Emirates Link Maltauro has been appointed the main contractor for Bloom's Cordoba development.
Emirates Link Maltauro has been appointed the main contractor for Bloom's Cordoba development.

Bloom Holding appoints main contractor for phase one of Bloom Living, Cordoba



Bloom Holding, one of the UAE’s foremost real estate development companies, has announced the appointment of Emirates Link Maltauro LLC as the main contractor to carry out the construction works for Cordoba, phase one of its fully integrated and all-inclusive residential community, Bloom Living.

Scheduled for completion in Q4 2024, Cordoba, the first phase of the Dh9 billion ($2.5 billion) Bloom Living community, was launched in March 2022 and sold out within a remarkable four hours of its release onto the market.

CEO of Bloom Holding, Carlos Wakim said: “Our vision to offer quality lifestyle in a unique mixed-use development is one step closer to realisation. We are positive that Bloom Living will be one of the most sought-after communities in the capital, and this announcement articulates our sustained efforts to meet the needs of our customers and provide them with the best homes within prime locations. With the commencement of the main contracting works at Cordoba, we seek to fulfil our promise in delivering the project on schedule and to the highest construction standards.”

“Bloom Holding is driven by its commitment to go beyond buyers’ and investors’ expectations. We are carefully selecting right partners, such as Emirates Link Maltauro, to join our journey in building premium communities with best-in-class quality and finishing,” he added.

Mohamad Sleiman General Manager of Emirates Link Maltauro LLC, said: “We are delighted that Bloom Holding selected Emirates Link Maltauro to deliver the first phase of Bloom Living. This marks another quality project demonstrating Emirates Link Maltauro’s strength and core competency in this sector.

“This is a very exciting project, and we honour the confidence and trust placed in us by Bloom Holding by deploying best-in-class processes to ensure the efficient and timely completion of Cordoba to the highest possible standard,” he added.

Those living within Cordoba can benefit from a wide range of facilities available at Bloom Living, just within a short walking distance. Residents can explore the beauty of nature at Bloom Living’s multiple walkways, cycling tracks, and linear parks that are connecting the community’s neighbourhoods. They can also enjoy their time at the community’s main Clubhouse which provides easy access to pools, sports and recreational facilities, as well as a wellness center. Additionally, at the heart of Bloom Living lies a Town Centre that offers an array of retail and F&B options. And to further promote an active and healthy lifestyle, the residents can reach a mosque and two outstanding international schools by foot or bicycle.

The focal point at Bloom Living will be a large lake around which residents can walk, run, and cycle in designated trails. For gatherings and leisure activities, the community features multi-purpose amphitheaters and Sunset and Sunrise Plazas with spectacular views.

Inspired by the Mediterranean Spanish architecture and built over an area of 2.2 million sqm, Bloom Living features more than 4,500 homes, including a selection of villas, townhouses, and apartments, to suit the unique needs of residents of all generations. The highly convenient gated community is located within Zayed City and close to Abu Dhabi International Airport. Bloom Living has been designated as an investment zone allowing buyers of all nationalities to purchase residential units in the development.

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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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Your Guide to the Home
  • Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
  • Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
  • Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
     
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