There is no doubt that the UAE is home to some spectacular properties. From penthouse apartments to plush villas with sprawling gardens and incredible pools, it’s a real estate haven.
Each week, The National showcases some of the finest homes on offer in its Property of the Week. Here, we take a closer look at a prime villa in Dubai.
The key details
This exquisite property comes with seven bedrooms (with the opportunity to expand to nine) and 12 bathrooms and is spread across four floors encompassing more than 20,000 square feet.
It has a three-car air-conditioned garage, staff quarters for seven, large gym with Burj Khalifa views and smart home automation. It also comes with a 1,000 sq ft spa that contains a sauna, steam room, vitality pool, 10ºC ice pool, massage room, and salon room.
It's on the market with Knight Frank, and, for buyers, comes with an air of mystery as the seller does not wish to disclose the exact property location here for privacy reasons, and the price is only available on application but is known to be upwards of $20 million.
What's the story?
Big budgets and grand design ambitions don't always result in a dream home. But that's certainly what we have here.
Forget five-star luxury – this is more like seven-star, and rather than being more of a show house or work of art, it has that homely feel that allows you to belong there rather than just exist within its sizeable walls.
That said, there is plenty to show off, and the design is top level with the inclusion of Italian marble and tiling, Swedish wood flooring, Belgium fireplaces and carpeting and American veneered panelling.
The typical Dubai mansion checklist is not just ticked off, but done so with distinction. From the traditional wood-filled study with grand bespoke desk to the sweeping staircase, home cinema and of course the lifestyle amenities that mean you host the personal trainer and beautician rather than the other way around. The home spa in particular must rank as one of the finest in the city.
The quality set-up continues outside with the swimming pool with Olympic-level current machine, sunken seating area that can fit 16 around the fire pit and there's a dining pergola.
Eight palm trees at one end of the garden are a reminder that you're in Dubai, and not The Hamptons.
What the broker says ...
Where does the name Black Rock villa come from?
The owner wanted the home to stand out from the crowd so installed a stunning 20-foot [six-metre] high black rock at the front of the home as a statement art piece. The property is branded throughout with towels, linens and other little treats all having their own logo – giving the home something a little bit special.
Is this the pinnacle of living at Dubai?
I’ll put it quite simply, yes. Homes of this quality and design are a rarity in Dubai, the owner has crafted every inch this home to perfection. It offers space, style and a world-class quality that would sit comfortably in London or Los Angeles
What price is the seller seeking?
Unsurprisingly the property is being advertised as price on application. Needless to say, this type of quality comes with a price.
Do you expect the luxury market to continue rising in price in 2022?
In short yes, there is a lack of supply, particularly in villas and larger penthouses. At the top end of the market, the super-prime market, homes like this area now coming to market that offer an exceptional quality that I think will keep buyers busy this year.
What’s the property’s best feature?
This is very much a personal taste issue. For me the spa is the standout with 1,000 square feet of utter luxury from a vitality pool, cold plunge pool, sauna, steam, massage room, salon and more. It is spectacular. Equally the gym, which occupies over 860 square feet is sensational. And after all that, why not go and relax in your own home cinema.
- Andrew Cummings, partner and head of prime residential at Knight Frank Middle East
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)
Rajasthan won by 10 runs (D/L method)
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Killing of Qassem Suleimani
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.”
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
PROFILE BOX:
Company/date started: 2015
Founder/CEO: Rami Salman, Rishav Jalan, Ayush Chordia
Based: Dubai, UAE
Sector: Technology, Sales, Voice, Artificial Intelligence
Size: (employees/revenue) 10/ 100,000 downloads
Stage: 1 ($800,000)
Investors: Eight first-round investors including, Beco Capital, 500 Startups, Dubai Silicon Oasis, Hala Fadel, Odin Financial Services, Dubai Angel Investors, Womena, Arzan VC
