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
After almost eight years living in Dubai, marketing manager Sheeraz Shaikh, who studied for his Master’s at Wollongong University in Knowledge Village, says it’s time for him to buy a property.
For the moment, he’s living with his wife and two daughters, aged three and one month, in Ajmal Sarah Tower in Dubai Land Residence Complex.
He loves the building and aims to buy there eventually, as they’re fast outgrowing the one-bedroom apartment they’ve been renting for the past four years.
The National takes a look around.
What’s your place like?
It’s really good. Someone recommended it to me, as it can be very difficult to get an apartment in this building.
The property management company is good. If you request anything, a person will visit within an hour. If anything needs fixing they will fix it for free, unless there’s equipment to buy.
I also love the closed kitchen and we have three balconies, which are a really good size. We use one for laundry, another for plants and the third for sitting and barbecuing.
The room sizes are good – the whole apartment is 1,100 square feet, which is unusual for a one-bedroom. Usually they are 600 sq ft to 800 sq ft.
What do you pay in rent?
The rent is very good. I’m paying Dh40,000. If you go for a new rental, it will cost you Dh50,000 in this area. So I’m paying less because I’ve been here a long time.
Why did you choose this area?
There’s not much traffic – not like JVC or other areas. The best part of this community is that you can connect with three highways easily. There’s Al Ain Road, Sheikh Mohammed Bin Zayed Road and Emirates Road.
What facilities do you have access to?
There’s a kids’ play area, which we use a lot. Then there’s a swimming pool and a gym, and a steam room is also there.
There is a restaurant downstairs and a bakery, where you can get Dh1.5 fresh bread, which is amazing. There’s a car mechanic, so I get my oil changed there, and a barber's shop.
There’s a children's park close to our building. Right after our building, there are two parks, and a third has recently been made. They’re all pet-friendly and great for kids.
How have you made the apartment feel like home?
My parents visit a lot – two or three times a year, although they stay in a hotel.
We’ve decorated our balcony well, and sometimes we have barbecues or just a cup of tea or coffee outside, so we can enjoy the view.
How have you decorated?
It’s very minimalistic. Not too much wallpaper or many pictures. Nothing fancy – it’s all simple, clean and neat. We try to keep things as minimal as we can.
What would you change about your place?
I wouldn’t change anything in the building, but the apartment layout is very irregular. My lounge is tilted, my bedroom is rectangular rather than square. It feels like there could be more space if this was fixed.
Where else have you lived in Dubai?
I was renting a studio in Business Bay before, when I was single. I was there for almost a year.
I lived in Discovery Gardens from 2016 to 2020. I would live there again.
I was renting a studio with a friend, because my university was nearby in Knowledge Village, so it was easy for me to get there, and my office was in Jebel Ali. Parking was also not an issue. I really liked that community.
Are you considering buying a place?
I would love to buy and I would love to buy in this building, but I would buy a two-bedroom here as they’re very big. On the third floor they have terraces and two-bedrooms can be 1,800 sq ft to 2,000 sq ft, while some also have maids’ rooms.
The price is also reasonable, as they are around Dh1 million, which is negotiable. But we are still thinking that mortgage rates are about to go down. If they do, we will arrange a down payment and consider buying.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Men from Barca's class of 99
Crystal Palace - Frank de Boer
Everton - Ronald Koeman
Manchester City - Pep Guardiola
Manchester United - Jose Mourinho
Southampton - Mauricio Pellegrino
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
Without Remorse
Directed by: Stefano Sollima
Starring: Michael B Jordan
4/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
UAE%20PREMIERSHIP
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The specs
BMW M8 Competition Coupe
Engine 4.4-litre twin-turbo V8
Power 625hp at 6,000rpm
Torque 750Nm from 1,800-5,800rpm
Gearbox Eight-speed paddleshift auto
Acceleration 0-100kph in 3.2 sec
Top speed 305kph
Fuel economy, combined 10.6L / 100km
Price from Dh700,000 (estimate)
On sale Jan/Feb 2020
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Most F1 world titles
7 — Michael Schumacher (1994, ’95, 2000, ’01 ’02, ’03, ’04)
7 — Lewis Hamilton (2008, ’14,’15, ’17, ’18, ’19, ’20)
5 — Juan Manuel Fangio (1951, ’54, ’55, ’56, ’57)
4 — Alain Prost (1985, ’86, ’89, ’93)
4 — Sebastian Vettel (2010, ’11, ’12, ’13)
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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