DUBAI EDITION The local perspective on prime property and lifestyle - Knight Frank
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The Wealth Report City Series
DUBAI
EDITION
The local perspective on prime property and lifestyle
THE WEALTH REPORT – DUBAI EDITION
Welcome to the
Dubai Edition
Lord Andrew Hay
Global Head of Residential
ANDREW.HAY@KNIGHTFRANK.COM
+44 20 7861 1071
Welcome to the Dubai Edition of The the factors – such as relative affordability,
Wealth Report, Knight Frank’s annual ownership costs and the influence of Contents
thought-leadership publication for our currency fluctuations – that make it so
UHNW clients and their advisors. attractive to wealthy residents from across 01
Dubai’s rising global standing is the United Arab Emirates, the wider Briefing
undoubted, and was confirmed by the Asian region and even further afield. The UAE is now ranked 21 out of
Bureau International des Expositions’ Findings from previous editions of 190 countries in the World Bank’s
decision to award the World Expo 2020 The Wealth Report have confirmed Ease of Doing Business index.
to Dubai, making it the first city in the that lifestyle is a critical issue driving Why is the country fast making
Middle East to receive this accolade. investment into residential markets its way up the list?
This publication not only builds on globally. We consider place-making, page 02
the research and insight Knight Frank architecture, art, health, sport and the
02
provides every year in The Wealth Report, flourishing food scene in Dubai to provide
but also affords a deeper, more localised a rounded view of the opportunities it Living
focus on the issues that matter to offers to residents, investors and visitors. From fine dining to world-class
investors, both domestic and overseas. We have also assembled an impressive entertainment, art to getting active,
It confirms recent market trajectories and array of experts, who help untangle the we look at why Dubai is climbing the
investment drivers, but also forecasts latest developments in three critical ranks of cities attracting High-Net-
future trends in and attractions of this areas for residential buyers: residency Worth Individuals
page 16
leading Middle Eastern destination. permits, taxation, and school and
Knight Frank’s growing market university options. 03
strength in Dubai means we are able to Wherever you are based, or have
Insight
NOW AVAILABLE provide a comprehensive view of the
economy, investment opportunities,
invested in the past, I hope you enjoy the
Dubai Edition. I am sure you will find it What are the big things to consider
when setting up home in Dubai?
lifestyle and the residential market in an invaluable aid to your investment
The definitive analysis on global what is considered by many to be decisions as you plan for the future.
Our three experts on immigration,
tax and finance, and education
wealth and investment trends a critical global city. Our residential and commercial cover the need-to-know basics
Our Dubai-based research team property teams are available to discuss page 30
provides a detailed view of where your requirements, whether in Dubai or
Dubai sits in the world ranking of prime any of the key global markets we cover
residential markets, examining some of via our worldwide network of offices.
FLIGHT TIMES TO DUBAI
The global perspective on prime property and investment
1 Riyadh = 1hr 45 mins
2 Delhi = 3hrs 50 mins
3 Frankfurt = 6hrs 10 mins
THE WEALTH REPORT 2018
Bangkok = 6hrs 40 mins
The global perspective on prime property and investment
4
5 London = 6hrs 45 mins
6 Singapore = 7hrs 25 mins
THE WEALTH REPORT 2018
The global perspective on prime property and investment
7 Hong Kong = 9hrs 0 mins
THE WEALTH REPORT 2018
8 Cape Town = 9hrs 35 mins
9 Shanghai = 10hrs 10 mins
2018
12th Edition
10 Tokyo = 11hrs 50 mins
2018
New York = 12hrs 30 mins
12th Edition
2018
11
12th Edition
12 Sydney = 14hrs 20 mins
13 Los Angeles = 16hrs 0 mins
Source: Sabre
K N I G H T F R A N K .C O M / W E A LT H R E P O R T
02 BRIEFING THE WEALTH REPORT – DUBAI EDITION 03
TAIMUR KHAN
SENIOR ANALYST Key topics
01
Prime prospects
With excellent investment
opportunities on offer in Dubai
and stabilising property prices, it
is a wise time to enter the market
page 04
02
Growing up
The emirate’s population has
grown rapidly in the past decade,
and as it continues, so too does
the economy in general
page 06
03
A city on the move
His Excellency Mohammed Al
One to watch
Shaibani talks Dubai’s future
innovations as it strives to become
the world’s smartest city
page 10
Dubai’s residential market has moved new build delivery. A high volume of 1.2% year-on-end. Established prime
through a number of phases over the new supply, notwithstanding Dubai’s areas such as Emirates Hills, The Lakes,
past five years. Strong price growth was population growing 76% over the Palm Jumeirah and Downtown Dubai
replaced by price falls, but the latest data past 10 years, outpaced demand. have continued to attract occupier and
points to a recovery in demand and the Currency has also been a factor. investor interest. We expect demand in
beginning of a new pricing cycle. Between June 2014 and January 2016, the these areas to strengthen, underpinned
While annual growth rates averaged Emirati dirham (which is pegged to the by infrastructure investments.
14.4% between 2012 and 2014, the market US dollar) appreciated by 21% against its Examples include Nakheel Mall and
experienced a slowdown from the global peers, which made property amenities such as restaurants and
beginning of 2015 – with prime prices more expensive for international buyers. entertainment facilities, as well as the
falling 5% in 2017. Despite recent price falls, average expansion of Dubai Mall and other
This shift in performance occurred prime prices in Dubai as at Q4 2017 were projects that will enhance connectivity
largely due to the introduction of a range still 6% higher compared with the same around the Downtown area.
of mortgage regulations (loan-to-value period in 2012. There were tentative signs The proximity of these locations
caps and the introduction of debt-burden of a recovery in the prime market in 2017, to the new developments being prepared
ratios) in October 2013 that were designed with transaction volumes in Q2 and Q3 for Expo 2020 should help to underpin
to ensure long-term market stability 2017 recording increases of 6.6% and 5.7% a gradual price recovery in prime
and to discourage property speculation. respectively – the first consecutive annual residential markets. We expect this will
An additional factor that contributed increases since Q2 2013. In the final be spurred by the weaker Emirati dirham,
to prices softening was over-optimistic quarter of 2017 transaction volumes fell which depreciated by 6.8% in 2017.
CUMULATIVE PRIME PROPERTY PRICE CHANGE DUBAI PRIME RESIDENTIAL PRICE INDEX 2010-2017
Q4 2012 – Q4 2017 for the key four submarkets in Dubai Data to Q4 2017
146
Palm 4%
141
137
Jumeirah 133
127
119
Downtown -13%
Dubai
103
Emirates 15% 94
Hills
The Lakes 22%
ANDRE A MANZ ATI
2015
2010
2011
2012
2013
2014
2016
2017
Source: Knight Frank Research/REIDIN
04 BRIEFING THE WEALTH REPORT – DUBAI EDITION 05
CURRENCY MATTERS THE NUMBER OF SQUARE METRES
US$1M WILL BUY IN...
Prime Dubai residential price Based on prime residential prices
change allowing for market and as at Q4 2017
currency movements
Annual change to Q4 2017
Monaco 16
Prime Dubai -5.0%
Chinese renminbi -10.9% Hong Kong 22
Euro -16.5%
New York* 25
Indian rupee -10.7%
Prime
GE T T Y IMAGES/ TOBIAS JO
Pakistani rupee 0.7% London 28
prospects Russian rouble -10.4%
Singapore 39
Dubai has rapidly emerged as the leading British pound -13.1%
gateway city in the Middle East, acting
as a hub between Europe and Asia Geneva 41
Source: Knight Frank
Paris 46
Dubai’s strategic location, the availability dirham) and the introduction of stringent In the five years to Q4 2017, the Knight For the same budget, Dubai offers Sydney 48
of an independent judicial system mortgage regulations. Despite the recent Frank Prime Global Cities Index has a generous 138 square metres
and regulator and rapidly improving slowing in market performance, if we recorded annual average growth rates of prime property. Many key global
infrastructure has helped the emirate take a longer-term view, the emirate has of 4.6%; Dubai’s prime market recorded residential markets have experienced Shanghai 54
become the dominant regional business experienced strong growth. annual average growth rates of 3.7% rapid reform of property taxation over
location. These factors have contributed Over the five-year period to Q4 2017, over the same time period. recent years, with additional purchase
Los Angeles* 58
to the UAE being ranked 21 out of 190 prime prices in Dubai have risen 6.1%. Despite this long-term performance, taxes and levies directed at foreign buyers.
countries in the World Bank’s Ease Whilst Beijing (85.7%), Vancouver Dubai remains relatively affordable Dubai has no such additional levies and
of Doing Business index. (67.0%) and Sydney (61.5%) have seen on a global basis. Knight Frank has operates as an income and capital tax-free Beijing 66
As we note earlier in this report, strong price performance over this analysed the amount of prime residential system, encouraging buyers from an
Dubai’s residential market has period, Dubai’s performance sits in line property that US$1M will buy in key increasingly diverse range of countries.
experienced headwinds in recent years, with other key global hub cities, such as cities around the world, with Monaco Alongside ownership costs and taxation, Tokyo 76
driven by lower oil prices, global economic London (6.3%) and Hong Kong (6.2%), offering 16 square metres, followed movements in global currency markets
uncertainty, the stronger US dollar (which with New York (16.8%) seeing the most by Hong Kong at 22, New York at are an increasingly important
Berlin 77
has fed through to the dollar-pegged significant price growth in this category. 25 and London at 28 square metres. consideration for international investors,
especially as the rate of price appreciation
slows in some key global markets. We have Miami 78
calculated the adjustment in value for key
PRIME GLOBAL CITIES INDEX international investors purchasing prime
Prime residential cumulative price performance Q4 2012 - Q4 2017 property in Dubai by combining changes Melbourne 90
in prime residential prices with currency
movements over one and five years.
Mumbai 92
Country Location 2013 2014 2015 2016 2017 For Russian rouble-denominated
buyers the effective price of prime
Beijing 17.1% 16.5% 37.4% 74.2% 85.7% residential property in Dubai has fallen Istanbul 98
Dubai 20.2% 18.2% 15.8% 9.4% 6.1%
by 10.4% in the year to Q4 2017. For those
buying with Indian rupees or euros,
Hong Kong -2.2% 0.6% -3.1% -1.0% 6.2% prices have fallen by 10.7% and 16.5% Dubai 138
respectively over the same period.
London 7.7% 13.2% 14.3% 7.1% 6.3% Shifts in currency have helped to
Cape Town 157
generate strong capital growth for
Moscow* 10.0% 22.3% 37.4% 11.7% -0.9%
investors. Rouble-denominated buyers
New York 6.1% 7.4% 10.2% 11.7% 16.8% who bought prime property in Dubai Sao Paulo 173
in Q4 2012 and sold in Q4 2017 would
Paris -6.7% -10.0% -11.9% -10.9% -0.2% have seen a 101% return and sterling-
denominated buyers a 27% return.
Singapore 15.7% -3.0% -5.0% -1.7% 3.8%
With the US dollar, which the dirham
Sydney 3.5% 15.6% 33.4% 45.8% 61.5% is pegged against, recording declines
of 6.8% year-to-date in 2017, despite the
Vancouver 5.3% 13.2% 40.9% 61.4% 67.0% strong fundamentals of the US economy
– the current period offers an attractive Notes: * New developments only. Based on exchange rate at 31 December 2017.
Note: *Provisional. Source: Knight Frank time for investors to enter the market. Source: Knight Frank Research, Douglas Elliman, Ken Corporation.
06 BRIEFING THE WEALTH REPORT – DUBAI EDITION 07
DUBAI TOTAL POPULATION
Growing up
Dubai’s economic performance is
the key driver for residential market 3,500,000
performance, and the current cycle looks
set to see growth accelerate into 2018
Dubai’s gross domestic product (GDP) for Dubai’s economy. However, despite 3,000,000
G ALLERY STOCK
increased by 1.7% in 2017, a decline from interest rate hikes by the Federal Reserve, EUROPEAN
COMPANIES WITH
the 3.0% experienced in 2016. Lower oil the dollar (to which the dirham is pegged) DUBAI OFFICES
prices, higher interest rates and a strong depreciated rapidly by 6.8% in 2017.
DIFC’s success
US dollar have driven the slowdown. This marks the largest annual decline
As the economy adjusts to the new has not gone since 2003. Given Dubai’s reliance on Standard
Above The Dubai Metro
norm in oil prices and diversifies unnoticed, and foreign consumer spending, this is likely Chartered Bank Below The Dubai skyline
2,500,000
in line with Vision 2021 (the emirate’s for the first time to provide a boost to economic growth is most impressive at night
diversification strategy, which aims in its history, and may encourage firms to resume
HSBC
to transition the economy from its in September capital expenditure.
dependency on only a few economic 2017 DIFC was Dubai’s rapid growth in population
sectors to a knowledge-based, logistics, ranked among – up 76% in the decade to 2016 with 2,000,000
Unilever
manufacturing, and industrial-based the top 10 global the expectation of an additional
economy), 2017 saw the slowdown 15% hike by 2026, has helped propel
financial
in GDP growth bottom out and it economic growth. Just over 90% of
centres Siemens
is expected to strengthen in 2018 Dubai’s population is foreign born.
(forecast 3.3%). In the decade to 2016, Dubai saw 1,500,000
The strength of the US dollar since employment growth of 66%, with
May 2014 has proved to be a challenge employment in financial and business services growing over 220% over this
time. The Dubai International Financial
Centre (DIFC) and its offering of an
US COMPANIES WITH independent judicial system and regulator
DUBAI OFFICES 1,000,000
aided this expansion.
DIFC’s success has not gone unnoticed,
and for the first time in its history,
Mastercard in September 2017 DIFC was ranked
among the top 10 global financial
centres in The Banker’s International 500,000
Facebook Financial Centre rankings.
Finance and business services
growth has been joined in recent years
Snap Inc. by an expansion in public services,
transportation, industry and information 0
technology, in line with Vision 2021.
Amazon Forecasts by Oxford Economics
indicate that while the financial and
2010 2015 2020 2025 2030
business services sector will continue
to grow, it will be outpaced by the
other sectors, most noticeably by
information technology.
ASIAN COMPANIES International firms from a range Source: Oxford Economics
WITH DUBAI OFFICES
of sectors have recently resumed
leasing commercial space in Dubai.
Those firms setting up their regional As the city’s business district grows Dubai South, home to the Expo 2020
Samsung headquarters in Dubai include into Dubai South to accommodate site, is likely to provide residential
architect Foster + Partners and the industrial, logistics and properties and amenities to support
technology firms such as Amazon, manufacturing strategy, occupiers from a population of roughly one million
Facebook and Snap Inc. Other Dubai Airport Free Zone (DAFZA) are residents. This area will be connected
GE T T Y IMAGES/ENYO MANZ ANO
Sony
household names include Tesla, likely to expand their operations to via the extension of the existing metro
Coca-Cola and Adidas. Al Maktoum International Airport, Red Line from Nakheel Harbour and
Bank of China
The rapid pace of growth in both the city’s new hub airport and Airport Tower Station to the Expo 2020 site.
population and employment has Free Zone. Emirates Airline has already Importantly, the extension will also
already had a significant influence committed to moving its operations to provide public transport access to
Mitsubishi UFJ on the demand dynamics for both Al Maktoum by 2025. The proximity of existing communities such as Discovery
Financial Group commercial and residential property. the airport to Jebel Ali port will also be Gardens, Al Furjan, Jumeirah Golf
This trend is set to continue. a significant attraction for occupiers. Estates and Dubai Investments Park.
08 BRIEFING THE WEALTH REPORT – DUBAI EDITION 09
Left DIFC, home to more
NUMBER OF MILLIONAIRES, MULTI-MILLIONAIRES AND UHNWIs 2016 than 1,750 active registered
companies Opposite page Yachts
at the man-made Dubai Marina
KEY
Agents of affluence UHNWIs (US$30m+)
Multi-millionaires (US$10m+)
Dubai’s appeal as a safe-haven location Millionaires (US$1m+) UAE
in the wider region and the city’s growth
as a leading financial and business
centre has meant wealth creation
has flourished over the last decade 1,510
3,470
According to data from New World
Wealth, Ultra High-Net-Worth Individuals
(UHNWIs), defined as individuals with Dubai
assets of US$30m+, living in Dubai
increased by 12% between 2015 and 2016.
1,060
This growth outpaces other global
financial hubs such as New York (6%),
London (-5%), Hong Kong (6%), Singapore 2,350
(6%) and Tokyo (6%). 80,600
Globally, the number of UHNWIs
is expected to grow by 42% between
2016 and 2026. Dubai currently ranks
as the 25th largest city by number of
UHNWIs. In the 10 years to 2026, Dubai’s
UHNWI population is expected to grow 50,400
by 60%. Overall, Dubai also hosts the
highest concentration of millionaires,
multi-millionaires ($10m+) and UHNWIs
for any Middle Eastern city and accounts
for 63% of the UAE’s wealthy residents.
The UAE has continued to diversify
its foreign trade partners, particularly
with those in the Far East and South Asia
where economic growth is forecast to Dubai has set itself apart from
outpace the global average. China is other locations in the Middle East
a prime example of this extended focus as an international destination
and bilateral trade relations continue and a gateway to the Gulf States
to deepen. In 2016, the Dubai Investment Source: New World Wealth / Knight Frank Wealth Report
Development Agency and Invest
Shanghai signed a memorandum of
understanding at ‘Dubai Week’ in China
and DIFC Courts signed an agreement
with Shanghai High People’s Court to Growing in stature of different kinds of business that will with a combined balance sheet of in
foster closer co-operation and reinforce continue to help Dubai, and the UAE, excess of US$400bn by 2024.
We spoke to David Awit, Wealth-X’s
commercial links for more secure trade flourish. Dubai’s low-tax culture also
Senior Director for the Middle East,
between the two regions. As a result of makes it an attractive location for Will Dubai extend its influence globally?
who shared his thoughts on the outlook
this continued co-operation, over 4,200 start-ups. The most notable sectors for At its core, Dubai has always been
for future wealth creation in Dubai
companies have already set up a base in wealth creation are likely to be retail, a financial centre that attracts new
and where that growth will lead
the UAE, using it as a gateway for the manufacturing, logistics and real estate. investments, particularly in property
Middle East, Africa and Europe. development and tourism. Dubai is
These trends should help to underpin What is Dubai’s future role within unique in its approach to capitalising
future wealth creation in Dubai given It is clear from economic forecasts that the region as a wealth hub? on property investment by appealing to
that over the past 10 years the number Dubai will be a growth engine for future While Dubai’s growing influence as major retailers – especially high-end
of UHNWIs in China has grown by 281% wealth creation, but from which sectors a financial centre has only just started brands. This centre of luxury real estate
and forecasts indicate that by 2026 there will the future wealthy come? to reach India, it can certainly be felt as and retail sets the trend for the region,
will be further growth of 140%. Dubai has set itself apart from other far west as Morocco, as well as north into and the process feeds into other sectors
locations in the Middle East as an Eastern Europe. Aided by its position at too. Dubai is becoming a leading
international destination and a gateway the forefront of Islamic finance, Dubai consumption centre for fashion, which
to the Gulf States. When you consider is a key hub within the Gulf region. The will, in turn, mean trends from here
The UAE has continued to future wealth creation in Dubai, it’s Dubai International Financial Centre will influence behaviour in Paris, New
diversify its foreign trade important to remember that 90% of the (DIFC) recently launched a new academy York and Milan. Global brands need to
partners, particularly with those city’s population are expats – not only that will partner with global business understand the difference in consumer
from the US and the UK, but also from schools and universities to help foster style in this region to effectively tap
in the Far East and South Asia
SHUT TERSTOCK
other countries in the region such as their goal for the region to be a home into the market, and this diversification
Turkey and Lebanon. The city is noted to more than 1,000 financial firms, allows brands to use Dubai as their entry
for its confluence of ideas and cultures with an increased workforce in DIFC- to market as the region continues to
and the emirate is open to funding a lot registered companies of over 50,000, evolve as an international destination.
CULTURE
10 BRIEFING THE WEALTH REPORT – DUBAI EDITION 11
A city on the move FUTURE ICON
Thanks to its growth, vision and
positivity, Dubai is going places says His
Excellency Mohammed Al Shaibani, CEO
of the Investment Corporation of Dubai
Anyone who’s been to the emirate of Dubai
will tell you the same thing: the city is
like a futuristic mirage in the desert. But
alongside its audacious architecture and
world-class entertainment, the driving
force for this modernity is in its vision.
In line with ‘Dubai Plan 2021’ – a
comprehensive framework to position
Dubai as one of the best places to live
and work in the world – the vision of
Dubai is to reinforce its position as a
global city, a leading tourist destination
One and only
and the preferred business centre of
the Middle East.
Dubai has seen exponential growth
over the past two decades in terms of Dubai’s skyline is transforming thanks
economy and population – a trend that to its latest grand design, One Za’abeel,
is only set to continue. featuring the world’s largest cantilever
“Dubai is a future city in the true
sense of the word,” says His Excellency With lofty asymmetric towers and
Mohammed Al Shaibani. “Slowing down imposing glass skyscrapers reflecting
is not an option as we always aim to be the deep blue of the desert sky, Dubai is
His Excellency Mohammed Al Shaibani Atlantis, The Palm
the best at whatever we do.” a majestic monument to the modern age.
A prime example of this is the home- And now real estate developer Ithra
grown Emirates Airline – which Dubai is adding a new chapter to the story
demonstrates how improving transport approved its biggest ever budget for 2018.” technology as Dubai strives to become of this famous skyline with a stunning
options can bring a city into the global Investment in infrastructure is a priority the world’s smartest city by 2021. new mixed-use development, One
spotlight. From humble beginnings in for the city, with 43% of the annual budget It appears the emirate is on track – as at We are continuously working on building our Za’abeel. Consisting of two towers linked
1985 with just two leased planes, Emirates allocated to this sector. But it doesn’t Q1 2017, 24.3% of foreign direct investment society from the inside. So, alongside commercial by its 210m panoramic sky concourse,
now serves over 150 destinations on six stop there – “ensuring that Dubai remains in Dubai was attributed to technology, investment, we will be spending to empower social the development will stand proudly
continents with a modern fleet of 259 attractive not only in its offering of supporting the 300 global ICT firms development and community between the old and new business
wide-body aircraft, with orders of 76 connectivity and ease of doing business, already in operation. “Dubai is very keen districts of the city.
additional aircraft placed in 2017 alone. but also in providing cutting-edge to incubate new innovations and advance Construction of the landmark project,
His Excellency indicates the emirate technology is a priority for us. Effectively, technological research breakthroughs,” which was designed by Japanese
intends to use this as a building block. our focus is on innovation that advances His Excellency states. “I am personally architects Nikken Sekkei, is already
“A major driver for us is improving humanity,” says His Excellency. “Our very excited about this, so we are underway and is due to be completed
our facilities,” he explains. “As the emirate ambition for Dubai is to be a hub for increasingly investing in funds that in 2020 as part of the city’s long-term
ramps up infrastructure spending to innovation and education.” Expo 2020 support new initiatives which push Alongside encouraging its future, Dubai words de rigueur,” he says. “We are development plan.
finance work for Expo 2020, Dubai has is part of the city’s growing focus on the limits of technological research.” is also embracing its past by building continuously working on building our “Our aim is to not only add another
on the trading skills that are in the city’s society from the inside. So, alongside beautiful feature to Dubai’s skyline,”
DNA. “I believe Dubai’s future is rooted commercial investment, we will be says Issam Galadari, Director and CEO
in its past and heritage,” says His spending to empower social development of Ithra Dubai. “One Za’abeel will add value
Excellency. “Trade will once more take and community.” to Dubai and its inhabitants. It presents
centre stage as the main economic sector And it is not just Dubai, the whole a new kind of sustainable development
for Dubai – we strengthen the past to of the country is committed to this cause. for residents, tenants and visitors of Dubai
build on a strong future.” In 2016, the UAE appointed its first alike that revolves around offering an
One project embracing this ethos is the Minister of Happiness, whose mission elevated lifestyle.”
Deira Enrichment Project. “This project is to create an environment in which The towers will seamlessly fuse luxury
aims to upgrade the historic area of Deira, people feel empowered. Advances in residences and an ultra-luxury hotel with
the original hub for trade and commerce infrastructure, education, employment, offices and retail areas. Suspended 100m
We are increasingly investing for this region. You could say that we are healthcare, innovation, and living in above the ground, the dramatic 210m
in funds that support new continuing to do what our forefathers safe and secure surroundings, are all key panoramic sky concourse is the world’s
initiatives which push the limits did in Deira, as well as Bur Dubai, only conditions to ensuring the happiness largest cantilever and will house
of technological research on a much bigger scale, of course, as we of all of Dubai’s residents. restaurants and bars, event space and
reinforce Dubai’s position as a trade hub “Dubai is a true melting pot, so an observation deck.
and financial centre for the world.” we are introducing policies that will For Galadari, the 480,000 sq m project
But aside from enhancing the lives encourage people to accept each other is a beacon of prosperity, symbolising
of residents practically, His Excellency is in all their difference,” he continues. the ambitious and pioneering spirit
also keen for the city to improve socially. “I believe that in togetherness lies the of Dubai: “With its remarkable scale,
The aim? For Dubai to become the formula to a more complete society, form and function, One Za’abeel will
happiest city in the world. “For us, which we can build and preserve resonate the world over as the symbol
Emirates Airline has helped connect Dubai to major global destinations happiness and tolerance are not just for the future.” of a prosperous Dubai.”
12 BRIEFING THE WEALTH REPORT – DUBAI EDITION 13
Dubai has emerged as a critical global As the infographic below shows, Dubai’s
gateway city. Its geographic position growing prominence as a business and
Flight times to Dubai from selected cities:
means it is uniquely well placed to act luxury destination is confirmed. The city
as a hub for accessing Asia, the Middle is placed 11th in the world in terms of the
Riyadh = 1hr 45 mins Hong Kong = 9hrs 0 mins
East and Africa – all key future economic number of inbound and outbound first
Delhi = 3hrs 50 mins Cape Town = 9hrs 35 mins
growth centres. and business class passengers, according
QQ Nairobi = 5hrs 0 mins
Frankfurt = 6hrs 10 mins
Shanghai = 10hrs 10 mins
Tokyo = 11hrs 50 mins
Within a four-hour flight time, Dubai
is able to access 10 leading global cities,
to most recent data.
As of 2016, the top cities connected
QQ London = 6hrs 45 mins New York = 12hrs 30 mins including Riyadh and Delhi. A further with Dubai are London and Riyadh.
QQQQ
QQ 24 key cities, including London, Further afield the top destination for
Bangkok = 6hrs 40 mins Sydney = 14hrs 20 mins
Singapore and Frankfurt, are located North America is New York, ninth
Singapore = 7hrs 25 mins Los Angeles = 16hrs 0 mins
QQ
QQ
within eight hours’ flight time.
The growth in the passenger numbers
overall, for Africa is Nairobi, 33rd, for
Oceania is Sydney, 34th and for South
QQQQ QQ QQ through Dubai International Airport
placed the airport as the third busiest
America is Sao Paulo, 51st.
More evidence of Dubai’s growth as
QQQQ in the world in 2016, when over 83 million a wealth centre is provided by the 2017
QQ passengers transited through the airport,
an increase of 7.2% on 2015. The annual
edition of The Wealth Report, which
states that private jet traffic to and from
QQ QQ QQ QQ
passenger numbers are expected to
reach 100 million by 2020, with even
Europe and the US has increased 29%
over the five years to 2016. In 2016 there
more to transit through the new Al were 959 private jet flights into the United
Maktoum International Airport, which Arab Emirates, primarily from Europe,
will be able to handle over 220 million and 3,150 flights that originated in Dubai
passengers once completed. flying to the US and Europe.
QQ QQ
DUBAI
V O L U M E O F F IR S T A N D B U S IN E S S C L A S S PA S S E N G E R S F LY IN G
QQ
QQ
BETWEEN DUBAI AND KEY COUNTRIES:
Q
QQ QQ
QQQQ
QQ UNITED KINGDOM
QQ INDIA
QQ
QQ QQ
QQ
QQ SAUDI AR ABIA
U N I T E D S TAT E S
QQ GERMANY
FLIGHT TIMES
FROM DUBAI TO KEY OMAN FRANCE CHINA I TA LY
GLOBAL CITIES
SINGAPORE SWIT ZERL AND THAIL AND
Q WITHIN 4 HOURS
T URK E Y R US SI A SPA IN HONG KONG
AUSTR ALIA NE THERL ANDS
Q WITHIN 8 HOURS
J A P A N M A L AY S I A A U S T R I A K E N YA
SOU TH KORE A SOU TH AFRICA
CANADA BRA ZIL BELGIUM IREL AND
From Dubai I N D O N E S I A P H I L I P P I N E S N E W Z E A L A N D TA I WA N
you can access ARGENTINA VIETNAM
a third of the
MEXICO ISRAEL
world within
four hours, COLOMBIA U.A .E MOROCCO BAHAMAS
Connecting flights and two-thirds C AY M A N I S L A N D S B A R B A D O S B R I T I S H V I R G I N I S L A N D S
of the world SAINT BARTHELEMY MONACO
Already among the busiest in the world, and aiming
to welcome over 100 million passengers by 2020, within eight
Dubai’s airports are key to linking the emirate to hours
global markets says Flora Harley, Knight Frank
Source: Knight Frank Research/Sabre
Senior Research Analyst
14 BRIEFING THE WEALTH REPORT – DUBAI EDITION 15
Trading stories BARENTS SEA
KARA SEA
Taimur Khan, Senior Analyst, looks at EAST
SIBERIAN
the strong trade links between Dubai SEA
and China and, in particular, what
CHUKCHI
the increase in Chinese interest means SEA
to the emirate’s economy
China and the UAE’s partnership is not
a new story, with Beijing and Abu Dhabi RUSSIA
first establishing a formal diplomatic
partnership in 1984. In recent years,
both have continued to strengthen their B A LT I C
SEA
bilateral relations, with these efforts NORTH
SEA
BERING
SEA
resulting in China becoming one of the SEA OF
UAE’s major trading partners. And with OKHOTSK
further integration planned, we expect U.K.
GERMANY •
the relationship to flourish in the future.
Over 4,200 Chinese firms have set
up base in the UAE, and a focal point FRANCE
for Chinese investment has been the I TA LY
UAE’s most populous emirate – Dubai. BLACK SEA
The signing of a memorandum of SPAIN PA C I F I C O C E A N
SEA OF
understanding at Dubai Week in China CASPIAN JAPAN
is a case in point, with the two countries SEA
SOUTH •
looking to enhance trade and investment MEDITERRANEAN SEA CHINA KOREA
cooperation. Non-oil trade levels between
the two now surpass those that Dubai
has with India, the USA, Saudi Arabia BELT AND ROAD INITIATIVE
and Switzerland. Dubai International SAUDI
Financial Centre has played a central ARABIA l BRI markets with KF offices
INDIA
role in this success story; the offering l Other BRI markets
of independent regulators and judicial
systems has already attracted many of
SOUTH
CHINA
l Non-BRI countries where Knight Frank has
SEA offices whose top political leaders were at
China’s leading financial firms, especially THAIL AND • PHILIPPINES
the BRI summit in Beijing in May, 2017
with an agreement signed with the B AY O F • CAMBODIA
Shanghai High People’s Court to foster BENGAL
further close cooperation and reinforce
commercial links for more secure trade. • M A L AY S I A
Increased trade has also paved the way I N D I A N
O C E A N • SINGAPORE
for an increase in tourism and real estate K E N YA
investment. The number of Chinese
tourists increased by 49% in the year to
Q3 2017. In the first six months of 2017,
AT L A N T I C
Chinese investors registered as the fourth O C E A N
INDONESIA
most active real estate investors in Dubai,
up from sixth in the same period in 2016.
The ties between China and the UAE
are expected to grow further in the
coming years as Dubai strengthens its
position as a global hub for trade, travel DUBAI
and investment ahead of the Dubai Expo AUSTR ALIA
2020, hence creating more opportunities
for Chinese businesses to use Dubai as SOUTH
a platform for growth and expansion. AFRICA
These factors provide a strong
platform for the Belt and Road Initiative,
GRE AT
China’s 2013 revival of the Silk Road, AUSTRALIAN
TA SM A N
OCEAN
which aims to provide mutually BIGHT
beneficial trade deals and infrastructure NEW ZEAL AND
projects for both China and the
participating countries, to succeed.
16 LIVING THE WEALTH REPORT – DUBAI EDITION 17
Key topics
01
2020 Vision
As Dubai prepares for Expo
2020, its development is
attracting even more foreign
investment, cementing its
identity as a world-class city
page 18
02
A palace fit for royalty
The Palm’s latest residential
development, the landmark Royal
Atlantis, is on the cutting edge
of modern living, but brings
ancient elegance to the fore
page 22
03
Taste of Dubai
It may be in a desert, but the
emirate is home to some of the
best dining in the world, and
attracts many high-profile
global chefs to its kitchens
page 26
Dubai: a place
to call home
Dubai is unfolding before our eyes in real According to the report, Dubai has also
time. But rather than as a symbol of enjoyed the second biggest improvement
unrestrained development, the emirate in liveability of any city in the world over
has become an eminently liveable city. the past five years – an impressive 4.6%
The Mercer Quality of Living survey rise in its position.
2017, which ranks 231 of the world’s In fact, the emirate isn’t just liveable.
biggest cities according to safety, Lonely Planet recently listed Dubai’s
infrastructure, politics, economy, health, Business Bay as one of the coolest
education and other factors, placed neighbourhoods in the world, listing its
Dubai top for quality of life in the Middle long promenade, farmer’s market, low-key
East and Africa. Dubai came 74th restaurants and plans for hotels, cafés
worldwide, having risen a place since and boutiques as reasons to include it
2016, and 51st for city infrastructure. This alongside New York City’s Sunset Park
success is supported by results from the and The Triangle in Lisbon.
Economist Intelligence Unit’s Global To prove what these surveys and
ANDRE A MANZ ATI
Liveability Ranking, on which Dubai is indexes say, over the following pages,
listed as the best place to live in the we explore Dubai’s most creative corners
Middle East and North Africa, currently to find out just how much the emirate
74th out of 140 cities worldwide. has to offer its residents.18 LIVING THE WEALTH REPORT – DUBAI EDITION 19
on its Creek are an exotic spectacle. As are host to several species of falcon, showcased some of the world’s greatest
for glitz, glam and great people-watching, gazelle and Arabian cats. There is architectural and engineering feats
spots are just about everywhere, from a historic Bedouin camp within the within the last decade, no expense has
the Nikki Beach club house, to the Palm reserve, or you can stay overnight at been spared in building a fitting stage
Jumeirah’s restaurants and the farmer’s a modern ‘spa-oasis’. Elsewhere in the to showcase Dubai’s many technological
market in the Business Bay. desert there are jeep safaris and quad- innovations. The 438-hectare site on
All this matches the image many biking, but one of the more unusual the south-western edge of Dubai, near
people have when they think about excursions combines balloon trips with the new Al Maktoum International
Dubai: an ultra-modern city where falconry displays. Passengers watch Airport and Jebel Ali Port, features
futuristic skyscrapers tower over the from above while the raptors hunt. three separate pavilions symbolising
2020 Vision Gulf’s blue waters and boutiques in Although Dubai’s upward trajectory opportunity, sustainability and mobility,
marbled shopping malls full of opulent on the world’s ‘liveable cities’ rankings with an ‘innovation pods’ thematic zone.
Dubai is fast becoming the home of merchandise. However, some residents will come as no surprise to anyone who Designed by the global design,
choice for high-flying global citizens, believe the delights just outside Dubai lives there, perhaps the emirate’s greatest architecture and engineering firm HOK,
and for good reason. Development is are what really lift its standing in the single source of pride and sense of the Dubai World Expo is predicted to
well under way to further showcase the lifestyle rankings. achievement so far was the Bureau attract some 25 million visitors to the
benefits during the Expo 2020 Dubai
GE T T Y IMAGES/AIQING WANG
Around 45 minutes’ drive outside International des Expositions’ decision city and wider UAE.
CATHERINE MOY E the city you will find the Dubai Desert to award the Expo 2020 to Dubai, making As producing the world’s biggest and
INTERNATIONAL PROPER T Y JOURNALIST Conservation Reserve. Here, over 225 it the first city in the Middle East and best is something of a forte for Dubai, the
square kilometres of pristine desert, Africa to receive such an accolade. chances are its World Expo could also
dotted with tamarisk and mimosa trees, Unsurprising for a city that has eclipse all those that have gone before it.
For a city lying within a desert, Dubai
has proved to be among the most fertile
modern metropolises. The energy and Dubai Metro will receive a 15km extension in preparation for Expo 2020
confidence of its soaring skyline, Dubai’s government has invested considerable resources into
dynamic business quarter and elegant creating a city that comprises many separate neighbourhoods.
lifestyle districts are encapsulated by the ranks 140 cities according to their quality and major companies who assign Downtown Dubai boasts the world’s tallest building
150m-high fountain in Downtown Dubai. of life based on factors including stability, employees overseas, placed Dubai at
In realising its vision of becoming healthcare, culture and the environment, the top of its list for cities across the
the Middle East’s first truly global city, Dubai was one of the world’s most Middle East and Africa.
Dubai has faced many challenges, from improved cities in the last five years. It is certainly more accommodating
desalinating seawater to provide a water This will come as no surprise to the 217 to Western lifestyles than other Gulf
supply, to weathering the 2008 global nationalities who, according to Dubai cities but it is also a geographical meeting
financial crisis. Now respected Land Department, invested in its property place. Dubai’s location at an air route
publications and international bodies market in the 18 months to June 2017, crossroads between Asia, Africa, Europe
are acknowledging Dubai’s status as making it the world’s most diverse and India has helped make it a global hub
a world-class city. city in those terms. and top tourist destination.
In the Economist Intelligence Unit’s Similarly, the Mercer Quality of Dubai Airport welcomed 83.6 million
recent Global Liveability Report, which Living Survey, aimed at governments passengers in 2016, making it the world’s
third busiest. With parts of Africa and the
Indian sub-continent under five hours’
flight away, Dubai has a catchment of
over two billion people. Dubai’s strategic
location means a third of the world is
accessible within four hours and two-
thirds of the world within eight hours.
As a result, wealthy individuals are
increasingly looking to visit or buy homes
there. Fittingly, passengers can often see
the emblematic Palm Jumeirah offshore
residential development as their plane
comes in to land.
Dubai’s government has invested
considerable resources into creating
a city that comprises many separate
neighbourhoods. Downtown Dubai
boasts the world’s tallest building, the
Burj Khalifa, and its largest mall, the
Dubai Mall. There you can take a break
JOZEF SEDMAK /AL AMY
from perusing its 120 luxury stores to
go diving with sharks in the aquarium.
SHUT TERSTOCK
If sharks are a bit primeval for one’s taste,
there are high-culture offerings at the
state-of-the-art Dubai Opera. The Al
Fahidi Historical District’s traditional
Dubai’s modern skyline souks and dhows full of nuts and spices Taking to the skies is one of the many ways for visitors to enjoy the Dubai desert20 LIVING THE WEALTH REPORT – DUBAI EDITION 21
CULTURE
Placemaking Deira
Dubai’s historic centre has a strong
economic drive, and as the emirate
continues to develop, so too does this
quarter and its communities
JONATHAN BELL
EDITOR-AT-L ARGE, WALLPAPER*
Dubai’s growth has been staggering,
signified by a skyline and cityscape
Street view
that defines architectural modernity. An important pillar in any great city is its art
It’s a place that seems to have been scene. In Dubai’s case, the infrastructure of
built for dramatic time-lapses, the art market has developed greatly over the
breathtaking drone footage and last 15 years to the point where the scene is
countless Instagram streams – flourishing enough to see art pouring out from
a destination for business and pleasure the galleries and onto the streets
for the entire world. Yet modern Dubai
had modest beginnings. Thanks to the Dubai has seen a large influx of public
merchants, sailing fleet and the spaces and street art recently. This has allowed
and people that came together to trade residents and tourists to explore and
and exchange, Dubai played a historic interact with the city in a more engaged way.
role in the trading that shaped the Emaar Boulevard, one of the trendiest
culture and economy of the Persian areas of Dubai, is home to a collection
Gulf. Deira is one of the city’s historic of impressive pieces of sculpture. From
and dynamic hearts, a creekside district international and regional artists, the
that retains its character and economic works celebrate the identity and heritage
drive, with dense store-filled souks of the UAE. Most striking is the surreal
run by families who have been trading sculpture piece Together by Syrian
here for generations. The expansion of Deira towards the Today, Deira contributes around artist Lutfi Romhein.
Trade is still the engine of the Waterfront is a tribute to the tradition 10% to Dubai’s GDP. The Deira City Walk, one of Dubai’s latest
modern city. Dubai’s modern status Deira is set to play a key role in the 2021 plan. Some 30% of of trade in the country. The development Enrichment Project will expand restaurant and outdoor retail complexes,
can be traced to the vision of the late Dubai’s established trading locations can be found here, but will expand the Deira Souk to become available retail space and storage, invited 15 of the most innovative street
Sheikh Rashid bin Saeed Al Maktoum. now there must be room for growth the centrepiece of the district and will weaving in better transport integration, artists from around the world to create
As the port that bears his name, Port create a bustling hub of life that will add new public plazas, leisure facilities, large scale street art on walls and the sides
Rashid, neared completion in the late to the already rich tapestry woven by restaurants and hotels, and some of of buildings. The most breathtaking of
1960s, he instructed his architects to communities past and present. The area the best- placed waterfront apartments these is French Tunisian artist eL Seed’s
quadruple the number of anchorages. will boast a plethora of retail spaces, from in the city. The result will be a walkable, calligraphy-inspired graffiti on the walls
It was a far-sighted move, for the port’s shop fronts to storage areas – ultimately sustainable and culturally cohesive of The Green Planet building.
trade grew enormously throughout the enhancing the workflow process. The neighbourhood that can bring even Close to the Satwa district, 2nd of
1970s and 1980s, helping to set the development will also offer a strip of more to the city’s economic life. December Street is a historic landmark in
UAE on the road to prosperity. Now, restaurants and retail stores along the Ultimately, cargo will move Dubai. A total of 16 buildings there have
more than ever, Dubai’s history and creek, which will create a bustling through Deira – which will be integral to been painted by local and international
heritage must be enhanced. promenade, the first of its kind in Deira, the growing city, without compromising artists depicting imagery that celebrates
Deira is set to play a key role in featuring a range of hotels, catering to its heritage or the character of nearby local culture. Another historical district, Al
the Dubai 2021 plan. Some 30% of business travellers and city dwellers. traditional neighbourhoods such as Karama has also invited eight international
Dubai’s established trading locations As part of the wider Deira Enrichment Al Shindagha and Al Ras – once and UAE-based street artists to paint 24
can be found here, but now there Project, The Waterfront Market, already again transforming this historic huge murals on the side of 12 apartment
must be room for growth. Ithra Dubai’s in operation, is enhancing the fresh food neighbourhood into a key trading buildings and shops. The results include
approach places a great emphasis shopping experience and establishing an hub for the city, a destination for a menagerie of parrots, lions and hawks
on the value of placemaking, the environment for local fishermen, visitors from around the world and alongside abstract architectural and
art of building communities through butchers, and vegetable and dry goods a desirable place to live and work. typographical works.
the careful combination of infrastructure traders to grow and thrive. By revitalising Deira, Ithra Dubai Dubai’s urban landscape is changing.
PAUL MARTIN/AL AMY
– places to live, work, study, play Dubai is determined to emphasise is demonstrating the power of Whether you’re driving or walking through
and relax. and enhance its heritage, for those who placemaking, showing respect the city, you’ll see a fusion of clean glossy
Ithra Dubai’s Deira Enrichment originally settled on the banks of the for heritage and tradition and surfaces juxtaposed against the textured
Project aims to develop Deira, the vibrant creek have been integral to the life of a true understanding of the shape grittiness of images that tell the stories
cornerstone of Dubai’s trading legacy. the city ever since. of the modern city. of the community through public art.22 LIVING THE WEALTH REPORT – DUBAI EDITION 23
DESIGN
A palace fit The Royal Atlantis is the new landmark or an approach, it’s been done in the UAE.
for royalty residential development on The Palm,
Dubai. The development, which also
Imagine, there has been a twist, a turn,
a spiral, there is even a giant disk, so if
Dubai’s latest luxury landmark includes a luxurious resort, combines there is a shape or construct design, we
resort, The Royal Atlantis, is at the avant-garde architecture with the finest have seen it already. We had to look at
forefront of design. Elie Gamburg, in traditional artistry. turning this brief on its head. To create
Director at architect Kohn Pedersen The architecture firm where I am an iconic form that would not be a flash
Fox (KPF), and lead on design for a director, Kohn Pedersen Fox, was in the pan design that could be duplicated
The Royal Atlantis, talks through invited to the competition to build The later on, we decided to create an iconic
the project process Royal Atlantis in 2013 and the brief we set of experiences that can’t be found
were provided with was, in a word, brief. anywhere else. In fact, we summarised
It was very short considering the size our concept at the end of our pitch by
and complexity of the building. They saying, “you can swim underwater, with
provided direction in terms of the a view of the Dubai skyline, 45 storeys
number of apartments, hotel rooms, in the air” – something completely
ballrooms and restaurants, but the unique and magical.
crux of the brief came boldly in the
first paragraph: design the most iconic
To create this set of experiences we
had to reconsider resort living and what On the map
Below One of the pools at The building in Dubai. it is. We quickly realised that no matter
Royal Atlantis Resort Opposite It’s a bit of a tall order, as you can if you are living in a resort, you are The 2020 iteration is focused on human ingenuity, so Dubai Design District was born out of an ever-
page, left The Royal Atlantis imagine given Dubai’s incredible essentially trapped in a glass box. What The Royal Atlantis makes a fitting focus being as it is on the growing demand for creative thinkers. The
Residences, a future icon architecture. If there is a shape or a form we needed to do is make space and make cutting edge of design, architecture and innovation initiative is providing a design ecosystem that
aims to support emerging local creative talent,
working towards an innovation-led economy,
says writer for Khaleej Times, Maán Jalal
those spaces conducive to living – to Colosseum where the repetition of open To say that Dubai has flourished over the
bring the outdoors into the experience spaces creates a form that is really past two decades and continues to do so
of living at The Royal Atlantis. iconic and beautiful. would be an understatement. From tourist
You can identify a lot of buildings The other inspiration we looked at was attractions, a happening nightlife and
with rooftop pools, and hotels or villas traditional Middle-Eastern architecture a plethora of shopping outlets, it’s natural
with gardens, but you can’t identify such as the Blue Mosque in Istanbul and to assume that Dubai is one of the
many vertical high-rise residences that its surrounding gardens, which gave premium shopping capitals of the world.
have outdoor living that replicates the us strong ideas about how to combine But could it be a future design capital
experience of an exclusive villa. outdoor and indoor living. The gardens as well? Thanks to one of Dubai’s more
Situated as it is on the edge of The are designed to create a cooling interesting undertakings, the Dubai Design
Palm, the building also needed to work microclimate through their use of water District (d3), the possibility is definitely
as a bridge between the classic form of and deep-set shady colonnades. The on the horizon.
the nearby Atlantis, The Palm Resort and Royal Atlantis wasn’t designed to look “d3 was established to provide Dubai
the hyper-modern architecture of Dubai’s traditionally Arabic, but we found these and the region with a creative community
skyline. It does so by rethinking a hotel’s time-tested techniques and design that educates, inspires and nurtures
usual double-loaded slab configuration features were the best for creating livable emerging talent,” says Mohammad Saeed
and pulling it apart into a set of stacked outdoor spaces – our Sky Courts – that, Al-Shehhi, COO of d3. “Our vision was
blocks, the holes in which we call Sky with their cool shade and private pools, to take the best parts of all the design
Courts and the series of cantilever can be used for most of the year. districts from around the world and bring
terraces it creates we call Sky Terraces. We are incredibly proud that them together, here in Dubai.”
The resulting design is 43 storeys high The Royal Atlantis has already been To put it simply, d3 is a neighbourhood
and comprises 795 guest rooms and suites honoured by the World Architecture of designers. Its initial concept came
and 231 residences. The structure is Festival in being nominated for the from two parties - the consumer and the
reminiscent of both the monumental award for best Future Project – Leisure- creator. Locals, expats and tourists had
arches of classical architecture and is also Led Developments. The building an obvious and growing desire for diverse
entirely contemporary. As with much of will launch in 2019 and will be the design options that reflected the identity
the thought behind the building it also centrepiece of the 2020 World Expo of Dubai and the region in a more
allows space and light into the structure, in Dubai, the annual international contemporary manner. At the same time,
through which pours sun and sky, exhibition that is being held for the a multicultural populace of design talent
becoming part of the design itself. We first time in the Middle East. The 2020 had been forming in Dubai as the city
looked at famous buildings across the iteration is focused on human ingenuity, developed. It seemed only practical that,
world that are known as much for their so The Royal Atlantis makes a fitting as creatives emerged in the city, an
voids as their form, such as the aqueduct focus being as it is on the cutting edge infrastructure was developed to nurture
in Segovia, the Eiffel Tower, or even the of design, architecture and innovation. this untapped source of talent.24 LIVING THE WEALTH REPORT – DUBAI EDITION 25
Desert oasis
This corner of the UAE offers the best in East-meets-West
culture, entertainment and amenities, with a world-class
food scene and investment property market to match
1. Atlantis, TheSouk
Gold & Spice Palm 11. Dubai Opera
2. The Royal Atlantis*
Airport 12. IMG
The Dubai
WorldsMall
of Adventure
3. One&Only The Palm
Desert Safari 13. Dubai Fountain
Emirates Golf Club
4. One&Only
The Metro Royal Mirage 14. Burj
Mall Khalifa
of Emirates
5. Burj Al Arab
One Za’abeel 15. Jumeirah
One&OnlyEmirates Towers
Royale Mirage
6. The MetroEmirates Towers
Jumeirah 16. One
BurkZa’abeel*
Al Arab
7. Emirates Golf Club
Meydan Racecourse 17. Desert Safari
One&Only The Palm
8. Mall of the Emirates
Burj Khalifa 18. Atlantis
Dubai International
The Palm Airport
9. IMG
DubaiWorlds
Mall of Adventure 19. The
GoldRoyal
& Spice Souk
Atlantis
10. Meydan Racecourse
Dubai Fountains *Future landmark26 LIVING THE WEALTH REPORT – DUBAI EDITION 27
Yannick Alléno at the One & Only resort at
The Palm, the three-Michelin-star chef INTERVIEW
has placed his pastry kitchen in the dining
room to give his desserts prominence.
Stay’s ‘pastry library’ enables diners to
choose the ingredients for their dessert
and watch the pastry chef creating it.
And at The Experience by Reif Othman,
Taste of Dubai a chef’s table restaurant above Play, the
chef personally cooks and serves a one-off
Home to top chefs in glittering settings, menu tailored to the diners on the night. The city has
the emirate’s foodie scene is hotting up The popularity of Dubai’s Friday started to
STEFAN CHOMK A
brunch scene has also spread beyond raise its
the Persian Gulf. The city’s bottomless restaurant
EDITOR, RESTAUR ANT MAG A ZINE
brunches are legendary and the trend is game, not
now firmly established in UK restaurants.
only in the
Of course, there is one part of the
chef talent it
restaurant scene where Dubai would
happily follow rather than lead; Michelin is attracting
recognition. The city does not yet have a but in its
Dubai is often referred to as one of the red book of its own, although many believe infrastructure
world’s leading cities and it’s not hard it is only a matter of time before it does.
Epicurian emirate
to see why, with its eclectic mix of “There are certainly a number of
lifestyles and cultures, almost year-round restaurants in Dubai that could get a
perfect weather, the wealth and a skyline Michelin star,” says Galvin. “Its restaurant
that more than matches any city. scene is much more mature than it used Adapting to a new food culture has been
On the back of this, Dubai has also to be. Michelin will come to Dubai when an exciting adventure for Japanese-fusion
managed to attract the greatest chefs it’s ready. But as a chef, you’ve got to be pioneer Nobu Matsuhisa
from across the world, who have opened careful what you wish for!”
up restaurants there over the past decade. Nathan Outlaw at Al Mahara offers seafood with a floor-to-ceiling aquarium view
High-profile names to have made the With a premium location and a menu offering
journey from the UK alone include Arabian-infused Japanese cuisine, Nobu
Gordon Ramsay, Jason Atherton, Giorgio to live up to the height of its skyscrapers. has come on in leaps and bounds in the Dubai quickly became a top recommendation
Locatelli, Marco Pierre White and Until now, that is. More recently, the city past few years. You can now get hold of of discerning of restaurant critics.
Gary Rhodes, while the roster of top has started to raise its restaurant game, some bloody good produce to cook with.” Part of Nobu’s success at Atlantis, The
international chefs includes Pierre not only in the chef talent it is attracting Two-Michelin-starred chef Nathan Palm has been aided by embracing Middle
Gagnaire, Nobuyuki Matsuhisa, but in its infrastructure. Outlaw, who opened seafood restaurant Eastern tradition, a fact founder Matsuhisa
Wolfgang Puck and Jean-Georges “There’s a lot more residential Nathan Outlaw at Al Mahara at the Burj is quick to recognise. “Nobu Dubai was
Vongerichten, to name a few. development going on, with an attempt Al Arab late last year, also says he has the first restaurant we opened in the Middle
And yet, despite such cooking to get people out on the streets and been encouraged by the quality of East and that brought new practices and
pedigree, the city has struggled to become build places where people can eat beyond ingredients in Dubai. “Great fish is customs,” he says. “We’ve adopted Friday
a true foodie destination, attracting the big hotels,” says Chris Galvin, the central to what we do,” he says. “I wasn’t brunch service, which makes Nobu Dubai
expats taking advantage of its lenient tax Michelin-starred chef behind Demoiselle convinced the product would be good unique from all our other restaurant
laws rather than travelling gastronomes. by Galvin and the just-opened Galvin enough but after visiting Dubai last locations, where Sunday brunch is common.
Dubai’s growth may have been meteoric, Dubai, both in City Walk. “The landscape year I found that it was.” The majority of our menu is standardised
but its culinary reputation has failed is exciting and the quality of ingredients The scale of Dubai’s restaurant sector worldwide, but Dubai’s religious and cultural
is also likely to come as a surprise to customs had a big part in guiding how the
people. Although there is no exact figure menu was adapted. It was a wonderful lesson
on how many restaurants it has, it is in learning about a new culture.”
believed to be around 12,000 (and could “There is no set standard in the decision
be as high as 16,000) – a huge number that leads to where we open a Nobu,”
given the city’s population of 2.8 million. Matsuhisa continues. “More than anything,
By contrast, Manchester has a similar by opening in a particular city, we hope to
population and around only 1,700 food bring the Nobu vision and philosophy into
establishments while London has 18,000 the local economy. We look to be inspired
eateries but a population of more than by the local ingredients, people and culture
three times that of Dubai. and allow these aspects to help us grow
The city is also home to around 200 in our new environment.”
nationalities, with restaurants that cater In years gone by, however, Dubai’s
to every taste. As such, it is a melting pot reputation as a leading culinary destination
of cuisines, from Middle Eastern and was yet to be established. “I have seen a great
Mediterranean to French, Japanese and change in Dubai since the time that we
Peruvian, with chefs even experimenting opened,” Matsuhisa agrees. “More prominent
with new fusion foods. Galvin, for chefs have entered the scene and opened
example, describes the food at his new restaurants in many of Dubai’s hotels.”
restaurant as ‘Mediterranean basin’, So what is the reason behind this surge?
taking influence from Europe, Africa and “The people of Dubai are more interested in
Asia. “It’s the cuisine of the sun,” he says. different styles of cuisine,” says Matsuhisa.
Dubai also now leads the way in other “Dubai definitely has a distinct food culture,
Demoiselle by Galvin serves French cuisine aspects of the restaurant world. At Stay by The sharing table at Stay by Yannick Alléno which is different from other cities.”You can also read
