The welcome
Centrally located on the Pest side of the Hungarian capital, the one-year-old Ritz-Carlton is a 20-minute drive from the airport. As I sip my glass of cucumber-infused water, the efficient receptionist and empty lobby ensure that I am in my room within a few minutes, with one bag already placed on the luggage stool and the other neatly stowed on a raised platform near the work desk. A complimentary platter of fruit and pastries, bottles of still and sparkling water, and plenty of cutlery are the first signs of the thoughtfulness displayed throughout my stay.
The neighbourhood
The hotel looms directly above the main Deák Ferenc tér metro station. It lies at a midpoint between St Stephen’s Basilica, the Danube-spanning bridges linking Pest and Buda, and the city’s ruined pubs, each area a five-minute walk away. Shoppers throng the main fashion street behind the building, stopping for coffee or goulash at the cafes dotting the pedestrian-only bylanes.
The scene
A glass and mirror treasure chest dominates the three-part lobby, displaying Hungarian artefacts, such as traditionally dressed Folqa dolls, bottles of paprika and pálinka, and stylised Biro pens and Rubik’s Cubes (both invented by eponymous Hungarian entrepreneurs). Although not as opulent or large as the Ritz-Carlton in Abu Dhabi, the hotel channels the group’s elegant vibe. Most of the guests are from the United States and other parts of Europe during the time I visit, although the cooler months see an influx of Middle East patrons, I’m told.
The service
The concierge is a delight, even leaving his chair to accompany me to the Gelarto Rosa ice-cream parlour a few minutes away. In another instance, the receptionist reschedules a restaurant reservation. The executive club manager is conversant with a multitude of topics, and directs me to the delightful Margaret Island, mainly frequented by locals. The club lounge has a menu that changes around the clock and plush armchairs with a thoughtful selection of coffee-table books.
The room
The 400-square-foot club rooms are spacious, fitting in a king-size bed, lounger, worktable, and dressing and ironing nooks. This is one of the few hotels in Europe that comes with a hygiene-hose-equipped bathroom, which also has bathtub and shower areas, and Aspinal of London toiletries. The sweeping arch of the window lets in plenty of natural light, but the too-narrow curtains make this a problem in the early hours of the morning.
The food
Club access includes breakfast until 11am, but the fare is limited – eggs, breads, cereal and fruit – compared to the €30 (Dh116) spread in the lobby restaurant. A range of sandwiches, canapés and pastries is laid out in the club lounge through the day, but it’s worth having a meal in the hotel’s Deak Street Kitchen restaurant. The cauliflower and pear risotto (3,500 Hungarian forints [Dh44]) is especially tasty.
Loved
The sense of space within and outside the room, a far cry from the shoebox reputation of many European hotels.
Hated
The sparse curtains that, coupled with an air conditioner that kept cutting off, meant I woke up far earlier than I would have liked.
The verdict
Unbeatable location, spacious rooms and thoughtful service.
The bottom line
A superior room at The Ritz-Carlton, Budapest (www.ritzcarlton.com), costs €378 (Dh1,460) per night, including taxes and Wi-Fi, while a club-access room is €528 (Dh2,047).
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Mubalada World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
The specs: 2018 Bentley Bentayga V8
Price, base: Dh853,226
Engine: 4.0-litre twin-turbo V8
Transmission: Eight-speed automatic
Power: 550hp @ 6,000pm
Torque: 770Nm @ 1,960rpm
Fuel economy, combined: 11.4L / 100km
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The biog
Nickname: Mama Nadia to children, staff and parents
Education: Bachelors degree in English Literature with Social work from UAE University
As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families
Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too
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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