It might seem like it's been done before, and that's probably because it has. Everywhere from Dubai to Singapore to Zanzibar, you'll find underwater rooms. But the world hasn't yet seen a luxury split-level residence built on stilts atop the crystal-clear waters of the Maldives, where the bottom half of the structure is set five metres below sea level.
The Muraka, which means "coral" in Dhivehi, is a $15 million (Dh55.1m) architectural triumph engineered by M J Murphy, a company from New Zealand that specialises in aquarium technology. It forms part of the Conrad Maldives Rangali Island.
In a country already littered with luxury options, this might be out of reach for the standard traveller – in low season it still costs from $22,000 (Dh80,806) a night, and in high season that balloons to $65,000 – but get a few friends together, ensure you go in low season and you’ll snag a stay you’ll never forget.
The welcome
From the moment you step off your seaplane and on to the jetty of the Conrad Maldives, or The Muraka’s own private jetty if you’re among the VIPs chartering a flight to the property, your arrival is as spectacular as your lodgings.
After some welcome sorbet, we are escorted away by The Muraka butler (guests have a dedicated butler for the entirety of their stay), whisked on to The Muraka’s private luxury jetboat and sped off, James Bond-style, to the residence.
Upon docking, we’re greeted by our affable food and beverage manager (another part of our dedicated personnel team) with a welcome drink, before being given an in-depth tour of the villa and all its intricacies.
The neighbourhood
The Muraka is set away from the rest of the hotel, with its own access bridge and jetty, so we never have to step foot on dry land. We also never have to mingle with other guests, due to the aforementioned service staff, which also includes a private chef and an on-call trainer ready to tend to our every need.
But if you do decide to venture out into the real world, you'll find that the Conrad is more extensive than many other resorts in the Maldives; it's made up of three islands (two are for guests, one dedicated to staff) and is full of great restaurants and spa options, and several public spaces for relaxing. Use the hotel's dedicated buggy service if you're feeling lazy, otherwise it's a gorgeous walk throughout the islands, and a good way to keep your step count up while still being on a tranquil island holiday.
From Male, the Conrad is a relatively straightforward 25-minute seaplane ride, which makes it accessible to not only the capital, but other resorts, islands, and snorkelling and diving spots.
The room
The Muraka features two premium bedrooms – depending on whether you prefer to be above or below the water. But let’s be honest, the reason you’re dropping this much money on a hotel stay is because you’re here for the piece de resistance: the underwater residence.
After descending a spiral staircase (or taking the lift), you'll be deposited into the heart of the villa: a bedroom and living area encased in a glass dome, offering guests an unobstructed, panoramic view of the tropical marine life. Everything has been thought of down here – there's an electric headboard for the bed to prop up for fish-watching, a tea and coffee machine, sitting area in front of an almost theatre-like window out into the deep blue, Google speakers, and an intricate electrical system that includes underwater lighting connected to an iPad – so you can lie in bed and watch the fish float by illuminated by sky blue, purple or green.
The service
As expected, given our dedicated team of experts, the service here is exceptional. For the duration of our stay, we’re given an iPhone X to communicate with our butler, meaning that wherever we are, we can request snorkelling gear or a buggy pick up. He even pays us a quick visit when security call to inform him that his guests are snorkelling a bit far out into open water, just to check we’re adept swimmers.
The food and beverage team are second-to-none, serving up salads and pizza when all they have to go on from our lunch request is "something light?", or a full Maldivian feast on the sunrise deck when we've just asked for "I don't know, a curry or something" for dinner. A private kitchen for the chef means that whatever time you've requested food to be ready for, it will be on the table, piping hot.
The scene
Given that we were asked if we were on our honeymoon several times, that’s a fairly good steer as to who the Conrad’s clientele tend to be – but that’s typical for most places in the Maldives. The Conrad as a whole is made up of families and couples during our stay, and is known to attract a celebrity from time to time (Kris Jenner stayed last year). But The Muraka’s past guests are steeped in mystery, aside from one staff member letting slip that a member of the Bahraini royal family had visited recently.
The food
While many visit the Conrad with Ithaa, the resort's underwater restaurant, in mind, I suggest dining in the privacy of The Muraka. The Maldivian feast we were surprised with for dinner one night was unarguably the best food we had on our trip – and consisted of 10 dishes of restaurant-quality steak, fresh seafood and delicately spiced curries. Breakfast is just as delightful.
Loved
The underwater bathroom. There’s simply nothing better than starting a day standing under a rain shower, while being stared at by a bright array of tropical fish. Each bathroom is stocked with premium Aesop products, too – not to mention a brand-new double-edged razor.
Hated
I really cannot fault a thing, which is probably about right for the price bracket.
The bottom line
A stay at The Muraka starts from $22,000 in low season, and up to $65,000 in high season. Included is all food and drink within the villa (non-alcoholic), a dedicated buggy and wave boat, and your staff. More information is at www.conradmaldives.com/stay/the-muraka
The biog
Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
Favourite film: Bohemian Rhapsody
Favourite place to visit in the UAE: The beach or Satwa
Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19
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
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The biog
Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.
Favourite Hobby: Writing and cooking
Favourite Book: The Prophet by Gibran Khalil Gibran
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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.”
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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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)
