With a rich past that includes histories of occupation, interaction or warfare with the Romans, Mongols, Ottomans, and communists, the city of Budapest boasts a wealth of interesting and varied architecture.
It is a remarkably dynamic capital cut in two by the beautiful Danube, with a population as adapted to soaking in the hundreds of thermal baths as they are to partying all night long all across the city. An easy city to walk around, it also offers a clean, efficient metro and tram system to get you anywhere you want to go.
Originally two cities, Buda and Pest, both with different characteristics, you can easily escape the hustle and bustle of Pest to the more sedate Buda, or the other way around. In short, a weekend in Budapest can be whatever you want it to be: crazy, fun and exhausting or relaxed, quaint and invigorating. Or, of course, you can work out a trip that is somewhere in between.
Chill out during the day by heading to one of Budapest's thermal baths, where you can dip into pools of warm, hot or extremely hot water, enjoy saunas, massages and generally be pampered.
There are literally hundreds options to choose from, including the Szecheny (www.szechenyibath.com), which is probably the most famous one in town, and the Gellert (www.gellertbath.com), a slightly smaller, slicker operation. Both cost about US$15 (Dh55) for general admission; therapeutic treatments cost extra.
Take a free walking tour with an English-speaking guide to show you around town (www.freebudapesttours.eu), or go on your own on a walk along the Danube to see Buda Castle, a Unesco world heritage site. Take the funicular railway up to the Hungarian National Art Museum and gaze at the remarkable works of art and statues that Budapest has to offer, as well as a view from the hilltop over the whole city.
Saint Gellert had an unfortunate ending - pagans stuffed him in a barrel and rolled him down a hill into the Danube in the 9th century. Hardly compensation, the hill has been named in his honour and a climb up Gellert Hill will offer one of the best panoramic views of the city. You can also visit the 19th century Citadella on top.
If you're bored of walking up hills, head to one of the numerous art galleries and museums, including the Hungarian National Gallery (www.mng.hu), Museum of Fine Arts (www.szepmuveszeti.hum), and the National Museum (www.hnm.hu).
For a different experience head to Budapest's secret nuclear bunker and hospital, the Cave Hospital in the Rock (www.sziklakorhaz.hu), where you get to experience what it was like during the closing days of Second World War.
The House of Terror Museum (www.terrorhaza.hu) gives a chilling portrayal of life in Hungary, as it was the headquarters of the secret police of both the Nazi and communist regimes.
Budget
Central Backpack King is a surprisingly clean and tidy hostel right in the centre of Budapest, within easy walking distance of the chain bridge over the Danube. It has free Wi-Fi internet, great common room facilities, and a staff happy to help with any questions about Budapest. Dorms cost from $22 (Dh80) per night, including taxes.
Central Backpack King, Október 6. utca 15 (www.hostelworld.com/budapest; 0036 3 0200 7184).
Mid-range
Danubius Hotel Gellért is attached to the famous Gellert Spa, a convenient choice if you want a weekend relaxing by the pool or regular massages after some time in the sauna. Double rooms cost from $207 (Dh761) per night, including taxes.
Danubius Hotel Gellért, Szent Gellért tér 1 (www.danubiushotels.hu; 0036 1 889 5500).
Luxury
The Four Seasons Gresham Palace is one of the most modern and luxurious hotels in Budapest, with a great central location giving you access to all the city has to offer. Double rooms cost from $414 (Dh1,523) per night, including taxes.
Four Seasons Gresham Palace, Roosevelt Tér 5-6 (www.fourseasons.com/budapest; 0036 1 268 6000).
Breakfast
Sit surrounded by history at Cafe Gerbeaud (www.gerbeaud.hu) on Vosmarty Square, an eatery built at the height of the Austro-Hungarian empire and still going strong. A breakfast of sweet and salty rolls, condiments, cold meats and cheeses, coffee or tea costs from $12 (Dh44).
Lunch
Head to the Aranyszarvas Restaurant just after the Erzsebet Bridge in Taban Park to gorge on wild boar, pheasant or venison dishes and satisfy your inner carnivore. Dishes cost from $15 (Dh55).
Dinner
Booking ahead is a good idea for a fine meal at Menza (www.menza.co.hu). With a wide range of fine Hungarian dishes on offer, such as a starter of goulash soup followed by fried bread stuffed with chicken breast. Main courses cost from $25 (Dh92).
Return flights from Dubai to Budapest on Smartwings (www.smartwings.com) cost from $762 (Dh2,800) including taxes.
Hungarian being one of the least comprehensible languages in Europe that English speakers are likely to encounter, I recommend a good, solid read of Colloquial Hungarian: The Complete Course for Beginners by Carol H. Rounds and Erika Solyom.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
LIVERPOOL%20TOP%20SCORERS
%3Cp%3E(Premier%20League%20only)%3Cbr%3EMohamed%20Salah%20129%3Cbr%3ERobbie%20Fowler%20128%3Cbr%3ESteven%20Gerrard%20120%3Cbr%3EMichael%20Owen%20118%3Cbr%3ESadio%20Mane%2090%3Cbr%3E%3C%2Fp%3E%0A
CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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
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.”
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
