The Babil development will consist of four buildings - Magan, Rumelia, Petra and Babil, named after ancient regions in the Middle East.
The Babil development will consist of four buildings - Magan, Rumelia, Petra and Babil, named after ancient regions in the Middle East.

Century-old Dubai brought to life



Culture Village in Dubai is an enormous development. The Dh342 billion project, managed by Dubai Properties, will combine flats, shops and restaurants. While the village part of the name may be somewhat misleading - we're talking 3.7 million square metres - the cultural claim has ample justification. The area will house the Museum of Middle East Modern Art, an amphitheatre for live performances, an exhibition hall, libraries and many other museums.

But it's not just the arts facilities which set it apart. There is another significant point of difference compared with similar large-scale developments: it is (relatively) low-rise. The architecture and design will be far more traditional, too - Arabic wind towers are being built on top of the buildings and cobbled walkways will be included, with souqs selling spices and traditional handicrafts. It will also be one of the most pedestrian-friendly areas in Dubai.

Yaqoob al Zarooni, the deputy CEO of Dubai Properties says, "The project is in the heart of Dubai looking over the legendary creek. This is where it all started, where the pearl divers maintained their boats. It has real sentimental and historical value to this part of the world. The aim of the project is to come up with something different that links back to our roots. Everyone is building towers now - we wanted to do something where if you're a tourist visiting Culture Village you can get a sense of our heritage and what Dubai was like 100 years ago. It's a way of passing our culture on to the extended world through our development."

In price order, the main developments in Culture Village are Sunland Group's hyper-luxurious Palazzo Versace, its D1 tower next door and the newly launched Nur development. There is also Dubai Properties' Babil. Property prices for this part of Dubai range from relatively expensive to seriously pricey - affordable this mostly isn't. The cheapest flat in the Palazzo Versace - where guests can dive into an enormous aquarium of tropical fish - starts at Dh13.57 million. The recently launched Nur is more affordable, starting at Dh5.3m for a two-bedroom, and D1 starts at Dh6.1m. Babil, which, when finished, will consist of four buildings - Magan, Rumelia, Petra and Babil, named after ancient Middle Eastern regions - starts at Dh1.8m for a studio; Dh5.8m for two-bedrooms.

Almost all flats in Babil have creek views and balconies, and all (including the studios) have separate dressing areas. The Nur flats come fully furnished, right down to the LCD televisions, bed linen and kitchen utensils, and the developer promises generous ceiling heights in the flats, private balconies and bathrooms with mosaic-tiled walls. The master bedrooms come with en suite bathrooms and most flats will enjoy views of Dubai Creek and Palazzo Versace.

Despite promises to keep this part of Dubai tower-free and low-rise, it seems that the planners couldn't resist just one high-rise. D1 measures 80 storeys and is modelled on the Q1 tower, also built by Sunland, on Australia's Gold Coast. The types of property available to buy in D1 at the moment are called "Sky Homes Residences", described as "penthouse-quality" flats that aren't really penthouses at all - they're actually found in the middle of the building - but they do have the top-whack fixtures and fittings you'd expect of the yuppie's property of choice. There will also be a private cinema, juice bar, swimming pool, gymnasium and 24-hour concierge in the development.

Culture Village will also be well-served by public transport, with its own stop when the Dubai Metro is up and running, meaning buyers don't necessarily have to take their car to work. If they are driving, the Business Bay Crossing runs parallel, so access to the airport and the rest of the city is straightforward. Alex Upson, a sales agent for Cluttons, says: "In my experience, what sells at the moment is new releases and anything in prime locations, and Culture Village has both strings to its bow. My clients are generally investors who only have to put down 10 per cent on a new release, and they then sell it before they have to make the second payment. If the development is closer to being built you have to pay more - 30, 40 or 50 per cent - so it's not attractive. That's why my investors prefer to pay for off-plan property that has just been released.

Culture Village is pricier than its neighbours because of build practicalities, he explains. "Developers aren't getting the same returns as if they had built a tall structure - so they are having to charge a lot more per square foot. There are also few properties with water views left for foreign ownership - and Culture Village and Dubai Lagoons will be in demand for that reason." The location is key, says Shirley Humphrey, of Harrods Estates, which is exclusively selling the Babil towers on behalf of Dubai Properties. "While Jumeirah Beach is lovely if you're going on holiday, if you work here this is better and far more accessible. One of the criticisms of the UAE is that it has forgotten its roots, and now this development is addressing that concern. Our experience selling this so far - and it's early days - is that our buyers are living in the properties themselves, rather than strict investment buyers. People who know Dubai want to live here, as it's bringing culture back to the city."

Getting there

The flights

Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.

The stay

Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net 

Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama

Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com

MATCH INFO

Alaves 1 (Perez 65' pen)

Real Madrid 2 (Ramos 52', Carvajal 69')

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 258hp from 5,000-6,500rpm

Torque: 400Nm from 1,550-4,000rpm

Transmission: Eight-speed auto

Fuel consumption: 6.1L/100km

Price: from Dh362,500

On sale: now

Company%C2%A0profile
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'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

MATCH INFO

Euro 2020 qualifier

Ukraine 2 (Yaremchuk 06', Yarmolenko 27')

Portugal 1 (Ronaldo 72' pen)

BLACKBERRY
%3Cp%3EDirector%3A%20Matt%20Johnson%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Jay%20Baruchel%2C%20Glenn%20Howerton%2C%20Matt%20Johnson%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Profile

Name: Carzaty

Founders: Marwan Chaar and Hassan Jaffar

Launched: 2017

Employees: 22

Based: Dubai and Muscat

Sector: Automobile retail

Funding to date: $5.5 million

North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

Indoor cricket in a nutshell

Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full

World Sevens Series standing after Dubai

1. South Africa
2. New Zealand
3. England
4. Fiji
5. Australia
6. Samoa
7. Kenya
8. Scotland
9. France
10. Spain
11. Argentina
12. Canada
13. Wales
14. Uganda
15. United States
16. Russia

The Breadwinner

Director: Nora Twomey

Starring: Saara Chaudry,  Soma Chhaya,  Laara Sadiq 

Three stars

Match info

Deccan Gladiators 87-8

Asif Khan 25, Dwayne Bravo 2-16

Maratha Arabians 89-2

Chadwick Walton 51 not out

Arabians won the final by eight wickets

Final round

25 under -  Antoine Rozner (FRA)

23 - Francesco Laporta (ITA), Mike Lorenzo-Vera (FRA), Andy Sullivan (ENG), Matt Wallace (ENG)

21 - Grant Forrest (SCO)

20 - Ross Fisher (ENG)

19 - Steven Brown (ENG), Joakim Lagergren (SWE), Niklas Lemke (SWE), Marc Warren (SCO), Bernd Wiesberger (AUT)

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

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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.”

Match info

UAE v Bolivia, Friday, 6.25pm, Maktoum bin Rashid Stadium, Dubai