ABU DHABI // Ten thousand homes for Emiratis will be built or renovated nationwide in a Dh1.5 billion project over the next four years.
The scheme consists of mixed-use housing complexes, each containing 100 villas and associated facilities.
The variety of house shapes and sizes planned will take into consideration the lifestyle of Emirati families, as well as functionality, comfort and privacy.
“It is a creative approach,” said Abu Dhabi resident Mohamed Al Hammadi, 35, an ambassador for tourism and cultural affairs.
“I imagine myself in the place of these people who receive this kind of privilege. It’s very nice because this way the whole society will be feeling at peace and ease and have comfort of mind because we are all enjoying housing together. This way we are sharing the welfare with all. The standards of living will be unified for all – for the old houses and the new houses – the locals will feel the same privilege.”
The housing scheme is one of the projects overseen by the follow-up committee on initiatives by the President, Sheikh Khalifa, and is scheduled for completion by the end of 2017.
Sheikh Mansour bin Zayed, the Deputy Prime Minister and Minister of Presidential Affairs, who approved contracts for phase one of the housing project on Saturday, said it reflected the keeness of the President to provide high-quality living standards and prosperity.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, approved a grant of Dh2.1billion in August under the Sheikh Zayed Housing Programme that will help 5,000 Emirati families who want to build a home.
The programme offers interest-free loans to build a house and grants to assist in buying, building or maintaining a house, and builds government houses for applicants, who must meet the requirements to receive aid, which include a maximum income.
The application process operates a points system to determine where an applicant falls on the priority list. An applicant receives 20 points if he lives with family or rents, and each child adds another point. The higher the points the sooner an application is processed and assessed.
Also in August, more than 1,300 Emirati residents of Abu Dhabi received keys to their new homes in Al Falah.
The aim of Al Falah Housing City project is to provide Emirati families with a stable living environment. The project, which is being built over several phases, consists of 4,857 villas on about 1,250 hectares spanning five residential districts, and mosques, schools, a mall, a hospital, office space and shops.
* Additional reporting by Wam
THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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More coverage from the Future Forum
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
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Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
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Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
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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.”
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
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