View of a show apartment at the Palazzo Versace, the second Versace hotel in the world.  Charles Crowell for The National
View of a show apartment at the Palazzo Versace, the second Versace hotel in the world. Charles Crowell for The National

Buy a Versace apartment in Dubai ... and get free crockery



DUBAI // Fans of the Versace fashion label are snapping up the ultimate matching accessory - an apartment decorated and furnished in the ornate style made famous by the Italian design house.

More than three-quarters of the 169 apartments at the Palazzo Versace development next to Business Bay Crossing on the bank of Dubai Creek have been sold. Buyers are due to receive their keys - presumably attached to stylish Versace fobs - by the end of the year.

Prices range from Dh6.5million including furniture for a one-bedroom unit to about Dh20m for the four-bedroom show apartment. A two-bedroom home costs Dh7.4m, while there is a choice of three-beds ranging from Dh9m to Dh17.2m, depending on the floor size and position.

"The buyers are the global elite, and this is most likely the second or third family home," said Colin Seow, chief development officer of the developer, Dubai-based Enshaa. "We have a lot of Arabs from the GCC, Asians and Europeans ... a cultural mix."

Donatella Versace, vice-president and chief designer of the Versace Group, has taken a personal interest in the project.

"All condominiums have different floor plans and this dictates varied designs. However, all the furniture has been designed by Versace," added Mr Seow.

"This also applies to the mosaics, fabrics and chinaware design. Versace has full artistic direction in all aspects of the project. The Versace design department, led by Donatella Versace, decides on the creative aspects from the macro elements right down to the embellishments."

Patterns and designs made famous in the fashion collections on Versace's Runways are being used throughout the interiors. In the show apartment, for example, the company's signature Greek key motif is featured in the design of the air-conditioning grilles, and the same pattern recurs in balcony balustrades and wall mosaics in the showers in some of the en suite bathrooms.

Distinctive Versace design elements can be seen in the furniture too, such as the trademark gorgon's head and other patterns inspired by ancient Roman and Greek art.

Versace is known for using bold shapes and bright colours in its fashion ranges, but any potential buyer concerned about being overwhelmed by this look need not worry. The furniture and soft furnishings in the show apartment feature the subdued pastel shades that featured in the design house's Spring 2013 collection, and off-white walls help to keep it all restrained and tasteful.

The show apartment also has large balconies on three sides that have striking views over the Creek.

The marble floors and their mosaics have been produced and installed by Fantini Mosaici, the Italian company that created the intricate patterned floors of the capital's Sheikh Zayed Grand Mosque and is currently working on mosaics for the new Presidential Palace.

The patterns on some of the apartment floors are reflected in the ceilings directly above - for example, the outlines of the golden diamond-shaped marble sections on the floor of the dining area are reproduced in the ceiling plasterwork.

Buyers will receive two sets of Versace-designed crockery - one for everyday use and another more elaborate set for high occasions. Cutlery is also included in the price.

The apartments are in two wings set on either side of the 214-room Palazzo Versace hotel, and buyers will have access to the hotel's spa, gym, pools and other facilities.

The Dubai property is the second Versace-themed hotel - the first opened on Australia's Gold Coast in 2000. The original is a magnet for actors, supermodels and other celebrities, including Beyoncé and Jay Z, Natalie Imbruglia, Paris Hilton, Pamela Anderson and Pink.

"The Gold Coast hotel is famous for attracting superstars and Middle Eastern royal families," added Mr Seow. "The Dubai hotel will attract a similar clientele and, with it being situated in the UAE, it will be popular with more international royalty and celebrities.

"We are working with Versace on the plan for the grand opening."

COMPANY%20PROFILE
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Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

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.”

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Yuki Means Happiness
Alison Jean Lester
John Murray 

Expert advice

“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”

Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles

“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”

Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre 

“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”

Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
 

MATCH INFO

Juventus 1 (Dybala 45')

Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')

Red card: Rodrigo Bentancur (Juventus)

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

MATCH INFO

Manchester City 3 (Sterling 46', De Bruyne 65', Gundogan 70')

Aston Villa 0

Red card: Fernandinho (Manchester City)

Man of the Match: Raheem Sterling (Manchester City)

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

The specs

Engine: 6.2-litre V8

Transmission: seven-speed auto

Power: 420 bhp

Torque: 624Nm

Price: from Dh293,200

On sale: now

THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5