It’s no secret that Dubai has changed beyond recognition over the past decade or so (look through the photo gallery above to see the city in the 2000s).
When I arrived in late 2008, Burj Khalifa hadn’t yet reached its full height, there were no Metro stations dotting Sheikh Zayed Road and the social event of the year was the opening of Atlantis, The Palm, with a performance by Kylie Minogue, who in those days was still a headlining act.
But it’s not only Dubai’s skyline that has changed dramatically in the past 14 years. Old-school residents will remember exorbitant rents and, in a pre-Dubai Mall era, shopping trips to BurJuman (or, if you're like fellow columnist Saeed Saeed, Al Ghurair Centre).
There were pilgrimages to Ravi’s for authentic Pakistani and Indian food and daily struggles to find a taxi. Banks tried to entice you with credit card limits of Dh500,000, even if you were being paid peanuts, and walks along JBR were still a novelty.
Here are six other signs you’re officially a Dubai old timer ...
Your phone number starts with 055 or 050
Nothing confirms your status as a long-time UAE resident more than those three digits at the front of your phone number. Back in the day, your allegiances were clear: 055 for du and 050 for Etisalat. There were no 056s, 052s or 058s to muddy the waters.
You can’t remember flying any other airline but Emirates
You know you’ve been in Dubai a long time when you’ve turned the accumulation of Emirates Skywards air miles into a sport. Your status – silver, gold or, for the truly committed, platinum – is a secret source of pride, although you would never be so uncouth as to brag about it in public. As a result, the idea of flying with any other airline is anathema. British Airways, what? If your cabin crew can’t speak at least 12 languages between them, you’re not interested.
You still think Arabian Ranches is a long way out
If you were lucky enough to live in the original Arabian Ranches, when it was first built, you quickly got used to not having many visitors. “All the way out there?” people would say, as if you were inviting them to trek across the Empty Quarter.
To be fair, in those days it was an isolated community with nothing around it, suburban in every sense of the word. Today, with neighbouring communities such as Sustainable City, Mudon and Dubai Hills attracting scores of residents, Arabian Ranches might as well be in the centre of town.
Chi at The Lodge was your spot
Oud Metha is probably not the first place that newcomers to Dubai think of when they are planning an evening out. Not many people are skipping the delights of DIFC for an evening on the outskirts of Bur Dubai. And yet, in the late 2000s, Al Nasr Leisureland was the place to be.
Dubai’s original large-scale leisure centre is still home to a swimming pool, bowling centre and an Olympic-sized ice rink – except, in the old days, those things were a rarity. Al Nasr Leisureland was also home to Chi at The Lodge, an expansive and unexpectedly popular hot spot that sometimes hosted off-the-cuff musical performances. If you know, you know.
You think Dh85,000 is reasonable rent for a studio apartment
In the heady days of late 2008, if you wanted to rent a place of your own anywhere outside Deira or Bur Dubai, the cheapest option you were likely to find was a studio apartment in Discovery Gardens, for the grand old sum of Dh85,000 a year. The one-cheque rule was also completely non-negotiable. Your perception of the property market has been permanently skewed as a result.
You used to wait hours for a taxi
Before the glory days of Uber and Careem, you relied on RTA taxis for all your transport needs. The Metro was, as yet, a distant dream. You’d call the RTA, explain where you needed your car and then wait, patiently, to see if it ever arrived.
Flagging a taxi in the street became a delicate art. Traffic was so bad that many drivers refused to take you if you were heading in the wrong direction. And you would often spend an hour and a half making a 15-minute journey, either because of tailbacks or because your poor driver was new to the country and couldn’t keep up with Dubai’s rapidly expanding road networks.
Dubai's development through the years - in pictures
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
THE%20HOLDOVERS
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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
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
THREE
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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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