A Rove Hotel and residences is set to open in the heart of Sharjah's Aljada community, offering extended stay and serviced apartments.
Rove Homes is the brand's first residential and serviced apartments development that will comprise one, two, and three-bedroom apartments.
“We are excited to explore the vast potential of the branded residential sector and to contribute to the creation of welcoming homes designed for contemporary living in true Rove style,” said chief operating officer Paul Bridger on Monday.
Rove Homes Aljada will feature a gym, two swimming pools and underground parking. There will also be children's games in public areas.
Apartment buyers will be able to add housekeeping, in-room dining and laundry services, as well as access to the property's co-working space.
The Rove Hotel will be adjacent to the residential development and will feature dining and leisure options for visitors and residents. The hotel will also feature the brand's signature food and beverage outlet, The Daily Restaurant.
The opening date has not been confirmed, but the mid-market chain said apartments will go on sale in the coming weeks.
The Aljada community is home to a cycling network, three schools and a business park. A park and family entertainment district was designed by world-renowned Zaha Hadid Architects.
Rove Home's first location in Aljada marks the brand's first foray into the residential development market. Rove Hotels said more such developments would follow in the future.
Branded residences have increased globally by more than 150 per cent during the past 10 years, according to real estate firm Savills.
Dubai recently became the most popular hotspot for branded residences, as there are now more than 40 of them in the emirate, with more than 30 planned. South Florida and New York City are ranked second and third for branded residences around the world.
In the UAE, a Nobu Hotel, restaurant and residences is due to open on Marjan Island in Ras Al Khaimah. It will feature 300-branded luxury apartments, a spa, a fitness facility, swimming pools and the first Nobu restaurant in the emirate. A completion date has not been announced.
Property developers Aldar are also developing a Nobu-branded hotel and residences at Mamsha Al Saadiyat in Abu Dhabi that will feature multi-bedroom sea view apartments with raised gardens that overlook the Guggenheim Abu Dhabi. It is expected to open in 2026.
Elsewhere, luxury car manufacturer Bentley recently released images of its 61-storey skyscraper branded residences being built in Miami. They showed lifts that allow residents to drive their cars directly into their apartments on all floors.
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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.”
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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Indika
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2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
