My Dubai Rent takes you inside a reader's home to have a look at what they get for their money, how much they pay in rent and asks them what they like and don't like
The buzz and bustle of Dubai Marina is the reason why a couple of young content creators chose to live there.
Zhale Rousta, a digital content creator, was drawn to the neighbourhood from the moment she visited Dubai in 2007.
Ms Rousta and her husband Nima Farahbakhsh then moved to the UAE from Rasht, a coastal city in Iran, about a year ago.
After living in Business Bay, within a 15-minute walk of Burj Khalifa, the couple moved to Dubai Marina a month ago – where they say they can feel the vibe and energy of the city.
The 32-year-old, who produces videos and photo shoots on home decor and food for companies, told The National the two-bedroom apartment in her dream neighbourhood is the perfect fit.
Tell us about your home
I love working from cafes and this area is perfect. The building has a separate door to Marina Walk and I have hundreds of choices.
I like walking here, sitting and watching people, watching life.
It really boosts my mood and creativity.
On our apartment balcony, I sit with my laptop and watch as people run and walk. I see the cars, the metro, the tram, the boats and this calms me. I just like watching life.
Why this area in particular?
I travelled to Dubai about 17 years ago and I have loved the Marina since.
We moved to Dubai a year ago and this is our second home.
Our first was in Business Bay near the metro station.
We both love crowded places, being among people. Although we loved Downtown, we were saving up for a year for this area.
We were thinking of coming to live in the Marina since we visited Dubai.
And here we are after 17 years of loving this place.
Is it value for money?
We pay Dh110,000 and have been lucky because it’s a two-bedroom with a huge balcony and large kitchen in a great building.
When we first saw this building, I was instantly in love with this place because it has very big windows.
I record videos of cooking on YouTube and the kitchen is big enough for this.
There is a lot of wardrobe space and both bathrooms have their own showers.
The living room is very cosy and there are huge windows to the balcony with a perfect view.
The bedrooms have a view of the water as well.
It’s great value for money.
How have you made the apartment your home?
I study architecture and this is my area of speciality.
I designed it with a few sharp colours but mostly beige and muted colours for the walls and furnishings.
The table and floor lamps that a friend in Iran has designed gives the colour as do the many plants I have.
We chose to give it a homey and cosy feeling.
Are there other advantages to living here?
We develop content for brands and do photo shoots, so we need as much natural light as possible.
Although it’s a crowded neighbourhood, it’s silent inside the house.
When I close the windows it’s a comfort zone for me.
Is it a sociable neighbourhood?
My husband is outgoing and makes a lot of friends.
It is a friendly neighbourhood.
What are the disadvantages of where you live?
I don’t think there is any downside to living here.
COMPANY%20PROFILE
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Company%20Profile
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Results:
5pm: Maiden (PA) | Dh80,000 | 1,200 metres
Winner: Jabalini, Szczepan Mazur (jockey), Younis Kalbani (trainer)
5.30pm: UAE Arabian Derby (PA) | Prestige | Dh150,000 | 2,200m
Winner: Octave, Gerald Avranche, Abdallah Al Hammadi
6pm: Arabian Triple Crown Round 3 (PA) | Group 3 Dh300,000 | 2,200m
Winner: Harrab, Richard Mullen, Mohamed Ali
6.30pm: Emirates Championship (PA) | Group 1 | Dh1million | 2,200m
Winner: BF Mughader, Szczepan Mazur, Younis Al Kalbani
7pm: Abu Dhabi Championship (TB) | Group 3 | Dh380,000 | 2,200m
Winner: GM Hopkins, Patrick Cosgrave, Jaber Ramadhan
7.30pm: Wathba Stallions Cup (PA) | Conditions | Dh70,000 | 1,600m
Winner: AF La’Asae, Tadhg O’Shea, Ernst Oertel
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
More from Rashmee Roshan Lall
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.”
