Jumeirah Islands clubhouse with its surrounding area.
Jumeirah Islands clubhouse with its surrounding area.

Nakheel club opens to mixed reviews



DUBAI // Jumeirah Islands residents cheered the opening of their long-delayed clubhouse this month and looked forward to using its gym and pool. But some of the cheers turned to groans when they were told of the annual membership fees, which are set between Dh5,000 and Dh10,000.
"I think they have overcharged," said Preyesh Barar, a 40-year-old from India. "A lot of people we know may not become members. It's a pity. We've been waiting for two or three years."
He added: "A clubhouse membership should be more reasonable. It should be more for people to let them feel they belong."
The delay and fee compounded grievances over which some residents have been at odds with Nakheel, the community's developer, for years.
Other points of contention include what residents say are exorbitant service charges and poor maintenance of the artificial lake that makes up three-quarters of the development and encircles its 700-plus villas.
Residents of the community of four and five-bedroom villas that typically rent for between Dh250,000 and Dh400,000 a year also complained that clubhouse memberships, which became available on Feb 10, might be opened to non-residents, albeit at double the resident rate.
"One thing I didn't like: they are opening it up to non-residents," said an Islands property owner, who asked not to be named.
Like other residents, though, he said he liked the look and feel of the place.
"The swimming pool is nice, the gym is nice ... they've done a good job with the facility," he said.
The clubhouse, set at the back of Jumeirah Islands, also includes a restaurant, bar and outdoor lounge.
According to a July 2008 Nakheel press release, the clubhouse was scheduled to open at the end of that year. Some residents said they had expected it to open even sooner, and many had pressed Nakheel officials on the timing.
"After five years we have a club," said Costas Frangoudes, who moved to Jumeirah Islands in 2005. "We want it to work because we put in a lot of effort to have this club. It's a nice concept."
The rates for residents are Dh5,000 for an individual, Dh7,000 for a family with two children under the age of 18 and Dh10,000 for a family with four children.
Nakheel said charging residents to use the gym and pool was necessary to pay for their upkeep. "In order to maintain the club and its facilities, a membership fee must be applicable," a spokesman said. Non-residents will be allowed to join the club only if Nakheel does not reach its "membership target" through residents, the developer said. It did not specify how many residential members would satisfy the quota.
However, a receptionist who was staffing a phone line dedicated to membership inquiries said that while residents have priority concerning clubhouse memberships, non-residents are also allowed to join.
Some Jumeirah Islands residents supported Nakheel's decision, saying the higher rate for non-residents would likely deter some from joining.
"We are happy they are charging a fee. Otherwise we get too many riffraff coming in," said Marinella Isaac, a 43-year-old housewife from Italy.
Ms Issac processed her membership as soon as the forms became available. "I just find it so convenient to be a member,"she said. "It's so close, and they've got lovely equipment. The trainer is quite wonderful. We're very happy."
Other residents remained unhappy about the clubhouse. "I'm not signing up - no way," said one resident who requested anonymity. He said he exercises at a different health club a few miles away for half the price.
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Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

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Recipe

Garlicky shrimp in olive oil
Gambas Al Ajillo

Preparation time: 5 to 10 minutes

Cooking time: 5 minutes

Serves 4

Ingredients

180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped

Method

Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.

Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.

Once the prawns turn pink, after 1 or 2 minutes of cooking,  remove from the heat and season with sea salt flakes.

Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.

 

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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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Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

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Past winners of the Abu Dhabi Grand Prix

2016 Lewis Hamilton (Mercedes-GP)

2015 Nico Rosberg (Mercedes-GP)

2014 Lewis Hamilton (Mercedes-GP)

2013 Sebastian Vettel (Red Bull Racing)

2012 Kimi Raikkonen (Lotus)

2011 Lewis Hamilton (McLaren)

2010 Sebastian Vettel (Red Bull Racing)

2009 Sebastian Vettel (Red Bull Racing)

 

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Ant-Man and the Wasp

Director: Peyton Reed

Starring: Paul Rudd, Evangeline Lilly, Michael Douglas

Three stars

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