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
After a decade of living together in Abu Dhabi, Nafisa Patni and her husband, Zeeshan Razzaqi, decided to make the move to Dubai and purchased a property in Damac Hills 2.
Mr Razzaqi was raised in the capital, but is now director at workplace solutions company Bisdesk, in Dubai. Ms Patni, a content creator, also runs her own marketing company, so it made sense for them to uproot.
Now, they live happily in their Dh2.1 million four-bedroom villa, which they bought off-plan, with their daughter and Mr Razzaqi’s father, Mohammad. While they have no intentions of moving just yet, Ms Patni has not ruled it out.
The National takes a look around.
Please tell us about your home.
We have four bedrooms upstairs, and downstairs, there is a hall, a maid’s room, a storeroom, a kitchen and a garden.
When did you buy the house?
Technically it was pre-Covid, but it was handed over to us after the pandemic. We bought it for Dh2.1 million and I don’t know the current value today.
What renovations have you done?
The storage capacity in the house is very poor, so we did renovations to add more storage options.
We got the garden renovated and did a little bit in the hall for a showcase, but overall we’ve done very few renovations.
How would you describe your interior design?
It’s very, very cosy with a lot of earthy textures and neutral colours – most of it is white. We have a lot of natural plants in the house. We love plants.
My garden area is a small, cosy place where we sit during the evenings inside the cabana so we can enjoy the weather. We have a lot of birds coming because we keep bird food everywhere. So, in the morning and evenings they come for the food and water and the sounds of the birds is very therapeutic and really relaxing.
My daughter likes to play outdoors and we have tea time, then after dinner we sit and chat. Then indoors is more of a calming place where we have nice, neutral colour palettes and a large collection of vintage items. My husband loves collecting, especially from Asia. We have some things that are more than 500 years old.
Why did you decide to buy in Dubai?
We were based in Abu Dhabi for more than a decade, then my husband started his own business in Dubai, and so they decided that it's time to shift to Dubai. When we started the business, the intention was not to go back to our hometown, because life in the UAE is definitely worth living.
My father-in-law had settled in Abu Dhabi, so my husband’s schooling and everything was done in Abu Dhabi. After all that time, they decided to invest in Dubai.
This was our first investment, because earlier we were in a rented house in Abu Dhabi. It didn't make sense to keep paying rent when we have an intention to settle here. So we decided Dubai was the best place to invest in, as this place is definitely developing day by day.
Why did you choose Damac Hills 2?
The ambience. When we looked at the plans, the entire layout and the community set-up was lush and green. Earlier, the name of this community was Akoya Oxygen, which meant lots of fresh air, water and greenery. So that is what my in-laws and my husband love, because it’s all natural.
The facilities are also amazing and we liked that it was far from the city. It has a nice, calming effect. We knew it was not going to be like a typical community. That it was going to be different. And it is – it gives us those nice, resort-style vibes.
Even though it’s far from the city, once you enter the community it’s a whole different world.
What facilities do you have?
We have an amazing pool. There are several playgrounds around the community. Every cluster has their own pool and play area. There is a basketball court, a gym, a cricket pitch and a tennis court. We have outdoor gyms, as exercise equipment is installed everywhere.
We have Malibu Bay, which is a huge pool with the lazy river, slides, kids’ splash area and cabanas. On weekends we enjoy the lazy river and sitting by the cabanas, reading books or having a nice time with the family. We also have a barbecue section.
We even have our own private boating area in the community. It’s a man-made lake where we can go boating.
There are several supermarkets inside the community. We have a laundry service. Everything in the community is accessible.
How long do you plan to live in this property?
It’s been three years since we moved in to this house, so we have no plans to move out any time soon. If we have something better than this, maybe in future, inshallah, we will see, but for now this is our home and we love it.
Brief scores
Toss India, chose to bat
India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)
Australia 137-9 in 21 ov (Maxwell 39, Warner 25; Chahal 3-30)
India won by 26 runs on Duckworth-Lewis Method
Brief scoreline:
Liverpool 2
Keita 5', Firmino 26'
Porto 0
Match info
Uefa Champions League Group B
Barcelona v Tottenham Hotspur, midnight
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.”
Match info
What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm
Mobile phone packages comparison
New schools in Dubai
The specs: 2018 GMC Terrain
Price, base / as tested: Dh94,600 / Dh159,700
Engine: 2.0-litre turbocharged four-cylinder
Power: 252hp @ 5,500rpm
Torque: 353Nm @ 2,500rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.4L / 100km
Abu Dhabi Sustainability Week
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
More from Neighbourhood Watch:
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
'Champions'
Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
THE%20HOLDOVERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAlexander%20Payne%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Paul%20Giamatti%2C%20Da'Vine%20Joy%20Randolph%2C%20Dominic%20Sessa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3C%2Fp%3E%0A
