DUBAI // Atlantis, massive and majestic, dominates the skyline at Palm Jumeirah.
It towers over the new beach-houses and apartment blocks that feather out along the "palm leaves", offering sweeping views of Dubai.
Residents have watched the pink structure, visible from the mainland, grow up from the ground into the magnificent building which yesterday opened its doors for a sneak preview.
It was an event not to be missed.
The hotel, with stunning architecture inside and out, boasts 1,539 rooms in its two towers and wings. The opulent Bridge Suite, measuring 924 sq metres, joins the two towers together at the top and, priced at approximately Dh91,830 (US$25,000) a night, is said to be one of the most expensive hotel suites in Dubai.
Four beaches complement the overall concept, but the main attraction is the Ambassador Lagoon.
Holding 11 million litres of water and about 65,000 fish caught from the surrounding waters of the Gulf, the aquarium dominates the hotel.
"Atlantis is about the ocean, and this hotel depicts all of that through the fish, the sea and the water park," said Sol Kerzner, the chairman and chief executive officer of Kerzner International Holdings Limited, the firm behind the project.
Mr Kerzner was also the man behind the first Atlantis resort, in the Bahamas, and brought the concept to Dubai to globalise the brand.
A staff of 100 have been assigned to take care of the aquarium and its fish.
Ranging from stingrays and groupers to the golden trevally, a swirling mixture of colours, species and sizes fill the tank.
"We wanted to display some of what the Emirates has to offer as marine life," said Alan Leibman, president and managing director for Kerzner International.
In the centre of the lobby a sculpture by Dale Chihuly demands attention. The American artist was commissioned to work for Atlantis and this marks his first installation in the Middle East.
The lobby's walls are covered in murals, designed and created by Albino Gonzales.
Wandering through the spacious halls, one is struck by the amount of colour and light that has been used by the design team throughout the hotel.
There are 17 food and beverage outlets, four of which were created by celebrity chefs from around the world.
Giorgio Locatelli, Nobu Matsuhisa, Michel Rostang and Santi Santamaria will each work in the kitchens, bringing to the Middle East their unique flavours and dishes.
"This is important for me, because I want to bring a little bit of Italy here," Mr Locatelli said when describing the food he will present.
The menu is dominated by pizzas. It was the simplicity of the dishes that would attract clients to the restaurant, he said.
The Atlantis team are keen to promote a family-friendly environment and have created two children's clubs for youth of different ages.
One is geared for children aged three to 12 years and the other for those aged 12 to 17 years.
An estimated 100 nannies from around the world have been hired to care for visiting children.
"We are very serious about catering for children," said Amadeo Zarzosa, senior vice president and general manager of hotel operations for Atlantis.
"Our clubs are very age-specific in order to create activities that they can enjoy."
Outside the hotel is AquaVenture, a water park that includes slides that pass under a shark tank holding black-tip and nurse sharks. AquaVenture's main attraction will be Dolphin Bay, home to 28 dolphins.
"Having people come and visit and swim with the dolphins is enhancing the spiritual side of such a unique experience," said Heidi Perez, the director of marine mammal operations.
"Dolphins are a charismatic species and having that opportunity to be close to them gives people a greater appreciation of who they are."
Atlantis is scheduled to open on Sept 24 this year, with an official launch set for November.
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One in four Americans don't plan to retire
Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.
Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.
According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.
For many, money has a lot to do with the decision to keep working.
"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."
When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared.
"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.
She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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.”
Huddersfield Town permanent signings:
- Steve Mounie (striker): signed from Montpellier for £11 million
- Tom Ince (winger): signed from Derby County for £7.7m
- Aaron Mooy (midfielder): signed from Manchester City for £7.7m
- Laurent Depoitre (striker): signed from Porto for £3.4m
- Scott Malone (defender): signed from Fulham for £3.3m
- Zanka (defender): signed from Copenhagen for £2.3m
- Elias Kachunga (winger): signed for Ingolstadt for £1.1m
- Danny WIlliams (midfielder): signed from Reading on a free transfer
Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
