SKYLOUNGE W 2018 Ramadan Edition

I Ramadan 2018 EditionSKYLOUNGE ‫مجلة على العقارات وإدارة الثروات‬ In Conversation with Dr Mariam OmarPROPERTY INVESTMENT SPECIAL PRIVATE WEALTHUSA Investment Market Vienna Going for GoldDominican Republic UK’s stance on foreign HNWIs Art of Art Investment



Live with style…there is no perfect life, just perfect moments 35A Avenue J.F. Kennedy | 1855 Luxembourg Grand Duchy of Luxembourg Phone +352 26 47 58 3















Managing Editor ‫مدير التحرير‬ Marisa Zahra Ramirez ‫مشاركة الجمهور‬ Ramadan Kareem Audience Development Temi Abass CONTENTS Middle East Correspondent ‫الشرق الأوسط‬ 13 Private Wealth: Portrait Withersworldwide Hassan Khalouf (Dubai) 27 Going for Gold: Portrait Sharps Pixley Julia V. Silva (Bahrain) 31 Art Investment 32 Luxury Real Estate Dossier: Vienna South East Asia Correspondent ‫جنوب شرق آسيا‬ 61 What’s on in Dubai? Budi Tahsin 70 Luxury Real Estate Dossier: Dominican Republic 85 Hotspot “Black Forest” - Portrait Parkhotel Adler Project Coordination ‫تطوير الأعمال‬ 96 USA: Texas Real Estate Investment Opportunities Kristina Georgieva103 Luxury Real Estate Dossier: Florida - Miami118 VIP Service: Portrait RCS London Production ‫مدير الانتاج‬126 Medical Tourism Top Destinations: Portrait - Clinic Dr Mariam Omar Abiola Giwa Index Art Director & Photo Editor ‫تصميم فن الصورة‬ Elizabeth Rodriguez Information Technology ‫تكنولوجيا المعلومات‬ Luke Micallef Marketing & Sponsorship ‫تسويق‬ Lola Abass Publisher & Founding Editor ‫الناشر والمدير العام‬ Dr. Khalid B. Amar Contributors ‫المساهمين‬ Dawn Goodman (Withersworldwide) Peter Marschall (Marschall Real Estate) Katja Newman (Parkhotel Adler) Dr Mariam Omar (Dr Mariam Omar Clinic) Sabine A. Mertes Urbahn (Select Properties) Vince Robinson (RCS London Ltd) Dansi Kurban (Premier Group Texas) Ross Norman (Sharps Pixley) Marina Vernicos (Marina Vernicos) Special thanks to ‫شكرا للجميع‬ Catrin Rammeiser (Naturagenten PR) Friedhelm Gruber (Senat) Paul Askew (Withersworldwide) Marc Omar (Epicentro art & GDCP Int.) Paul Swindale (Affinity Management) Ann Bocklandt (Engel & Voelkers) Mag. Katharina Cont (Marschall Real Estate) Dubai Department of Tourism Courtesy of Leo Caillard (“Hipster in Stone VI”) Published by KBA Enterprise Limited Penhurst House, Suite 11 Battersea Park SW11 3BY London United Kingdom www.skylounge.me Tel. +44 (0) 208 088 1077 Fax. +44 (0) 207 101 3490 United Kingdom London / Email: [email protected] United Arab Emirates Dubai / Email: [email protected] INTERNATIONAL DISTRIBUTION ON DEMAND AMERICAS: US-$ 15,80 ∙ EUROPE: € 14,50 ∙ UAE: AED 75 Main distribution across GCC countries: United Arab Emirates ∙ Kingdom of Saudi Arabia Qatar ∙ Oman ∙ Kuwait ∙ Kingdom of Bahrain & in designated Private Jet Charters en route from and to the Gulf region Every possible effort has been made to ensure that the information presented in this publication is accurate at the time of going to press and the publishers, editors, contributors and advertisers can accept no responsibility for any errors or omissions. No part of the magazine, including text, photographs, illustration, advertising layouts or other graphics may be reproduced in any way without prior written consent of KBA Enterprise Ltd. The views expressed in this magazine are not necessarily those of the publisher who accepts no responsibility for any loss incurred due to reliance on the information provided in this publication. © KBA Enterprise Ltd.





SKYLOUNGE‫مجلة على العقارات وإدارة الثروات‬ If it doesn’t challenge you, it won’t change you.

Private Wealth Growing WealthManaging Wealth Protecting Wealth









5 min. with Dawn Goodman 1. As one of UK's top law firms and widely recognised as Having a wealth of experience of litigation in most one of the leading lawyers in your field, please tell us a offshore jurisdictions, as well as in Europe, the bit more about your company and what makes you so Middle East and Asia, Dawn advises all parties who special? may be involved in a dispute arising out of lifetime estate planning or on death, whether about trusts, Withers is a highly- innovative law firm which traces its foundations, professional negligence, fraud or roots to the C19th century. We are unusual in advising succession. Previously a divorce lawyer, she also individuals and families in almost equal measure to specialises in advising trustees and beneficiaries advising businesses. We are generally regarded as one of caught up in divorce proceedings. the top wealth planning firms operating in the Dawn uses her experience as to what can go wrong international sphere. Our partners and staff are to advise trustees and protectors on their duties and multicultural working across 16 locations. Many are how to manage and reduce their risk. Settlors are recognised thought leaders in their fields. We have helped advised on how to create robust structures. to shape the law in many jurisdictions, drafting legislation and developed what the market now recognises as International tax planning is an essential part of what we discrete skills in the legal sector. We lecture, write text do, working in collaboration with lawyers or accountants books and advise governments. But most of all our across all the relevant jurisdictions to find the optimal reputation is built on experience, expertise and dedication workable solution. We don't advise our clients to adopt to the interests of our clients. aggressive strategies towards tax or to adopt measures which may work for tax but don't work for their family or 2. What services do you offer for clients who are seeking their business: we have seen too many families suffer to protect their assets for their families next generation in from such approaches. Whatever the tax solution the increasingly complex tax landscape? proposed, it must not work against the interests of our clients' families and businesses. Our focus is always on what our individual client or family needs and how we can best provide them with advice, The world is changing at a fast pace and we offer our support and, if needed, a solution for structuring or clients up to the minute advice on issues that may affect restructuring their assets. We support our clients at each them, for example, the wide reaching changes brought step of their journey, from setting up a new venture, to about by the US tax reforms. preparing pre- nuptial agreements, to acting on sales and purchases of real estate to assisting with taxes, disputes The US GOP tax reform, signed into law on December 22, and divorce. 2017, represents the most significant US tax reform since 1986. The impacts are far reaching as individuals may need We create family offices, philanthropic foundations, to re-evaluate their decisions to move or buy or sell a governance structures and planning solutions for the home, businesses will need to evaluate proposed budgets preservation of family wealth and business empires. We and projects and review their lending practices and look out for our clients' interests and alert them to risks. charities will need to review funding and operational For example, at the time of the Arab Spring we helped practices. Long standing choice of entity decisions will clients reduce the vulnerability of their structures by need to be reconsidered. standing back from being key power holders if their structure could be attacked through them. Unfortunately, and consistent with much of US politics in Our network of contacts across the world is extensive. We the last year, little time is scheduled or tabled for are well used to dealing with structures, systems and legal comments and discussion. This leads to the more concepts in different jurisdictions. We don't take a important question – “What should I do now?“ As in standard structure off the shelf in a one-size-fits all immediately, due to the fact that certain rules may change approach: each of our clients is unique with different in profound ways in the coming weeks. assets, family dynamics and aspirations. So what we do is As advisors, it is important that our clients understand the tailored to each client and their interests with a view to implications as well as options available to them. We are creating and preserving robust structures which should watching developments closely and are on hand to enable their succession planning to be successful whatever provide advice to those who may be impacted. the political and other stresses that may assail them.20

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Company PortraitWithersworldwide



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Dawn GoodmanPartner I LondonT. 0044 (0) 207 597 6014E. [email protected] 25



Company PortraitSharps Pixley

About Sharps Pixley The Sharps Pixley name may date back to 1778, bearing the hallmark for old fashioned trust and discretion, but our outlook is entirely of today ... We’re setting out to simplify and demystify the gold market. To expand the reach of precious metals. To make them more comprehensible and create new ways that people can invest in them. That’s why we’ve chosen to bring it to the 'high street' – our showroom in St James's where you can browse, learn and buy. It is no secret that Sharps Pixley and our parent Degussa are pioneering new ways of accessing and promoting these exciting markets... creating a 'new gold standard' if you like. The rationale for owning physical gold is arguably stronger than ever before. The Sharps Pixley name goes back to 1778 and was originally founded through the merger of two London bullion businesses. Sharps Pixley was formerly a central player in the London gold and silver bullion broking community as an original gold fixing member and chairman of the silver fix. The company name expired in 1995 but was revived in 2010 following the purchase of the company name and the trade mark from the former owner of the business, Deutsche Bank, thereby providing a link with the original firm. Today the business is wholly-owned by one of the wealthiest families in Germany and sits within the DEGUSSA group of businesses, said to be one of the largest sellers of retail physical gold in Europe. Through its ownership by DEGUSSA, Sharps Pixley is able to leverage the capabilities of the group in such areas as holding a very extensive stock of bullion, providing a diverse product range, plus capabilities in the processing of scrap, a treasury team managing the price hedging, storage / vaulting and transportation, and of course expertise in sourcing (and verifying) quality stock. The business also combines innovative logistical and inventory management techniques at our Rodermark logistics centre and we can deliver products efficiently and securely at the lowest possible cost to UK investors.28

In 2015 the group purchased a gold refinery in Germany and later also acquired bullionfabrication facilities, thereby providing the group with the flexibility to manufacture and refinea wide range of bullion products. Our gold bars are sourced from two of the leading Swiss goldrefineries who are both accredited as “London Good Delivery” and our coins come directly fromthe leading Mints around the world. In total we have over 200 bullion products available toclients.London remains, arguably, the global capital for gold trading and yet at a retail level goldremains surprisingly illusive to ordinary investors looking for tangible bullion investments (otherthan high margin branded jewellery) on both the High Street or even from the local banks. In2015 Sharps Pixley puts physical gold back on the High Street with our flagship store opening inSt James’s Street, just off Piccadilly. Here you can select your products and indeed store themwith us in one of our new safe deposit box facilities. Physical gold is the most secure form of gold investment with no counterparty risk. A safe haven asset is only as safe as where you keep it, so we would advise clients to store their precious metals securely. We never advise clients to allocate their entire portfolio to physical gold, but a 5 to 10% allocation to the physical asset balances your portfolio and hedges your other investments. You can buy physical Gold Bars and physical Gold Coins and here at Sharps Pixley, we offer the most competitive prices to buy gold in the UK. When it comes to selling your gold, here at Sharps Pixley we will pay you 98% to 99% of the spot price even if you brought your gold from another broker (subject to testing and quality). In India gold is universally available at tight margins over the spot price and can be readily sold back at attractive prices – Sharps Pixley is similarly looking to introduce competitively priced, high quality bullion products to UK investors. In addition to our leading-edge online web shop, Sharps Pixley also provides the leading information platform on precious metals with some of the fastest and most complete sources of market prices, news, research and analysis – allowing investors to draw on leading sources of market information before making their investments. Our website is often described as the fastest and most complete source of precious metals news, prices and analysis and this is underscored by claims that it is consistently the fastest growing bullion website of all. 29

How to buy gold Safe Deposit Boxes in LondonTo buy gold online and in our showroom, we require your name, Our Safe Deposit Box facility,address, email address and phone number. For single orders over located on St James’s Street, is a£5,000 we will also require a copy of photo ID such as driving licence comfortable and discrete solutionor passport and a proof of address such as a utility bill or bank to safeguarding your treasuredstatement, dated within the last 3 months. You can pay by debit card, assets. We spare no expensetransfer of funds, bitcoin or cash in our showroom. Once funds are ensuring that valuables stored withcleared, your order will be dispatched promptly. If you have chosen to us receive the maximumcollect your order then call us in advance to arrange a suitable time protection at all times. Indeed,for collection from our retail store in London. thanks to the extensive security measures put in place, our elegant facility is graded amongst the most secure in the world. Clients may choose to store a wide variety of items including documentation, jewellery and precious metal. They have unlimited access to their box during our opening hours (Mon-Fri, 10:00-17:00) and there is no need to make an appointment.Best place to buy gold Where to buy goldWhen looking for the best place to buy gold in the UK we You can visit us in our new state of the art showroom at 54advise all of our clients to do their research when choosing St James’s Street in London where you can buy gold bulliontheir preferred gold bullion dealer. As with any investment, in store over the counter, just walk in off the street, it’sresearch and knowledge is key and no decision should be that easy. You can also visit our online shop where you canmade lightly. Here at Sharps Pixley, we are focused on buy gold online. Here at Sharps Pixley, you can buy goldconducting business in a transparent and trustworthy manner, bars or gold coins but you can also buy silver online or inpriding ourselves on providing informative and professional store and other precious metals such as platinum bars andcustomer service to every client. This is why Sharps Pixley are palladium bars. Sharps Pixley are full members of theregarded as one of the best places to buy gold in the UK via London Bullion Market Association (LBMA) and areour online shop or over the counter in store at 54 St James’s registered with the Financial Conduct Authority (FCA) as aStreet. Sharps Pixley only offer 99.99% purity investment high value dealer and vaulting operator.grade gold sourced from two leading Swiss LBMA accredited‘London Good Delivery’ refineries. Should I buy gold We live in a time of heightened geopolitical risk, record global debt and negative real rates. In periods of economic and political turmoil, investors have been rewarded with a flight to safety to physical gold. Investment grade gold bars are the most secure method of gold investment with no counterparty risk. Historically physical gold has served as a repository of wealth maintaining its value in terms of real purchasing power. Gold serves as a portfolio diversifier because it tends to have low correlations to most other asset classes. It preserves wealth; Gold is typically considered a hedge against inflation, but it also acts as a currency hedge, in particular against the dollar with which gold correlates negatively. Gold is also highly liquid, sale proceeds will be returned the same day. Buying physical gold is the ultimate insurance against economic uncertainty and instability.30

54 St James's Street London SW1A 1JT United Kingdomwww.shaprspixley.com

Marble and clothes (artwork) - “Clothes make the man” by Leo Caillard

The Art of Art Investment

How to quantify return on These issues, alongside other issues like changes in tastes or bubbles, need to beinvestments ? considered by potential art investors. For example, a particular art movement may be in vogue among collectors – even for an extended period – but this is noOne is the issue of costs. Art is not a fungible guarantee of future demand.asset, and as such this creates layers of costs,both disclosed and hidden. Galleries andauction houses can add substantial costs tobuying and selling of works that are well inexcess of those charged by brokers of sharesor commodities, often more than 25% of theprice. Having said this, the effect of suchcosts diminishes with time, so investors in artpieces can be rewarded for a buy and holdstrategy (as Warren Buffett once repliedwhen asked his optimal holding period for anasset: “Forever!”).Other costs include storage, transport (if theowner lends the works to external galleries)and insurance. Hidden costs include liquiditycosts related to the difficulty in selling a workquickly once the intention to sell has beenannounced. Equally, straitened economiccircumstances (perhaps sparked by economicconditions like the 2008 financial crisis) maylead to forced sales, leading to works beingsold well below their “normal” value. Is there any specific strategy ? The answer to this is perhaps the same as for any investment: diversify across a range of art movements and even across different collectables. The Art & Finance Report 2017 notes that there are some correlations between art categories and traditional asset classes. For example, impressionist art and old masters are highly correlated with safe- haven assets like bonds or real estate, while movements like contemporary or Chinese art (pictured here ), tend to be correlated with riskier assets like equities and commodities.Diversifying across art types may or may not deliver the Unlike shares, bonds andrequired outcome; investors may find it easier to invest commodities, for instance, eachacross more established assets like equities or bonds. Inany event, many collectors derive more joy out of work of art is a unique entityspecialising in one particular field. This brings us back to that cannot be replaced bythe intangible aspect of investing in art and collectables,that “emotional dividend” that is earned in lieu of an another.actual dividend.34

The 10 most expensive works of art sold at auction $ 450Mio $ 119Mio1.) 15 November 2017 $ 106Mio $ 104MioLeonardo da Vinci’s Salvator Mundi sold for $400 million atChristie’s ($450.3m, including auction house premium) $ 86Mio2.) 2 May 2012 $ 88MioOne of four versions of The Scream created by Munch and the onlyone that is privately owned. The painting sold for $119,922,500 $ 86Mio3.) 30 April 2010Picasso’s Nude, Green Leaves and Bust (1932) sold at Christie's inNew York for $106,482,5004.) 12 January 2010L’homme qui Marche I (1961) by Alberto Giacometti sold for£65,001,250 ($105,182,398) at Sotheby’s in London5.) 5 May 2004Picasso’s Boy With a Pipe (1905) sold at Sotheby's in New York for$104,168,0006.) 8 November 2006Gustav Klimt’s Portrait of Adele Bloch-Bauer II (1912)went underthe hammer at Christie’s New York and sold for $87,936,0007.) 14 April 2008Francis Bacon’s Triptych (1976) sold for $85.9m to oligarch RomanAbramovich8.) 2 November 2010A Chinese 18th century Qianlong dynasty porcelain vase sold for£53,100,000 ($85,921,461) at Bainbridges auction house in London9.) 22 March 2006Dora Maar au Chat (1941) by Pablo Picasso sold for £51,560,080($83,429,503) at Sotheby's in London10.) 15 May 1990Portrait of Dr Paul Gachet (1890) by Vincent van Gogh sold for$82,500,000 (£50,985,692) at Christie’s in New York$ 83Mio $ 82Mio $105Mio

Collection: BeachPosidi Cape

The art of Art-PhotographyFollowing up on “Collection” Marina Vernicos was born in Athens, Greece. She studied Communications and PhotographyShe has been awarded the prizes “Sandro at Emerson College of Boston and BusinessBotticelli” at the Palazzo Giucciardi Administration at Harvard Extension School.Bongianni, Florence and in France “La Since 2001, she has showcased a number ofGrand Exposition Universelle” at the Eiffel solo and group exhibitions in distinguishedTower. She has collaborated on photo galleries and museums around the world, suchprojects with companies such as Mercedes, as the museum of Cycladic Art in Greece,Perrier, Napapijri, Folli Follie, Sani Resort Museum of Louvre and Eiffel Tower in Paris,and was selected as an ambassador for Hangaram Art Museum in Korea, London,Hermès. Her work can also be seen in Monaco and NY.distinguished hotels such as the Amanzoeand Nikki Beach Resort & Spa in Greeceand Turkey.She has published four books. She is thefounder and President of CREAID(www.creaid.com) a non-profit orga-nization with a targeted humanitarianmandate, served through creativity andart. She has created her own line ofaccessories and clothes under the name“Marina Vernicos”.

She photographs seascapes around the world using various exposure times and degrees of focus. The images, if not for their attributive titles (Polyaigos, Sifnos, Mykonos – Greece), are completely unidentified. Her expressionistic photographs do not allow the viewer neither to guess the location where the photo was taken, nor to understand where she has supported her camera in order to choose or to exclude a particular vision angle.Kiparisi III Collection: Beach

Marina depicts the variability of environmental conditions – time of day, weather conditions – demonstrating it unaffected of its geographical location.Shades II Collection: Beach

Collection: The Edge

Collection: Ecstasea & Sea Through Ecstasea II Ecstasea VI



The artist withdraws her subject matters fromnature itself: from colors, the fluctuations of theliquid element, from straight or irregular lines. All ofthe above assist the works not to be presented asmere representation of reality, but as images createdto bring to surface what we feel and not necessarilywhat we see. Photography - Perrier

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ienna Now - ForeverAn exposé of real estate investment opportunities inassociation with Marschall Real Estate



‫مقابلة مع السيد بيتر مارسشل‬In Conversation with Peter Marschall Owner of Marschall Real Estate

5 min. withPeter Marschall1. As one of the most reputable real estatecompanies in Vienna, please tell us a bit more aboutyour company and what makes you so special?For almost three decades now, my team and I follow Peter Marschalla simple principle: The most important thing about Owner of Marschall Real Estateour work are our clients and their individual wishesand requests. To fulfil all of these, we bring our position, in the middle of Europe, with excellent airyears of experience, our international contacts and links to the Arab world and all over Europe. 2)our daily effort into play. Vienna has an extremely high quality of life and has been named the most liveable city in the world for2. You do also work close with several experts like the 8th time in a row (see the „Mercer study“).lawyers, notaries and tax consultants, whilst it has Vienna is economically stable, the security is verybecome nowadays important to act also as a „one- high and real estate here is a secure monetary valuestop-shop“ for HNWI clients when it comes to investment. 3) Vienna is an ideal holiday destinationpurchasing a property – would you agree on that? for culture lovers: the Vienna Opera and numerous concert halls for classical music make Vienna aYes, I agree, that the concept of a „one-stop-shop“ worldwide known city of music. Exclusive shoppinggets more and more popular. It's nothing new to us, streets and top restaurants complete Vienna'swe've always worked that way. We attach great attractiveness as a holiday destination.importance to personally looking after ourcustomers not only until the conclusion of the 5. With an excellent network of reliable partnerscontract but for a long time globally you offer also luxury properties abroad, tellAfterwards. us a bit more?3. What has been your experience with foreign Our company has been internationally orientedinvestors so far? since its founding. We have been representing „Sotheby's“ and „Christies International“ for manyWorking with international investors is an essential years, and 13 years ago we set up our ownpart of our business and we have had very good European luxury real estate network EREN, toexperiences with it. Most investors come from the provide both buyers and sellers with topEU or Eastern Europe. Especially international international service. The special thing about ERENinvestors appreciate our complete service: from the is that only the CEOs of the respective membersfirst inquiry to advice, market analysis, negotiations work together. We have meetings twice a year, weand beyond, such as help with the choice of interior have a joint marketing and our own website. Wedesign as well as assistance with personal matters would like to enable our clients to quickly reach(restaurant and hotel recommendations, schools reputable companies and properties internationally.nearby, opera tickets, etc.).4. Let’s talk about our audience, wealthy Arab 6. Finally one last question: What’s the best piece offamilies from the Gulf region. Uncertain times, advice you’ve been given?Brexit, volatile markets etc. has driven more andmore of them to new frontiers/safe havens when it The best advice I’d been given would be „Esse Quamcomes to buying/investing properties abroad. How Videri“ – „To be, rather than to seem“. Especially inwould you convince them to invest (spend it) more in our profession, where you have to deal a lot withAustria/Vienna be it as property investment or luxury every single day, it is important not to forgetsimply buying for as a holiday retreat? who you are and what is really important in life - and that is and always will be the people.There are three main aspects that make Austria, andVienna in particular, a very attractive investment Mr Marschall we thank you for the interview.location: 1) Geopolitically, Austria is in a very good