My Dubai Rent: Woman pays Dh47,000 for Dubai Marina studio minutes from the beach


Patrick Ryan
  • English
  • Arabic

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

Sarah Sabbah, 24, said she pays Dh47,000 for a studio apartment that offers great views of Dubai Marina.

She said living in the marina offers her everything she could need within minutes.

Ms Sabbah, from Lebanon, works in the media sector and pays her annual rent with six cheques.

She invited The National into her apartment to show us how she has made it into a home and said has no intention of leaving any time soon.

Why did you choose to live here and not somewhere else?

I love going to the beach in JBR and it’s just a few minutes away from where I live. If I travel on my e-scooter I can be there in five minutes.

I work in Internet City, which is only a few minutes away as well, so that’s another plus for me.

It is an area that is very sports orientated and there are a lot of activities I take part in.

The community is quite young and vibrant too, which I love. There’s a great buzz surrounding the place.

I love the view I have of the marina because I’m facing the water and it’s relaxing to watch the boats in the harbour.

The building has a pool and a gym that is just amazing and there are saunas here too.

There’s also an area that acts as a rooftop garden, even though it’s midway up in the building, rather than at the top.

You can host parties there or even just relax and read a book.

Marina Walk is fantastic too, especially if you want to go for a run. There are plenty of restaurants and everything I could need is only a few minutes away.

If I need to go to a restaurant or salon, all I have to do is hop on my e-scooter.

Are you happy with what you are paying in rent?

I think it’s quite good for where I live, to be honest. I have been here for two and a half years and was paying Dh43,000 last year, but it went up a little bit this year.

Everyone keeps telling me I could get a bigger place for the same money if I moved farther out, but why would I?

It’s just convenient for me to stay here as I have the lifestyle I want and I wouldn’t be able to get that elsewhere.

What touches have you made to your apartment to make it feel more like your home?

Everyone says it’s just like I have been spat out into the apartment because there’s so much of me in it.

I have lots of pictures of friends and family. That way I am surrounded by people I love.

I am a very spiritual person and that’s portrayed in the apartment. There are a lot of vibrant colours because I don’t want it to feel dull.

There are also paintings in bright colours that I drew.

Is there anything you would change about your home if you could?

It can be a bit noisy because it’s so busy outside, which can be frustrating if I’m trying to sit on the balcony to read and relax.

I am about to contradict myself though because having said that, I do like to be in the energy and chaos when I go outside of the apartment.

Living in Dubai - in pictures

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Roll of honour

Who has won what so far in the West Asia Premiership season?

Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain

Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons

West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins

UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles

West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles

West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles

Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens

Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins

 

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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.”

Updated: March 05, 2023, 10:08 AM