SKYLOUNGE 2017 - I

UAE private wealth to surge to $800bn by 2021 Households to grow wealth by average 7.4 percent Private wealth in the UAE will surge 7.4 Overall growth of UAE wealth - not just percent over the next five years to a private wealth - is expected to total of $800 million, a new report decrease to 7.4 percent in the next five shows. years. In the coming five years, cash Broken down, private wealth held by deposits at 5.5 percent, and bonds at ultra high-net-worth households (UHNW 3.6 percent, are expected to be the - those with above $100 million) in the primary contributors to this overall UAE is set to grow by 9.4 percent wealth, BCG’s report said. through 2021, having achieved a Markus Massi, senior partner and compound annual growth rate (CAGR) of managing director of BCG Middle East’s 8.8 percent in 2016. Financial Services practice, said: “In the The upper high-net-worth (HNW) Middle East and Africa (MEA), wealth segment - households with between $20 expansion should stem, in relatively million and $100 million - saw the equal portions, from existing assets and strongest growth in 2016 at 11.2 percent higher household savings. and is set to slow to 9.9 percent through 2021. Source: Boston Consulting Group / 2016-2017 Private wealth held by the lower HNW segment (those with between $1 million and $20 million) is set to grow by 8.8 percent in the next five years, having seen steady growth of 10.5 percent in 2016. However, the total number of millionaire households (those with more than $1 million in net investable assets) in the UAE is set to slow from 5.9 percent in 2016 to 4.8 percent through 2021. The report by Boston Consulting Group (BCG) found that, to date, growth in private wealth in the UAE was driven primarily by equities. This grew by 9.3 percent in 2016, in comparison to cash and deposits at 8.4 percent and bonds at 3.8 percent.52



“Looking ahead, the share of wealth allocated to each asset class is expected to remainstable, with regional wealth projected to rise at an annual rate of roughly 8 percentthrough 2021.“In the coming years, more local players will enter the wealth management market astraditional revenue pools become more competitive.”Over the next five years, wealth in the MEA region is set to reach $12 trillion, the reportadded, with the UAE, Oman, Qatar, and Saudi Arabia’s contribution accounting for 21.1percent of the total.Switzerland remained the largest destination for MEA offshore wealth in 2016,accounting for 31 percent with a projected CAGR of 4.7 percent over the next fiveyears. This was followed by the UK/Channel Islands at 23 percent with a CAGR of 5percent, and Dubai at 18 percent, with a CAGR of 4.5 percent, according to BCG. No matter how many buildings, foundations, schools and hospitals we build, or how many bridges we raise, all these are material entities. The real spirit behind progress is the human spirit, the able man with his intellect and capabilities. “ The late Sheikh Zayed Bin Sultan Al Nahyan

More global millionaires pick Dubai to buy second homes New World Wealth report ranks emirate higher than Paris, Los Angeles and SydneyDubai is cementing its place in the list of millionaires buying second homes across theglobe, according to a new report.New World Wealth, in its 2017 “Wealth Migration Report”, said the number of multi-millionaires rose by over 2 percent to 8,600 last year compared to 8,400 in 2015. Thecity has 2,400 resident millionaires.The report ranked the emirate higher than more established cities such as Paris,Zurich, Los Angeles, Rio and Sydney.Abu Dhabi is also named a rising hotspot for wealthy, with the London-basedconsultancy estimating over 500 millionaires with second homes in the city.London, however, topped the list with 21,500 multi-millionaires with second homesin the city. This is in addition to the 12,100 resident multi-millionaires.Second on the list is New York City with 18,400 multi-millionaires, followed by HongKong (15,000) and Singapore (11,700). Dubai is followed by The Hamptons, Geneva,Miami Paris, and Zurich rounding up the top 10 list. The report defines HNWI ashaving a wealth of $10 million or more. 55

www.charterhouselombard.com

Abu Dhabi's new $125bn investment firm set to launch in MayMubadala Investment Co has been formed by merging two of theemirate's biggest fundsA $125 billion Abu Dhabi state investment The new firm's total assets of about $125firm, formed by merging two of theemirate's biggest funds, is expected to start billion, based on valuations at the end ofoperating in May, its chief executive saidon Thursday. 2015, will make it the world's 14th largestMubadala Investment Co is being formedthrough a merger of Mubadala sovereign fund, according to data from theDevelopment Co and InternationalPetroleum Investment Co, which own Sovereign Wealth Fund Institute.corporate stakes in the energy industry andother sectors in the United Arab Emirates Mubarak said the fund will have fourand around the world.The company will help to diversify the Abu investment platforms - petroleum andDhabi economy beyond oil throughstrategic investments at home and abroad, petrochemicals, alternative investments andKhaldoon Khalifa al-Mubarak said in astatement. infrastructure, technology, manufacturing and mining, and aerospace, information and communications technology and renewables. news

New Dubai skyscraper to surpass the world’s tallest buildingThe architect behind a new US$1 billion “There’s no doubt that the Eiffel TowerDubai tower that will stand higher than has inspired over 100 years,” said MrBurj Khalifa says it will represent a nation Calatrava. “Itrepresents a city, a wholelike The Eiffel Tower. nation. It still today is a monument. I feelThe Paris landmark was built for the so proud to be part of a team that aims1889 Paris Expo. Now Dubai’s Emaar to obtain a similar achievement.”Properties is aiming to emulate that Mr Calatrava’s design was chosen byarchitectural impact as preparations get Sheikh Mohammed bin Rashid, Viceunder way for Dubai’s own Expo 2020. President of the UAE and Ruler of Dubai,Emaar Properties will attempt to deliver in February following an internationalthe new Dubai Creek tower and a linked competition between five of the world’s“mega-retail district” at the same time so top practices.that they are both open by the time Mr Alabbar said that the UAE had only 44Dubai’s Expo 2020 event begins . years of history compared to Paris, butMore project details were revealed by believed that this as-yet-unnamed towerthe Emaar Properties chairman could serve as a similar landmark in theMohamed Alabbar and the Spanish-Swiss future.architect Santiago Calatrava yesterday.“There’s no doubt that the Eiffel Tower newshas inspired over 100 years,” said Mr58 Calatrava. “Itrepresents a city, a whole

www.sandwfamilyoffice.com

Although the overall height of the tower, which will cost about $1bn to construct, was not revealed, Mr Alabbar said it would probably “be a notch taller” than Burj Khalifa – currently the world’s tallest tower but due to be surpassed by the proposed 1km-high Kingdom Tower in Jeddah in 2018. The Dubai Creek tower will mainly serve as an architectural tower than a working building, but there will be between 18 and 20 upper floors used for a hotel with restaurants, function rooms, an interior garden space and an observation deck. The tower is likely to be built under three packages, with one company handling the foundation, another building its concrete core and a third carrying out the fabrication of the steel cables, which will be among some of the longest ever used. Structurally, the tower will have a concrete core and will be clad in glass and steel. An observation deck will offer unencumbered, 360-degree views of the city. Mr Calatrava said that it will also feature spinning platforms that can take guests outside of the deck into the tower’s void to offer more impressive views. news60

Work on foundation piling is likely to begin “in late June or early July”, Mr Alabbar said yesterday, with a view to the entire tower being ready in four years. The 6-square-km Dubai Creek Harbour project is being developed in a joint venture with Dubai Properties. It features a 4.5km Creek boardwalk and will also house nine lifestyle districts, 22 hotels, a yacht club, marina and a harbour.Mr Alabbar said that the new “mega-retail district” that will be linked to the tower is currently underthe design phase, but should be announced within the next one to two months. When asked if Emaar’sambition was to complete this element at the same time as the tower, he said: “We are pushing dayand night. We would like to finish it together. It would make sense.”Source: The National / M.Fahy 2017 news 61







Portrait DIFC 65



67



69

70

For more information, contact: Tel: +971 4 362 22 22 [email protected] www.difc.ae 71





www.thechedi-andermatt.com Andermatt is a cherished example of traditional Swiss Alpine living. The city of Lucerne and the Lake of Lucerne (Vierwaldstättersee) are only an hour away, as is the elegant town of Zurich. The cosmo- politan city of Milan is no more than two hours away. Above Sean Connery filmed Bond's Swiss road trip scenes from Goldfinger here.











Crete is the largest Greek island of Greece,located in the southern side of the Aegean Sea.One of the most popular destinations of thecountry, holidays in Crete is the dream of alifetime for millions of tourists. However,despite the tourist development in some places,Crete Greece also keeps intact its uniquecharacter. Its long history has left evident markson the Greek island: Minoan palaces, Venetiantowns, Medieval Castles, Ottoman mosques andByzantine monasteries constitute the mostimportant sightseeing. A hidden treasure forforeign home buyers. In Association with

Crete



nterview with Mrs Ellen Ellen Hansen, is the General Director and Owner of Kreta Eiendom S.A.Hansen, General Director and With over a decade of experience herOwner of Kreta Eiendom in Crete company has become the most- Greece reputable developer in Crete with all her customers highly satisfied. Every member of her staff is committed to providing excellent customer service. Her dedicated and experienced work force make up the many divisions of her company; sales, after sales, administration, finance, legal, construction and maintenance. Her staff speaks a number of languages including English, Greek, German, Scandinavian, Arabic and Estonian and are committed to making her clients feel at home. Her motto: “Satisfaction & peace of mind for her clients is her number one priority.”1 As one of the most reputable property developers The residency permit ison Crete, please tell us more about your company and granted for five yearswhat makes you so special? and it is renewable for as long as the property remains in the possession of the owner. The permit may beKreta Eiendom SA was established in 2002 by Ellen extended to the members of the family of the owner.Hansen. The company has grown rapidly over the years Greece is a member of the Schengen area and holdersand is now one of the biggest property developers and of the Greek residence permit enjoy the same travelreal estate agents on the island of Crete. We have privileges with a Greek citizen in the Schengen Area.constructed more than 400 apartments and houses in This means one can visit any of the 26 Schengendevelopments and a wide variety of private villas with countries without lengthy customs’ checks and resideswimming pools and landscaped gardens. to these countries up to three months every six month period with the right of multiple entries.Kreta Eiendom also acts as a broker selling investment The geographical location is an advantage for Greece -properties all over Greece. Our extensive listings it is strategically located at the crossroads of Europe,include: luxury villas, holiday apartments, hotels, plot Asia and Africa. You are able to reach within 1 hour byof lands for construction and even private islands. plane any of these continents and in maximum 3 hours to be in any part of Europe.As an international company, we are proud to say that Due to the unique position and its long tradition inwe are able to communicate in many languages, tourism, Greece is renowned for its hospitality. Greeceincluding Arabic. This enables us to maintain our is a melting pot of various cultures and traditions andphilosophy of assisting our clients with simplicity and continues to be a very safe place to live. The fact that aease throughout the whole purchasing procedure and large portion of the population speaks English makesbeyond. communication very easy.We offer the services of a local lawyer, financial 3.What has been your experience with wealthy Arabassistance and a comprehensive package of after sales clients so far?services tailored to suit the client’s individual This is a new and very interesting market for Kretarequirements. We take full care of the client’s Eiendom and we are working towards to get muchproperty and offer a complete range of rental services, more involved in this. Up to now we have had a fewso investing in Crete pays off. Arab clients but we notice that the interest is growing steadily due to the Greek “Golden Visa” program. We2. Buying property in Greece for Non-EU Citizens has have a wide selection of properties that offer stablebecome recently a very attractive alternative. Please income as an investment but also a very pleasant placetell us more about the Greek Residency Program and to stay for the whole family.what are the advantages for wealthy Arab families It is very easy to feel at home for the Arabs in Greecealways scouring for nice opportunities outside their and in Crete. Our cultures, traditions and even cuisineterritories. are in many ways similar and it is safe to say that Cretans feel culture - wise closer to the Middle East than North Europe. 83

4. Coming back to Crete, the saying goes: municipal gardens and follows a different “Crete has it all”. You are based in Rethymno, program every evening. In July or August a large one of several prefectures in Crete but with Renaissance festival is held, with nightly the most marvelous beaches, gorgeous theatrical performances in the open air mountainscapes – please tell us a bit more. Venetian Fortress included in its program. The main event of the year is the Carnival. The . Second largest Greece, Rethymno Carnival lasts for two days. However, many activities take Rethymno was carefully chosen by Kreta place over the three week period leading up to Eiendom, not only for its beauty, but also for its the Carnival’s colourful and exciting finale. location. Situated in the heart of the island, Rethymno is within easy reach of Chania in the Rethymno has a lot to offer and the island as a west, capital city of Heraklion in towards east whole even more. As a famous poet once said and the unspoilt south coast. ‘Crete is not a place you leave, but a place that With the White Mountains to the west and you return to’…. Psiloritis to the east, the prefecture of Rethymno is the most diverse and mountainous 5. How do you see the real estate market of the four counties. Flourishing valleys and within the next 5 years? wonderful ravines meet rocky coves and sandy I noticed a positive change in the real estate beaches. The natural beauty and greenery is market from 2015. The prices are stable here not only astounding, but in many ways unique. and the market is active again, especially in the The fauna and flora include over two hundred area of investments as hotels and luxury villas. species of plants and trees that cannot be The tourism is growing steadily each year as found anywhere else in the world. Crete remains a very safe and politically stable place. Crete is an attractive location for both There are forty thousand inhabitants residing in Greeks and foreign customers. This means that Rethymno city, the third largest on the island. especially the investments market keeps The Old town of Rethymno has strong Venetian, growing intensively. The positive thing is that Byzantine and Turkish influences, visible the prices remain stable and do not change throughout the narrow streets dramatically. Therefore buying property in Crete here is a good investment as it is easy to There are a whole array of cafés, taverns and rent it out and the prices do not fluctuate restaurants in Rethymno catering to every taste Every year Crete gets more flight connections in which to sit back and relax. The Greeks with Europe and has a very good connection certainly know how to enjoy themselves, their with hourly flights to Athens all year round. I hospitality is famous - it was after all the home general, Crete has an excellent infrastructure of Zeus, the God of Hospitality! and has the best life quality in Greece. Throughout the year various events and festival Mrs. Hansen we thank you for the interview. are organized by the local people. The wine festival is held usually in July. This two week celebration of Cretan culture takes place in the84

‫جزيرة كريت‬Cretan Golf Villa 5 bedrooms, 4 bedroomsThe only villa on the island with a 6 hole private golf course. Additionally it has a swimming pool, tennis court, football pitch and fitness room. Price 1.700.000 € + expenses 85

‫جزيرة كريت‬ Four Luxury Villas near Chania 4 bedrooms, 4 bathrooms Each villa has a private swimming pool and garden. Close to beaches with crystal clear water. Outstanding views of the sea and sunset. Price for 4 villas 2.980.000 € + expenses86







‫جزيرة كريت‬ Kalathas Luxury Villa 5 bedrooms, 5 bathrooms The property offers unobstructed panoramic sea views and sunset over the Gulf of Chania. Set on 4,000 m2 of grounds with landscaped gardens and olive trees. Price 975.000 € + expenses90

‫جزيرة كريت‬Designer Villa 4 bedrooms, 5 bathrooms This luxury villa of 486m2 has breathtaking views andexquisite design. It has a 110m² swimming pool and largegarden. A beautiful sandy beach is just 300 meters away. Price: 1.900.000 € + expenses 91

‫جزيرة كريت‬ Triton Seafront Villa 3 bedrooms, 2 bathrooms A newly built villa of 108m2 with high rental potential in a modern holiday project. Within walking distance from a long sandy beach and all amenities. Price 303.515 € including expenses92



www.hg-hamburg.de

Moraira - Ref. 2919 - Villa Chronos - 1.550.000 €We will be constructing this villa, a new-build which is 95certain to receive much attention, high above Moraira witha superb 300 degree, panoramic view towards the sea, asfar as the Peñon de Ifach and the picturesque hinterland,encompassing the vivid silhouette of the Montgó Themagnificent 600sqm villa, with 5 bedrooms, 6 bathrooms,not to mention a sitting room with a ceiling height of6metres, a kitchen and dining area, as well as a 12m x 4minfinity pool with glass frontage, surrounded by a spacioussun terrace. www.hg-hamburg.de

Villa Chronos It goes without saying that under floor heating, a centralized air-conditioning system and fittings that include an intelligent Domotik DSystem will form part of this home, but not only that, a spa and gym, a whirlpool, sauna and a heated interior pool of 6m x 2m, as well as a home cinema room will be additional attractions. Completion is expected 10 months from the commencement of construction.96 www.hg-hamburg.de

Villa ChronosAnyone wishing to get their own idea of the outstanding 97build-quality and impeccable fittings, as well as satisfyingthemselves regarding the excellent price opportunity onoffer, is welcome to view our other new-builds in Javea.Here, potential buyers will be able to gain an impression ofthe high-quality PORCELANOSA materials being used, whichmay also be applied in this particular house in Moraira,should they so choose. www.hg-hamburg.de



Costa Blanca Dream Properties Ref. 3080 F inca R iu - Rau Head Office: Sierichstraße 126 Jávea D-22299 Hamburg100 year-old Finca of 500m² with original Tosca arches, Phone Jávea: (+34) 96 646 84 02restored 2006 on a south facing plot of 9.200m². 8bedrooms, 6 bathrooms, 4 lounges, 4 kitchens, modern Fax Jávea: (+34) 96 647 06 34interior, partly furnished, roman garden, own well, centralA/C, 10x5m pool. An exceptionally beautiful Finca with 3 Email: [email protected] apartments on the valley side of a picturesquerock massif. A rare, very special property. € 1.260.000,- Hanseatische wwwwww..hhgg--hhaammbbuurrgg..ddee Gesellschaft Hamburg