DUBAI // Ringing in the new year in Dubai has never been cheap, but residents have complained that even budget venues and restaurants are cashing in by inflating prices for the biggest night of the year.
Anyone planning to watch the Burj Khalifa fireworks from the comfort of a cafe or restaurant along Downtown Dubai’s Sheikh Mohammed bin Rashid Boulevard will have to part with up to Dh1,200 for the privilege.
A reservation at Five Guys burger restaurant on the Dubai Fountain promenade costs upwards of Dh1,000, coffee with a view at Starbucks will cost you Dh600 and the Dubai Mall’s Fortnum & Mason cafe is charging Dh1,000.
“It’s insane that a burger joint would cost you Dh1,200,” said Saleh Khalil, an accountant who works in the emirate. “How are these prices calculated? It must be for the view but that is still a big amount.”
Miguel Ramos, 35, a Mexican florist who recently moved to Dubai Marina, said the prices being charged did not seem to make much sense.
“This will be my first New Year’s Eve in Dubai and I really wanted to do something special but you can’t rationalise the prices and the crowds. Dubai operates based on demand I suppose.”
However, the hefty bills are not deterring everyone, with some people determined to get the best view no matter the cost.
“The fireworks at the Burj Khalifa are some of the best in the world. You have to witness them at least once during your time in Dubai,” said Saleh Abdulrahman. “We did pay a few thousand dirhams for the most affordable option but it’s something to check off your list.”
Business owners said the prices being charged were reasonable compared to the demand.
“A guaranteed table at the promenade gives you the view and the chance to be with the thousands of people lined up to witness the fireworks,” said a manager of a cafe on Sheikh Mohammed bin Rashid Boulevard.
“This is your best option to avoid the crowds and have a place to be,” he added, although most venues in the area were not fully booked a week before New Year’s Eve.
On average, venues elsewhere in the city in popular locations such as JBR and Dubai Marina were charging between Dh300 and Dh500 for packages that include food and drinks.
New Year’s Eve options for those living in Abu Dhabi are much easier on the wallet, with cover charges at restaurants in five-star hotels starting at just Dh100. Revellers looking to flash the cash can watch the fireworks at Sho Cho’s Japanese restaurant on the Corniche for Dh500, while more affordable options are available at the Sofitel for Dhs129.
Dubai topped a list of the most expensive cities in the world to ring in the New Year, ahead of London, Paris and New York, in a survey recently carried out by foreign exchange house Travelex.
The research showed that partygoers in the emirate spend an average of Dh2,015 on food, drinks and entertainment on the last night of the year. London came second, with revellers parting with up to Dh1,635 per person, followed by New York at Dh1,565 and Dh1,145 in Paris.
“Dubai has gotten expensive. It’s now a new year’s destination but you need to be creative and think hard of ways to enjoy it without starting the year with a big dent in your wallet,” said Dubai resident Jacob Ekholm.
“We’ll gather at a friend’s apartment to watch the fireworks. There’ll be so many people on so many balconies recording with their phones.”
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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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