When the clocks strike midnight on December 31, Abu Dhabi will enter more than just a new year. It will mark the start of a new phase in the city's development that will see a host of projects bring significant changes to the way many of us work, shop and play.
2013 will also be a year in which promises that have been made - plans drawn and cheques signed - begin to be fulfilled. That, in turn, means the start of a new phase of growth, according to the international real estate experts Jones Lang Lasalle (JLL). As well as being experts in commercial real estate and investment management, JLL also produce in-depth market research on the fundamentals that drive the real estate market in Abu Dhabi, the UAE and the wider region.
"In 2010 and 2011 there was a really stringent review about which projects would be a priority, but in 2012 the projects were still at a feasibility stage and it will really be from next year onwards that big contracts get placed and from 2013 and '14 onwards, job growth will really start again," says David Dudley, head of JLL's operation in the Mena region.
For Dudley, the January 2012 commitment by the Tourism Development & Investment Company to key projects such as the Louvre Abu Dhabi, Guggenheim Abu Dhabi and Zayed National Museum was an important marker for Abu Dhabi's longer-term development, but noticeable change will only return in the next two to three years when renewed government spending kick-starts jobs and stronger demand for office space, hotels and housing returns.
"2009 was when we started to see the slowdown, 2010-12 have been years of consolidation and inactivity and what we'll see from 2013 onwards are the first signs of recovery, but it will be entirely linked to government spending on infrastructure and economic diversification."
By 2017, Abu Dhabi will see the expansion of its airport and of Etihad Airways, the further development of the new Khalifa Port and Kizad industrial zones, the opening of two of the three museums planned for Saadiyat and the widespread redevelopment of Yas Island - all of which bodes well for the emirate's long-term future. But what of the next 12 months?
Projects such as the development of Al Maryah Island, formerly known as Sowwah, will open up new places for us to explore and the relentless expansion of the city's hotel sector will provide an even greater number of places to dine. The addition of Abu Dhabi's largest mall and waterpark will also finally make Yas Island a year-round destination while, thanks to the new rides at Yas Waterworld, new phrases such as Bubbles Barrel, Bandit Bomber and Dawwama are set to pepper the city's vocabulary. For thrill and pleasure-seekers at least, 2013 looks set to be a very happy new year.
Yas Island
As the home of Ferrari World and the Abu Dhabi Grand Prix, Yas already registers in the imaginations of petrol-heads the world over. Thanks to master developer Aldar, however, 2013 will also be the year when the island enters the affections of shopaholics and waterborne thrill-seekers of all ages.
Described as Abu Dhabi's first "super-regional" shopping destination, the new 235,000-square-metre Yas Mall, which is already under construction, will include 450 stores, including a Géant hypermarket, a 14-screen Grand Cinema, a family entertainment zone, 30 food court units and five department stores. While there have been no official announcements as yet, Aldar promises Yas Mall will bring major international brands and retailers who have never been seen in the region before.
Nearby, there are also plans to expand the Yas Marina development into a good day out for families with children's play areas as well as restaurants along a waterfront promenade to attract more visitors in the evening. At present, the marina has berths for 143 yachts and super-yachts up to 90 metres in length. As Yas Marina general manager, Cedric Le Rest, explains: "In 2013, we will be turning our attention towards developing Yas Marina as a destination, providing some fantastic additional offerings for the boating community and general public alike."
The cherry on the rather sizeable cake will be Yas Waterworld. The 15-hectare family waterpark, with an opening date of January 24, is expected to feature 43 slides, rides and attractions, many of which have fantastical names. Look forward to queuing for the Slither's Slides - marketed as the world's first rattling waterslide complete with video, light and sound effects, or the Bandit Bomber - a 550-metre long roller coaster; another first for a waterpark as it features on-board water and laser effects.
Sir Bani Yas Island
Established as a wildlife reserve by Sheikh Zayed in 1971, Sir Bani Yas Island sits seven kilometres off the coast of Jebel Dhanna, 250km south-west of Abu Dhabi. Located on the northern tip of the island, the Sir Bani Yas Desert Islands Resort and Spa, managed by Anantara, already offers riding at its stables, which opened this year, "game drives" to view herds of native wildlife species such as the Arabian oryx, kayaking and archery to guests staying at the five-star luxury hotel. Nature enthusiasts will soon be able to view sand gazelles roaming on man-made savannah from the comfort of the new Anantara Al Sahel Villas - 30 thatched, one- and two-bedroom villas that have been built in the middle of the island's Arabian wildlife park. The villas will also share a tented library, lounge and restaurant facilities at the Savannah Grill.
For visitors who want to explore the maritime conservation area that surrounds Sir Bani Yas, Anantara is also launching the Al Yamm beachfront villa development and the Desert Islands Watersports Centre - a dive-centre-cum-beach club with a restaurant and rooftop terrace that is just a short walk from the hotel. Depending on the season, divers can expect encounters with dolphins, dugongs, stingrays and small reef sharks as well as smaller fish species. The Watersports Centre will also offer diving lessons to novices, gear rental and "catch and release" fishing.
Al Maryah Island
If destinations such as Yas, Sir Bani Yas and Saadiyat start to monopolise our leisure time over the coming year, island life will also increasingly define Abu Dhabi's working week as Al Maryah Island establishes itself as the capital's new Central Business District.
Tucked between Reem Island and Abu Dhabi Mall, Al Maryah is home to a cluster of towers at Sowwah Square that have already attracted blue chip tenants such as JP Morgan, Deloitte, Accenture and Abu Dhabi Commercial Bank. Sowwah Square is also home to the new headquarters of the Abu Dhabi Securities Exchange, the Cleveland Clinic - a 364-bed, multi-speciality hospital - and the new Rosewood Abu Dhabi - a 34-storey, five-star business hotel that will offer 189 rooms and suites, over 130 serviced residences, 73 residences for annual lease and four penthouses. The Rosewood Abu Dhabi is due to open in the second quarter of 2013.
If all that makes Al Maryah sound a little workaday, The Galleria at Sowwah Square, a panoramic waterfront shopping and dining venue, promises the highest volume of luxury retail in the capital including Abu Dhabi's first Berluti, Céline, Mulberry, Marc Jacobs, Paul Smith and Tory Burch boutiques. The Galleria is scheduled to open in the third quarter of 2013.
Central Market
If off-island developments define 2013, Aldar's long-running Central Market development bucks the trend with its city-centre site. Built on the same plot as the old central souq and rebranded as the World Trade Centre Abu Dhabi (WTCAD) earlier this year, this five-hectare, mixed-use development includes two of the capital's tallest structures: the commercial, 278-metre, 59-storey WTCAD Offices and the 382-metre, 88-storey luxury WTCAD Residences that houses 474 apartments and penthouses.
When the WTCAD is complete early in 2013, the existing Central Market with its distinctive central atrium will be linked to the rest of the development by a new bridge spanning Khalifa Street. Already built, the bridge has the same geometric cladding as the rest of the development. Much of the rest of the WTCAD campus consists of The Mall at WTCAD, a new 62,000-square-metre shopping venue that will contain Abu Dhabi's first House of Fraser department store, 150 boutiques, an eight-screen cinema, two atria with retractable roofs and over 3,000 square metres of terraces and rooftop gardens. The Mall at WTCAD is scheduled to open early in 2013, while a new 195-room, four-star Marriott hotel is expected to open a year later.
The Ritz Carlton Abu Dhabi, Grand Canal
2013 sees the arrival of even more hotels in the capital, including another St Regis at the new Nation Towers, opposite the Hiltonia Beach Club at the west end of the Corniche, and Abu Dhabi's first Dusit Thani on Muroor Road, opposite the Al Jazira Stadium. However, the new year will also see the arrival of one of the capital's largest hospitality projects - the new Ritz Carlton Abu Dhabi. Such is its theme and scale - the Venetian-styled hotel has 447 guest rooms, 52 suites and 85 private villas - it aims to single-handedly restyle Qaryat Al Beri as Abu Dhabi's very own Grand Canal.
Enjoying majestic views of the Sheikh Zayed Grand Mosque - whose floral design influences everything from the hotel's mosaics to embroidered towels and bed linens - the hotel boasts a 1,600-square-metre pool, an ESPA spa, 17 restaurants, bars and cafes. If that's not enough to make most jaws drop, a nightly performance by an opera singer looks set to render listeners speechless.
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
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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
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
Review: Tomb Raider
Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
two stars
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
SPECS
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The%20Specs
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Company%20Profile
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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.”
COMPANY%20PROFILE
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Company%20Profile
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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NEW ARRIVALS
Benjamin Mendy (Monaco) - £51.75m (Dh247.94m)
Kyle Walker (Tottenham Hotspur) - £45.9m
Bernardo Silva (Monaco) - £45m
Ederson Moraes (Benfica) - £36m
Danilo (Real Madrid) - £27m
Douglas Luiz (Vasco de Gama) - £10.8m
Zayed Sustainability Prize
If%20you%20go
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
The%20Specs
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
HER%20FIRST%20PALESTINIAN
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COMPANY%20PROFILE
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Company%20Profile
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Read more about the coronavirus
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
T20 SQUADS
Australia: Aaron Finch (c), Mitchell Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, D’Arcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa.
Pakistan: Sarfraz Ahmed (c), Fakhar Zaman, Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Hussain Talat, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shinwari, Hassan Ali, Imad Wasim, Waqas Maqsood, Faheem Ashraf.
GREATEST ROYAL RUMBLE CARD
The line-up as it stands for the Greatest Royal Rumble in Saudi Arabia on April 27
50-man Royal Rumble
Universal Championship
Brock Lesnar (champion) v Roman Reigns
Casket match
The Undertaker v Rusev
Intercontinental Championship
Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
SmackDown Tag Team Championship
The Bludgeon Brothers v The Usos
Raw Tag Team Championship
Sheamus and Cesaro v Bray Wyatt and Matt Hardy
United States Championship
Jeff Hardy (champion) v Jinder Mahal
Singles match
Triple H v John Cena
To be confirmed
AJ Styles will defend his WWE World Heavyweight title and Cedric Alexander his Cruiserweight Championship, but matches have yet to be announced