Sorouh Real Estate, one of the biggest developers in Abu Dhabi, yesterday launched a retail property brand as analysts warned of a dearth of shopping facilities at residential developments in the capital.
The developer said it would roll out Boutik, a shopping mall brand, in some of its major projects, with each shopping centre including an anchor supermarket and services such as banking, hairdressing salons and spas.
"The retail component is vital when you are developing new and modern communities as they greatly enhance the lifestyle experience," said Abubaker Seddiq Al Khouri, the managing director at Sorouh.
"Boutik is the culmination of over five years of retail-concept planning to ensure that our customers get what they are looking for."
The brand will be opened first in June in a 13,000-square-metre space at Sun and Sky Towers on Reem Island, with a Waitrose supermarket as an anchor tenant.
Later in the year, Sorouh will open Boutik Al Ain, a shopping mall in the centre of the city and housing a Carrefour hypermarket.
The residential developments Al Rayyana, near Abu Dhabi Golf Club, and Alghadeeron the border with Dubai, will also have Boutik shopping centres.
"We've been patient and careful in selecting the right mix of retailers at each Boutik location, taking into account the needs and tastes of residents, to ensure both convenience and high quality," said Mr Al Khouri. "The Boutik brand will be used across our residential portfolio."
Sorouh's announcement came as analysts criticised the quality of retail developments available in the capital's residential areas.
In a report published yesterday, the property consultancy Cluttons warned that poor retail facilities were dragging down home prices in some new developments.
In a separate report, Jones Lang LaSalle also criticised the breadth of retail malls and shopping centres in Abu Dhabi.
"Currently Abu Dhabi is lacking in terms of good-quality retail space. The majority of the existing supply has shortfalls such as poor layout, lack of parking or poor accessibility," the property specialist said in its report yesterday.
In total, Jones Lang LaSalle estimates, 271,800 sq metres of leasable retail space could enter the Abu Dhabi market this year, creating hundreds of new stores.
rjones@thenational.ae
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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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● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
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