The welcome
I arrive at the hotel in the early evening, a few hours after the check-in opens, and as such there's not the usual hustle and bustle I'm used to as I pull up in a taxi. I am attended to quickly and am the only guest at the counter once inside the lobby. I suspect it would be different if there was a big exhibition on at the Abu Dhabi Exhibition Centre (Adnec) across the road.
The neighbourhood
The Pearl Rotana is the newest tower amid the cluster of other business hotels in the Capital Centre district. Its proximity to Adnec – within a five-minute walk – makes it a great option for business and leisure travellers. The international airport is a handy 20-minute drive away, about the same time it will take to get to the centre of the city. While there is no dedicated hotel shuttle service, taxis are easily accessible day and night.
The room
Of the five room categories, I'm staying in a one-bedroom suite on the eighth floor of this four-star, 20-storey hotel. It's a very spacious corner suite with views of Adnec, the city itself and the Arabian Gulf. It has its own terrace, but it's worth noting you need to request a key and sign a waiver to access it. There's a guest toilet and a main bathroom, that features a generous-sized tub, a separate shower and a toilet, adjoining the bedroom. The Classic is the standard offering here, differing from the Club Rotana rooms and suites by way of floor space and the view they offer. Club guests are provided with a personalised check-in and check-out along with access to the corporate lounge.
The service
With just two months under its belt (the hotel opened in March), I am impressed by how "together" the service team is so early on. Admittedly, there is some uncertainty regarding key requests – and a lack of follow-through on more than one occasion. Hospitality staff are well versed on their offerings and what is served is of a high quality.
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The scene
It’s incredibly quiet during my stay, so much so that I don’t come across many others besides staff until it’s time for dinner. I feel like the Chai Lobby Lounge is lucky to have me when I stop by for a late afternoon coffee. Being a weekend, there is less going on in the streets around the hotel, and because it’s not peak exhibition season, I put the lack of foot traffic down to that. Corporate travellers will be impressed with the business centre, for me it is one of the best in the capital.
The food
The Warehouse Tapas Bar is a welcome addition to the capital's diverse dining scene – there is no other destination like it. Of the five restaurant options, this for me is the standout experience in the hotel. The cosy leather interiors and dim lighting are well complemented by the tapas-style menu which is packed with items that are ideal for sharing – don't leave without trying the steak bites with Brie cheese (Dh98). The flatbreads are popular too (from Dh65), as are the saucy lamb meatballs (Dh56). Dino's Italian comes a close second, it too has a good quality menu with classic dishes like buffalo mozzarella and vine ripe tomato antipasti (Dh55) and margherita pizzas (Dh55). Breakfast is served at Saffron, the all-day dining restaurant. It's a small, somewhat underwhelming spread (perhaps more so for me as I am on a gluten-free diet), and it costs Dh125.
Loved
The vibe offered at The Warehouse, and the spacious rooftop gym.
Hated
That the hot water was lukewarm at best when I came to shower the morning after my first night’s stay.
The verdict
Ideal for those visiting the capital to attend an exhibition or conference.
The bottom line
Rooms at the Pearl Rotana Capital Centre start from Dh259 per room per night, including taxes and Wi-Fi.
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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.”
