My Abu Dhabi Rent takes you inside a reader's home to have a look at what they pay each month, see who they live with and ask what they like and don't like
It was a combination of sheer luck and the decision to take a run by the beach that led to beautician Lama Al Fahim finding her dream home.
Ms Al Fahim, 33, who owns her own beauty clinic, had been living in the Al Bandar area for 10 years before discovering the property she ended up renting – a five-bedroom villa at Al Raha Beach in Abu Dhabi's Khalifa City.
The Moroccan mother-of-two pays Dh300,000 to live in a villa that she describes as offering perfect views of the beach, as well as being conveniently close to her business.
She invited The National in for a tour of her home to see why it means so much to her and her family.
How did you find your home?
I was going for a run by the beach, and I saw a sign that said the villa was for rent.
I run along this path almost every day and always thought it would be wonderful to be living in a villa overlooking the beach, so when I saw the sign, I thought I would ask the security guard if the villa was available and how much it was going for.
It turned out the villa was not only available, it was also affordable. It all went really fast from there.
Tell us about your home?
We moved here around two years ago. It is a four-bedroom villa, including a maid's room, with a stunning view of the beach and beach access that we pay Dh300,000 for.
What is it about your home that you love the most?
Honestly, everything, but most of all is the beach.
I love the view in the morning. when I wake up and sit on my couch to have my morning coffee.
It is also very close to my clinic in Khalifa City.
What do you like most about the neighbourhood you live in?
I like there are only six villas in the community, and everyone keeps to themselves.
My kids, Saif, 3, and Mahra, 9, love the private beach and are out playing on the beach whenever they get the opportunity.
Are there any disadvantages to where you live?
Nothing at all.
Would you ever consider moving elsewhere?
Never. Not unless my family gets bigger and we need more space, but I don’t think we will move anytime soon.
How have you managed to make to put a personal touch on your home?
As soon as I moved, I hired an interior decorator who has also become a friend of mine, and together we chose everything.
I thought this was such a beautiful place that I wanted someone’s help in deciding where to place the couches, the tables and the rugs.
Does living here offer value for money?
It is a villa on the beach with private beach access that we are paying Dh300,000 a year for. I've heard that the price now is worth at least Dh370,000.
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ABU%20DHABI%20CARD
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What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
THE%20STRANGERS'%20CASE
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Napoleon
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THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
COMPANY%20PROFILE
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SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
More on Quran memorisation:
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Queen
Nicki Minaj
(Young Money/Cash Money)
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.”
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press