David Marks and Julia Barfield have earned the right to call themselves designers of iconic structures; after all, they conceived, designed and built the London Eye.
However, they believe that apart from those rare buildings that are from the outset indubitably iconic - those instantly recognisable properties such as Burj Al Arab, for example - good buildings should be more about function, experience, and context than profile.
And it is that guiding philosophy that will help shape The Pebbles, the three compact residential structures that make up a key element of one of Dubai's new developments, Dubai Arts District (DAD).
Inspired by the shapes and colours of the land - compact, softly rounded, gentle - the designers behind Marks Barfield Architects, the award-winning London-based practice, are aiming for an organic look that is informed by nature.
DAD, a project by Abyaar, a Kuwaiti boutique real estate developer, is a 26-hectare commercial, residential and retail project within Dubai's International Media Production Zone. And Marks Barfield has been commissioned to design several core components of it: 11 residential buildings with a gross built area of 2.1 million sq. ft., a central clubhouse, children's playground and seven retail units. Central to the project will be the three Pebble buildings. Construction is scheduled for completion in the last quarter of 2011.
In designing the trio, Marks and Barfield set out to deliver a plan that would stand up to the elements, while at the same time meet their commitment to work that is underpinned by values of quality of life, community responsibility and sustainability.
"It is such an incredibly harsh environment that our instinct with The Pebbles was to try to create something soft and flowing, easy on the eye and sympathetic to context," Marks says. Hence the reference to the shapes and colours of the earth. "You could say, too, that our proposal was a reaction to the severity of some of the design one is seeing in Dubai." Sand and stone tones will also be used on the exterior.
More important than this form, however, is function: for example, deeply recessed balconies will provide shaded outdoor living spaces for use in the cooler months while at the same time increasing privacy - an important aspect of UAE family life. This means that the balconies are incorporated into the living area in a way that is rare in this part of the world. The functionality intersects with sustainability here, in that the depth of the balconies will prevent direct sunlight, thereby assisting with cooling, while the round aerodynamic shape and compact form of the buildings will channel the prevailing wind to provide some cooling to the outdoor area of every apartment.
"We are interested in understanding and interpreting the fundamental principles behind local traditions and heritage and interpreting them appropriately to the 21st century using modern materials and technology, rather than merely repeating symbols from the past in an over-scaled traditional pastiche, or an out-of-context western modernism," says Barfield.
Marks and Barfield recognise that minimising environmental impact in the UAE is not easy but they are committed to this approach. Features such as waste water recovery and ease of maintenance and cleaning, for example, are at the heart of The Pebbles' design.
The intention is for the unpretentious scheme of the exterior to flow through to the interiors, all of which are being designed by the German architectural firm Hollin + Radoske, known for their minimalist approach. Typical apartments, which range from studio to three bedrooms, will be uncluttered, with open-plan living and dining areas.
The Pebbles are most certainly intended to be striking and aesthetically appealing, a positive addition to the Dubai landscape. But as for "iconic", Marks and Barfield will leave that to the passage of time.
Scoreline
Saudi Arabia 1-0 Japan
Saudi Arabia Al Muwallad 63’
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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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
