Breathing life into Bastakiya and the history of Dubai


  • English
  • Arabic

Tucked away in the southern shore of Dubai Creek lies Bastakiya, one of the most fascinating districts in the Arabian Gulf. Not only is this area one of the most aesthetically pleasing in the region, it is also one of the most symbolic. Not long after the Al Maktoum family laid the foundation of modern Dubai in 1833, a significant process of evolution began in the region. Commerce flourished as a result of the tax-free trading and new culture of tolerance. This new culture was manifested in the migrants from Persia and across the region who were allowed to reside and build homes in Bastakiya, within a few score metres of the Al Fahidi Fort, which then served as the home of the Rulers of Dubai.

Legend has it that the area was slated for massive redevelopment and that it was Prince Charles of Britain, known for his appreciation of Islamic architecture, who during an official visit advised that the then-dilapidated old structures were too important to be demolished. Not too long after, Dubai Municipality launched a massive conservation programme under the supervision of the capable and qualified Emirati architect Rashad Bukhash. In 2001, he was appointed as the head of the Historical Buildings Section in the municipality and oversaw the restoration of more than 50 buildings as well as designed several museums within a short space of time. In fact, it was a very personal endeavour for the architect whose own ancestral home fell victim to the rapid redevelopment that the UAE was witnessing.

Nowhere else in the Gulf is there such a diversity of architecture inspired by Arab Hijazi masharbiyas, Levantine decorations, North African courtyards and interior Arabian Peninsula windows as well as Islamic calligraphy, Persian Barjeels, and East African and Indian motifs - all within a short walking distance of each other. Because of this diversity, this unique area, which encompasses the Dubai Museum at Al Fahai Fort, Bastakiya and Shindagha, should be redesignated as the Dubai Museum District. There one can take a journey through several centuries and be inspired by the numerous cultures that have shaped this great city.

On a recent visit to the kingdom of Bahrain, I was given a special tour of the historic area of Muharraq island and the Souq district. The narrow alleyways and mud and coral houses reminded me very much of home and of how the cultures and peoples of the Gulf are connected. What sets Muharraq's historic quarter apart is something altogether different - the actual permanent residents. It isn't only tourists and short-term visitors who can be seen on the streets, but the urban life found in any traditional Arabian town. While I was there, a group of children were playing, while others had just returned from the children's library; old women in abayas walked to and fro, visiting their neighbours. A cultural centre houses a theatre for 330 people. An emporium of traditional textiles and an art cafe add to the splendour. A water garden has been built into the landscape where a small house once stood.

The roads aren't perfectly kept and the flowers aren't perfectly trimmed, but they are authentic. What made another substantial difference was the smell of Gulf Arab food emanating from the kitchens of the houses that were attached to the small converted museums. Then it hit me: because families inhabit this area side by side with the cultural centres, it has become a living, breathing testimony to the country. This is what is missing in Bastakiya to make the magic complete.

One idea that could be studied is allocating housing to low-income Emiratis from the surrounding area, where so many consulates are being built. There could be certain criteria, such as giving preference to families that have children who will register in after school educational centres that could be established in the district. There are many houses that have been magnificently restored to their former glory that are now standing empty, so I also propose that one or two dozen of these houses be converted into museums to display the private art collections of Dubai and UAE-based patrons of the arts. In that spirit, one building could be selected to house a permanent display of Arabic and Islamic calligraphy, another could be designated for photography, a third for modern design concepts, etc.

And because Bastakiya is so culturally diverse, we could invite non-Emirati art patrons to display long-term loan collections of Persian, African, Asian and western art in converted houses as long as the integrity of the structures was maintained. It need not be too many pieces - keep in mind, these houses are no more than 200 square metres, but it would be a case of quality superseding quantity.

By itself, one such converted house might not be enough of an attraction for people to brave the Bur Dubai traffic. But with a dozen or more permanent art displays, a few local families living nearby and the opening of the adjacent Metro stations in Burjuman and Musalla, Bastakiya could be transformed into an art destination unrivalled in the region. And it could continue to serve, as it always has, as a testimony to the ambition, diversity and culture of Dubai.

sultan.alqassemi@gmail.com Sultan Sooud Al Qassemi is a non-resident fellow of the Dubai School of Government

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Fixtures

Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs

Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms

Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles

Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon

Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon

MATCH INFO

Euro 2020 qualifier

Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)

TV: Match is shown on BeIN Sports

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Neo%20Mobility%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20February%202023%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Abhishek%20Shah%20and%20Anish%20Garg%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Delta%20Corp%2C%20Pyse%20Sustainability%20Fund%2C%20angel%20investors%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.”

Mental%20health%20support%20in%20the%20UAE
%3Cp%3E%E2%97%8F%20Estijaba%20helpline%3A%208001717%3Cbr%3E%E2%97%8F%20UAE%20Ministry%20of%20Health%20and%20Prevention%20hotline%3A%20045192519%3Cbr%3E%E2%97%8F%20UAE%20Mental%20health%20support%20line%3A%20800%204673%20(Hope)%3Cbr%3EMore%20information%20at%20hope.hw.gov.ae%3C%2Fp%3E%0A

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

EPL's youngest
  • Ethan Nwaneri (Arsenal)
    15 years, 181 days old
  • Max Dowman (Arsenal)
    15 years, 235 days old
  • Jeremy Monga (Leicester)
    15 years, 271 days old
  • Harvey Elliott (Fulham)
    16 years, 30 days old
  • Matthew Briggs (Fulham)
    16 years, 68 days old
Last-16 Europa League fixtures

Wednesday (Kick-offs UAE)

FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm

Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm

Inter Milan v Getafe (one leg only) 11pm

Manchester United (5) v LASK (0) 11pm 

Thursday

Bayer Leverkusen (3) v Rangers (1) 8.55pm

Sevilla v Roma  (one leg only)  8.55pm

FC Basel (3) v Eintracht Frankfurt (0) 11pm 

Wolves (1) Olympiakos (1) 11pm