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 ask them what they like and don't like
A mother of three returned to her childhood neighbourhood as she did not want her family to grow up in the “cookie-cutter” environment of Dubai's gated communities.
Rania Jishi, 36, from Palestine, returned to Mirdif in April of this year having moved out in 2017.
The artist pays Dh150,000 to live in a four-bedroom villa along with her husband and three children.
She invited The National to take a look around her home and showed us why she never wants to live anywhere else.
Why did you choose to live here?
I moved back here in April after moving out in 2017. My husband and I had been living in Town Square but we wanted to live in a house that didn’t have that cookie-cutter feel.
I had lived in Mirdif since I was eight, so this felt like I was coming home because I have relatives and lots of old friends living here.
I like the extra space we have now and it feels like we have much more privacy than before.
There’s a pool that we share with the villa beside us but it feels like a private pool.
There are lots of shops and restaurants close to us as well. Spinneys and Geant are all within a 10-minute journey.
The daycare centre for my children is only seven-minutes away, so it’s super convenient.
Do you get value for your money?
I think so, yes. We have a lot of space which is important. It feels more cosy and charming living here than where we before.
We were paying Dh100,000 to live in Town Square when we got an eviction notice.
Now we’ve moved to a much bigger home. I see online that similar properties to where we used to live are going for around what we are paying now.
We have a big kitchen which is ideal because it's crucial in our culture since we love to cook.
When I see some of the kitchens in new houses I don’t know how they cope because the spaces are so small.
It’s absurd how tiny and limiting they are.
The pool we have is gated, which is a big relief as a mother of young children.
It means I don’t have to worry about them running off to the pool.
What touches have you made to the property to make it feel like a home?
I haven't had the chance since we only moved in last month. However, I plan to plant some trees in the garden.
There is a spare room that I plan to use as an art studio for ceramics.
Do you see yourself staying there in the long-term?
We definitely plan to stay as long as possible in this house. It has a Mediterranean style that we’ve always wanted.
The concept of moving home every year or two is not something that appeals to me at all.
With new developments you are always having to move and it’s not a great experience.
Is there anything you would change about your home if you could?
The only concern I had moving here was that we would be leaving a gated community where the kids might be safer.
However, we have a private garden here for them and we are close to daycare, so that concern is gone.
My kids are very little so they won’t be going anywhere without me, so it works.
DSC Eagles 23 Dubai Hurricanes 36
Eagles
Tries: Bright, O’Driscoll
Cons: Carey 2
Pens: Carey 3
Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
Cons: Powell 3
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.”
More from Rashmee Roshan Lall
UAE currency: the story behind the money in your pockets
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
57%20Seconds
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Brief scoreline:
Manchester United 0
Manchester City 2
Bernardo Silva 54', Sane 66'
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
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