The Wealth Report City Series EDITION The local perspective on prime property and lifestyle

00_DWR_Cover.indd 61 22/02/2018 11:15

THE WEALTH REPORT – DUBAI EDITION

Welcome to the Dubai Edition

Lord Andrew Hay Global Head of Residential [email protected] +44 20 7861 1071

Welcome to the Dubai Edition of The the factors – such as relative aff ordability, Wealth Report, Knight Frank’s annual ownership costs and the infl uence of Contents thought-leadership publication for our currency fl uctuations – that make it so UHNW clients and their advisors. attractive to wealthy residents from across 01 Dubai’s rising global standing is the , the wider Briefi ng undoubted, and was confi rmed by the Asian region and even further afi eld. The UAE is now ranked 21 out of Bureau International des Expositions’ Findings from previous editions of 190 countries in Bank’s decision to award the World Expo 2020 The Wealth Report have confi rmed Ease of Doing Business index. to Dubai, making it the fi rst 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 provides every year in The Wealth Report, fl ourishing food scene in Dubai to provide 02 but also aff ords a deeper, more localised a rounded view of the opportunities it Living focus on the issues that matter to off ers to residents, investors and visitors. From fi ne dining to world-class investors, both domestic and overseas. We have also assembled an impressive entertainment, art to getting active, It confi rms 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 leading Middle Eastern destination. permits, taxation, and school and page 16 Knight Frank’s growing market university options. 03 strength in Dubai means we are able to Wherever you are based, or have provide a comprehensive view of the invested in the past, I hope you enjoy the Insight NOW AVAILABLE economy, investment opportunities, Dubai Edition. I am sure you will fi nd it What are the big things to consider lifestyle and the residential market in an invaluable aid to your investment when setting up home in Dubai? The defi nitive analysis on global what is considered by many to be decisions as you plan for the future. Our three experts on immigration, tax and fi nance, and education a critical global city. Our residential and commercial wealth and investment trends 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 offi ces.

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 The global perspective on prime property and investment 4 Bangkok = 6hrs 40 mins

5 London = 6hrs 45 mins THE WEALTH REPORT 2018 6 Singapore = 7hrs 25 mins 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 10 12th Edition Tokyo = 11hrs 50 mins 2018 12th Edition 2018 11 New York = 12hrs 30 mins 12th Edition

12 Sydney = 14hrs 20 mins

13 Los Angeles = 16hrs 0 mins Source: Sabre KNIGHTFRANK.COM/WEALTHREPORT 02 BRIEFING

ANDREA MANZATI to prices softening was over-optimistic over-optimistic was softening prices to speculation. property discourage to and stability market long-term ensure to designed were that 2013 October in ratios) of debt-burden introduction the and caps (loan-to-value regulations of mortgage of arange introduction the due to largely 2017. 5% in falling prices prime –with of 2015 beginning the from aslowdown experienced market the 2014, and 2012 14.4% between cycle. pricing of anew beginning the and demand in a recovery to points data latest the but falls, price by replaced was fi growth past price Strong ve years. over the of phases anumber through moved has market residential Dubai’s watch to One SENIOR ANALYST TAIMUR KHAN THE WEALTH REPORT – DUBAI EDITION –DUBAI REPORT WEALTH THE Q4 2012 – Q4 2017 for the key four submarkets in Dubai in submarkets four key 2012 the 2017Q4 –Q4 for CUMULATIVE PRICE PRIME CHANGE PROPERTY An additional factor that contributed contributed that factor additional An occurred performance in shift This averaged rates growth annual While The Lakes Hills Emirates Dubai Downtown Jumeirah Palm -13% 4% past 10 years, outpaced demand. demand. outpaced 10 years, past 76% over the growing population Dubai’s supply,new notwithstanding of volume Ahigh delivery. build new quarter of 2017 transaction volumes fell fell volumes transaction of 2017 quarter fi the In 2013. Q2 since nal increases fi –the respectively consecutive annual rst 5.7% of 6.6% and increases recording 2017 Q3 and Q2 in volumes transaction with 2017, in market prime the in of arecovery signs tentative were There 2012. in period same the with compared 6%still higher were 2017 Q4 at as Dubai in prices prime buyers. for international expensive more property made which peers, global its 21% by against appreciated dollar) US the to pegged (which is dirham Emirati the 2016, January and 2014 June Between 15% Despite recent price falls, average average falls, price recent Despite afactor. been also has Currency 22% Data to Q4 2017 Q4 to Data 2010-2017 INDEX PRICE RESIDENTIAL PRIME DUBAI 94 2010 103 2011 119 2012 which depreciated by 6.8% in 2017. in 6.8% by depreciated which dirham, Emirati weaker the by spurred be will this We expect markets. residential prime in recovery price a gradual underpin help to should 2020 for Expo prepared being developments new the to area. Downtown the around connectivity enhance will that projects other and Mall of Dubai expansion the as well as facilities, entertainment and restaurants as such amenities investments. infrastructure by underpinned strengthen, to areas these in demand We expect interest. investor and occupier attract to continued have Dubai Downtown and Jumeirah Palm Lakes, The Hills, Emirates as such areas prime 1.2% year-on-end. Established The proximity of these locations locations of these proximity The and Mall Nakheel include Examples 141 2013 Source: Knight Frank Knight Research/REIDIN Source: the world’s smartest city smartest world’s the become to strives it as innovations future Dubai’s talks Shaibani Al Mohammed Excellency His A cityonthemove 03 general in economy the does too so continues, it as and decade, past the in rapidly grown The emirate’s population has Growing up 02 market the enter to time awise is it prices, property stabilising and Dubai in offer on opportunities investment excellent With Prime prospects 01 topics Key 146 2014 page 10 page 06 page 04 137 2015 133 2016 127 2017 03 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 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 Geneva 41 as a hub between Europe and Asia GETTY IMAGES/TOBIASJO Source: Knight Frank

Paris 46

Dubai’s strategic location, the availability dirham) and the introduction of stringent In the fi ve years to Q4 2017, the Knight For the same budget, Dubai off ers 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 fi ve-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 aff ordable 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%), off ering 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 signifi cant 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 fi ve years. Mumbai 92 Country Location 2013 2014 2015 2016 2017 For Russian rouble-denominated buyers the eff ective price of prime Beijing 17.1% 16.5% 37.4% 74.2% 85.7% residential property in Dubai has fallen Istanbul 98 by 10.4% in the year to Q4 2017. For those Dubai 20.2% 18.2% 15.8% 9.4% 6.1% buying with Indian rupees or euros, Dubai 138 Hong Kong -2.2% 0.6% -3.1% -1.0% 6.2% prices have fallen by 10.7% and 16.5% respectively over the same period. London 7.7% 13.2% 14.3% 7.1% 6.3% Shifts in currency have helped to generate strong capital growth for Cape Town 157 Moscow* 10.0% 22.3% 37.4% 11.7% -0.9% investors. Rouble-denominated buyers who bought prime property in Dubai New York 6.1% 7.4% 10.2% 11.7% 16.8% 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 is pegged against, recording declines Sydney 3.5% 15.6% 33.4% 45.8% 61.5% 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 off ers 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 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 STOCK GALLERY has not gone Standard As the economy adjusts to the new since 2003. Given Dubai’s reliance on Above The unnoticed, and 2,500,000 norm in oil prices and diversifi es foreign consumer spending, this is likely Chartered Bank Below The Dubai skyline in line with Vision 2021 (the emirate’s for the fi rst time to provide a boost to economic growth is most impressive at night diversifi cation strategy, which aims in its history, and may encourage fi rms 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, – up 76% in the decade to 2016 with 2,000,000 ranked among Unilever manufacturing, and industrial-based the top 10 global the expectation of an additional economy), 2017 saw the slowdown fi n a n c i a l 15% hike by 2026, has helped propel in GDP growth bottom out and it economic growth. Just over 90% of centres is expected to strengthen in 2018 Dubai’s population is foreign born. Siemens (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 fi nancial and business services growing over 220% over this time. The Dubai International Financial Centre (DIFC) and its off ering 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 fi rst time in its history, Mastercard in September 2017 DIFC was ranked among the top 10 global fi nancial 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 fi nancial and business services sector will continue 2010 2015 2020 2025 2030 to grow, it will be outpaced by the other sectors, most noticeably by information technology. ASIAN COMPANIES International fi rms from a range Source: Oxford Economics WITH DUBAI OFFICES of sectors have recently resumed leasing commercial space in Dubai. Those fi rms setting up their regional As the city’s business district grows , 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 fi rms such as Amazon, manufacturing strategy, occupiers from a population of roughly one million Sony Facebook and Snap Inc. Other Dubai Airport Free Zone (DAFZA) are residents. This area will be connected 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, from Nakheel Harbour and The rapid pace of growth in both the city’s new hub airport and Airport Tower Station to the Expo 2020 site. Bank of China population and employment has Free Zone. Emirates Airline has already Importantly, the extension will also already had a signifi cant infl uence 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 port will also be Gardens, , Jumeirah Golf

GETTY IMAGES/ENYO MANZANO MANZANO GETTY IMAGES/ENYO This trend is set to continue. a signifi cant attraction for occupiers. Estates and . 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 KEY UHNWIs (US$30m+) Agents of affl uence 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 fi nancial and business centre has meant wealth creation has fl ourished over the last decade 1,510

3,470 According to data from New World Wealth, Ultra High-Net-Worth Individuals (UHNWIs), defi ned as individuals with Dubai assets of US$30m+, living in Dubai increased by 12% between 2015 and 2016. This growth outpaces other global 1,060 fi nancial 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 diff erent 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. commercial links for more secure trade We spoke to David Awit, Wealth-X’s fl ourish. 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 infl uence globally? this continued co-operation, over 4,200 who shared his thoughts on the outlook start-ups. The most notable sectors for At its core, Dubai has always been companies have already set up a base in for future wealth creation in Dubai wealth creation are likely to be retail, a fi nancial centre that attracts new the UAE, using it as a gateway for the and where that growth will lead 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 infl uence as major retailers – especially high-end of UHNWIs in China has grown by 281% wealth creation, but from which sectors a fi nancial 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 fi nance, 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 infl uence 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 diff erence in consumer from the US and the UK, but also from schools and universities to help foster style in this region to eff ectively tap in the Far East and South Asia other countries in the region such as their goal for the region to be a home into the market, and this diversifi cation Turkey and Lebanon. The city is noted to more than 1,000 fi nancial fi rms, allows brands to use Dubai as their entry for its confl uence of ideas and cultures with an increased workforce in DIFC- to market as the region continues to

SHUTTERSTOCK 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 and the preferred business centre of the Middle East. One and only 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 refl ecting 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 fl eet of 259 attractive not only in its off ering of supporting the 300 global ICT fi rms 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. Eff ectively, 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. fi nance 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 fi rst 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, offi ces 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 fi nancial 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 diff erence,” 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 confi rmed. 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 fi rst Delhi = 3hrs 50 mins Cape Town = 9hrs 35 mins growth centres. and business class passengers, according Nairobi = 5hrs 0 mins Shanghai = 10hrs 10 mins Within a four-hour fl ight time, Dubai to most recent data. Q Q Frankfurt = 6hrs 10 mins Tokyo = 11hrs 50 mins is able to access 10 leading global cities, As of 2016, the top cities connected London = 6hrs 45 mins New York = 12hrs 30 mins including Riyadh and Delhi. A further with Dubai are London and Riyadh. Q Q 24 key cities, including London, Further afi eld the top destination for Bangkok = 6hrs 40 mins Sydney = 14hrs 20 mins Q Q Q Q Singapore and Frankfurt, are located North America is New York, ninth Q Q Singapore = 7hrs 25 mins Los Angeles = 16hrs 0 mins within eight hours’ fl ight time. overall, for Africa is Nairobi, 33rd, for Q Q Q Q The growth in the passenger numbers Oceania is Sydney, 34th and for South Q Q Q Q Q Q through Dubai International Airport America is Sao Paulo, 51st. Q Q placed the airport as the third busiest More evidence of Dubai’s growth as in the world in 2016, when over 83 million a wealth centre is provided by the 2017 Q Q Q Q passengers transited through the airport, edition of The Wealth Report, which Q Q an increase of 7.2% on 2015. The annual states that private jet traffi c to and from Q Q passenger numbers are expected to Europe and the US has increased 29% Q Q Q Q reach 100 million by 2020, with even over the fi ve years to 2016. In 2016 there QQ more to transit through the new Al were 959 private jet fl ights into the United Maktoum International Airport, which Arab Emirates, primarily from Europe, will be able to handle over 220 million and 3,150 fl ights that originated in Dubai passengers once completed. fl ying to the US and Europe. QQ DUBAI QQ VOLUME OF FIRST AND BUSINESS CLASS PASSENGERS FLYING Q Q Q Q BETWEEN DUBAI AND KEY COUNTRIES: QQ QQ QQ QQQQ UNITED KINGDOM QQ INDIA QQQQ QQQ QQ SAUDI ARABIA UNITED STATES Q Q GERMANY FLIGHT TIMES FROM DUBAI TO KEY OMAN FRANCE CHINA ITALY GLOBAL CITIES SINGAPORE SWITZERLAND THAILAND WITHIN 4 HOURS Q TURKEY RUSSIA SPAIN HONG KONG WITHIN 8 HOURS AUSTRALIA NETHERLANDS Q JAPAN MALAYSIA AUSTRIA KENYA SOUTH KOREA SOUTH AFRICA

CANADA BRAZIL BELGIUM IRELAND From Dubai INDONESIA PHILIPPINES NEW ZEALAND TAIWAN you can access ARGENTINA VIETNAM a third of the world within MEXICO ISRAEL four hours, COLOMBIA U.A.E MOROCCO BAHAMAS Connecting fl ights and two-thirds CAYMAN ISLANDS BARBADOS BRITISH VIRGIN ISLANDS 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 Q Source: Knight Frank Research/Sabre Senior Research Analyst 14 BRIEFING THE WEALTH REPORT – DUBAI EDITION 15

Trading stories KARA SEA BARENTS SEA Taimur Khan, Senior Analyst, looks at E A S T S I B E R I A N 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 fi rst establishing a formal diplomatic partnership in 1984. In recent years, BALTIC both have continued to strengthen their SEA bilateral relations, with these eff orts NORTH BERING SEA 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 fl ourish in the future. Over 4,200 Chinese fi rms have set up base in the UAE, and a focal point FRANCE for Chinese investment has been the ITALY UAE’s most populous emirate – Dubai. BLACK SEA The signing of a memorandum of SPAIN PACIFIC OCEAN SEA OF understanding at Dubai Week in China CASPIAN JAPAN is a case in point, with the two countries SEA looking to enhance trade and investment SOUTH • 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 offi ces INDIA role in this success story; the off ering l Other BRI markets of independent regulators and judicial SOUTH l Non-BRI countries where Knight Frank has systems has already attracted many of CHINA SEA offi ces whose top political leaders were at China’s leading fi nancial fi rms, especially THAILAND • PHILIPPINES with an agreement signed with the the BRI summit in Beijing in May, 2017 B A Y O F • CAMBODIA Shanghai High People’s Court to foster BENGAL further close cooperation and reinforce commercial links for more secure trade. • MALAYSIA Increased trade has also paved the way INDIAN OCEAN • SINGAPORE for an increase in tourism and real estate KENYA investment. The number of Chinese tourists increased by 49% in the year to Q3 2017. In the fi rst six months of 2017, ATLANTIC Chinese investors registered as the fourth OCEAN most active real estate investors in Dubai, INDONESIA 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 AUSTRALIA 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, China’s 2013 revival of the Silk Road, GREAT TASMAN AUSTRALIAN OCEAN which aims to provide mutually BIGHT benefi cial trade deals and infrastructure NEW ZEALAND 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 fi t 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-profi le 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 fi ve 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, 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 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 fi nd out just how much the emirate

ANDREA MANZATI ANDREA 74th out of 140 cities worldwide. has to off er 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 fi tting 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-fl ying global citizens, believe the delights just outside Dubai lives there, perhaps the emirate’s greatest architecture and engineering fi rm 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 benefi ts during the Expo 2020 Dubai Around 45 minutes’ drive outside International des Expositions’ decision city and wider UAE. CATHERINE MOYE the city you will fi nd the Dubai Desert to award the Expo 2020 to Dubai, making As producing the world’s biggest and INTERNATIONAL PROPERTY JOURNALIST Conservation Reserve. Here, over 225 it the fi rst 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 WANG GETTY IMAGES/AIQING modern metropolises. The energy and Dubai Metro will receive a 15km extension in preparation for Expo 2020 confi dence 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 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 fi rst 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 fi ve 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 fi nancial 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 fi ve hours’ fl ight 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 off shore 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 , and its largest mall, . There you can take a break from perusing its 120 luxury stores to go diving with sharks in the aquarium. If sharks are a bit primeval for one’s taste, there are high-culture off erings at the state-of-the-art Dubai Opera. The Al SHUTTERSTOCK JOZEF SEDMAK/ALAMY JOZEF 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 desert 20 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-LARGE, WALLPAPER*

Dubai’s growth has been staggering, Street view signifi ed by a skyline and cityscape that defi nes 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 – fl ourishing 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 infl ux of public merchants, sailing fl eet 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-fi lled 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 graffi ti 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 workfl ow process. The neighbourhood that can bring even Close to the Satwa district, 2nd of 1970s and 1980s, helping to set the development will also off er 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 fi rst 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 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 fi shermen, 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. – 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. MARTIN/ALAMY PAUL 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 fi t The Royal Atlantis is the new landmark or an approach, it’s been done in the UAE. residential development on The Palm, Imagine, there has been a twist, a turn, for royalty Dubai. The development, which also 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 fi nest 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 fi rm where I am an iconic form that would not be a fl ash 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 To create this set of experiences we fi rst paragraph: design the most iconic 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 was born out of an ever- 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 page, left The Royal Atlantis imagine given Dubai’s incredible essentially trapped in a glass box. What The Royal Atlantis makes a fi tting 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 fl ourished 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 defi nitely 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 confi guration 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 refl ected 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 fi rst 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 fi tting 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 Eiff el 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 off ers the best in East-meets-West culture, entertainment and amenities, with a world-class food scene and investment property market to match

1. Atlantis,Gold & Spice The SoukPalm 11. Dubai Opera 2. The Airport Royal Atlantis* 12. IMGThe DubaiWorlds Mall of Adventure 3. One&Only Desert Safari The Palm 13. DubaiEmirates Fountain Golf Club 4. One&Only The Metro Royal Mirage 14. BurjMall Khalifaof Emirates 5. Burj One Za’abeelAl Arab 15. Jumeirah One&Only Emirates Royale Mirage Towers 6. The Jumeirah Metro 16. OneBurk Za’abeel* Al Arab 7. Emirates Meydan Racecourse Golf Club 17. Desert One&Only Safari The Palm 8. MallBurj Khalifaof the Emirates 18. Atlantis Dubai International The Palm Airport 9. IMGDubai Worlds Mall of Adventure 19. The Gold Royal & Spice Atlantis Souk 10. MeydanDubai Fountains Racecourse *Future landmark 26 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, a chef’s table restaurant above Play, the Taste of Dubai 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 brunch scene has also spread beyond raise its STEFAN CHOMKA the Persian Gulf. The city’s bottomless EDITOR, RESTAURANT MAGAZINE restaurant brunches are legendary and the trend is game, not now fi rmly 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. 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 Epicurian emirate 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 fl oor-to-ceiling aquarium view High-profi le 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 fi rst 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 fi sh 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 fi gure 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 infl uence 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 defi nitely 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.” 28 LIVING THE WEALTH REPORT – DUBAI EDITION 29

Opposite page Dubai offers An active emirate the perfect view for some sky diving; This page, above left With year-round sunshine and top-notch The Lost Chambers Aquarium facilities, you can enjoy a raft of sport is just one of Dubai’s many and leisure activities in Dubai impressive underwater attractions Below Madinat LARA BRUNT Jumeirah Talise Spa CONTRIBUTOR, LONELY PLANET DUBAI

Dubai’s sun, sea and sand provide the scuba diving centres such as Prodive Mountains, there are marked hiking and Racecourse has a packed calendar of perfect playground for an active lifestyle. Middle East off er lessons and PADI biking trails, plus you can hire kayaks meetings from November to March, Pristine public beaches, such as JBR certifi cation. Experienced divers can and pedalos to cruise the turquoise culminating in the prestigious Dubai Beach, off er a host of watersports explore wrecks such as the Zainab, waters of Hatta Dam. World Cup, held every March. including parasailing, wakeboarding while even non-certifi ed divers can Dubai may be known as a city of Family comes fi rst in Arab culture and banana boating, while Sunset Beach swim with sharks and rays at Dubai skyscrapers, but there is an increasing and few cities cater to all ages quite is perfect for stand up paddle boarding Aquarium & Underwater Zoo and The emphasis on developing urban green as well as Dubai. Small and big kids in the shadow of the sail-shaped Burj Lost Chambers Aquarium. spaces too. Zabeel Park is one of the alike will love the water slides and lazy Al Arab. Or try your hand at kite surfi ng The surrounding desert, meanwhile, largest and most popular parks, with river rapids at Aquaventure Waterpark at the aptly named Kite Beach; operators is made for off -roading. If you’re new sports courts and barbecue areas, while and Wild Wadi, while Aventura is such as Dukite off er lessons and to dune bashing, companies such as promenades, such as the Palm Jumeirah a 375,000-square-foot outdoor adventure equipment rental. Emirates Driving Institute off er beginner’s Boardwalk and Jumeirah Corniche, park in with zip-lining, With calm waters and clear blue courses, while social clubs such as Almost attract joggers and sunset strollers. tree-surfi ng and rope-climbing. skies, sailing and yachting are popular 4x4 Off -Road Club organise weekend For golfers, the emirate off ers Downhill skiing in a desert? You can pastimes. Deep-sea fi shing is another drives and camping trips. Or opt for a challenging courses and great clubhouse do just that at Ski Dubai, a huge indoor big draw, with species such as barracuda quintessential desert safari tour, which facilities. Regular players can tee off at slope complete with a colony of king and king mackerel tempting anglers. usually includes sandboarding, camel championship courses at Emirates Golf penguins. Equally exotic is the tropical If you haven’t got your own vessel, riding and a meal under the stars. Club or Jumeirah Golf Estates, while Family comes fi rst in Arab culture and few cities cater to all ages rainforest inside The Green Planet. Built there are myriad charter companies For hiking and mountain biking, head beginners can sharpen their skills at quite as well as Dubai. Small and big kids alike will love the water around a huge tree, the bio-dome is home such as Xclusive Yachts. If you’re to the enclave of Hatta, 90 minutes’ drive The Track, a nine-hole fl oodlit course slides and lazy river rapids at Aquaventure Waterpark to more than 3,000 plants and animals looking for underwater adventure, from Dubai. Backed by the craggy Hajar that is open for night golf. including toucans and a super-cute sloth. The emirate is also hoping to rival Orlando with four new theme parks. Dubai Parks & Resorts comprises a trio Cycling is growing in popularity, thanks The Arabian horse plays an important of parks – Legoland Dubai, Motiongate to bike-only paths such as Al Qudra, a role in Emirati culture and there are and Bollywood Parks – and a Legoland- 30-mile loop around desert dunes, and a multitude of equestrian experiences to themed waterpark, while the indoor IMG Nad Al Sheba, a converted camel track enjoy. Saddle up for a lesson at the Desert Worlds of Adventure features rides based near Meydan Racecourse. Other top spots Palm Riding School, or partake in a polo on Marvel superheroes and dinosaurs. include the new seven-mile path along match at Dubai Polo & Equestrian Club. Sit still in Dubai? Well, now that the Dubai Water Canal. If you’re keen on horse racing, Meydan is practically impossible.

detoxifying and rejuvenating phytomassopodia Healthy treatments, which focus entirely on the feet. Many big fi tness chains are present in Dubai, including Fitness First, Gold’s Gym approach and the ladies-only Curves, while boutique studios offering everything from Pilates to From pampering spa treatments to the latest pole dancing are booming. Get your heart fi tness trends, wellness in Dubai is on the rise rate pumping at Bare, which combines tailored meal plans and CrossFit classes, or try the Dubai is renowned for its sumptuous spas, barre-based workouts at Physique 57. For cult with a vast range of indulgent experiences to spinning and HIIT classes, there’s Flywheel choose from. Alongside hi-tech treatments and Barry’s Bootcamp, or try a trampolining such as cryotherapy and microneedling, you’ll class at Bounce. fi nd holistic therapies such as Ayurveda and From October to April, take advantage acupuncture, together with workshops ranging of Dubai’s more moderate weather by from mindfulness to aura cleansing. exercising al fresco. Yoga enthusiasts can Top picks include the Jumeirah Zabeel swap the studio for the sand during a sunset Saray hotel’s Talise Ottoman Spa, which session with Talise Spa at the Madinat boasts a spectacular Turkish Hammam and Jumeirah, followed by a dip in its invigorating snow room, and the Arabian-inspired Saray plunge pool, left, or sign up for SUP (stand up Spa at the Marriott Marquis with its relaxing paddle board) yoga on the waters of Palm Dead Sea fl oatation pool and botanical-based Jumeirah with SeaYou. Bodybuilders can pump treatments. For holistic therapies, try Heart & iron at the LA-style Muscle Beach down at JBR Soul Spa in the leafy Al Barari neighbourhood, (Jumeirah Beach Residence), while cycling

GETTY IMAGES or visit The Oberoi Spa, which specialises in fans can try aquaspin at Fairmont The Palm. 30 INSIGHT THE WEALTH REPORT – DUBAI EDITION 31

Key topics

01 Immigration Just how complex is it to move to Dubai, whether as an employer or employee, and what are the most common visa routes for HNWIs to relocate to the emirate? page 32

02 Tax Dubai is famed as a tax haven, but there are tax requirements for potential investors, business and property owners worth noting page 33

03 Education Whatever level of education and curriculum is required, Dubai offers a range of options page 34

Meet the experts

Ranked as the leading place to do While the emirate is a tax haven, business in the UAE, Dubai has attracted non-locals need to be aware of the many HNWIs to its shores, and with fees that do apply to them, and which them, their families. Off ering not only industries are aff ected. Ismael Hajjar, a sublime climate, but also respected EY MENA Private Client Services Leader, educational options and a favourable tax breaks down the system of taxation system, it is easy to see why some choose in Dubai and outlines how to obtain to stay. This, however, can present new a tax residency certifi cate. challenges; our experts give their tips on Furthermore, Dubai is not only how to navigate immigration, taxation a centre for business, but also one for and education for those in the emirate learning, with some 33,000 international on both a short- and long-term basis. students alone. Dominick Ashe, Senior Murtaza Khan, Partner at international Consultant for Carfax Education Group immigration services fi rm, Fragomen, in the emirate, advises international discusses the routes to remaining in students and parents to research Dubai, despite the lack of permanent educational options in-depth before residence options, as well as visas making the move. Ashe gives us his top

ANDREA MANZATI ANDREA required to set up a business, and secondary schools, and outlines which how to bring family members along. certifi cation options are available. 32 INSIGHT THE WEALTH REPORT – DUBAI EDITION 33

Tax talk FEES/TAXES APPLYING TO PURCHASE AND SALE OF REAL ESTATE IN DUBAI Ismael Hajjar, EY MENA Private Client Services Leader, on what prospective No Objection Certifi cate (NOC) fees residents in Dubai can expect Between AED 500 and AED 5,000 Smart move Real Estate Agent’s commission Usually 2% of purchase

Non-GCC (Gulf Cooperation Council) once every six months to keep the Transfer fees Murtaza Khan, Partner at expatriates generally come to the UAE residence visa valid. As long as the latter Fragomen, an international either as employees or with signifi cant is valid, you should technically be treated 4% of the purchase price plus admin fees fi nancial resources and business ties to as UAE resident for tax purposes. Neither immigration services fi rm, Mortgage registration fees (if applicable) is responsible for migration the region. Some of them often want to citizens nor expatriate residents are create a business here. They come to the taxed on income derived from UAE 0.25% of the registered loan amount solutions throughout the UAE because it off ers a great quality of sources and there is no inheritance or gift Middle East and North Africa life, has great infrastructure and the tax in the UAE. However, being UAE tax Service charges weather is good for most of the year. This resident does not mean that you would is especially attractive to capital-rich automatically cease to be resident in For the individual property individuals from emerging markets. other countries where you have personal Value Added Tax (VAT): To have the right to reside in the UAE, or business interests as tax residence There are many reasons why high net you must obtain a valid residence visa. rules are diff erent in every jurisdiction. worth individuals (HNWI) fi nd Dubai To obtain a residence visa, you would Furthermore, in practice, the UAE Commercial real estate transactions appealing. It is a largely tax-free need an employment contract concluded Ministry of Finance is monitoring people’s and leases are subject to VAT at a rate of 5%. Residential real estate transactions jurisdiction that off ers high quality with a mainland UAE company or a ‘day count’ and other ties maintained and leases are exempt, with the exception lifestyle choices, housing, education and company located in one of Dubai’s over 30 with the UAE before issuing tax residency of the fi rst supply, which can be zero-rated healthcare. Furthermore, the World ‘free zones’. These visas generally last two certifi cates. These certifi cates are under conditions. Bank’s 2017 ‘ease of doing business’ index years. You could also obtain a residence important to confi rm your UAE tax ranks the UAE top in the Middle East and visa through an investment in a local residence position in case of inquiry Source: EY Africa region and 21st globally. real estate property. by a foreign tax authority. When moving to Dubai, HNWIs must Once the residence visa is obtained, Value added tax (VAT) was introduced It is important to keep track of residence permit expiry dates to understand that the UAE generally does you would have to visit the UAE at least from 1 January 2018 at a standard rate of 5%. Organisations have prepared for not grant permanent residence. However, ensure they are renewed in good time. This entails making sure this, particularly because for most it is it is possible to live in Dubai long term by important documents such as trade licenses, establishment cards the fi rst time they have had to report obtaining one of the various categories of and signatory registrations are kept up to date as well tax obligations in the UAE. VAT applies renewable residence permits. Among the to commercial real estate transactions most suitable for HNWIs are property- and leases at the standard rate of 5%. based visas and residence permits Residential real estate transactions are sponsored by a company. HNWIs need to decide in which local permit. The latter is valid for two years exempt from VAT with the exception of Should a HNWI wish to set up a jurisdiction to establish their business: and renewable. Among other criteria, the fi rst supply of a newly-constructed business in Dubai, a formal registration a free zone or a mainland authority. This the property must have been purchased residential property, which will be zero process must be completed. After that, is ultimately dictated by the type of for a minimum of AED 1million. rated (i.e. subject to VAT at a rate of 0%) the new company can sponsor the HNWI enterprise the HNWI intends to carry out. One of the most common immigration under certain conditions. Leases in as either an employee or an investor, As an alternative to sponsorship by issues relates to dependent family relation to residential properties are depending on its business jurisdiction a business, an individual owning members, particularly children. Sons can exempt from VAT. Being exempt does not and other criteria. Sponsorship makes property in Dubai may obtain either only be sponsored up to the age of 18, mean that VAT should not be considered, available a residence permit valid for two a six-month renewable multiple entry whereas daughters can be sponsored as expenses in relation to the property, or three years, after which it is renewable. visa or a property-based residence while they remain unmarried. For sons such as electricity bills or real estate fees, over 18, people can consider solutions would be subject to VAT. such as demonstrating that they are As for property taxes, there is a transfer continuing education in the UAE or fee, which is like a stamp duty and sponsorship through their university. amounts to 4% in Dubai, typically split STUDENT POPULATION DIVERSITY It is important to keep track of 2% each way between buyer and seller. UAE nationals and expatriates in HEPS residence permit expiry dates to The clients that our Private Client ensure they are renewed in good time. Services team serves are typically This entails making sure important families from the Middle East region (in documents such as trade licenses, particular, Gulf Cooperation Council UAE establishment cards and signatory (GCC) or Levant countries) but Nationals 22,618 registrations are kept up to date as well. increasingly also from outside the region. You will not be able to renew a residence Most are citizens of the world, who are permit without these. constantly travelling and have personal As a fast-developing economy, and business ties with many countries Expatriates 33,618 the UAE is characterised by frequent around the globe. They generally own changes to the immigration process. It is assets in various jurisdictions. In imperative that HNWIs work closely with collaboration with our local offi ces around their professional advisors to ensure the world, we advise them on how to they stay on top of any changes to visa structure the ownership of those assets Source: Dubai Statistics Center – Yearly Population Estimates

or residency permit requirements. PAUL MACLEOD and protect them for generations. 34 INSIGHT THE WEALTH REPORT – DUBAI EDITION 35

Learning curve Another reason for swapping is that some schools are fi ne up to GCSE level, but then switch to the IB, which doesn’t suit Dominick Ashe is Senior Consultant in Dubai for Carfax Education a lot of people. Not that many schools Group, an international consultancy that advises and supports off er A-levels. In the UK, the education is much more structured, with very clear individuals and institutions seeking academic excellence entry points and a feeder system up to university via exams like A-levels. In Dubai, you really need to take expert The Dubai government aims to raise educational standards to advice and plan ahead. the level of good British, American or Swiss independent For particularly academic or gifted schools and invests heavily in education pupils, there may be no option but to look overseas for the high standard of education that they require, usually in the UK or the US. Others switch out RANKING OF UNIVERSITIES of the Dubai system and go for full home IN DUBAI schooling, which is a growing business for us. Depending on what clients want, 1 London Business School this either takes place in our Dubai offi ces or in their home. Carfax also 2 Heriot-Watt University provides home tutoring, which complements the teaching children are 3 receiving in their existing schools. British University in Dubai A lot of families coming into Dubai 4 Cass Business School have young children, so the greatest 10 pressure within the education space is 5 at the lower level: getting your child in Alliance Manchester Business School at reception or primary school. It’s even harder than at secondary level, partially 6 Zayed University because by then some students will have moved to the UK or US for a better quality 7 of education, creating more vacancies. University of Strathclyde Business School At the other end of the educational spectrum, there are only a few 8 American University universities in Dubai, but none are in the in Dubai highest academic tier. Most of our clients will be aspiring to send their children to 9 University of Dubai universities overseas, mostly to the UK

ALAMY/ASHOK SAXENA ALAMY/ASHOK and the US. 10 Hult International Zayed University in Dubai Business School

Source: Carfax Education

INDICATIVE TUITION FEES DUBAI SECONDARY SCHOOLS

Dubai’s large and growing education curricula are taught in various schools, schools will look elsewhere, especially industry is as complex as it is diverse. It’s including UK, US, Indian, International at the newly established institutions. Secondary schools Indicative tuition fees (AED) Top ranking hard to navigate until you’ve been there Baccalaureate (IB) – although 60% of As so many new schools open in Dubai North London Collegiate School Dubai 115,000–130,000 P.A. 1 Dubai College for quite some time and expats should schools teach the UK or US curriculum. each year the educational scene is fl uid research it in depth before arriving. As it is not that well established, there and hard to navigate. In 2016-2017, 15 GEMS World Academy Dubai 92,732–111,813 P.A. 2 Jumeirah English Speaking School The Dubai government aims to aren’t many trusted schools here with new schools opened, taking about 6,000 3 raise educational standards to the level long-standing reputations – certainly no pupils. They include North London Repton School Dubai 85,867–103,325 P.A. American School of Dubai of good British, American or Swiss Etons or Harrows. An exception would Collegiate school, a top girls’ school in 4 independent schools and invests heavily be Dubai College, which not only has an the UK, although co-ed here. Kings’ School Al Barsha 82,569–97,798 P.A. Jumeirah College in education. Right now, however, the excellent reputation but – unlike many The new schools tend to have excellent Kent College Dubai 86,000–98,000 P.A. 5 Lycée Français International Georges Pompidou standard of teaching on off er is not up to Dubai schools that teach mixed curricula, facilities and be more fashionable, so that of, say, a leading UK public or top for example doing GCSE then switching people suddenly move their children into Nord Anglia International School Dubai 82,880–94,000 P.A. 6 Nord Anglia International School Dubai

US prep school. Even so, parents can pay to the IB diploma – does GCSE and them even though they are usually very 7 similar or even slightly higher fees than A-levels. However, Dubai College and expensive. Many are run as commercial Jumeirah English Speaking School 80,847–91,950 P.A. Dubai English Speaking College for a top British independent school. the other top-tier institutions, namely ventures and can suff er from high teacher Dubai College 80,808–91,503 P.A. 8 GEMS Wellington International School From a practical point of view, schools Jumeirah English Speaking School turnover. This means some struggle to in Dubai are larger than in the UK, often (JESS), which does the IB, and Jumeirah provide the right level of education, which 9 GEMS Wellington International School 74,764–93,658 P.A. Safa Community School with over 1,000 students, and class sizes College, are very diffi cult to get into. in turn causes parents to move their are larger. They also tend to be very Dubai College in particular has a long children elsewhere or wait it out until American School of Dubai 81,360 P.A. 10 Repton School diverse, with more than 60 nationalities waiting list and very high academic a place in a better school becomes making up the student population. standards. Families whose children available. It’s called ‘parking’ and is very Source: Carfax Education Source: Carfax Education

Consequently, around 15 diff erent cannot get into one of these three common in Dubai. PAUL MACLEOD

LAST WORD 36

Arguably, no city has seen such a rapid transformation as Dubai. The speed of growth and expansion in the built environment has brought challenges; property market cycles are certainly more volatile than in other more established cities. Knight Frank Residential Property Enquiries Edition, neither Knight Frank nor The Dubai any other person is providing However, every cycle helps create a more mature GLOBAL HEAD MATTHEW COOKE Edition advisory, fi nancial or other services. investment environment. OF RESEARCH ASSOCIATE PARTNER In particular, Knight Frank LLP The opportunities arising from this growth LIAM BAILEY +971 50 6138 350 COMMISSIONED BY [email protected] is not authorised by the Financial are immense. The task of accommodating a 76% Services Authority to undertake INVESTMENT CORPORATION SENIOR ANALYST population growth over a decade opens huge regulated activities (other than OF DUBAI UAE investment prospects across residential, industrial, TAIMUR KHAN limited insurance intermediation retail, offi ces and leisure. WRITTEN BY activity in connection with property management). KNIGHT FRANK RESEARCH HEAD OF MIDDLE The focus on growth has been shifting towards Disclaimer Knight Frank LLP also trades a focus on quality of life. This trend opens up EAST RESIDENTIAL DESIGNED BY MARIA MORRIS as Knight Frank. Knight Frank LLP A city to truly live in: a signifi cant opportunity. SHOW MEDIA The Dubai Edition (The Wealth Report, is a limited liability partnership Looking at recent developments, for example show.london © Knight Frank LLP 2018) is produced registered in England with registered Show Media at the Dubai International Financial Centre, a focus for general interest only; it is not number OC305934. Our registered sustainability and ART DIRECTOR defi nitive and is not intended to give offi ce is 55 Baker Street, London on walkable neighbourhoods with integrated local JULIA ALLEN advice. It must not be relied upon in W1U 8AN, where you may look at quality of life are retail and restaurant space is creating more any way. Although we believe that a list of members’ names. sustainable urban patterns. DESIGNERS high standards have been used in The Dubai Edition is compiled drawing people to Dubai These initiatives are increasingly allowing LINDA ELANDER the preparation of the information, from information contributed by INDIA SCRIMGEOUR analysis and views presented in residents and visitors to explore the city and enjoy D e fi n i t i o n s various sources, including Knight The Dubai Edition, no responsibility or Frank LLP, its direct UK subsidiaries its unique environment without a reliance on cars. UHNWI PICTURE EDITORS liability whatsoever can be accepted and a network of separate and Liam Bailey It is these developments, along with the investments We use UHNWI as an LEO GODDARD by Knight Frank for the contents. We independent overseas entities or in public transport, which will propel the next abbreviation for ultra- NIKKI McCLARRON make no express or implied warranty practices offering property services. Global Head of Research phase of demand by widening the appeal of the high-net-worth individual – or guarantee of the accuracy of any Together, these are generally known someone with a net worth of the contents. As far as applicable as ‘the Knight Frank global network’. [email protected] city to new residents. CHIEF COPY EDITOR of over US$30m, excluding HOLLY QUAYLE laws allow, we do not accept Each entity or practice in the Knight +44 20 7861 5133 The opportunity is for Dubai not just to provide their primary residence. responsibility for errors, inaccuracies Frank global network is a distinct and a model for sustainable development within the COPY EDITORS or omissions, nor for loss or damage separate legal entity. Its ownership PRIME PROPERTY Middle East, but also further afi eld. Experimentation POLLY DENNISON that may result directly or indirectly and management is distinct from The most desirable and LUCY FRITH from reliance on or use of its that of any other entity or practice, with driverless vehicles and new forms of transport most expensive property CERI THOMAS contents. The Dubai Edition does whether operating under the name means that Dubai is increasingly being seen as in a given location, not necessarily refl ect the view Knight Frank or otherwise. a world leader in urban innovation. generally defi ned as the of Knight Frank in any respect. In any event, no entity or practice top 5% of each market PROJECT MANAGER The impact of these investments is already GEMMA LATHAM Information may have been provided operating under the name Knight being felt, a fact confi rmed by the city’s strong by value. Prime markets by others without verifi cation. Frank (including Knight Frank LLP) often have a s i g n i fi c a n t showing in The Mercer Quality of Living Survey, Portrait photography Readers should not take or omit is liable for the acts or omissions of international bias in to take any action as a result of any other entity or practice. Nor does the Economist Intelligence Unit’s Global Liveability PAUL MACLEOD terms of buyer profi le. information in The Dubai Edition. it act as an agent for or have any Ranking and Lonely Planet’s eponymous cool Reproduction of this report in authority (whether actual, apparent, neighbourhood listing. Unless stated, all Illustration whole or in part is not permitted implied or otherwise) to represent, The fact that quality of life scores keep rising, references to dollars ANDREA MANZATI without the prior written approval bind or oblige in any way any other or $ refer to US dollars ELEN WINATA alongside stellar population growth, points to the of Knight Frank LLP. In preparing entity or practice that operates under The Dubai Edition, Knight Frank does the name Knight Frank (including fact that Dubai has got many things right – few not imply or establish any client, Knight Frank LLP). Where applicable, cities could manage both at the same time. Keeping advisory, fi nancial or professional references to Knight Frank include

both on track is the key to Dubai’s future success. PAUL MACLEOD relationship. Through The Dubai the Knight Frank global network.