A long-delayed, Dh783 million (US$213.1m) luxury resort at the Abu Dhabi Golf Club is to open its doors in November.
The Westin Abu Dhabi Golf Resort and Spa, being developed by Abu Dhabi's Tourism Development and Investment Company (TDIC), was originally scheduled to open at the end of 2009. But the project suffered construction delays as contractors were changed, said Klaus Niefer, the general manager of the property.
"It started and it stopped," he said.
The resort, which will adjoin the golf course, is expected to strongly appeal to the business sector for meetings, incentives and corporate events, Mr Niefer said. He hopes the resort will also play an important role in Abu Dhabi's plans to become a golfing destination.
Sports such as sailing, golf and motor racing play a critical part in Abu Dhabi's tourism strategy as it aims to attract 2.3 million hotel guests annually by next year, with a strong focus on appealing to high-spending visitors.
"The golf could be for recreational weekend business and also for business from Europe, where Abu Dhabi is really an emerging destination for European golfers to come," said Mr Niefer.
Two new championship golf courses opened in Abu Dhabi last year: a course designed by Gary Player on Saadiyat Beach; and another on Yas Island designed by Kyle Phillips.
The hotel's developer, TDIC, has said it has put some of its projects on hold, while others have been scaled back, as it continues to monitor the property market in Abu Dhabi. Property prices in Abu Dhabi have fallen by about half since their peak in 2008.
The Westin resort has 172 guest rooms, six food and beverage outlets as well as banquet facilities.
Mr Niefer expects its restaurants to attract residents from nearby areas including Khalifa City and Al Raha Gardens.
The Westin brand is owned by Starwood, which includes Le Meridien, St Regis, Aloft and Sheraton properties.
A number of hotels are expected to open here before the end of the year, including the Jumeirah Etihad Towers hotel and a Park Hyatt resort. Occupancy levels in Abu Dhabi have picked up, but hotel rates have continued to decline.
Occupancy rose to 71 per cent in July compared with 69 per cent in the same month last year, according to Ernst & Young. However, rates fell by 8 per cent in July, to Dh544 (US$148.10) from Dh591.
The Westin property would be entering a highly competitive market, Mr Niefer admitted.
"You have seen a slight increase in occupancy, where the rates are challenged. I think we are in a unique situation because of the location being part of the Abu Dhabi Golf Club. There will be a certain amount of business which we will take away from other hotels."
The majority of the 270 staff, made up of about 50 nationalities, are expected to arrive this month. There are currently 1,500 labourers on site completing the final stages of the hotel. "In particular the German-speaking golf market is very interested to come to Abu Dhabi as a future destination," said Mr Niefer. "I can see there is a huge potential for golf in this part of the region."
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
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House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
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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.”
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
