My Own Home takes you inside a reader-owned property to ask how much they paid, why they decided to buy and what they have done with it since moving in
Lebanese entrepreneur Sola Kbaitry has lived in her three-bedroom Springs 11 townhouse for the past 13 years. Ms Kbaitry, who lives with her husband and two teenage children, has been in the UAE since 2002 and bought the property for Dh1.8 million back in 2012.
She’s since renovated it extensively, infused Mediterranean flair into her interiors to remind her of home and says she has no plans to go anywhere else, despite the fact she says she could sell it for upwards of Dh7 million.
But it’s important to her that her children always have a place to come back to that they can call “home”.
The National takes a look around.
Please tell us about your home
It’s a three-bedroom townhouse in Springs 11. We bought it in 2012 for Dh1.8 million.
How much is it worth now?
For renovated properties, they’re going for more than Dh5.5 million, but it depends on the location and renovations you have done. My house would be worth about Dh7 million now if I wanted to sell.
What renovations have you done?
We broke everything. I broke the walls, changed the tiles, the windows, the doors. It was as if we were building a new house again from scratch.
We did that when we had just bought it, then little by little I’ve changed the look and feel and theme of the house.
What is your interior design style?
It’s gone through many stages, but for now it has a Mediterranean look, because I’m from the Mediterranean. I always say, “Why do I have to go back home and feel like what I feel there? Why not bring it here to Dubai?”
We’ve got natural stone, white walls, holes in the walls for decorations where you can put, for example, some plates or cups.
We have neutral colours, greenery around you, open windows. I have a glass room that’s been extended and brings the outside to the inside. When you’re sitting in the house, it feels like you’re sitting in the garden.
Why did you decide to buy?
This was our first property, because we wanted to build a family and we didn't want to keep on moving houses as the rent went up. It was the right decision and we’re very happy.
Why did you choose the Springs?
We rented there before and we love the community. It is so beautiful. We have the lakes around us and the Spinney’s next to us. The supermarkets, the school, it's all within walking distance. In winter, you can walk around, walk your dogs, so you have more nature.
What facilities do you have?
We have a gym next to us. We have pools in the community. We have the park where the kids can play, and they have all the slides and swings.
The nature and walking trails and quiet are important to me, because after a long day at work, and especially because we travel a lot, me and my husband like to come back and just chill and relax, not be in traffic. We don’t want to hear any other sound. The vibes are important for us. They’re positive to recharge and then start again.
How long do you plan to stay in this property?
We don’t think of selling it, because it’s home. The kids have been raised here. We love it. We think if we want to buy, we can do that and then rent that property out. But for us, this property is home.
It’s like your parents’ home, when you go back there, you feel different. When you enter, you remember your childhood. We want that for our kids.
Because we’re expats and we don’t live in our country, I wanted them to be rooted somewhere. Now they tell me they want to study abroad, but they want to come back to Dubai. They want to come back home, so that’s nice.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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.”
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
UAE currency: the story behind the money in your pockets
UAE v United States, T20 International Series
Both matches at ICC Academy, Dubai. Admission is free.
1st match: Friday, 2pm
2nd match: Saturday, 2pm
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat
USA squad: Saurabh Netravalkar (captain), Jaskaran Malhotra, Elmore Hutchinson, Aaron Jones, Nosthush Kenjige, Ali Khan, Jannisar Khan, Xavier Marshall, Monank Patel, Timil Patel, Roy Silva, Jessy Singh, Steven Taylor, Hayden Walsh
Mohammed bin Zayed Majlis
