cent in September, down 2.1 per cent in August, up 2.2 per cent in July, up 4.1 per cent in June, up 2.3 per cent in May, down 0.9 per cent in April. Satish Kumar / The National
  • Mohammed bin Rashid City: Dh1,661 per square foot — up 0.6 per cent in September, up 1.2 per cent in August, up 3.6 per cent in July, up 4.0 per cent in June, up 0.1 per cent in May, up 0.7 per cent in April.
    Mohammed bin Rashid City: Dh1,661 per square foot — up 0.6 per cent in September, up 1.2 per cent in August, up 3.6 per cent in July, up 4.0 per cent in June, up 0.1 per cent in May, up 0.7 per cent in April.
  • Dubai Hills: Dh1,552 per square foot — up 1.0 per cent in September, up 0.9 per cent in August, down 0.2 per cent in July, up 4.1 per cent in June, up 1.2 per cent in May, up 1.5 per cent in April. Photo: Emaar Malls Management
    Dubai Hills: Dh1,552 per square foot — up 1.0 per cent in September, up 0.9 per cent in August, down 0.2 per cent in July, up 4.1 per cent in June, up 1.2 per cent in May, up 1.5 per cent in April. Photo: Emaar Malls Management
  • The Meadows: Dh1,552 per square foot — up 1.2 per cent in September, up 1.5 per cent in August, up 2.5 per cent in July, up 0.9 per cent in June, up 1.6 per cent in May, down 0.5 per cent in April. Jeffrey E Biteng / The National
    The Meadows: Dh1,552 per square foot — up 1.2 per cent in September, up 1.5 per cent in August, up 2.5 per cent in July, up 0.9 per cent in June, up 1.6 per cent in May, down 0.5 per cent in April. Jeffrey E Biteng / The National
  • The Lakes: Dh1,484 per square foot — down 1.1 per cent in September, up 1.3 per cent in August, up 1.3 per cent in July, up 1.6 per cent in June, up 1.2 per cent in May, up 1.0 per cent in April. Pawan Singh / The National
    The Lakes: Dh1,484 per square foot — down 1.1 per cent in September, up 1.3 per cent in August, up 1.3 per cent in July, up 1.6 per cent in June, up 1.2 per cent in May, up 1.0 per cent in April. Pawan Singh / The National
  • Jumeirah Islands: Dh1,504 per square foot — up 2.9 per cent in September, down 3.7 per cent in August, down 0.1 per cent in July, up 3.6 per cent in June, up 0.9 per cent in May, up 2.5 per cent in April. Photo: Prestige Dubai
    Jumeirah Islands: Dh1,504 per square foot — up 2.9 per cent in September, down 3.7 per cent in August, down 0.1 per cent in July, up 3.6 per cent in June, up 0.9 per cent in May, up 2.5 per cent in April. Photo: Prestige Dubai
  • Jumeirah Golf Estates: Dh1,498 per square foot — up 4.6 per cent in September, down 1.4 per cent in August, up 4.4 per cent in July, down 1.1 per cent in June, up 3.6 per cent in May, up 4.6 per cent in April. Pawan Singh / The National
    Jumeirah Golf Estates: Dh1,498 per square foot — up 4.6 per cent in September, down 1.4 per cent in August, up 4.4 per cent in July, down 1.1 per cent in June, up 3.6 per cent in May, up 4.6 per cent in April. Pawan Singh / The National
  • The Springs: Dh1,155 per square foot — up 1.0 per cent in September, down 0.4 per cent, up 3.9 per cent in July, up 0.8 per cent in June, up 1.8 per cent in May, up 2.1 per cent in April. Photo: Better Homes
    The Springs: Dh1,155 per square foot — up 1.0 per cent in September, down 0.4 per cent, up 3.9 per cent in July, up 0.8 per cent in June, up 1.8 per cent in May, up 2.1 per cent in April. Photo: Better Homes
  • Arabian Ranches: Dh1,220 per square foot — up 1.4 per cent in September, up 0.8 per cent in August, down 2.5 per cent in July, up 1.7 per cent in June, up 0.7 per cent in May, up 3.7 per cent in April. Pawan Singh / The National
    Arabian Ranches: Dh1,220 per square foot — up 1.4 per cent in September, up 0.8 per cent in August, down 2.5 per cent in July, up 1.7 per cent in June, up 0.7 per cent in May, up 3.7 per cent in April. Pawan Singh / The National
  • Meydan City: Dh1,189 per square foot — up 0.4 per cent in September, up 0.6 per cent in August, down 0.4 per cent in July, up 1.3 per cent in June, up 0.9 per cent in May, up 0.9 per cent in April.
    Meydan City: Dh1,189 per square foot — up 0.4 per cent in September, up 0.6 per cent in August, down 0.4 per cent in July, up 1.3 per cent in June, up 0.9 per cent in May, up 0.9 per cent in April.
  • Al Barari: Dh1,274 per square foot — up 2.9 per cent in September, up 2.2 per cent in August, up 3.5 per cent in July, up 3.0 per cent in June, down 0.7 per cent in May, up 4.9 per cent in April. Photo: Luxhabitat
    Al Barari: Dh1,274 per square foot — up 2.9 per cent in September, up 2.2 per cent in August, up 3.5 per cent in July, up 3.0 per cent in June, down 0.7 per cent in May, up 4.9 per cent in April. Photo: Luxhabitat
  • Jumeirah Park: Dh1,128 per square foot — down 1.9 per cent in September, up 0.4 per cent in August, up 0.4 per cent in July, up 3.8 per cent in June, up 0.2 per cent in May, up 0.8 per cent in April. Pawan Singh / The National
    Jumeirah Park: Dh1,128 per square foot — down 1.9 per cent in September, up 0.4 per cent in August, up 0.4 per cent in July, up 3.8 per cent in June, up 0.2 per cent in May, up 0.8 per cent in April. Pawan Singh / The National
  • Victory Heights: Dh1,093 per square foot — down 0.9 per cent in September, down 1.3 per cent in August, down 0.3 per cent in July, up 1.4 per cent in June, up 3.7 per cent in May, down 2.2 per cent in April. Photo: Luxhabitat
    Victory Heights: Dh1,093 per square foot — down 0.9 per cent in September, down 1.3 per cent in August, down 0.3 per cent in July, up 1.4 per cent in June, up 3.7 per cent in May, down 2.2 per cent in April. Photo: Luxhabitat
  • Mudon: Dh1,021 per square foot — up 2.1 per cent in September, down 2.6 per cent in August, up 0.9 per cent in July, up 1.4 per cent in June, down 0.5 per cent in May, up 2.7 per cent in April. Satish Kumar / The National
    Mudon: Dh1,021 per square foot — up 2.1 per cent in September, down 2.6 per cent in August, up 0.9 per cent in July, up 1.4 per cent in June, down 0.5 per cent in May, up 2.7 per cent in April. Satish Kumar / The National
  • Jumeirah Village Triangle: Dh1,003 per square foot — up 0.4 per cent in September, up 0.7 per cent in August, down 0.1 per cent in July, up 3.7 per cent in June, down 0.2 per cent in May, up 2.3 per cent in April. Pawan Singh / The National
    Jumeirah Village Triangle: Dh1,003 per square foot — up 0.4 per cent in September, up 0.7 per cent in August, down 0.1 per cent in July, up 3.7 per cent in June, down 0.2 per cent in May, up 2.3 per cent in April. Pawan Singh / The National
  • Sustainable City: Dh970 per square foot — up 0.5 per cent in September, down 0.7 per cent in August, up 0.7 per cent in July, up 2.6 per cent in June, down 0.8 per cent in May, up 0.6 per cent in April. Antonie Robertson / The National
    Sustainable City: Dh970 per square foot — up 0.5 per cent in September, down 0.7 per cent in August, up 0.7 per cent in July, up 2.6 per cent in June, down 0.8 per cent in May, up 0.6 per cent in April. Antonie Robertson / The National
  • Town Square: Dh811 per square foot — up 0.4 per cent in September, up 0.6 per cent in August, up 0.6 per cent in July, down 0.8 per cent in June, down 1.0 per cent in May, up 1.4 per cent in April. Satish Kumar / The National
    Town Square: Dh811 per square foot — up 0.4 per cent in September, up 0.6 per cent in August, up 0.6 per cent in July, down 0.8 per cent in June, down 1.0 per cent in May, up 1.4 per cent in April. Satish Kumar / The National
  • Living Legends: Dh860 per square foot — down 1.9 per cent in September, up 2.6 per cent in August, up 0.7 per cent in July, up 4.0 per cent in June, up 1.2 per cent in May. Pawan Singh / The National
    Living Legends: Dh860 per square foot — down 1.9 per cent in September, up 2.6 per cent in August, up 0.7 per cent in July, up 4.0 per cent in June, up 1.2 per cent in May. Pawan Singh / The National
  • Jumeirah Village Circle: Dh612 per square foot — down 1.3 per cent in September, down 1.4 per cent in August, up 3.3 per cent in July, down 1.6 per cent in June, up 0.8 per cent in May, up 1.3 per cent in April. Antonie Robertson / The National
    Jumeirah Village Circle: Dh612 per square foot — down 1.3 per cent in September, down 1.4 per cent in August, up 3.3 per cent in July, down 1.6 per cent in June, up 0.8 per cent in May, up 1.3 per cent in April. Antonie Robertson / The National
  • Falconcity of Wonders: Dh749 per square foot — down 2.0 per cent in September, up 4.8 per cent in August, up 0.7 per cent in July, flat in June, down 2.5 per cent in May, up 1.6 per cent in April. Sarah Dea / The National
    Falconcity of Wonders: Dh749 per square foot — down 2.0 per cent in September, up 4.8 per cent in August, up 0.7 per cent in July, flat in June, down 2.5 per cent in May, up 1.6 per cent in April. Sarah Dea / The National
  • Damac Hills 2: Dh602 per square foot — down 0.4 per cent in September, down 0.5 per cent in August, down 0.4 per cent in July, down 1.6 per cent in June, up 1.0 per cent in May, up 1.3 per cent in April. Photo: Allsopp & Allsopp
    Damac Hills 2: Dh602 per square foot — down 0.4 per cent in September, down 0.5 per cent in August, down 0.4 per cent in July, down 1.6 per cent in June, up 1.0 per cent in May, up 1.3 per cent in April. Photo: Allsopp & Allsopp

Business

Property

Dubai property prices: where they rose and fell — September 2022

Off-plan market sales increased by 51.4% while secondary property market tractions rose by 17.3%, CBRE said

Sarmad Khan
Sarmad Khan

October 20, 2022

  • English
  • Arabic

Transactions involving off-plan and secondary residential properties in Dubai climbed in volume and value in September as the emirate’s real estate market continued to recover strongly.

The total number of property deals last month jumped to 7,273, a 33.4 per cent year-on-year increase in volume, according to the latest report by consultancy CBRE.

Off-plan market sales increased by 51.4 per cent while the secondary property market transactions rose by 17.3 per cent over the same period.

In the 12 months to the end of September, the total volume of transactions reached 62,396, the highest level recorded since 2009, over the same period, CBRE said in its Dubai Residential Snapshot report.

Average prices for residential properties rose by 8.9 per cent in 12 months to the end of September, with average apartment prices rising by 8 per cent and villas recording a more than 14 per cent jump.

The average apartment price in Dubai at the end of September reached Dh1,133 ($308) per square foot, while for villas, it climbed to Dh1,350 per square foot.

However, despite the sharp increase, these average rates are “still below the highs witnessed in late 2014”, with apartments remaining 23.8 per cent and villas staying 21.6 per cent below that peak, according to the CBRE report.

______________________________

Dubai apartment prices — September 2022

  • APARTMENT PRICES BY CBRE: Jumeirah: Dh2,156 per square foot — up 0.2 per cent in September, up 3.4 per cent in August, up 0.1 per cent in July, up 1.8 per cent in June, up 3.6 per cent in May, up 3.5 per cent in April. The National
    APARTMENT PRICES BY CBRE: Jumeirah: Dh2,156 per square foot — up 0.2 per cent in September, up 3.4 per cent in August, up 0.1 per cent in July, up 1.8 per cent in June, up 3.6 per cent in May, up 3.5 per cent in April. The National
  • Downtown Dubai: Dh2,096 - down 0.3 per cent in September, up 1.5 per cent in August, up 1 per cent in July, up 0.3 per cent in June, up 0.5 per cent in May, up 0.7 per cent in April. Reuters
    Downtown Dubai: Dh2,096 - down 0.3 per cent in September, up 1.5 per cent in August, up 1 per cent in July, up 0.3 per cent in June, up 0.5 per cent in May, up 0.7 per cent in April. Reuters
  • The Palm Jumeirah: Dh2,071 per square foot — up 4.5 per cent in September, up 2.0 per cent in August, up 1.5 per cent in July, down 4.2 per cent in June, up 4.2 per cent in May, up 4 per cent in April. Antonie Robertson / The National
    The Palm Jumeirah: Dh2,071 per square foot — up 4.5 per cent in September, up 2.0 per cent in August, up 1.5 per cent in July, down 4.2 per cent in June, up 4.2 per cent in May, up 4 per cent in April. Antonie Robertson / The National
  • DIFC: Dh1,683 per square foot — down 3.0 per cent in September, up 3.1 per cent in August, up 0.3 per cent in July, down 0.5 per cent in June, up 2.5 per cent in May, up 1.2 per cent in April. Jeff Topping / The National
    DIFC: Dh1,683 per square foot — down 3.0 per cent in September, up 3.1 per cent in August, up 0.3 per cent in July, down 0.5 per cent in June, up 2.5 per cent in May, up 1.2 per cent in April. Jeff Topping / The National
  • Mohammed bin Rashid City: Dh1,600 per square foot — up 2.2 per cent in September, up 1.0 per cent in August, up 1.3 per cent in July, up 1.9 per cent in June, up 2.3 per cent in May, down 0.2 per cent in April. Satish Kumar / The National
    Mohammed bin Rashid City: Dh1,600 per square foot — up 2.2 per cent in September, up 1.0 per cent in August, up 1.3 per cent in July, up 1.9 per cent in June, up 2.3 per cent in May, down 0.2 per cent in April. Satish Kumar / The National
  • Dubai Hills: Dh1,621 per square foot — up 4.0 per cent in September, up 1.4 per cent in August, up 1.7 per cent in July, up 1.6 per cent, up 2.7 per cent in May, up 0.3 per cent in April. Photo: Emaar Malls Management
    Dubai Hills: Dh1,621 per square foot — up 4.0 per cent in September, up 1.4 per cent in August, up 1.7 per cent in July, up 1.6 per cent, up 2.7 per cent in May, up 0.3 per cent in April. Photo: Emaar Malls Management
  • Business Bay: Dh1,530 per square foot — up 1.5 per cent in September, up 2.6 per cent in August, down 1.4 per cent in July, down 2.2 per cent in June, up 1.3 per cent in May, up 1.7 per cent in April. Sarah Dea / The National
    Business Bay: Dh1,530 per square foot — up 1.5 per cent in September, up 2.6 per cent in August, down 1.4 per cent in July, down 2.2 per cent in June, up 1.3 per cent in May, up 1.7 per cent in April. Sarah Dea / The National
  • Jumeirah Beach Residence: Dh1,425 per square foot — up 1.4 per cent in September, up 0.4 per cent in August, down 0.8 per cent in July, down 2.8 per cent in June, down 1.0 per cent in May, down 2.2 per cent in April. Photo: LuxuryProperty.com
    Jumeirah Beach Residence: Dh1,425 per square foot — up 1.4 per cent in September, up 0.4 per cent in August, down 0.8 per cent in July, down 2.8 per cent in June, down 1.0 per cent in May, down 2.2 per cent in April. Photo: LuxuryProperty.com
  • Dubai Marina: Dh1,391 per square foot — down 2.0 per cent in August, up 2.3 per cent in July, up 1.8 per cent in June, down 0.3 per cent in May, down 0.7 per cent in April. Victor Besa / The National
    Dubai Marina: Dh1,391 per square foot — down 2.0 per cent in August, up 2.3 per cent in July, up 1.8 per cent in June, down 0.3 per cent in May, down 0.7 per cent in April. Victor Besa / The National
  • The Greens and The Views: Dh1,141 per square foot — flat in September, up 3.0 per cent in August, up 2.4 per cent in July, up 1.2 per cent in June, down 2.5 per cent in May, down 0.6 per cent in April. Sarah Dea / The National
    The Greens and The Views: Dh1,141 per square foot — flat in September, up 3.0 per cent in August, up 2.4 per cent in July, up 1.2 per cent in June, down 2.5 per cent in May, down 0.6 per cent in April. Sarah Dea / The National
  • Jumeirah Lakes Towers: Dh1,019 per square foot — up 0.6 per cent in September, down 0.9 per cent in August, up 1.7 per cent, down 0.9 per cent in June, up 3.1 per cent in May, down 1.1 per cent in April. Antonie Robertson / The National
    Jumeirah Lakes Towers: Dh1,019 per square foot — up 0.6 per cent in September, down 0.9 per cent in August, up 1.7 per cent, down 0.9 per cent in June, up 3.1 per cent in May, down 1.1 per cent in April. Antonie Robertson / The National
  • Damac Hills: Dh1,056 per square foot — up 1.3 per cent in September, up 1.9 per cent in August, up 2.1 per cent, up 0.4 per cent in June, up 2.1 per cent in May, down 0.7 per cent in April. Pawan Singh / The National
    Damac Hills: Dh1,056 per square foot — up 1.3 per cent in September, up 1.9 per cent in August, up 2.1 per cent, up 0.4 per cent in June, up 2.1 per cent in May, down 0.7 per cent in April. Pawan Singh / The National
  • Jumeirah Village Circle: Dh915 per square foot — up 0.7 per cent in September, down 0.8 per cent in August, up 0.5 per cent in July, up 1.2 per cent in June, up 0.4 per cent in May, up 0.1 per cent in April. Razan Alzayani / The National
    Jumeirah Village Circle: Dh915 per square foot — up 0.7 per cent in September, down 0.8 per cent in August, up 0.5 per cent in July, up 1.2 per cent in June, up 0.4 per cent in May, up 0.1 per cent in April. Razan Alzayani / The National
  • Town Square: Dh849 per square foot — up 0.5 per cent in September, down 0.9 per cent in August, up 0.9 per cent in July, down 1.9 per cent in June, up 0.4 per cent in May, down 1.9 per cent in April.
    Town Square: Dh849 per square foot — up 0.5 per cent in September, down 0.9 per cent in August, up 0.9 per cent in July, down 1.9 per cent in June, up 0.4 per cent in May, down 1.9 per cent in April.
  • Motor City: Dh658 per square foot — up 0.8 per cent in September, up 1.9 per cent in August, down 1.8 per cent in July, down 2.5 per cent in June, up 0.8 per cent in May, down 0.7 per cent in April.
    Motor City: Dh658 per square foot — up 0.8 per cent in September, up 1.9 per cent in August, down 1.8 per cent in July, down 2.5 per cent in June, up 0.8 per cent in May, down 0.7 per cent in April.
  • Dubai Silicon Oasis: Dh612 per square foot — up 0.2 per cent in September, down 0.3 per cent in August, up 1.8 per cent in July, up 3.6 per cent in June, down 2.9 per cent in May, down 0.7 per cent in April. Chris Whiteoak / The National
    Dubai Silicon Oasis: Dh612 per square foot — up 0.2 per cent in September, down 0.3 per cent in August, up 1.8 per cent in July, up 3.6 per cent in June, down 2.9 per cent in May, down 0.7 per cent in April. Chris Whiteoak / The National
  • Dubai Sports City: Dh619 per square foot — up 2.6 per cent per cent in September, down 1.0 per cent in August, up 0.5 per cent, up 3.0 per cent in June, down 3.9 per cent in May, down 1.1 per cent in April. Reem Mohammed / The National
    Dubai Sports City: Dh619 per square foot — up 2.6 per cent per cent in September, down 1.0 per cent in August, up 0.5 per cent, up 3.0 per cent in June, down 3.9 per cent in May, down 1.1 per cent in April. Reem Mohammed / The National
  • Discovery Gardens: Dh525 per square foot — up 1.7 per cent in September, up 0.9 per cent in August, down 0.8 per cent in July, down 1.8 per cent in June, up 0.3 per cent in May, down 2.2 per cent in April. Pawan Singh / The National
    Discovery Gardens: Dh525 per square foot — up 1.7 per cent in September, up 0.9 per cent in August, down 0.8 per cent in July, down 1.8 per cent in June, up 0.3 per cent in May, down 2.2 per cent in April. Pawan Singh / The National
  • International City: Dh460 per square foot — up 1.8 per cent in September, up 0.4 per cent in August, up 2 per cent in July, up 0.9 per cent in June, down 0.5 per cent in May, down 0.6 per cent in April. Antonie Robertson / The National
    International City: Dh460 per square foot — up 1.8 per cent in September, up 0.4 per cent in August, up 2 per cent in July, up 0.9 per cent in June, down 0.5 per cent in May, down 0.6 per cent in April. Antonie Robertson / The National

______________________________

Dubai's property market rebound has picked up pace this year as the emirate's economy continues to make a strong recovery from coronavirus pandemic-driven headwinds.

The emirate's economy grew by 6.2 per cent in 2021, according to preliminary data from the Dubai Statistics Centre. In the first three months of this year, Dubai's gross domestic product expanded 5.9 per cent, according to government data.

The strong sales performance in September also encapsulates the sharp rise in Dubai’s off-plan and secondary property sales in the third quarter of this year.

Transactions in the July-September period, both in terms of volume and value, climbed to a 12-year high, Property Finder said in a report earlier this month.

The market boom is expected to continue through to the end of the year, with a further boost set to come from the hosting of the football World Cup in Qatar next month.

Average rental rates in the year to September also increased by 26.6 per cent, with average apartment rents rising by 26.7 per cent and average villa rents by 25.5 per cent.

The highest average yearly apartment and villa rental rates were respectively recorded in The Palm Jumeirah and Al Barari, CBRE said.

“In the apartment and villa communities that we track, rents in 6.5 per cent and 28 of these respective communities now sit above their last peak,” said Taimur Khan, head of research for the Mena region at CBRE in Dubai.

“Rents in 22.6 per cent of apartment communities and 96 per cent of villa communities, in September 2022, are higher than the same period five years earlier.”

— This article was first published on October 13, 2022

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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.”

Did you know?

Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.

Recycle Reuse Repurpose

New central waste facility on site at expo Dubai South area to  handle estimated 173 tonne of waste generated daily by millions of visitors

Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site

Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area

Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent  organic waste  and 13 per cent  general waste.

About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor

Recycling at Ras Al Khor unit:

Plastic items to be converted to plastic bags and recycled

Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays

Glass waste into bowls, lights, candle holders, serving trays and coasters

Aim is for 85 per cent of waste from the site to be diverted from landfill 

UAE currency
Three ways to boost your credit score

Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:

1. Make sure you make your payments on time;

2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;

3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.

What is Diwali?

The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.

According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.

In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.  

 

While you're here
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

Updated: October 20, 2022, 9:20 AM
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