As a beachfront development where new Dubai meets the old, La Mer in Jumeirah 1 has little in comparison with other destinations in the UAE.
The Meraas development was open for public use for the first time on Sunday, with 1.24 million square metres of existing and reclaimed land taken over by sprawling timber walkways and beachside promenades packed with restaurants, bars and ice cream parlours.
Like any other Meraas destination, with La Mer the seventh now open in Dubai, the attention to detail is impressive.
Water features inspired by breaking waves sit alongside walkways bedecked by towering palm trees and marram grass verges.
Down by the beach, families can enjoy the safety of shallow waters, or take it easy in water hammocks and shower after a dip in the sea with fresh water buckets.
Driftwood has been used to build up some of the waterfront features, with half buried surfboards and paddleboards for hire offering a nod to what lies ahead when phase two of the development is completed next year.
A waterpark is under construction on a central headland area called The Wharf, promising the usual thrills and spills along with an artificial wave for surfers.
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Read more:
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“The destination reaffirms our commitment to contribute to Dubai Tourism Vision 2020 by diversifying what Dubai has to offer,” said Abdulla Al Habbai, group chairman at Meraas.
“With a host of new and novel experiences, residents and visitors will also find an alluring proposition to explore and enjoy.”
La Mer is the seventh destination delivered by Meraas in the past three years, following City Walk, The Beach, Boxpark, Last Exit, The Outlet Village and Al Seef at Dubai Creek.
The first phase comprises La Mer North and La Mer South, with more than 130 shops, cafés, licensed restaurants and beach activities.
The Wharf will be the second phase of La Mer and is scheduled to open early next year. It will have a recreated rusty steelworks and industrial aesthetics alongside the surf park, with a cinema, additional shops, cafés and restaurants.
Day rooms and cabanas will allow residents and visitors to enjoy a care-free day by the sea from dawn until dusk, without straying too far from the convenience of the city.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Results
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