“There is a kind of flame in Crete … There is pride, obstinacy, valour and, together with these, something else inexpressible and imponderable,” wrote 19th-century Greek author Nikos Kazantzakis about the island on which he was born.
Crete is a place of stark contrasts — of snow-capped mountains and sun-kissed beaches, tiny crumbling villages and sophisticated seafront resorts. The scents of rosemary, thyme, oregano, chamomile and fennel hang in the air, while fresh olive oil, fruit, vegetables and herbs are served up in abundance.
Crete is the largest of the Greek islands, measuring 260 kilometres in length, and its capital, Heraklion, is the fourth-biggest city in the country.
The key details
In the north-east of the island, the six-bedroom Villa Phaedra sits on an elevated site looking out over the isle of Spinalonga, a popular tourist attraction that is under consideration for Unesco World Heritage status and has appeared in novels, television series and a short film. The property is currently on the market for $6,320,148 million via Sotheby’s International Realty.
Completed in 2021, Villa Phaedra is a three-minute walk from a private beach and offers plenty of opportunities to enjoy Crete’s sunny climes.
An outdoor heated infinity pool is surrounded by fragrant gardens and flanked by an open-air dining and barbecue area that can comfortably accommodate 12 people. Other casual outdoor seating areas maximise on the property’s stunning sea views, while the mature gardens create a sense of calm and privacy.
What's the story
The villa is decorated in cool neutral tones and features natural materials such as marble, Cretan stone, wood and eco-friendly fabrics. An open-plan living and dining area, which is home to a fireplace, leads directly on to the kitchen.
The main house has five bedrooms with king-size beds and large walk-in dressing areas. There’s also a one-bedroom guest house on the grounds.
Three of the bedrooms are located on the property’s lower floor, which can be accessed independently and connects to a recreation area with sun shades and lounge chairs. A gym and massage room are also found in this part of the house, along with a living room with a full multimedia system.
There are two master bedrooms, one at entrance level and the other on the upper floor, which leads on to a balcony fitted with a Jacuzzi. Hidden from prying eyes and offering expansive sea views, this space is dedicated to mindfulness and meditation – the perfect spot from which to enjoy the “inexpressible and imponderable” beauty of Crete.
The broker says ...
"Villa Phaedra is set in a stunning, elevated location, looking out over the island of Spinalonga. It benefits from glorious views of the sea and is just a three-minute walk from a private beach," reads the listing on the Sotheby's International Realty website.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
