KidZania Dubai has transformed into a winter wonderland for the kids to enjoy. KidZania
KidZania Dubai has transformed into a winter wonderland for the kids to enjoy. KidZania
KidZania Dubai has transformed into a winter wonderland for the kids to enjoy. KidZania
KidZania Dubai has transformed into a winter wonderland for the kids to enjoy. KidZania

Family

Your weekend hit list: Check out a new cafe at Reem Park, gear up for a new Buddha Bar pop-up, and more

There's plenty happening across the Emirates in the coming days, we have put together a few suggestions for you

Melinda Healy

December 15, 2018

  • English
  • Arabic

Winter wonders for kids

If you're keen on boosting your children's Christmas spirit, take them to KidZania at The Dubai Mall between now and January 5. The "edutainment centre" has been transformed into a winter wonderland that's full of snow and festive-inspired winter games. Kids can playwith snowmen, take part in snow hunts and heaps more. It's a bit pricey (Dh250 including the games and snowfield, or Dh180 for a standard ticket), but it will keep them entertained for hours. Open 10am until midnight. For more, go to www.kidzania.ae

Park yourself at the new Reem cafe

Park House is the newest cafe to open at Reem Central Park in Abu Dhabi. Park House
Park House is the newest cafe to open at Reem Central Park in Abu Dhabi. Park House

For somewhere new to enjoy a coffee, lunch or catch up with friends this weekend, make your way to Park House at Reem Central Park on Reem Island. The new eatery is being touted as “beachside dining” and is a first for the brand in Abu Dhabi. The menu includes a selection of healthy, home-made dishes and light bites including avocado on toast, mini pancakes and fresh juices and smoothies. Park House at Reem is open daily from 8am to 10pm.

Straight to The Pointe

Rendering of The Pointe retail, dining and entertainment complex on Palm Jumeirah. Nakheel
Rendering of The Pointe retail, dining and entertainment complex on Palm Jumeirah. Nakheel

There has been a number of new neighbourhoods springing up in and around Dubai this year, the latest of which is The Pointe, and we already know that Enrique Iglesias will perform there on Friday. The new precinct on the Palm Jumeirah will, when fully open, be home to about 70 shops and restaurants, a promenade, a fountain and an area for concerts. For now, it's worth checking out the five-screen Reel Cinemas, which has a 100-seat Guy Fieri restaurant, a beauty salon and a Cheeky Monkeys play centre.

Buddha-Bar pops up in RAK

Buddha Bar will be 'popping up' at the Waldorf Astoria Ras Al Khaimah resort for six months. Waldorf Astoria Ras Al Khaimah
Buddha Bar will be 'popping up' at the Waldorf Astoria Ras Al Khaimah resort for six months. Waldorf Astoria Ras Al Khaimah

Those of you who have spent any time at either of the Buddha-Bar venues in Dubai (Grosvenor House) and Abu Dhabi (The St Regis Saadiyat Island Resort) will be excited to learn that Waldorf Astoria Ras Al Khaimah will be hosting a six-month Siddharta Lounge by Buddha-Bar pop-up from December 20. Mark the date in your diaries. The lounge will be able to accommodate 120 people and will host a series of concept nights. Guests can make the most of its location on the coastline, and enjoy pool and beach access, and those fantastic sea views. There will also be a mixology bar and sushi counter. For more, go to www.waldorfastoria.com

COMPANY%20PROFILE
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While you're here
Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

While you're here
Inside Palestine-Israel
Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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.”

While you're here
While you're here
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