Carine Bruyninckx was not the first expat to be shocked by Abu Dhabi's rental prices, instinctively recoiling at the prospect of spending a huge chunk of money on a home she didn't even own.
But the Belgian pilot found a way to do something about it. And, just like her, it's unorthodox.
It all began when she was eating a meal in the Tourist Club marina (now closed), soon after arriving in Abu Dhabi and still rankling at paying in rent a sum that would easily service a mortgage in Europe. Then she spotted a sign saying a dhow converted into a houseboat in the harbour was for sale. At that point she had never spent a night on a boat of any kind and had effectively no sailing experience.
"Within one hour, I'd bought that boat. I didn't even run the engine," she explains.
"It was €50,000, or about Dh300,000 at that time. I thought 'That's interesting because if I invest in it, I'm not losing the money by renting'."
At the time, the price of the boat was only about twice as much as the annual rent for an average apartment. Even if the boat lost all its value, she'd still be ahead after a couple of years.
That 2006 purchase began as an economic decision but quickly morphed to being an emotional one.
"It was really, really, really wonderful living on a boat," she recounts.
In 2007, her job was made permanent, which meant she was eligible for a furnished apartment. A little reluctantly, she left the houseboat and moved into a proper building, leaving the boat moored at its berth.
"We neglected the boat for 15 days. Then we received a phone call: the boat was underwater," she said.
"It was a wooden boat and a little water would come in. Every three hours the bilge pump would automatically expel the water."
But one of the other people who lived on the boat occasionally had been disturbed by the automatic bilge pump going off in the middle of the night so he turned it off. Over time, the ingress of water was enough to sink the boat.
"I wasn't insured. The boat was taken by the police to Mina Zayed. I didn't know anyone who could repair a boat. A company came to us and said for Dh100,000, we can fix it," she adds.
"I said yes and they remade it perfectly."
Bruyninckx got more than she bargained for out of the deal. The man in charge of the rebuild won not only her business but also her heart. They're now engaged to be married.
She also decided it was time to go back to boat living, albeit not the boat that had recently sunk. So she sold the just-renovated vessel and commissioned a purpose-built, low-maintenance fibreglass houseboat.
"I had that three-bedroom apartment for six months. It was horrible living in an apartment," she adds.
"I loved living on the boat. It's a very cheap life, a super cheap life.
"The marina [at Marina Mall] costs Dh2,000 a month, and that includes water, electricity and internet.
"This part of the world is the perfect place to live on the boat - in the middle of summer it's not that hot here. There is always a breeze."
The houseboat design began with a blank sheet. Bruyninckx was intending to live on the boat with her daughters, Roxanne and Delphine, so she asked them what they wanted.
"They were aged 13 and 15. The 15-year-old, Roxanne, wanted a slide. Delphine wanted a Jacuzzi," she adds.
And that's why at the bow of the houseboat, a panel lifts up to reveal a hot tub on the deck under the gaze of a larger-than-life painting of Tintin, to remind them of Belgium. At the stern, there's a slippery slide allowing people to glissade from the top deck into the Gulf.
The boat also features three bedrooms, each with an en suite and its own air-conditioning system, and a bijou galley kitchen. The top deck is living space, with a mix of covered and open areas.
Life was good. Almost every weekend, they would motor to places like Lulu Island or Bahraini Island.
"You don't need to go far - Lulu takes five minutes and you're in a another world. It was 45 minutes to Bahraini.
"Wherever we go we just anchor and we become our own island. All our friends on small boats come to see us. We could fit my daughters' entire class on board."
Midsummer was tolerable thanks to the combination of the moderating effect of the water temperatures, which are often 20 degrees Celsius cooler than the midsummer air temperatures. The breezes in the marina and while island hopping also mitigated the heat, as did the aircon units in each room.
But life took another sudden turn when she lost her job in Abu Dhabi a few years ago. She took a job with Oman Air, still keeping the houseboat and returning frequently.
Then Bruyninckx got a job in Doha and moved there, again still returning frequently to Abu Dhabi and the houseboat.
"I've love to bring it to Doha. But it's the same as Abu Dhabi 10 years ago - there are no marina berths," she adds.
"It's impossible to have one. There's a 10-year waiting list. There are wonderful berths in the Pearl but you're not allowed to live on board."
With no immediate prospect of returning to Abu Dhabi, she put the houseboat up for sale. With advertisements featuring photos of the slippery slide in use off Lulu Island, it was no surprise that she found herself fielding "thousands" of inquiries.
But they included few would-be buyers and none of them were serious enough to stump up the Dh450,000 price tag.
It is, after all, an unconventional lifestyle compared with Abu Dhabi's mainstream renting scene. And living on a boat, says Bruyninckx, forces a change in your own lifestyle.
"There was one woman who said 'I can't put my dresses in the wardrobe' and that's why she didn't like it.
"If you live on the boat, you can't keep everything. If you get rid of it, it's so much easier.
"I would certainly have only half as much as I had before. You have to choose."
But for Bruyninckx, the rewards of living on a boat far outweigh the drawbacks - though she admits it's not for everyone.
"A lot of people aren't like me. You have to have guts to live here. You have to dare to do it," she adds.
"I love when the boat is moving when it's windy. Some people don't like it so much. But when you wake up in the morning, it's perfectly silent. You wake up and you see birds and fish and sometimes turtles too.
"You have to dare. You have to jump there and do it. It's rented for Dh142,000 a year. Every three years, this boat is fully paid. I don't know any investment like that."
The houseboat advertisement can be seen on www.apolloduck.ae/feature.phtml?id=95637
jhenzell@thenational.ae
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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.”
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Aayan%E2%80%99s%20records
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A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
ZAYED SUSTAINABILITY PRIZE
Brighton 1
Gross (50' pen)
Tottenham 1
Kane (48)
'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal
Rating: 3.5/5
SPECS
%3Cp%3EEngine%3A%20Supercharged%203.5-litre%20V6%0D%3Cbr%3EPower%3A%20400hp%0D%3Cbr%3ETorque%3A%20430Nm%0D%3Cbr%3EOn%20sale%3A%20Now%0D%3Cbr%3EPrice%3A%20From%20Dh450%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Results
6.30pm: Maiden Dh165,000 (Dirt) 1,600m
Winner: Celtic Prince, David Liska (jockey), Rashed Bouresly (trainer).
7.05pm: Conditions Dh240,000 (D) 1,600m
Winner: Commanding, Richard Mullen, Satish Seemar.
7.40pm: Handicap Dh190,000 (D) 2,000m
Winner: Grand Argentier, Pat Dobbs, Doug Watson.
8.15pm: Handicap Dh170,000 (D) 2,200m
Winner: Arch Gold, Sam Hitchcott, Doug Watson.
8.50pm: The Entisar Listed Dh265,000 (D) 2,000m
Winner: Military Law, Antonio Fresu, Musabah Al Muhairi.
9.25pm: The Garhoud Sprint Listed Dh265,000 (D) 1,200m
Winner: Ibn Malik, Dane O’Neill, Musabah Al Muhairi.
10pm: Handicap Dh185,000 (D) 1,400m
Winner: Midnight Sands, Pat Dobbs, Doug Watson.
WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
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More from Neighbourhood Watch:
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Rebel%20Moon%20-%20Part%20One%3A%20A%20Child%20of%20Fire
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EZack%20Snyder%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESofia%20Boutella%2C%20Djimon%20Hounsou%2C%20Ed%20Skrein%2C%20Michiel%20Huisman%2C%20Charlie%20Hunnam%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
