Why Cluj-Napoca?
The largest city in Transylvania, and the storied Romanian region’s unofficial capital, Cluj-Napoca – or plain Cluj in regular conversation – is some way from the clichés of Dracula-worthy architecture and dark-hearted goings-on. For that, you need to head to central Transylvania; here, in north-west Romania, towards the Hungarian border, this university city has a noticeably young population and a good line in cute coffee shops, with communist-era buildings standing alongside grand orthodox churches and architecture from Saxon and Hungarian eras of rule.
Cluj’s history is long, originally dating back to the second century. Nowadays, in a Romanian context, it’s second only in size and forward-thinking intent to the capital Bucharest, with a vibrant cafe culture, lots of tempting restaurants and plenty of sizeable festivals.
A comfortable bed
Accommodation can be a little variable in Romania – given the general affordability of the country, it's often best to go for the top end of the hotel spectrum to avoid any nasty surprises. And there are few fancier options in Cluj than the Grand Hotel Italia (www.grandhotelitaliacluj.ro), which has a touch of Wes Anderson about its overall look and vibe, with wide corridors and dressed-up staff. The hotel is above much of the rest of the city, in two senses, located in slightly elevated, well-to-do suburb Buna Ziua, with rooftop views across Cluj. Double rooms cost from €97 (Dh396).
At the western end of central Cluj, the City Plaza Hotel (www.cityhotels.ro) is a more-functional option, on a quiet side street, with a spa and a small restaurant that's not nearly as grand as its name (Marco Polo). Doubles cost from 601 Romanian leu (Dh539).
Find your feet
Central Cluj is walkable in a way that the sprawling Bucharest can never be. The old town is the quaintest area: start at St Michael’s Church, a Gothic landmark that lays claim to being the second-largest church in Transylvania. Across the square is the Matthias Corvinus statue, in tribute to the 15th-century Hungarian king who liked to walk among his subjects in disguise, something that he could probably have managed in this microcosm of Cluj, with its range of bustling bars and restaurants. In the daytime, meanwhile, you can snack on local pastries from nearby hole-in-the-wall shops.
Walk through the Central Park to the west of the city centre and you will reach the Cluj Arena – home to one of the country’s most successful football clubs in recent years, CFR Cluj.
Meet the locals
Cluj’s coffee shops are where its residents congregate throughout the year, whether cosy inside during winter or seated on the streets during warmer months.
Flowers Tea House (Emil Isac Street) is a favourite with students and twentysomethings, with brightly decorated walls, chatty young staff and a menu that majors in myriad flavours of tea.
For something slightly edgier, explore the backstreets to find steampunk cafe Enigma (Iuliu Maniu Street). It has a bar and a passable menu of international dishes, but the real draw is its decor, strewn with metallic accents and strange industrio-futuristic figures.
Book a table
Another less-visible hidden gem, on an easily missed, graffiti-tagged side street, Roata (www.facebook.com/restaurantroatacluj) serves traditional Romanian food in large portions within an almost-rustic interior. Among a meat-heavy menu that features the likes of tin-kettle-baked venison stew (49 leu [Dh44]), there's an entire section of cabbage dishes, as well as the hearty, cheap likes of polenta (5 leu [Dh4]).
Wander north from the old town, over the Somesul Mic River, and you will find Samsara (www.samsara.ro). Well, specifically, you will find two outlets a few hundred metres apart: a teahouse with a hippy-ish vibe and majlis-style seating; and a foodhouse, which serves a fantastic range of vegan vegetarian, raw and organic dishes, from raw bread to sushi, as well as a range of delicious soups from 12 leu [Dh11].
Shopper’s paradise
You won't travel to Cluj for its purchasing potential per se, although a lot of younger Romanians congregate at the Vivo! shopping centre (www.vivo-shopping.com). It's a short trek out of town and not entirely worth the journey for those of us spoiled by the UAE's mega malls, but will satisfy cravings for most major high-street brands at pocket-pleasing prices.
Don’t miss
The summer season, which brings multiple demonstrations of Cluj's cultural cache. A variety of festivals visit the city, including international music extravaganza Untold, which this year welcomes the likes of Ellie Goulding and Armin van Buuren (August 3 to 6; www.untold.com), and the Transilvanian Film Festival (June 2 to 11; www.tiff.ro).
What to avoid
Although it will look gorgeous from the warmth of your hotel room, Cluj in the depths of winter, when temperatures plunge and things can get restrictively snowy, is best given a wide berth. And eschewing driving in the old town is wise where possible, because parking spaces here are limited.
Getting there
Wizz Air (www.wizzair.com) flies weekly from Dubai World Central (Al Maktoum International Airport) to Cluj from 358 leu (Dh322) return, including taxes.
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The Details
Article 15
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Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
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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.
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Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
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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.
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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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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Jeff Buckley: From Hallelujah To The Last Goodbye
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- Abdullah Ishnaneh, Partner, BSA Law
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