My Own Home takes you inside a reader-owned property to ask how much they paid, why they decided to buy and what they have done with it since moving in
Imran Ahmed, who works for British research firm YouGov in the UAE, and his wife Neelofar Rafique-Ahmed, a former legal business manager turned freelance children’s illustrator, moved to Dubai from London six years ago after visiting the city on their honeymoon.
Now, they can’t see themselves going anywhere else any time soon.
The couple bought their first property for Dh2.35 million ($626,000) last year after renting in The Greens for five years, and they couldn’t be happier with their decision to buy in Dubai South.
They only moved in last October, but already they’ve been receiving offers that are nearly Dh1 million over their buying price.
The National takes a look around.
Please tell me about your home
Imran Ahmed: We bought a three-bedroom corner villa in The Pulse Villas, in Dubai South.
As it’s a corner unit, it affords a bit more land in the back, which is one of the main reasons why I bought it – we wanted some outdoor space.
It’s also got three en suite bedrooms and a nice little mezzanine upstairs.
Neelofar Rafique-Ahmed: It has a closed-off kitchen, which was one of our criteria.
We have a nice living space where we can have a large dining table and a larger sofa, so we can have lots of gatherings, and also a lovely garden.
Why did you decide to buy?
Neelofar: We moved here in 2018 and we decided to go for a two-bed apartment in The Greens, and we really enjoyed it there. But I think when it came to covid time, we just lacked that open space.
We had a balcony, which was lovely, but that was the precursor for us going and trying to get a new property, in particular a villa.
Imran: We thought, we’ve been here five years and we're really enjoying our time here, we can see ourselves staying here for a bit longer as well. So, why not invest?
In terms of finances, it just made a lot more sense to own than paying someone else's mortgage.
How much did you buy the property for?
Imran: We got it for Dh2.35 million. In terms of investments, it has been fantastic.
Obviously, since they announced [the major expansion of] Al Maktoum International Airport, the area has seen massive appreciation.
We’ve already had offers in excess of Dh3.2 million, so it’s been great.
Why did you choose Dubai South?
Imran: We knew that, longer term, it was the plan to build up this area and that the UAE generally delivers on their promises, so we were confident they were going to build this airport, and it was going to become the hub.
It's going to be very convenient when it's finally built for us as well, because we like travelling, so we're looking forward to an easier commute to the airport.
It is a bit further out from the hustle and bustle … but I think we felt like a bit of a change. We wanted somewhere a bit quieter and they built a really nice little community here.
It’s around 350 villas only at the moment, but everyone has moved in. They've come from all sort of backgrounds. We've really got to know our neighbours.
Neelofar: It’s just very, very pleasant. It's nice to settle down somewhere where you have a variety of people.
We've also got good shops here, we're getting some transport links here soon.
Imran: For me, the commute and connectivity is great. We’ve got the E 611 and Expo Road as well.
My commute to work is about 20 to 25 minutes and it’s all against traffic.
What facilities do you have access to?
Imran: We’ve got a large LuLu Hypermarket really close by.
They've also got communal football, basketball, tennis and padel courts that you can very easily access within walking distance.
There’s a skate park and then we’ve also got our own community centre, which has got a swimming pool and a really nice gym.
What renovations have you done?
Imran: We built a barbecue and outdoor kitchen right in front of the sliding doors from the living area, so we've got sort of an indoor-outdoor living situation.
We actually just finished our utility room.
Neelofar: We’ve put in a bookshelf upstairs on the landing as we had this little nook in the corner. You can go upstairs and it’s so quiet, and you can have a read in the reading corner.
Imran: We added some workspace in the kitchen, some extra units and a bit more storage. We’ve spent probably another Dh100,000.
Now we just want to do some further decorating. We’ve still got some paintings we want to put up and a few pieces on order that we’re waiting to arrive.
What was your experience with your contractors like?
Imran: We’ve used a mixture of contractors and the most recent one was an absolutely brilliant experience. They came in, did the work within a week, most of it was done off site. They brought it in and installed everything in one day and cleaned up after themselves.
We’ve been very fortunate in terms of the recommendations that we’ve had.
Neelofar: Because we were first-time buyers, it can be hard to know where to go and what type of help we need. But it’s worked out for the best and we’ve made some good friendships with people and the workers and we’ll continue with them.
Imran: The other thing is we feel comfortable spending on the house. When we were renting, we hardly touched the place we lived in for five years. Now we’re spending on it and really making it our own.
How would you describe your interior style?
Neelofar: Stylish, but minimalist. The palette for the colours is very minimal.
We've gone for a neutral grey, with marble on the wall, which is grey and white. There are splashes of brown in places. We just wanted it to be fresh.
Imran: It’s a bit more modern, we’re not really into all the old stuff.
Neelofar: It just matches the style of the house, so something simple and basic.
How long do you see yourself living in this house?
Imran: I guess as long as we're in Dubai. Unless something big happens, I can't see us wanting to move any time soon.
If a good offer comes in that we can’t refuse, then we could potentially get moving, but for the moment we’re really enjoying it.
Neelofar: With so many developments in the area coming up, it’s nice to just stay.
Imran: And I think it’s only going to get better. They’re building a mall here soon. There’s a whole bunch of stuff that’s going to come here that’s going to make it even more liveable.
The Kites
Romain Gary
Penguin Modern Classics
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Emirates Cricket Board Women’s T10
ECB Hawks v ECB Falcons
Monday, April 6, 7.30pm, Sharjah Cricket Stadium
The match will be broadcast live on the My Sports Eye Facebook page
Hawks
Coach: Chaitrali Kalgutkar
Squad: Chaya Mughal (captain), Archara Supriya, Chamani Senevirathne, Chathurika Anand, Geethika Jyothis, Indhuja Nandakumar, Kashish Loungani, Khushi Sharma, Khushi Tanwar, Rinitha Rajith, Siddhi Pagarani, Siya Gokhale, Subha Srinivasan, Suraksha Kotte, Theertha Satish
Falcons
Coach: Najeeb Amar
Squad: Kavisha Kumari (captain), Almaseera Jahangir, Annika Shivpuri, Archisha Mukherjee, Judit Cleetus, Ishani Senavirathne, Lavanya Keny, Mahika Gaur, Malavika Unnithan, Rishitha Rajith, Rithika Rajith, Samaira Dharnidharka, Shashini Kaluarachchi, Udeni Kuruppuarachchi, Vaishnave Mahesh
RESULTS
6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)
6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill
7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby
7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer
8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill
8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass
9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby
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.”
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
