Related: Living in Dubai: Five areas that offer homes with gardens for under Dh100,000 rent
In just over six months, Expo 2020 Dubai will open its doors to the world and create hundreds of job opportunities.
In anticipation, a 15-kilometre stretch of Dubai Metro, called Route 2020, opened at the start of the year to ferry people to and from the expo.
Linking a handful of popular residential areas in the city to the world's greatest fair, the new metro route is a major draw for people considering renting a home near the Expo 2020 site in Dubai South.
Lewis Allsopp, chief executive of Allsopp & Allsopp, said the appeal of a shorter commute time for those working at the expo, better access to public transport and competitive rental prices have contributed to the demand.
"The Dubai Metro Route 2020 link, which has stops in communities such as Al Furjan and Jumeirah Golf Estates, has piqued the interest of more tenants," he told The National.
"For example, tenants registering their interest in Jumeirah Golf Estates rose by 30 per cent from Q1 2020 to Q3 2020 after the announcement of the metro links.
"The same can be seen in Al Furjan. An increase of tenants registering their interest in the community rose by 47 per cent from Q1 2020 to Q1 2021."
The Route 2020 metro track links seven new stations across a number of residential areas, including The Gardens, Discovery Gardens, Al Furjan, Jumeirah Golf Estates and Dubai Investments Park.
Rents for a studio apartment in these communities start from as little as Dh21,000.
The National takes a look at five residential areas along Route 2020.
Discovery Gardens
Discovery Gardens has always been a popular spot for tenants looking for a more budget-friendly place to live.
While rents have remained attractively low here, one big issue was the lack of public transport.
Now, with the new Route 2020 linking commuters to both the green and red lines on Dubai Metro, connectivity has become Discovery Gardens’ newest string to its bow.
A 2020 report by property company Core showed that rents in the area fell by about 5.5 per cent, compared to the year before.
A studio apartment in Discovery Gardens costs Dh25,000 on average for the year, but some units go for as little as Dh21,000.
That rises to Dh34,000 for a one-bedroom apartment and Dh56,000 for a two-bedroom unit.
The Discovery Gardens Metro Station, which runs adjacent to The Gardens and Al Furjan stations, is within walking distance.
Al Furjan
This sprawling neighbourhood is more family friendly and offers a range of properties, including townhouses, villas and apartments.
According to property portal Bayut.com, the average yearly rent for a studio is Dh33,000. That rises to Dh54,000 for a one-bedroom apartment and Dh76,000 for a two-bedroom unit.
The average price for a three-bedroom villa is Dh120,000, rising to Dh123,000 for a four-bed property and Dh175,000 for five bedrooms.
The area is located between Sheikh Zayed Road and Sheikh Mohammed Bin Zayed Road.
The community is made up of a shared network of pathways and amenities and has its own dedicated shopping centre. It also has its own metro station, called Al Furjan.
Chris Hobden, head of strategic consultancy at Chestertons Mena, said Route 2020 will serve to support demand and, in turn, maintain value across land and developed property within the catchment area of new stations.
"Ready access to transport infrastructure is often a key consideration when assessing a property, and we expect that connectivity to Route 2020 for The Gardens, Discovery Gardens, Al Furjan and, later this year, Jumeirah Golf Estates and Dubai Investments Park, will certainly be viewed favourably by both tenants and buyers."
Jumeirah Golf Estates
This neighbourhood ticks all the boxes when it comes to luxury, high-end living.
While property prices in this community are considerably higher than other areas along Route 2020, it is a popular choice for families, offering a mix of villas and apartments.
As its name suggests, there are two luscious green golf courses within the complex – the earth course and the fire course. The area also boasts a number of small parks, playgrounds and fitness centres.
A two-bedroom villa is available to rent for Dh93,000 per year, while a three-bedroom property, with a garden, is Dh141,000.
For those in need of something bigger, a six-bedroom villa costs Dh375,000 to rent per year.
Jumeriah Golf Estates metro station, which is an underground platform, will open later this year and will be the largest station along the Dubai Metro.
It is located close to the junction of E311 and D57, just west of Dubai Production City.
Dubai Investment Park
Dubai Investment Park is an up-and-coming residential area. It is made up of three phases: the industrial complex, a commercial district and seven eco-friendly residential communities.
The residential district offers a mix of apartments, townhouses and villas for rent, all at competitive prices.
The Dubai Investment Park metro station is set to open later this year, making the area better connected to the rest of the city, as well as the Expo 2020 Dubai site.
The average price for a studio is Dh25,000 a year, Dh37,000 for a one-bed apartment and Dh52,000 for a two-bed.
The Gardens
Nestled between Jebel Ali Village, Sheikh Zayed Road and Discovery Gardens is The Gardens.
A relatively small residential area, its metro station opened at the beginning of the year.
Noted as a pet-friendly and family centric neighbourhood, yearly rental prices for property is attractive, but the homes on offer are a little older than some in the surrounding areas.
Properties in The Gardens include clusters of Mediterranean-style villas and townhouses, as well as low-rise apartments.
According to Bayut.com, one-bedroom apartments cost Dh45,000. A two-bed flat is Dh55,000.
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Full list of Emmy 2020 nominations
LEAD ACTOR IN A COMEDY SERIES
Anthony Anderson, Black-ish
Don Cheadle, Black Monday
Ted Danson, The Good Place
Michael Douglas, The Kominsky Method
Eugene Levy, Schitt’s Creek
Ramy Youssef, Ramy
LEAD ACTRESS IN A COMEDY SERIES
Christina Applegate, Dead to Me
Rachel Brosnahan, The Marvelous Mrs. Maisel
Linda Cardellini, Dead to Me
Catherine O’Hara, Schitt’s Creek
Issa Rae, Insecure
Tracee Ellis Ross, Black-ish
OUTSTANDING VARIETY/TALK SERIES
The Daily Show with Trevor Noah
Full Frontal with Samantha Bee
Jimmy Kimmel Live
Last Week Tonight with John Oliver
The Late Show with Stephen Colbert
LEAD ACTOR IN A DRAMA SERIES
Jason Bateman, Ozark
Sterling K. Brown, This Is Us
Steve Carell, The Morning Show
Brian Cox, Succession
Billy Porter, Pose
Jeremy Strong, Succession
LEAD ACTRESS IN A DRAMA SERIES
Jennifer Aniston, The Morning Show
Olivia Colman, The Crown
Jodie Comer, Killing Eve
Laura Linney, Ozark
Sandra Oh, Killing Eve
Zendaya, Euphoria
OUTSTANDING REALITY/COMPETITION PROGRAM
The Masked Singer
Nailed It!
RuPaul’s Drag Race
Top Chef
The Voice
LEAD ACTOR IN A LIMITED SERIES/TV MOVIE
Jeremy Irons, Watchmen
Hugh Jackman, Bad Education
Paul Mescal, Normal People
Jeremy Pope, Hollywood
Mark Ruffalo, I Know This Much Is True
LEAD ACTRESS IN A LIMITED SERIES/TV MOVIE
Cate Blanchett, Mrs. America
Shira Haas, Unorthodox
Regina King, Watchmen
Octavia Spencer, Self Made
Kerry Washington, Little Fires Everywhere
OUTSTANDING LIMITED SERIES
Little Fires Everywhere
Mrs. America
Unbelievable
Unorthodox
Watchmen
OUTSTANDING COMEDY SERIES
Curb Your Enthusiasm
Dead to Me
The Good Place
Insecure
The Kominsky Method
The Marvelous Mrs. Maisel
Schitt’s Creek
What We Do In The Shadows
OUTSTANDING DRAMA SERIES
Better Call Saul
The Crown
The Handmaid’s Tale
Killing Eve
The Mandalorian
Ozark
Stranger Things
Succession
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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.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
T20 WORLD CUP QUALIFIERS
Qualifier A, Muscat
(All matches to be streamed live on icc.tv)
Fixtures
Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm Semi-finals
Thursday, February 24: 2pm Final
UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
