The bustle of nearby areas can be a double-edged sword; with new businesses and residents comes traffic snarls but also an urban vibrancy.
The bustle of nearby areas can be a double-edged sword; with new businesses and residents comes traffic snarls but also an urban vibrancy.
The bustle of nearby areas can be a double-edged sword; with new businesses and residents comes traffic snarls but also an urban vibrancy.
The bustle of nearby areas can be a double-edged sword; with new businesses and residents comes traffic snarls but also an urban vibrancy.

Why live in: Marina Towers


  • English
  • Arabic

Though this rapidly changing section of Dubai Marina is still under development, residents say the views and convenient pedestrian lifestyle make it a desirable location, writes Matt Hryciw

The sun is hanging low in the Saturday afternoon sky as glassy new towers cast long shadows across Dubai Marina. After months of scorching summer heat that have kept most residents off the picturesque walkway that circles the water, Derek Bell and his wife, Chris, pass the occasional jogger and couples walking their dogs on their late-day stroll.

The pair gaze up from the new brick footpath at the shiny glass-and-steel apartments that tower over a dusty vacant lot, the wake from a passing yacht laps at the seawall behind them near Park Island, a group of four recently completed towers that back onto a new paved section of the broad waterfront promenade.

With a camera around his neck, Derek could be mistaken for a tourist in his own neighbourhood, taking in the views of futuristic skyscrapers that circle the man-made lagoon. The two pause to contemplate taking a photo, looking at their flat high up in the Dusit Residence tower they have called home for the past year since moving here for work from the UK.

"This is the first time we've walked along here," Derek says. "We've done the other side often enough so we thought just for a change we'd see how far we could get by walking down here."

In a way, many people who call the Marina Towers neighbourhood home are tourists in their own backyard. Surrounded by the waters of the Marina on three sides and just across the road from the north end of Jumeirah Beach Residence, this is very much an area still coming into its own as new storefronts and luxury condominiums continue to pop up.

Until recently, the Royal Meridien, Habtoor Grand and Grosvenor House hotels outnumbered finished apartment blocks in what has become an overwhelming expatriate residential area especially popular with young couples and western professionals.

In the year that the Bells have called the Dusit Residence home, they have seen the neighbourhood evolve. Supermarkets and restaurants have come and gone along the waterfront, but on the whole, the place seems to feel a little more finished, more alive.

"As the place gets more developed and as more places open, it gets a bit more of a vibrant feel to it. This side of the Marina isn't as developed as the other side, and the more businesses that open, the more life-like it becomes."

In the past few months, the Marinaside walkway between the Dusit and Grosvenor House hotels has come to life with the opening of an Iranian and a Lebanese restaurant. The cafes add an extra buzz to the already busy Piccolo Mondo Bay, City Port Cafe and Bonjour Bonjour, all of which have sprawling patios busy with friends and families catching up over shisha and snacks.

The sunset view past bobbing yachts across the water to the towers of Marina Walk is breathtaking.

Development in other parts of the area, however, seems to have stalled, leaving a gap-toothed feel to what will eventually be a continuous stretch of waterfront activity. Farther south past the bridge that connects the two sides of the Marina, a large empty lot lies behind weathered metal hoarding, with parking for labourers' buses, and the movement of heavy equipment the only real activity. Just across the street looms a gaping hole where excavation for a new tower finished recently, and construction noise is never far off. Farther on, an abandoned construction pit sits full of a dozen whirring pumps keeping the Marina out of what one day will be underground parking.

"It's actually not as bad as we thought," Derek says. "We'd prepared ourselves for noise when we moved in as we figured there'd be quite a bit of disruption. It's no big deal. You can't hear much once you're in the apartment itself. Sometimes there's a bit of a holdup with grinders and diggers and so forth."

Julia Fenemore, also from the UK, has lived in this part of the Marina for four years and has seen more dramatic changes. She now has a bigger area to walk her dog right on the doorstep of Marina Tower where she lives, and appreciates the Marina's shops and growing pedestrian lifestyle.

"The views from my balcony are great and I love the convenience. You can do a lot of walking here. When I first moved in there was no walking whatsoever. You can walk over to JBR, to Marina Walk, and even Media City - places like that are quite close."

But she says the popularity of the nearby beach and restaurants at The Walk at JBR can make transport around Marina Towers tough.

"JBR's a nightmare at the weekends. The traffic literally getting in and out is a nightmare so we try to avoid it at weekends. Taxi drivers won't take you there either because you're stuck in traffic."

Mukesh Raturi from India is the manager at the Noodle Room restaurant on the corner of JBR at the edge of Marina Towers. While the attractions of The Walk next door help bring people to the area, he says the traffic doesn't always translate to big sales.

"JBR is good for tourists, even people who come from Sharjah, Abu Dhabi and other places. It's good for people to see the nice view on the back side. But there is not a lot of business on this side - there are more people just looking around than people coming into the restaurant to have a meal."

The bustle of nearby areas can be a double-edged sword; with new businesses and residents comes traffic snarls but also an urban vibrancy.

Gordana Vukcevic owns a coffee shop in Dubai but is returning home to Serbia soon. She lives in Park Island and looks out over the street, JBR and the sea beyond.

"I like noise. I like the sounds of the city. I used to live in the Springs, and it's like living in a little village. No lights, no sounds, nothing. It's like a cemetery. Here, JBR is just across the street, it's a good area and you can walk to the beach."

Vukcevic plans to keep her apartment after she leaves and rent it out. "I love this country."

At weekends the area is busy with sports cars and motorcycles as people come to show off their machines along The Walk nearby, but Chris Bell says she and Derek aren't bothered by the revving engines that echo between the towers. In fact, the Bells are in no rush to leave.

"We had a one-year lease on the apartment which we've just renewed, so I guess that speaks volumes," Derek says. "Even after being here a year, we figure that it's a nice area to be in."

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How it works

A $10 hand-powered LED light and battery bank

Device is operated by hand cranking it at any time during the day or night 

The charge is stored inside a battery

The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode

A full hand wound charge is of 16.5minutes 

This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode

When more light is needed, it can be recharged by winding again

The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge

No limit on how many times you can charge

 

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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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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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