The World's islands will not have a central road.
The World's islands will not have a central road.
The World's islands will not have a central road.
The World's islands will not have a central road.

Building its own universe: projects continue to grow


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DUBAI // Nakheel seems to announce a mind-boggling new project every week. Currently, three Palms, one World and an entire Universe are either under construction or planned. The Palm Jumeirah was the first mega-project. Construction began in 2001 and the Palm is currently home to 2,000 families. The "trunk" is still being developed and, when finished, will be home to apartment blocks, luxury hotels and the much-hyped Trump Tower and The Atlantis hotel. The Palm will be served by a monorail, which will connect to Dubai's larger transit system.

Some families who have moved in have complained that the palatial villas are too close to each other. Concerns have also been raised over the Palm's lack of infrastructure. Some residents have expressed doubts as to whether the one main road leading through the trunk of the Palm will be enough for the 65,000 people expected to live and travel to and from there. In 2002, construction began on the Palm Jebel Ali, which is twice the size of Palm Jumeirah and expected to accommodate 1.7 million people by 2020. The top of the Palm is to be shaped like a whale and will hold six theme parks, including SeaWorld.

The water homes built on stilts around the fronds of the palm will spell out a poem written by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai. Palm Deira was announced in 2004 and, at five times the size of Palm Jebel Ali, will be the largest man-made island in the world. Most of the reclamation work is complete, although a completion date has not yet been released. The World islands will consist of about 300 small islands about four kilometres off the coast of Dubai.

Most of the reclamation work is complete and Nakheel says the handover of the islands is imminent. A mix of private residences, resorts and hotels, The World is expected to be home to celebrities and royalty. Prices for the islands have been estimated at between US$10 million (Dh36.7m) and US$15m. Earlier this year, Nakheel also announced plans to develop The Universe, a cluster of island "swirls" that will stretch between the Palms and around The World.

The Universe will create 3,000 hectares of land and is expected to take up to two decades to build. jgerson@thenational.ae

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What is a calorie?

A food calorie, or kilocalorie, is a measure of nutritional energy generated from what is consumed.

One calorie, is the amount of heat needed to raise the temperature of 1 kilogram of water by 1°C.

A kilocalorie represents a 1,000 true calories of energy.

Energy density figures are often quoted as calories per serving, with one gram of fat in food containing nine calories, and a gram of protein or carbohydrate providing about four.

Alcohol contains about seven calories a gram. 

UAE currency: the story behind the money in your pockets
Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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Inter Milan 2 (Vecino 65', Barella 83')

Verona 1 (Verre 19' pen)

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Rating: 3/5

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.”

Liverpool's all-time goalscorers

Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228

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The National's picks

4.35pm: Tilal Al Khalediah
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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.

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