Burj Khalifa takes centre stage every New Year's Eve for its world-famous, record-breaking fireworks display and laser show – and this year is no exception.
What is exceptional, though, is the prices charged by the restaurants and cafes surrounding the world's tallest building (think Dh2,500 at Tim Hortons).
However, those who don't want to break the bank – or indeed jostle with the crowds – have an additional option this year, as Emaar has announced its first-ever ticketed year-end party at Burj Park.
The event, which will afford uninterrupted views of both the Burj Khalifa and Dubai Fountain shows, is priced at Dh150 for children between four and 12, and Dh300 for adults. This is significantly lower than booking a table at restaurant in the Dubai Mall / Burj Khalifa vicinity (more on this below).
Ticket holders can access the venue from 4pm. There will be live entertainment, as well as over a dozen food trucks on site, with each pass inclusive of one meal and two drinks.
If cost is no bar, here are some venues with Burj Khalifa views that are currently accepting reservations for December 31.
TGI Fridays
TGI Fridays located along the Dubai Mall promenade has one of the best views of the Burj Khalifa fireworks, and for it, the American diner is charging up to Dh3,000 per person.
Aside from prime seating, the package includes a set menu with dishes such as mini cheeseburger, signature potato twisters, rib-eye steak, glazed chicken and a brownie or cheesecake for dessert.
OFK
The restaurant located in Dubai Mall's Fashion Avenue has three seating packages for New Year's Eve, all of which come with a six-course meal. Prices start at Dh1,000 per person for indoor seating, but diners can head to the terrace once the Burj Khalifa show starts.
On the menu are grilled corn salad, Pacific maki roll and cauliflower tempura for starters; citrus miso black cod, A5 Wagyu striploin and Veneto burger for mains; and tiramisu, warm chocolate cheesecake or basque cheesecake paired with wood-fired strawberry sorbet for dessert.
Sky Views Observatory
The observation deck will be transformed into a party area with live entertainment and a selection of food and drinks. Packages start at Dh1,200 per person, including one with the venue's “edge walk” experience.
Time Out Market
The sprawling food hall in Souk Al Bahar is throwing a Hall of Wonders-themed party on New Year's Eve, complete with DJs, musicians, stilt walkers, magicians and contortionists to keep the buzz going until midnight.
Tickets start at Dh1,000 per person and go up to Dh5,000 for terrace seats with a direct view of Burj Khalifa.
The ticket price is redeemable against the bites and beverages offered by the 17 food vendors, with more than 250 dishes to choose from.
Maison De Curry
Also at Souk Al Bahar, which sits across the Dubai Fountain from Dubai Mall, eclectic restaurant Maison de Curry will charge a staggering Dh7,000 per person for a seat on the lower deck.
This includes a five-course set menu, champagne and, of course, picturesque views of the fountain and Burj Khalifa.
Dish Dash
The Arabic and Mediterranean restaurant on the Dubai Mall promenade is serving a four-course set menu on December 31. A seat in the VIP area costs Dh3,000, but tables start from Dh1,500 per person. All the seats have Burj Khalifa views.
Carluccio's
Three seating options are available at the Italian restaurant, starting from Dh2,100 per person for a table inside and going up to Dh3,675 for a seat along the promenade.
The four-course menu includes dishes such as truffle burrata, potato lentil soup, ragu tagliatelle, gnocchi quatro formaggi, grilled salmon and panettone.
Social House
Diners can choose from five packages, with tickets ranging from Dh1,499 to Dh2,999 per person. Children aged four to 10 enter for half the price, and those below four dine for free.
The set menu includes dishes such as mushroom soup, margherita pizza, Wagyu robatayaki, chilli garlic prawns, fried calamari, sizzling lasagne, apple pie and tiramisu.
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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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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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