The Nuss Buenos Aires Soho is in Palermo, the city's hippest area.
The Nuss Buenos Aires Soho is in Palermo, the city's hippest area.

Nuss Hotel, Buenos Aires



There's no bowing or scraping from a bellboy meeting you at the door. Rather refreshing. Instead, the switched-on reception staff ask you if you need help with your bags. The full five-star treatment is available if you want it, but you're able to carry your own luggage without too much fuss should you prefer. Each guest is left a hand-written welcome note in their bedroom, as well as a delicious platter of bite-sized brownies laced with Argentina's sweet-toothed vice, dulce de leche, topped with a strawberry - a nice touch.

Nuss is situated in Buenos Aires' hippest neighbourhood: Palermo. A couple of decades ago the barrio was fading around the edges - rundown yet pretty - but since the 1990s it's become distinctly upmarket. One of the city's most desirable places to live, the area is a mix of low-rise residential housing and boutique clothes shops, bars, cafes and restaurants, which come together around Plaza Serrano, about a minute's walk from the hotel. Hip, young and artsy, the neighbourhood still has some of its bohemian spirit from yesteryear and street graffiti is ubiquitous. Palermo feels like a cross between parts of New York and San Francisco, reflected in the slightly pretentious subdivisions that have sprung up: the hotel is located in Palermo Soho, down the road from Palermo Hollywood.

The hotel attracts a clientele of well-dressed urbanites who are a mix of Argentine and international guests. Nuss is pretty evenly split between tourists visiting Buenos Aires and those here on business. The hotel regularly puts on corporate events, and in the past the hotel has been completely booked up for Paris-Dakar race, as it was once known before it moved to Argentina and Chile last year.

Nuss is a small boutique hotel, consisting of 16 rooms and six suites. The superior double where I stayed was extremely comfortable, with a large flat-screen television, cream walls and grey swirly wallpaper above the bed, as well as colourful decorative tassels by the windows. The walls weren't decorated at all - which made it feel less cosy - but the rooms become more adventurous if you upgrade. What's nice about the hotel is that no two rooms are the same and, while this is a modern, internationally orientated hotel, it keeps an Argentine flavour through old black and white photos of Buenos Aires landmarks. All rooms have a Wi-fi connection and the suites have a special hydro massage bath.

Excellent. The hotel's employees have been lured from some of Buenos Aires' most prestigious hotels, including the Four Seasons, and customer service is of the highest standard. The front desk staff are efficient and helpful, dropping your name into conversation with just the right amount of frequency to make your feel important without being over-pampered. When I went up to the rooftop solarium, a waiter arrived within minutes to check whether I'd like something to drink, and in the evening staff knock on your room door offering biscuits and mineral water to keep you going until it's time to head out in search of a prime cut of steak.

Nuss has purposefully made food quite a low-key part of the hotel. There's an area on the ground floor opposite the lobby where the hotel puts on a decent buffet breakfast, but there is no formal dining. The hotel has decided not to compete with the scores of different restaurants located within a few minutes walk of the entrance - from traditional Argentine eateries serving grilled meats to minimalist sushi joints - and there's a list of recommended local restaurants in the rooms along with tourism information.

The lounge, which is also open to non-residents, has a good range of light snacks. My partner and I shared a delicious Palermo baguette of jamón serrano, sun-dried tomatoes, cheese and salad (US$4.70; Dh17), as well as a salad of the day ($5.20; Dh19) of smoked salmon with green leaves and croutons. The same menu is also available as room service until 2am, at slightly higher prices.

The sauna that is available to all guests. The rooftop solarium is also a lovely space, a simple but elegant combination of wooden decking, square seats and chaises longues with cream cushions. It's a great spot to take in the early evening sun, sip a drink and contemplate the neighbourhood from above. The layout of the hotel is very chic: set on three floors around an open-roofed courtyard full of plants. You can open your room door and immediately gaze up at the sky.

For such a comfortable hotel the bathroom felt a little bit sub-standard. You had to step into the bath, which is quite small, to take a shower and the pressure wasn't very good (in my room the water didn't go down the drain properly either).

A small, friendly hotel full of individual touches and situated in one of the best neighbourhoods in the city both for eating and drinking, as well as getting downtown. Hard to fault and highly recommended.

A double room at the Nuss costs from $266 (Dh977) per night, including breakfast and taxes. Nuss Hotel, El Salvador 4916, Palermo Soho, Buenos Aires, Argentina, (0054 11 4832 9939; www.nusshotel.com).

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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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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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