ALMAS TOWER, DUBAI, 360 metres: Part of Jumeirah Lakes Towers, Almas tower was briefly the tallest in Dubai when it was topped out in 2008. It is the headquarters of Dubai Multi Commodities Centre, with high security vaults and safe deposits to protect clients' assets. Gabriela Maj / Bloomberg
ADDRESS BOULEVARD, DUBAI, 370 metres: Opened in March 2017, Address Boulevard boasts sells itself as a "city lifestyle resort". Residents and guests do not need to step onto the balmy streets to access Dubai Mall, which is it connected to with an air conditioned bridge. Not to be confused with the 300 metre tall Address Downtown, which was built in a similar modernist Art Deco style and opened in 2008. Courtesy: Emaar Hospitality
ELITE RESIDENCE, DUBAI, 380 metres: Opened in 2012, at an estimated cost of Dh1bn, the 91 floors have nearly 700 flats with views over Palm Jumeirah. It boasts a distinctive design and is recognisable on the marina skyline. Chris Whiteoak / The National
BURJ MOHAMMED BIN RASHID, ABU DHABI, 381 metres: Abu Dhabi makes it into the top 10, with a building named in honour of the Ruler of Dubai. Completed in 2013, the capital’s tallest building is part of the World Trade Centre which includes a mall and souq. Mona Al Marzooqi/ The National
23 MARINA, DUBAI, 392 metres: Briefly the world’s tallest residential tower, 23 Marina opened in 2012. It includes 57 swimming and plunge pools, with 62 high speed lifts, including one for each of the 23 four bedroom duplexes, and boasts views over Media City's lake and amphitheatre. Chris Whiteoak / The National
AL HAMRA TOWER, KUWAIT CITY, 412 metres: Kuwait’s tallest building is marked by its curved sculpted concrete exterior, which is also the world’s tallest of its type. It was completed in 2011 with offices, a shopping mall and a rooftop restaurant. AFP
PRINCESS TOWER, DUBAI, 413 metres: The tallest residential building in the world until it was overtaken by 432 Park Avenue in Manhattan five years ago, Princess Tower was opened in 2012 with 763 residential units. There are 107 storeys, including six underground, with an observation deck on the 97th floor. Chris Whiteoak / The National
MARINA 101, DUBAI, 425 metres: The second tallest building in Dubai is also the 27th tallest in the world. Construction began in 2006 and, although it was completed in 2017, the building remains unfinished and unoccupied due to financing issues. Chris Whiteoak / The National
MAKKAH ROYAL CLOCK TOWER, MAKKAH, 601 metres: Part of the Abraj Al Bayt complex, the tower over looks the Great Mosque of Makkah and the Kaaba and was completed in 2012. It includes the highest and tallest clock faces in the world – the minute hands alone are 23 metres long. AFP
BURJ KHALIFA, DUBAI, 828 metres: The tallest building in the world when it was completed in 2010, Burj Khalifa actually took the title a year earlier when it surpassed Taiwan’s Taipei 101. It boasts several world records, including the building with the most floors (163), the world’s longest elevators at 504m, and the world's highest restaurant. It is so tall the sun sets three minutes later on the observation deck than on the ground. Tarek Fahmy / Reuters
For more than 3,800 years, the 146-metre Great Pyramid of Giza held the title of the tallest structure in the world.
It was eventually upstaged, in the 14th century, by England’s Lincoln Cathedral, whose wooden spire topped the pyramid by only 15 metres.
Seven centuries later, the title returned to the Middle East, with the completion of Dubai’s Burj Khalifa in 2009 at an astonishing 829.8 metres, or nearly six times the height achieved by the ancient Egyptians.
It was modern construction methods that allowed for truly tall structures.
Armed with steel and concrete, they rose ever higher, from the Eiffel Tower in 1889 to the Empire State Building in New York and, far later, Burj Khalifa.
Even now, the builders and architects dream bigger. Saudi Arabia's Jeddah Tower is planned to be the first structure of more than a kilometre in height.
Since 2018 its construction has been on hold, stalled at a mere 252 metres after a dispute with the contractors. Dubai’s title is safe for a while longer.
Burj Khalifa is nearly 100 metres taller than the second-place Shanghai Tower, with China now taking half the places in the top 10 of the world’s loftiest structures.
Where once New York was seen as the capital of skyscrapers, now increasingly it is Dubai that stands tall. Seven of the 10 biggest buildings in the Mena region are in the emirate. All are taller than the Eiffel Tower.
A rendering of Jeddah Tower, expected to become the first kilometre-tall building. EC Harris / Mace
Its ambitions date back to 1979, when Dubai World Trade Centre became the Arab world’s tallest building.
At 149 metres, it broke the old record for the Mena region, then still held by the Great Pyramid, by a mere three metres.
Here are the top 10 tallest buildings in the Middle East:
Burj Khalifa, Dubai, 828 metres
Makkah Royal Clock Tower, Makkah, 601 metres
Marina 101, Dubai, 425 metres
Princess Tower, Dubai, 413 metres
Al Hamra Tower, Kuwait City, 412 metres
23 Marina, Dubai, 392 metres
Burj Mohammed bin Rashid, Abu Dhabi, 381 metres
Elite Residence, Dubai, 380 metres
Address Boulevard, Dubai, 370 metres
Almas Tower, Dubai, 360 metres
1. Burj Khalifa, Dubai
Height: 828 metres
The tallest building in the world when it was completed in 2010, Burj Khalifa actually took the title a year earlier when it surpassed Taiwan’s Taipei 101. It boasts several world records, including the building with the most floors (163), the world’s longest elevators at 504m, and the world's highest restaurant. It is so tall the sun sets three minutes later on the observation deck than on the ground.
2. Makkah Royal Clock Tower, Makkah
Height: 601 metres
Part of the Abraj Al Bayt complex, the tower over looks the Great Mosque of Makkah and the Kaaba and was completed in 2012. It includes the highest and tallest clock faces in the world – the minute hands alone are 23 metres long.
3. Marina 101, Dubai
Height: 425 metres
The second tallest building in Dubai is also the 27th tallest in the world. Construction began in 2006 and, although it was completed in 2017, the building remains unfinished and unoccupied due to financing issues.
4. Princess Tower, Dubai
Height: 413 metres
The tallest residential building in the world until it was overtaken by 432 Park Avenue in Manhattan five years ago, Princess Tower was opened in 2012 with 763 residential units. There are 107 storeys, including six underground, with an observation deck on the 97th floor.
5. Al Hamra Tower, Kuwait City
Height: 412 metres
Kuwait’s tallest building is marked by its curved sculpted concrete exterior, which is also the world’s tallest of its type. It was completed in 2011 with offices, a shopping mall and a rooftop restaurant.
6. 23 Marina, Dubai
Height: 392 metres
Briefly the world’s tallest residential tower, 23 Marina opened in 2012. It includes 57 swimming and plunge pools, with 62 high speed lifts, including one for each of the 23 four bedroom duplexes, and boasts views over Media City's lake and amphitheatre.
7. Burj Mohammed bin Rashid, Abu Dhabi
Height: 381 metres
Abu Dhabi makes it into the top 10, with a building named in honour of the Ruler of Dubai. Completed in 2013, the capital’s tallest building is part of the World Trade Centre which includes a mall and souq.
8. Elite Residence, Dubai
Height: 380 metres
Opened in 2012, at an estimated cost of Dh1bn, the 91 floors have nearly 700 flats with views over Palm Jumeirah. It boasts a distinctive design and is recognisable on the marina skyline.
9. Address Boulevard, Dubai
Height: 370 metres
Opened in March 2017, Address Boulevard boasts sells itself as a "city lifestyle resort". Residents and guests do not need to step onto the balmy streets to access Dubai Mall, which is it connected to with an air conditioned bridge. Not to be confused with the 300 metre tall Address Downtown, which was built in a similar modernist Art Deco style and opened in 2008.
10. Almas Tower, Dubai
Height: 360 metres
Part of Jumeirah Lakes Towers, Almas tower was briefly the tallest in Dubai when it was topped out in 2008. It is the headquarters of Dubai Multi Commodities Centre, with high security vaults and safe deposits to protect clients' assets.
A version of this article was first published on October 2, 2020
UAE SQUAD
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
UAE currency: the story behind the money in your pockets
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.”
