• Former headhunter Noona Nafousi paid Dh6 million for her five-bedroom villa in Millennium Estates in Meyden and lives with her husband and two children. All photos: Chris Whiteoak / The National
    Former headhunter Noona Nafousi paid Dh6 million for her five-bedroom villa in Millennium Estates in Meyden and lives with her husband and two children. All photos: Chris Whiteoak / The National
  • The house has five bedrooms and seven bathrooms
    The house has five bedrooms and seven bathrooms
  • The hallway
    The hallway
  • Ms Nafousi lived in an apartment in Dubai's Old Town for nine years before buying the villa
    Ms Nafousi lived in an apartment in Dubai's Old Town for nine years before buying the villa
  • The master bedroom
    The master bedroom
  • Ms Nafousi wanted space for an office in her villa for her company Neo Noor, which provides executive coaching and corporate workshops
    Ms Nafousi wanted space for an office in her villa for her company Neo Noor, which provides executive coaching and corporate workshops
  • The houses in Millennium Estates are really spacious
    The houses in Millennium Estates are really spacious
  • Her daughter's bedroom
    Her daughter's bedroom
  • Ms Nafousi went for a 'Bali-esque' feel when decorating the villa
    Ms Nafousi went for a 'Bali-esque' feel when decorating the villa
  • The outdoor terrace and balcony
    The outdoor terrace and balcony
  • The entrance to the house
    The entrance to the house
  • The dining area
    The dining area
  • The downstairs bathroom
    The downstairs bathroom
  • The play room
    The play room
  • The front of the house
    The front of the house
  • Ms Nafousi spent Dh25,000 refurbishing the garden
    Ms Nafousi spent Dh25,000 refurbishing the garden
  • Ms Nafousi plans on knocking through the kitchen and adding an island
    Ms Nafousi plans on knocking through the kitchen and adding an island

My Own Home: Couple's Dh6 million 'forever home' in Meydan now worth Dh9 million


  • English
  • Arabic

My Own Home takes you inside a reader-owned property to ask how much they paid, why they decided to buy and what they have done with it since moving in

Former headhunter Noona Nafousi and her husband bought a five-bedroom villa in the Meydan district of Dubai when property prices dipped during the pandemic.

Having lived in an apartment since moving to the UAE nine years ago, the 44-year-old British-born Iraqi sought somewhere large enough to accommodate her parents.

She also wanted office space for her company, Neo Noor, which provides executive coaching and corporate workshops.

Ms Nafousi now lives at Millennium Estates with her husband Arash, who works in the property sector, their two children, aged eight and six, and four budgies.

She took The National on a grand tour of her home...

Tell us about your home

There is a big hallway as you go in. We have five bedrooms, a maid's room, a driver's room outside – we don't have a driver, but our live-in nanny is there so she gets her privacy.

My kids have a bedroom each, there's a spare room and then there's a big bedroom for me and my husband. My office is downstairs.

Each bedroom has an en suite.

The property is 7,000 square foot. I have three siblings in the UK and they visit quite a lot.

I feel like we didn't just choose this house, it chose us. I feel very protected by it. It felt like it was waiting for us to move in.

Why did you buy your own home?

We were living in a two-bedroom flat in Old Town (in Downtown Dubai), a five-minute walk from my parents who retired here.

We lived there for nine years and it was just getting too small for us. During [the pandemic] lockdown, being in a tiny apartment with two children was far from ideal, and I had set up my own business. Also, we didn’t know if there would be another lockdown.

My mum got really sick with Covid-19 and ended up in hospital and my dad said: “If one of us passes away, one of us is going to want to come and live with you.”

I’d been talking about moving anyway and prices had dropped so much during Covid-19 that we decided it would be the best time to buy. It just made sense.

What did it cost you?

We paid Dh6 million. A similar, neighbouring house is being sold for Dh9 million, so we got in at the right time, which is nice to know.

Ms Nafousi said they decorated the house and went for a Bali-esque feel throughout. Chris Whiteoak / The National
Ms Nafousi said they decorated the house and went for a Bali-esque feel throughout. Chris Whiteoak / The National

What made you choose this area?

We started looking in Arabian Ranches. We must have seen 15-20 houses.

My dad is convinced that we put prices up in the market because we kept making offers, and they kept falling through. He suggested we look in Meydan.

The houses where we live in Millennium Estate were built six years ago and are really spacious.

This was five bedrooms, which is more than I wanted, but we saw this, fell in love with it, made an offer and it was accepted.

From our bedroom, you can see Downtown and Burj Khalifa. And then on the other side, there are horses on the land (Meydan Racecourse stables). We’re not overlooked.

It’s only 15 minutes away from my parents. They come around pretty much every day, as we’re a very close family.

Was it a straightforward move?

We bought it in 2021 and the seller had a tenant moving in for a year. The rent was so massive – over Dh250,000 – that it was going to take up some of the purchase price.

Then the tenant after six months wanted to move out – luckily, because I was desperate to get in. We moved in that December.

Noona Nafousi's property is 7,000 square foot and boasts seven bathrooms and five bedrooms. Chris Whiteoak / The National
Noona Nafousi's property is 7,000 square foot and boasts seven bathrooms and five bedrooms. Chris Whiteoak / The National

What facilities do you have?

The community is lovely, really safe, and has its own WhatsApp group. You drive in, it’s very green. It’s well situated, close to everything.

There are lots of lovely parks, so the kids go out. Some people work out together.

They’ve just built a football pitch, which my son is happy about. And next to where we live there’s a Wellfit gym, which has classes for my kids.

There’s a massive Spinney’s. You’ve got The Meydan Hotel nearby and we’re close to Business Bay, Dubai Mall and DIFC.

However, it would be great if there was a pool in the community.

What improvements are you planning?

The kitchen is the only part of the house that lets it down.

Eventually, we’re going to knock it through to the back and have a beautiful island. I want a family room kind of thing.

As you walk in the house, there’s a dining room, a living room and then another living room and they all open onto each other, but then the kitchen is in the corner, so we’ll open that up.

Ms Nafousi says she wants to knock through the kitchen and put in an island to make the space look bigger. Chris Whiteoak / The National
Ms Nafousi says she wants to knock through the kitchen and put in an island to make the space look bigger. Chris Whiteoak / The National

How have you personalised the villa?

My best friend is an interior designer and flew over from the UK to help me decorate. We went for a Bali-esque feel.

I turned one of the bedrooms into my office.

Other than furniture, which we hand-picked, we spent about Dh25,000 doing up the garden. It’s really big and goes around the house.

Do you wish you had stopped renting sooner?

Actually, the apartment that we lived in belonged to my dad. He bought it in 2008 when everything crashed.

We’re very lucky my dad was my landlord. We paid him the rent money, he invested [in the stock market] for us.

And then, when it came to buying this house, he gave it back…the best father in the world, I have to say.

Had you bought before?

We are just selling a villa in Living Legends that we’ve been renting out for about five years.

It was a distress sale, an investment property. The profit we’ve made on that has been incredible.

We are thinking of buying something for short-term lets, but we’ll wait for the market to drop before we buy.

Will you live in Meydan for a while?

It’s our family home, our forever home. We know that we’re going to be here for a really long time.

Once the kids leave the nest, I can picture them coming back from uni with their friends.

The biog

Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."

Favourite author: Malcom Gladwell 

Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."

Which honey takes your fancy?

Al Ghaf Honey

The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year

Sidr Honey

The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest

Samar Honey

The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments

CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A

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.”

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman

Who are the Soroptimists?

The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.

The organisation said its name is best interpreted as ‘the best for women’.

Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

Updated: September 27, 2023, 4:40 PM