Pulling down buildings is never the cleanest of jobs.
In one of Dubai's oldest communities, however, there are complaints that unwelcome visitors have slithered in and taken up residence as demolition crews go to work.
Snakes have been spotted in increasing numbers, some say.
Others reported rats around vacant buildings and debris on the streets as air conditioning and kitchen and bathroom fittings are ripped out.
One of the houses on our road recently became vacant and within a day there was a truck outside the front door and men were ripping out the AC units, sinks and toilets
Emma Copson,
Jebel Ali Village resident
Demolition work has started in Jebel Ali Village, where about 290 homes dating to the 1970s will be replaced with town houses and luxury villas.
As part of the redevelopment plans, residents of the Nakheel-owned community were served a 12-month notice to vacate last year.
While many tenants chose to sign tenancy contracts which expire in October, they said the construction work and a rise in pests make their living situation difficult.
“Quite frankly, it’s awful but it’s going to get much worse,” said Emma Copson, a British resident who has lived in the villas since 2020.
“[Nakheel] did promise us that demolition work would not start until after [all the tenants] had moved, but houses near Spinneys have already been torn down.
“One of the houses on our road recently became vacant and, within a day, there was a truck outside the front door and men were ripping out the AC units, sinks and toilets.”
Snakes spotted by tenants
Nader Elias said: “Because of the construction and demolition, there is a lot of disruption, a lack of security and properties around us have been prepared for demolition.
“We have started to see more snakes — they appeared inside our house twice — and the whole area has become dusty and [messy] because of the demolition.”
Mr Elias said he contacted the developer several times with his complaints but little has been done to resolve the issues.
British resident Euan Megson moved out of the area two weeks ago after living in his villa for seven years.
He said the area has gone “downhill so quickly”, which is why they decided to move out early.
“It’s really quite sad," he said.
“There's palm trees that are just dying. They've stripped empty villas of AC units, boilers, that type of stuff, and they are storing them in other vacant villas that still have windows and doors attached.
“There’s also hardware left behind as an eyesore for residents.
“None of this was supposed to start until the last person had moved out of the village [later this year].”
Mr Megson, who runs a communications firm in Dubai, added: “It has been quite emotional for residents who have lived here for years and it was hard to see the first demolition work, which started prematurely.”
After sending a complaint by email in March, Mr Megson said Nakheel confirmed that three villas were about to be demolished.
In their response on March 28, they said all required permits were obtained from the enforcing authority, along with formal inspection plans.
“The work will be carried out in a way which ensures safe options and compliance with all relevant legislation and reflects safety risk assessments which have been carried out and mitigation plans for this type of activity,” the statement read.
The National contacted Nakheel but they declined to comment.
Originally built for the British and Dutch staff at the nearby Jebel Ali Port in the mid 1970s, over the years the village has become popular with people from other nationalities, too.
As part of redevelopment plans released by Nakheel in March, three- and four-bedroom town houses and large villas will be part of a new gated community.
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.”
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
The details
Heard It in a Past Life
Maggie Rogers
(Capital Records)
3/5
2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi