My Own Home takes you inside a reader-owned property to ask how much they paid, why they decided to buy and what they have done with it since moving in
Australian artist Jennifer Stelco has found a deep connection with Dubai's Sustainable City, with plans to live in one of the city's greenest communities for another three decades.
It's where her three children – Dorrit, 8, Vinnie, 6, and Douglas, 5 – were born.
After renting in the area for a few years, she and her English husband, Joe Cooper, who works in HR, decided to take the plunge and buy a four-bedroom villa worth about Dh3.6 million ($980,000) two years ago.
Since then, they’ve made the house their own, filling it with second-hand and custom-made furniture, and turning it into a cosy base they call home.
Their children's school is just a five-minute walk away, they can ride bikes everywhere and, as a further bonus for little ones, the neighbourhood has its own petting zoo.
The National takes a look around.
Please tell us about your home
We had been renting here for five years before we decided to buy our own. All of the villas have the same layout, so while we were renting, I was constantly saying, ‘If I owned one, I would do this, I would do that’.
We don't have a big garden. It's not a huge house, but I think that the layout is really smart. And when you live in The Sustainable City, the whole community is your garden.
Why did you decide to buy?
The community management had this brilliant initiative for residents to buy their own villas a couple of years ago. We jumped at it. If you'd been renting through Diamond Developers [the property developers behind The Sustainable City], they offered a percentage of your rent that you paid so far back towards a deposit on your own house.
A lot of people who lived here were renting and decided to buy. It's been nice watching the community transform, with everybody doing up their houses a little bit. There's a lot more character.
What renovations have you done?
We just did some aesthetic stuff, like add a backsplash, paint the kitchen cupboards and extend it all the way to the ceiling.
We got a huge cabinet made. I love it so much – it was a big game-changer for us. It's got a built-in fridge, power points, loads of storage and drawers and cupboards everywhere.
We got one wall knocked out and added a full-size window, to let in more light. And we converted the balcony into an office.
Now it's just perfect.
We had a big, long list of things that, in an ideal world, we would do, but then we had to budget. I think we spent about Dh150,000, including the garden.
Why did you choose The Sustainable City?
When we first moved here, it was brand-new and empty. It didn't have a school, it had a Zoom and Spill the Bean, and that was it.
But we came for a look around and thought it was magical. I really like the no-traffic policy. At the time, our daughter Dorrit was a little baby and the idea of not having cars around just felt safe.
Now my littlest kid is 5, and they have so much freedom. They can run to their friends’ houses, they can walk themselves to and from Fairgreen International School in five minutes. We mostly ride bikes and we also use go-karts.
One of the things that got me was that there are horses. There's a stable and a bridal path, and I like the idea of horses being around. I also love the little zoo, with donkeys, goats and chickens.
In Dubai, you don't get a lot of greenery or nature, especially in new, developed places, but here it feels almost like an overgrown path.
What facilities do you have access to?
We've got two nice swimming pools. We've got a gym. The plaza is nice and has a few restaurants. There are a lot of after-school sports clubs here as well – there’s a football and swimming academy, plus a triathlon club.
I've been in this close-knit ladies’ Sustainable City book club for about six years, and they've all become my best friends.
There's a field with a tennis court and a football pitch. In January every year, they host a big horse show, which is fun. And a lot of flea markets.
There's also a really good yoga studio called Crimson Chambers.
What is your interior style like?
Pretty much everything in my house is second-hand or custom-made, mostly from Dubizzle and Facebook Marketplace. I love a bargain, and I'm big on sustainability as well. I can't stand buying something new and having all of this packaging and just knowing that I've added to the mess.
I love my dining room table. It's nothing special, but it's an eight-seater wooden dining table that we bought on Dubizzle 12 years ago for Dh200. I always thought I'll get a good one, one day, but it has become my favourite thing. It has cup marks and scratches all over it, but we've had all of our family dinners here, and the kids are always doing crafts and homework and stuff around it.
The house is also very art heavy, because I’m an artist, but I’ve got some really nice pieces that I didn’t make that I’ve collected over time.
When you do up your own house, you do it for yourself. I don't like the idea of keeping it bland, so that I can sell it one day. There is evidence of my family everywhere.
How long do you plan to stay in this house?
The bedrooms aren't huge and when the kids are a bit older and they want their own space. They're just going to have to suck it up, because we're not moving.
Just recently a couple of villa owners got approval to build on the roof, so there's always the potential to put another level on the top if we need to spread ourselves out a little bit more.
We've been in Dubai for 14 years. All our kids were born here. This is very much home, this is where our roots are, this is where we want to settle for quite a long time.
We see ourselves here for the next 10 to 20, or even 30, years.
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Teaching in coronavirus times
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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AUSTRALIA SQUAD
Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle
RESULT
Wolves 1 (Traore 67')
Tottenham 2 (Moura 8', Vertonghen 90 1')
Man of the Match: Adama Traore (Wolves)
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
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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.”
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)