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 is showcasing some of the best homes on offer with its Property of the Week …
The key details
Located on Frond F of the Palm Jumeirah, this Signature Villa has five bedrooms across a built-up area of 10,352 square feet on an overall plot of 14,677 sq ft.
Having been both upgraded and extended, it is priced at Dh65 million.
What's the story?
Firstly, eating out would be off the table if you were to purchase this place. And that's in spite of Dubai having a renowned culinary scene, and the super rich being able to pick any restaurant in town every night of the week.
In fact, if you don't cook, you would soon learn to and probably end up striving to reach the standard of the likes of Gordon Ramsay, such is the wonder of the kitchen in this property.
It features walnut cabinets, integrated Gaggenau appliances, marble countertops and a separate dining nook. And the cherry on top of this tasty creation is that it overlooks the pool, garden, water and Atlantis, The Palm.
From the outside, the property is quite understated with its white walls and straight lines.
But step inside and everything is modern and sleek, with dark wooden flooring, multiple living rooms and sliding partitions.
It has that top-end hotel feel, but with the added benefit of it being your own private space complete with infinity pool, patio deck and lawn, plus its own stretch of palm beach.
The brokers say ...
There are many nice villas on the Palm – what sets them apart from each other?
Location is as important within a community as it is within a city. The closer to the end of the frond a villa is, the better the view and the more open the water. Equally, there are a range of styles and finishes. This villa has world-class interior design and finishing, which sets it apart from the pack.
Is there a particular frond that investors go for?
Fronds are a very personal choice based on whether a buyer prefers sunrise or sunset, and Marina, skyline, Burj Al Arab or Atlantis views. This particular villa is at the end of Frond F with spectacular views of the Atlantis and the new super-prime Royal Atlantis Resorts and Residences.
Is this as good as you will get for Dh65m in Dubai?
Finding a turnkey villa in Dubai where a buyer can just turn up with their suitcases is no easy task, but this villa provides exactly that. The lucky buyer will get to enjoy stunning views and ringside seats for some serious fireworks displays from the two Atlantis resorts.
Have you seen a better kitchen?
The owner of this villa has incredible attention to detail. Not only does the kitchen have the highest quality finishing and Gaggenau appliances, it is perfectly situated to enjoy unbelievable views.
How long has it been on the market?
The villa came on the market just two months ago and we have already seen significant interest, particularly from international buyers looking for a high-quality home in Dubai.
Andrew Cummings, managing director at LuxuryProperty.com
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KILLING OF QASSEM SULEIMANI
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Company%20profile
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What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
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.”
