Adagio Abu Dhabi Al Bustan. Courtesy Accor Group
Adagio Abu Dhabi Al Bustan. Courtesy Accor Group

Travel brief: Adagio opens in Abu Dhabi



Adagio opens in Abu Dhabi

The largest Adagio hotel apartments in the Middle East has opened in Abu Dhabi. The apart-hotel complex Adagio Abu Dhabi Al Bustan, close to Abu Dhabi National Exhibition Centre, is part of the Accor group and offers 279 apartments that include 70 studios, 112 one-bedroom, 56 two-bedroom and 41 three-bedroom apartments. All offer a fully equipped kitchen including a microwave, oven, electric hobs, dishwasher and refrigerator, a workspace along with broadband internet access, 42-inch TVs, storage space and a washing machine. The hotel is attached to the recently opened Novotel Abu Dhabi Al Bustan through an enclosed footbridge, giving guests access to all of its facilities, which include six food and beverage outlets, seven meeting rooms, a ballroom, plus recreation and wellness facilities. Rooms from Dh361 per night, including taxes (www.accorhotels.com; 02 508 6444).

Hilton Doubletree at JBR

DoubleTree by Hilton, part of the Hilton hotel group which has several properties in the UAE, has opened a second hotel in Dubai. Following the recent opening of DoubleTree by Hilton Hotel & Residences Dubai - Al Barsha, a brand-new, 110-suite property sits at the southern end of The Walk on Jumeirah Beach. The hotel features one-, two- and three-bedroom suites, some with their own kitchen and views of the sea and The Palm Jumeirah. It has a 24-hour fitness centre, a pool, a private beach and several restaurants. Double rooms from Dh658 per night, including taxes (doubletree3.hilton.com; 04 453 3333).

New spa in Dubai

Sofitel Dubai Downtown, which opened earlier this year, has just opened its spa. So SPA offers Anne Semonin “cosmetology”, as well as regular facials, massages and a hammam, sauna and steam room. A one-hour “Freeze Time” facial treatment costs Dh475 (www.sofitel.com; 04 503 6666). Until the end of Ramadan, the Oberoi Spa at The Oberoi hotel in Dubai’s Business Bay is offering up to 50 per cent off treatments. The Oberoi Spa is open 24 hours a day and there is a 50 per cent discount on all treatments from 6am until 6pm and a 30 per cent discount on all treatments from sunset until midnight. To make a reservation, call 04 444 1444 or email spa.todb@oberoihotels.com.

Stay 3 pay 2 at Rotana

Until September 15, book two nights at Centro Capital Centre by Rotana in Abu Dhabi and get a third night at Centro Barsha in Dubai free. The three-night packages cost from Dh999, including taxes and internet at both properties. The third night at Centro Barsha is booked separately and is not necessarily a consecutive night. For more details visit www.rotanatimes.com, email res.centrocapital@rotana.com or call 02 409 6666.

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.”

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

SCHEDULE

Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.

Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.

Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.

Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.

Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.

Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.

Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.

Saturday, April 27: 4pm and 8pm awards ceremony.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat