Setting foot inside a giant pyramid-shaped structure, I settle on to a plush red velvet chair. Tranquil music wafts around as I sip on a cocoa-dusted cappuccino, taking in the highly polished marble and stone walls that lead out towards mammoth columns inscribed with hieroglyphics.
The sound of running water — something that was a crucial source of sustenance for ancient Egypt — offers a soothing hum while vases shaped like canopic jars line the floor-to-ceiling windows.
Perhaps surprisingly, I'm not in Egypt — I’m in the heart of Dubai, at Raffles Dubai. The hotel first opened on November 21, 2007 and was the first Raffles property outside of Asia. Today, it's marking 15 years of operations.
“The opening day was such a momentous occasion. Back then, it was seen as the new benchmark for ultra-luxury and it really set a new standard in the city at that time,” says Afif Salibi, the hotel's general manager.
“Raffles in Singapore is our flagship property and is more than a century old. We wanted to create the same, but in Dubai — a place that can last for another hundred years or more.”
Placing a giant pyramid designed on the same scale as Egypt's historic landmarks in the heart of a bustling city might not have been everyone’s vision for a new hotel, but it was the driving force of this property from the outset.
“The company wanted to build something just like the pyramids of Egypt that could last for thousands of years,” explains Salibi, who returned to the hotel last year after first joining during its pre-opening 15 years ago.
That’s something that Mohamed Mora, director of food and beverage, agrees with.
“Everything is very precise when it comes to the ancient Egyptian civilisation,” he says. “It's all done in the right way — the building is the same size as the pyramids, the drawings on the walls are real — the company brought a specialist from the Ministry of Tourism in Egypt to draw them, and if you can read the ancient language, you can read it.”
Hailing from Egypt himself and having been with the hotel since 2007, Mora says Raffles offers a nice touch of home, for himself and guests checking in.
“A lot of our visitors come to stay here because they’ve previously been to Egypt and it reminds them of their time there — it’s unique. To be honest, I did not know when I accepted the job that the hotel was a pyramid shape, so when I came here and saw it — I knew it was the perfect fit for me.”
The hotel has also been a constant for Salibi. He joined as assistant front office manager and has progressed through the ranks to be made general manager in March last year, taking the reins at the height of the Covid-19 pandemic.
“The major challenge when I returned after stints in Canada, Cambodia and Morocco was to navigate through the challenges that the pandemic brought in terms of operating in and providing guests with a safe environment,” he explains.
Having helped steer the hotel through the financial and business challenges that the travel industry faced during that time, the Lebanese-Canadian hotelier is now looking to the future.
“The hard part is done now, and we’re looking forward with a lot more confidence as we enter our 15th year of operations. The hotel has really matured, it's established and well known in the city, country and region.”
A Dubai landmark and the city's largest rooms
Not only close to many of Dubai’s best-loved landmarks, Raffles Dubai has almost become a landmark in its own right.
Its distinctive pyramid shape merges Asian style with an Egyptian aesthetic, and guests flock to it for its space — the hotel still has the biggest standard rooms in the city at an impressive 70 square metres — the impeccable service and its location as a quiet haven in the heart of bustling Dubai.
“Guests love this location. They can go to the old souqs, immerse themselves in the sights, sounds and smells there, or shop in some of the world’s busiest malls, but then come back and find this peaceful haven.”
Raffles Dubai must be doing something right. Today, it's entirely sold out. “You simply can’t find a room for tonight,” says Salibi.
It’s quite an achievement given Dubai’s ever-changing hospitality landscape. Today, there are nearly 800 hotels and apartments in the emirate, according to the latest figures from Dubai Statistics Centre. Back in 2007, it was another story.
“At that time, Dubai was very busy but there weren’t as many hotels as there are today. We opened our doors in November, typically high season — and on our first night we had more than 80 per cent occupancy.”
Nicki Minaj, Amr Diab and the president of Singapore check-in
To date, the hotel has welcomed more than 1.5 million overnight guests.
Among them have been some recognisable faces including pop’s Nicki Minaj, Egyptian legends Amr Diab and Mohamed Ramadan, and several heads of states and prime ministers, including the president of Singapore and many members of Dubai’s ruling family.
Nearly 45 per cent of guests checking in are repeat visitors, which, for Ronald Almazan, the hotel’s airport concierge, is something that has helped make his time with Raffles extra special.
There’s a team of six people working nearly 12 hours every day and their sole job is to polish marble in this hotel”
Afif Salibi,
Raffles Dubai general manager
“I’ve been here since the preopening and there are a lot of guests who came here then and they come back again. And when they see me they greet me by name, and I remember their names too, and they’re flattered,” he smiles.
Salibi says it’s the hyper-personalisation that Raffles Dubai offers guests that keeps people returning.
“Our mission statement is that at Raffles hotel, you arrive as a guest, you leave as a friend and you return as family. We’ve seen babies born in the hospitals in nearby [Dubai] Healthcare City, then come here and we see them grow up over the years. We’ve seen people getting married, they leave and then when they come back again, they have children in tow."
Despite its age, the property doesn’t feel old. The red chair I’m sitting on is apparently still the same piece of furniture from the opening day, but it looks almost brand new.
“The marble also gets polished every day. There’s so much marble in this hotel — even the walls are made out of marble and stone — and we polish it every day. There’s a team of six people working nearly 12 hours every day and their sole job is to polish marble in this hotel.” Salibi says.
Today, Raffles Dubai has a staff of more than 300, and several of the team have been there since day one. That includes Randy Munlawin, head of housekeeping, who says he has survived two crises during his time at Raffles — the first being the recession in 2008 and then the Covid-19 pandemic.
“I’m from the Philippines but have been in the UAE for almost 20 years and most of it has been in Raffles. Working with Raffles is not like having a normal job — I’ve seen how the hotel has grown over the last 15 years, and the company has a lot of respect for their people, and all the different cultures. During the crisis nobody lost their job, they really care about us.”
Looking to the future
Raffles Dubai was instrumental in helping expand the footprint of Raffles hotels and recently the brand opened a second property in Dubai — the Middle East's first Raffles resort on Dubai's Palm Jumeirah. And there's more development in store.
“We have one hotel coming soon in Bahrain, another one in Jeddah, and there are now talks of one in Cairo and Sharm El Sheikh. There’s also one that recently opened in Istanbul that was heavily influenced by Raffles Dubai,” says Salibi.
When it opened 15 years ago, the hotel was very unique — and the good news, the general manager says, is that despite the city's development, “there’s still only one pyramid in Dubai”.
“As we move closer to 2022, there are some works going on behind the scenes in terms of renovations and introducing some exciting new food and beverage concepts. We’re also reopening our nightclub. That's all I can say now, but in a few months, I’ll be able to share more. In this city, you have to keep evolving.”
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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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Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
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151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”