Al Mirfa // Anton Tutunejean has not had an easy time spreading good news in Al Gharbia. For weeks, the construction systems supervisor for Western Region Municipality has been paying house calls to several dilapidated villas in Al Mirfa.
But even as he promised residents that their uneven floors, broken stairs, cracked walls and termite-gnarled doors would soon be refurbished - courtesy of a new Dh4 billion investment from the municipality - he was met by plenty of grumbling.
Many of the homes are falling apart. Some have stood empty for years. "Look at the floor," implored one local villa owner, Saqr Mohammed, 38, stamping on the warped tiles in what was once a dining room.
The floor was a problem, Mr Tutunejean agreed. But the owner's 10,000 sq ft house is only one of roughly 3,200 villas targeted in the municipality-wide refurbishment project, he said. He asked for patience.
"I'm not telling you the house is going to be 100 per cent; it's more than 20 years old," Mr Tutunejean reasoned. "But after a few months, I hope you'll be happy once you see what we've done."
They shook hands and Mr Tutunejean boarded a municipal pick-up lorry, ready to survey another 20-year-old villa under maintenance.
"Too much headache sometimes," he said later.
"But most people are happy because this is costing them nothing to fix their homes and the Government is doing this free and we are happy to help. We just want the residents to be happy."
For local homeowners in the Western Region, also known as Al Gharbia, there may be good reason to be.
Western Region Municipality's Dh4 billion refurbishment project is part of a five-year plan to raise living standards for an estimated 7,000 national families.
The maintenance, which has already begun in some cases, will affect government-owned villas in the six districts that make up Al Gharbia - Al Mirfa, Madinat Zayed, Liwa, Delma Island, Ghaiyathi and Sila.
Chafiq Allaoui, the executive director of strategic planning for the municipality, estimated that 110,000 people currently live in Al Gharbia, a quarter of whom are Emiratis. By 2030, he added, the region would need to accommodate more than three times that population.
"The big picture is that we have a programme where we are trying to provide well-being and comfortable living for our residents," he said. The Dh4 billion was half of the investment for a five-year infrastructure plan in the region, he added.
"In the end, this is going to represent maybe 98 per cent of total housing units existing in the Western Region."
He described the maintenance work as ranging from minimal cosmetic fixes that could be done within a month, to major structural reinforcement of some houses. Some of the maintenance could last up to three months.
"At the minimum, we're talking about fixing ceiling cracks and some repainting," Mr Allaoui said. "Of course the most time-consuming work is structural. If you have a beam or a ceiling in need of repair, it can get more expensive."
During a tour of Al Mirfa Sector Five yesterday, Mr Tutunejean pointed out the serious damage to one former home that had been left abandoned five years ago.
When contractors arrived in April to assess the property, he said, they found water seeping into the concrete foundation, tiles that were bubbling over in the floor and broken steps leading to the main door. A banister had also been torn out and several windows had been smashed by vandals. Graffiti defaced the walls, which were still being recoated with paint.
"You can say 60 per cent of this villa has been restored," he said, rapping his knuckles against the kitchen wall to check for hollow spaces.
New marble-topped counters and cabinets had also been installed and the old ones discarded.
While he believes the new home will be ready in two weeks, Mr Tutunejean said the owner was not exactly pleased. Some residents were comparing their properties with other people's homes that had been fully refurbished.
At one villa wrapped in scaffolding, Khalil al Hamadi, 38, a contractor and friend of Mr Mohammed's, demanded to know why cracks in his friend's doors had been merely refilled with plaster and repainted, while at a neighbour's home the doors had been replaced altogether.
"Ceramic not good," Mr al Hamadi continued, slapping the tile walls. "Why not replace?"
Mr Tutunejean tried to explain that broken property would be replaced only if it was beyond repair.
"I asked the owner why he is sad.I said there is a difference between refurbishing and replacing. These are minor problems. Don't talk about other people's houses; just tell me about problems with your home."
For its part, the municipality hoped that residents would bear the temporary inconvenience for a few weeks until the owners can move into their new homes.
The municipality's continuing assessment of government houses will take into account that some homes should be torn down and replaced with modern structures.
Mr Allaoui estimated that roughly 1,200 of the houses would be earmarked for demolition as a last resort. "We're still assessing whether some homes are maintainable or whether they should be demolished right away," he said. "How long can you extend the life on a house if it's too short or not worth it?"
Alternative accommodation for residents through the Abu Dhabi Centre for Housing and Services would also have to be examined in such cases.
mkwong@thenational.ae
kshaheen@thenational.ae
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
The%20specs
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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.”
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Switching%20sides
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The%20Specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.6-litre%20twin%20turbocharged%20V6%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20automatic%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20472hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20603Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh290%2C000%20(%2478%2C9500)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20now%3C%2Fp%3E%0A
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
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
PSG's line up
GK: Alphonse Areola (youth academy)
Defence - RB: Dani Alves (free transfer); CB: Marquinhos (€31.4 million); CB: Thiago Silva (€42m); LB: Layvin Kurzawa (€23m)
Midfield - Angel di Maria (€47m); Adrien Rabiot (youth academy); Marco Verratti (€12m)
Forwards - Neymar (€222m); Edinson Cavani (€63m); Kylian Mbappe (initial: loan; to buy: €180m)
Total cost: €440.4m (€620.4m if Mbappe makes permanent move)
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Baby Driver
Director: Edgar Wright
Starring: Ansel Elgort, Kevin Spacey, Jamie Foxx, Lily James
Three and a half stars
Diriyah%20project%20at%20a%20glance
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