The welcome
I'm rather surprised when my tour bus is prevented from pulling up just outside the five-star Park Hyatt by a doorman waving his arms to redirect the driver to park on busy Lam Son Square. I'm even less impressed to have to walk back up the drive to the lobby pulling my suitcase. There isn't a crush of cars at the top so I'm at a loss as to why I am not greeted properly. Thankfully my mood improves with the welcome at check-in, which is efficient and faultlessly polite.
The neighbourhood
The hotel sits on Lam Son Square in the centre of Ho Chi Minh City. There are local shops and expensive boutiques such as Louis Vuitton on its doorstep, as well as a clutch of historic landmarks including the Caravelle Hotel, famous for housing journalists during the Vietnam War, and the late 19th-century, colonial style Opera House and Hôtel de Ville, with its huge statue of the leader Ho Chi Minh. The war museum, Dong Khoi (a main shopping street) and Ben Tranh market are all within walking distance. There are also a number of interesting local restaurants nearby.
The room
My room has a comfy king-sized bed, scattered with tangerine-coloured silk cushions, shuttered windows to mask a rather industrial view, an old-fashioned ceiling fan - a decorative touch as the A/C works just fine - and a marble bathroom with a separate rainfall shower and bath. It's perfectly comfortable but there's nothing to wax lyrical about. I do like the ceramic drip filter to make local coffee, though.
The service
The waiting staff during breakfast at Opera and in the evening at Square One, which serves a western and Vietnamese menu, are attentive without being intrusive. There is no attempt to hustle me to any particular table at breakfast even though it's busy; usually solo diners are parked in the worst spots - a pet hate. A waitor responds to my request to pour my coffee into a takeaway cup without hesitation when I am late one morning.
The scene
The Park Hyatt Saigon is a social hub drawing wealthy locals dressed to impress in showy designer labels and international businessmen hoping to tap into the booming economy. The glass-fronted bar, 2 Lam Son, looks the part and is very busy with a slightly older, well-heeled clientele in the evenings. Don't expect a trendy, dress-down sort of crowd.
The food
The breakfast buffet at Opera serves an appetising mix of western and local dishes including pho, as well as an à la carte menu. The French pastries are particularly good (and bad for you). Upstairs in Square One, I try two starters: soft shell crabs flash-fried with tamarind, coconut and ginger (US$17; Dh61) and a green papaya salad ($11; Dh41). Both have the right balance of spice, heat and more subtle flavours.
Loved
Sitting in the grand hotel lounge as afternoon tea is served, watching tourists and locals browse tiered stands of scones and pastries, washed down with imported teas. The dark wooden shutters, grand piano, polished mahogany and Chesterfield wing chairs are all rather theatrically colonial. Afternoon tea for two costs $50 (Dh183).
Hated
Months later, I still can't fathom the please-don't-stop-here "welcome". And not once, but twice. The second time in the rain.
The verdict
A very smart hotel in a great location from which to explore Ho Chi Minh City. It won't knock your socks off but, then again, it won't disappoint either.
The bottom line
A double room costs from $263 (Dh966) per night, including taxes. Park Hyatt Saigon, 2 Lam Son Square, Ho Chi Minh City (www.parkhyattsaigon.com; 00 84 83824 1234).
If you go
- The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
- The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
- The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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WRESTLING HIGHLIGHTS
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Biog
Age: 50
Known as the UAE’s strongest man
Favourite dish: “Everything and sea food”
Hobbies: Drawing, basketball and poetry
Favourite car: Any classic car
Favourite superhero: The Hulk original
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
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.”
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
