More than 14 years after it opened its doors on Palm Jumeirah, Atlantis, The Palm remains one of Dubai’s most recognisible landmarks.
And now it stands proudly next to the city’s newest property, sister resort Atlantis, The Royal, which is set to celebrate its grand opening this weekend in spectacular fashion.
There will be fireworks, gala dinners, A-listers and a performance from global superstar Beyonce. Celebrity chefs will be on hand to cook for the invited guests, who will be among the first in the world to experience the luxury resort.
It might be the biggest party to take place in the city since the original Atlantis opened in 2008.
Back then, the towering structure, known for its signature pink shade and keyhole design, cut a lonely figure on the now-booming Palm Jumeirah.
At the time, The National reported that the $1.5 billion resort invited 2,000 guests to mark its lavish opening, attracting global stars, royalty and the attention of the world.
Among those in attendance were actors Charlize Theron and Robert De Niro, basketball star Michael Jordan and singer Kylie Minogue, who also performed at the event.
Mischa Barton, Lindsay Lohan, Mary-Kate Olsen, Lily Allen, Natalie Imbruglia and Sir Richard Branson were among some of the other stars who walked the hotel’s blue carpet.
In true Dubai fashion, there was a spectacular fireworks show to mark the opening, with the whole of Palm Jumeirah lighting up. Fireworks were placed around the manmade island’s crescent and along its fronds.
The party did not unfold without criticism, however, as it took place during the 2008 global economic downturn.
“It’s not the perfect timing to open a $1.5 billion resort,” Sol Kerzner, former chairman and chief executive officer of Kerzner, which built the resort, told Reuters at the time. “On the other hand, we don’t build something like this with the short-term in mind.
“I believe Dubai will come to be one of the top destinations in the world,” he added.
And it appears Kerzner, who died in 2020 at the age of 84, was right. Dubai has just been named as the world's number one destination by Tripadvisor for the second year running.
Before the Covid-19 pandemic halted global travel, Atlantis, The Palm also enjoyed a record year, welcoming more than half a million visitors and operating at 90 per cent capacity, the resort said.
It has undergone several updates since its inception, and this weekend will unveil its latest new feature — the world’s biggest Nobu restaurant. The famed Japanese outlet, which closed its former spot in the resort last year, will now occupy the space which formerly housed the ultra-luxurious Royal Bridge Suite.
Following Atlantis, The Royal’s grand opening party this weekend, the resort will welcome guests from February 11.
Spanning 63 hectares and housing 795 rooms and suites, countless hospitality venues and no fewer than 90 swimming pools, the resort’s opening has been anticipated for years.
It will have 17 restaurants, including the Middle East's first Dinner by Heston Blumenthal, from the famed British chef; Cantonese restaurant Hakkasan; and Ariana's Persian Kitchen by the Iranian-American celebrity TV chef and cookbook author Ariana Bundy.
A first look inside the new Atlantis, The Royal
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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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
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Premier League results
Saturday
Crystal Palace 1 Brighton & Hove Albion 2
Cardiff City 2 West Ham United 0
Huddersfield Town 0 Bournemouth 2
Leicester City 3 Fulham 1
Newcastle United 3 Everton 2
Southampton 2 Tottenham Hotspur 1
Manchester City 3 Watford 1
Sunday
Liverpool 4 Burnley 2
Chelsea 1 Wolverhampton Wanderers 1
Arsenal 2 Manchester United 0
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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.”
Killing of Qassem Suleimani
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
