Benchmark Middle East, October, 2015 by Benchmark Middle East

benchmark middle east

OCTOBER 2015 / VOL. 4 NO. 9

Work + Play = Life

Published from Dubai Media City

OCTOBER 2015

Megaprojects in numbers Megaprojects are back â&#x20AC;&#x201C; and with them, more superlatives than you can shake a stick at p8

THE BOSS: Interview

Hayssam El Masri, president and co-founder of the Sharjah Oasis Real Estate Company p32

Travel: Florence, Italy

A city that throughout history has embraced the idea that dreams should be realised p50

benchmark middle east

inside

OCTOBER 2015 / VOL. 4 NO. 9

Work + Play = Life

october 2015

Published from Dubai Media City

OCTOBER 2015

Megaprojects in numbers Megaprojects are back – and with them, more superlatives than you can shake a stick at p8

THE BOSS: Interview

Hayssam El Masri, president and co-founder of the Sharjah Oasis Real Estate Company p32

Travel: Florence, Italy

A city that throughout history has embraced the idea that dreams should be realised p50

Cover design Geri Batara Sonny

Work

Infographics: Megaprojects in Numbers Megaprojects are back – and with them, more superlatives than you can shake a stick at.

10 Cityscape Trends 14 Top If Cityscape Global is an accurate barometer of Dubai’s property sector, things are looking up.

Do Megaprojects Work? On the surface, they are tall, statuesque and worthy of a super model. But in reality, they are often extremely late, expensive to maintain, or just “all talk and no trousers”.

How to Get A Job on A Megaproject Dubai’s Burj Khalifa and Abu Dhabi’s Mohammed Bin Rashid Tower may be among the UAE’s tallest buildings – but can they help you climb higher up the career ladder?

Money Trail, Who Pays? 28 Megaprojects It’s little wonder that more non-Muslims are putting their faith in Islamic finance.

BOSS 34 THE Q&A with Hayssam El Masri, president and co-founder of the Sharjah Oasis Real Estate Company.

Events planner 38 Work: Benchmark's guide to the top business events in October and November.

PLAY Rolls-Royce Wraith 40 Motoring: I allow myself a small smile as I pull up to the

lights, I can almost feel the irritation of the young Lamborghini driver as I roll up alongside him, writes Scott Armstrong.

Kempinski Hotel Vilnius 47 Travel: Do buildings sunbathe? Do they stretch

towards the light, smiling as the rays warm their old bricks?

Florence, Italy 50 Travel: A romantic notion indeed, but then Florence is

a city that throughout history has embraced the idea that dreams should be realised, that boundaries should be broken, and that humankind can always be more than it is, in so many diverse and different ways.

56 Fashion for Her and Him 60 Top Five Properties For Rent 62 Top Five Properties For Sale Events planner 64 Play: Benchmark’s roadmap to the best events in October and November.

Posture Perfect! 66 Health: Is work breaking your back? Read on to learn how to prevent and manage back problems caused by long hours at the desk.

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Editor's Note

n the surface, they are tall, statuesque and worthy of a super model. But in reality, they are often extremely late, expensive to maintain, or just “all talk and no trousers”. Welcome to the pretty, but precarious world of Gulf megaprojects. It seems like history is repeating itself in the UAE – a Megaproject 2.0 reboot after the financial downturn and property crash. But is it? In Work, Benchmark Middle East this month examines whether megaprojects are back on track in the emirates, with Ben Flanagan asking “Do they work?” Perhaps more importantly he asks – and Marcus Taylor, managing partner at the Dubai-based Taylor Sterling, an-

swers (very honestly) – “Should I work at a megaproject?” We investigate where the money actually comes from to pay for these astonishing schemes, and we look at the top 10 trends emerging from September’s Cityscape, the property show often defined by the sublime and the ridiculous. In The Boss we meet Hayssam El Masri the man responsible for making Sharjah’s 10 island megaproject a reality, a challenge after it has already stalled once before. And talking of mega, this month’s megagraphic dives into an impressive set of statistics showing you just how much development is going on around us. Our Play section is no less impressive this month. As ever we bring you the top

five properties to rent or buy on the market (there are some beauties) and we take a Rolls-Royce Wraith ‘Inspired by Film’ for a drive around the epic film set that is Dubai. We also take a first look at their new fourdoor drophead – the stunning Dawn. If that’s not impressive enough we travel to one of the most beautiful cities on earth – Florence, the cradle of the renaissance – and discover a place that will stir the soul. Of course where-ever you go, and whatever you drive, you’ll need something suitable to wear so Brooks Brothers gives us their latest collection for men and woman. And (yes more) we’ve got all the top recommendations for your diary for Work and Play. Enjoy, and have a megamonth.

Scott Armstrong, Chief Executive Editor

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Work Megaprojects in Mega Numbers Cover FeatureCover Feature

Wo rk

MEGA MEGA PROJECTS PROJECTS

IN MEGA IN MEGA NUMBERS NUMBERS Megaprojects Megaprojects are back – are andback with–them, and with morethem, superlatives more superlatives than you can than shake you can a stick shake at. Dubai a stick at. Dubai glitzy and outlandish developments, developments, ranging from ranging manmade from manmade made its name madeconcocting its name concocting vast, glitzyvast, and outlandish developments developments wasThere an understandable was an understandable islands, to islands, seven-star to seven-star hotels andhotels the world’s and the tallest world’s building. tallest There building. w w multibillion-dollar multibillion-dollar announcements announcements hiatus during hiatus the during financial thecrisis, financial but there crisis,has but been thereahas raftbeen of multib a raft of multib since – both since in the – both emirate in the and emirate neighbouring and neighbouring Abu DhabiAbu and Dhabi Sharjah Sharjah. and Here’ Sharjah Sharjah. s the Here’ lowdown s theon lowdown on of megaprojects mega of megaprojects set to rise set sea!) (or sea! sea!) the most mega the most from tothe risedesert from the (or desert sea!

THETHE TOP TOP LINELINE

$240bn $240bn

Estimated Estimated value of Dubai’s value top of Dubai’s 10 megaprojects top 10 megaprojects (2014) (2014)

$762bn $762bn Total valueTotal of those valueprojects of those projects

61% 61%

of the top 100 of the GCC topprojects 100 GCC are projects are in real estate in real sector estate (2014) sector (2014)

8 20

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Megaprojects in Mega Numbers

Work

Cover FeatureCover Feature

The The Dubai Dubai Expo Expo 2020 2020 Effect Effect

$8.1bn $8.1bn Infrastructure Infrastructure investmentinvestment required required

April April 2015 2015

Construction Construction began began

70% 70%

Of those visitors Of those expected visitorsto expected to be from outside be from theoutside UAE the UAE

40% 40% Of those jobs Of those will jobs will be in hospitality be in hospitality

30% 30% In construction In construction

77,000 77,000 25m 25m

Anticipated visitors visitors Number ofNumber jobs of jobs Anticipated over six months set to be created set to be created over six months

280,000ha 280,000ha Site of site eSize of site e

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Cover Work Feature Megaprojects in Mega Numbers

10 SELECTED UAE

MEGA

PROJECTS Barakah nuclear 1 plant: 2 $20bn You probably wouldn’t want to live there, but Abu Dhabi’s nuclear power plant is arguably the biggest megaproject underway in the UAE. It involves building four reactors in the remote Western Region, with start-up of the first reactor scheduled for late 2017.

Dubai Creek Harbour at The Lagoons: $17.4bn

This massive development by the Dubai Creek is planned by Emaar and Dubai Holding, with a total cost of $17.4 billion, according to a Zawya report. It includes the Dubai Twin Towers, set to be the tallest twin towers upon completion.

Etihad Rail: 3 $11bn Though geared largely towards freight transport, plans for the UAE’s under-construction rail network also include passenger services. It will connect important areas such as Musaffah and Khalifa Port in Abu Dhabi and Jebel Ali in Dubai, as well as extend to the Saudi and Omani borders.

10 20

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Cover Work Feature Megaprojects in Mega Numbers

Mohammed Bin Rashid City: $8.1bn-$11bn

Mall of the World: $6.2bn

Sharjah Waterfront

6 City: $5.4bn

This development, by Sharjah Oasis Real Estate Development Company, includes a reported 95 residential buildings – as well as a water park. Construction of phase one is set to begin in the fourth quarter of this year.

Bluewaters Island:

7 $1.6bn

A mixed-use project from Meraas Holding, which is set to feature world’s largest Ferris wheel, on which construction is well underway, along with retail, residential, hospitality and entertainment zones. It’s forecast to attract 3 million visitors a year.

The Heart of

8 Europe: $840 million Development on The World Islands by Nakheel hit the buffers during the financial crisis, but Kleindienst Group is pressing ahead with this plan to build on six European-themed islands at the project.

9 Burj 2020: $TBA The masterplan for the Burj 2020 district was unveiled at Cityscape, and includes seven towers spanning a built-up area of over 1 million square metres, with what will be the world’s tallest commercial tower at its centre. The exact height of the tower or total cost of the megaproject have not yet been announced.

10 Dubai South: $TBA A massive 145 square kilometre city is planned around Dubai’s new airport. Recently rebranded as Dubai South – it was previously known as Dubai World Central – it will be home to Al Maktoum International Airport, which is set to be the world’s largest air but when completed in 2022.

Four more UAE megaprojects

$6bn $3bn Akoya by Damac. Construction: 2014-2017

$3bn Dubai Parks and Resorts. Theme park construction: 2014-2016

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Dubai Town Square by Nshama. Construction: 2015-2022

$2.94bn Abu Dhabi Airport Midfield Terminal expansion. Construction: 2012-2017

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1121

Work Megaprojects in Mega Numbers Cover Feature

SPOTLIGHT 1 Meydan One, record-breaker Dubai’s latest megaproject the Meydan One is set to smash SIX world records – including those for having the world’s tallest residential tower, longest indoor ski slope and largest dancing fountain. The project was launched in August by Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, and the first phase is set to compete before 2020

WORLD RECORD BREAKER

25,0002m Size of indoor gym

675m

Height of sky restaurant

655m

Height of 360-degree observation deck

711m

420m

Height of the Dubai One, world’s tallest residential tower

Length of dancing fountain

1.2km Length of indoor ski slope

MORE VITAL STATS

100

Berths in marina

8,000

Capacity of Meydan Arena

2 5.5 million m Total area

150mx80m

Size of retractable roof in the planned The Meydan One Mall

78,300

Number of residents

12 20

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4km

300m

Length of canal

Length of beach

885 apartments 350 hotel rooms

Launched by

in Dubai One tower

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Megaprojects in Mega Numbers Work Cover Feature

SPOTLIGHT 2 Sharjah Megaproject resurfaces Megaprojects are not just confined to Dubai and Abu Dhabi. A massive island development known as Sharjah Waterfront City is planned for the northerly emirate, at a reported cost of $5bn. Previously known as Nujoom Islands, the relaunched project was unveiled by the Sharjah Oasis Real Estate Development Company at Cityscape. Hereâ&#x20AC;&#x2122;s the lowdown.

Q3 2018

200,000

$5.4bn

Planned completion date of first phase

Projected number of residents

Projected cost

1,100 villas

60m2 ft 3 Total area

hotels

Number of islands

95 1.5m2 ft

residential buildings

Size of Crystal Lagoon Water Theme Park

Construction industry value by country, 2015 (in $billion) 45.2

42.3 13.6

Saudi Arabia

UAE

Qatar

5.6

3.7

2.2

Oman

Kuwait

Bahrain

Rail megaprojects in Gulf (in $billion) 40

Qatar Integrated Rail

22.5

Riyadh Metro

15.6

Oman National Railway UAE EtihadRailway Network Jeddah Metro Bahrain light rail network Abu Dhabi Metro Kuwait City Metro

11 9.5 7.9 7 7

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Work Cityscape Trends

Top 10 I trends at Cityscape Global

BY Ben Flanagan

f Cityscape Global is an accurate barometer of Dubai’s property sector, things are looking up. There was cautious optimism in the air at the annual property extravaganza, as several new, rebranded or revived megaprojects were showcased with at least some of the glitz of the pre-downturn days. But it was hardly ‘Recession, what recession?’: Few can deny the southerly direction of Dubai property prices over the last year, with the market ranked by Knight Frank as the worst performing globally. And for all the bling, some say it was lower-cost, ‘affordable’ developments that stole the show. Here are Benchmark’s top trends dominating last month’s Cityscape.

The buzz is back… Everyone knows there has been a sharp decline in Dubai property prices over the last year – but Cityscape was full of positive vibes and suggestions that the market is bottoming out. “There was a bit of a buzz about it, probably far more so than the year before,” said Richard Paul, head of residential valuations at property consultancy Cluttons in the UAE. “The year before, the market was softening very quickly. Now you can just tell that there is a little bit of excitement in some of the projects that are going on. There was a lot of positive noises,” he added.

2 … But it still ain’t 2008 Despite that, Cityscape has still not recaptured the heady spirit of the pre-recession years. According to the show organiser, Cityscape Global attracted over 300 exhibitors – a 15 percent increase on last year – on the back of what it said was a “stabilising” property market. The event was spread over 41,000 square meters of exhibition space and two additional halls. But exhibitor numbers are still below the peak of 2008, when 340 companies were on show, according to press reports at the time. 14

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Cityscape Trends Work

Positive investor sentiment While most indices suggest falling property prices in Dubai – as well as in some other parts of the UAE – investor sentiment suggests an imminent turnaround in the market. According to a survey by YouGov released just prior to the opening of Cityscape Global, 58 percent of investors think Dubai’s real-estate market will grow over the next 12 months. The survey of 861 UAE residents found that properties near public-transport links are the most in demand, followed by those close to grocery stores, retail shopping malls and mosques.

An international flavour Many property shows are focused on a particular geography. But Cityscape Global – as the name suggests – covers more than just Dubai. “It has more of an international feel to it… there are projects and people from all over the world,” said Mr Paul. Developments in Turkey garnered a lot of attention, with more than 50 exhibitors from the country on show. Turkey’s real estate sector is “a hotspot for GCC investors”, according to the show organiser. “In 2014, Gulf investors spent $4.3 billion in Turkish real estate, reaching a total investment influx of $16.29 [billion] over the past six years,” said Wouter Molman, director of Cityscape Group, in a statement.

5 Affordability is a priority… Dubai may have made its name with swanky property developments, but more and more launches are geared towards those with lower budgets. The trend of ‘affordable’ developments continued at Cityscape, with Nakheel unveiling its Jebel Ali Gardens scheme, a master-developed project set to include almost 10,000 apartments across 42 buildings. It’s aimed at middle-income buyers, though Nakheel did not specify prices. And developer Nshama is offering lower-priced Dubai homes, including three-bedroom townhouses priced at less than $270,000. The YouGov survey conducted for Informa, the organiser of Cityscape Global, found that studios and one-bedroom apartments are growing in popularity in the UAE, with investors shifting their focus to smaller, lower-cost residential options. b e n c h m ar k m i d d l e e a s t | O c t o b e r 2 0 15

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Work Cityscape Trends

6 … But bling is still a thing Despite the focus on affordability, a taste of ‘Dubai bling’ is never far away. The Dubai developer Damac, for example, used Cityscape to launch the world’s first homes styled by sports-car brand Bugatti. The seven-bedroom Bugatti Villas are set to be built at the developer’s AKOYA Oxygen project. The price? A whacking Dh36 million each. A number of high-profile projects were also on show at Cityscape – proving that Dubai’s status as ‘superlative city’ has never quite gone away. They include the Meydan One megaproject, which will include the world’s longest indoor ski slope and highest residential tower.

Easy payment plans Although Cityscape is meant as a showcase for potential new projects rather than a sales platform, commentators pointed to trends in how properties are being sold in the UAE. These include the emergence of more flexible payment schemes, partly due to restrictions on mortgages for properties sold off-plan. Nshama, for example, offers a payment plan on its Warda cluster in Town Square, where two-bedroom properties start at Dh749,888. Investors pay 10 instalments of 5-10 percent of the property value spread over 29 months, followed by a 20 percent chunk upon completion. “Speculation of properties has been controlled and because mortgage [loan-to-value] has been limited at 50 percent for offplan projects, most developers are offering easy payment plans,” said Kash Kanjwani, Director at Sky View Real Estate Brokers, in a statement.

8 China’s grand designs Chinese architecture and design firms stole the show at the Cityscape Awards for Emerging Markets, which honoured global real estate development. Asian firms were big winners at the awards, scooping eight of the 13 categories for projects in Hong Kong and China. Architect firm Aedas clinched five awards for various developments in China, including the gong for the best future mixed-use project and best retail project. 16

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Cityscape Trends Work

Megaprojects growing apace There were several ‘megaproject’ announcements at Cityscape, but not as many as in some previous years, says commentator Craig Plumb, head of research for the Middle East and North Africa at consultancy JLL. Mr Plumb said however that there was more of a focus on expanding other phases of existing masterplanned projects. “[There were far fewer] new mega projects launched than in previous years – with [the] emphasis on selling further stages of already announced projects,” he said. Still, there were some high-profile announcements around projects such as the Burj 2020 and Sharjah Waterfront City.

Same-same but different But some of the new projects being unveiled at Cityscape Global were not new at all – but rather, reboots of previously announced developments, or new components within existing master-planned developments. For example, Sharjah Waterfront City was previously known as Nujoom Islands, while Dubai South is the new name for Dubai World Central. “Most of the projects announced at the recent Cityscape Global in Dubai were not new projects but additional components to projects that were initially launched some years ago,” said Mr Plumb. “Several new schemes have also been launched recently as part of previously announced master plans including MBR City, Dubai Lagoons and Dubai Canal.” b e n c h m ar k m i d d l e e a s t | O c t o b e r 2 0 15

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Work The Megaprojects

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The Megaprojects

Work

Do Megaprojects Works? On the surface, they are tall, statuesque

and worthy of a super model. But in reality, they are often extremely late, expensive to maintain, or just â&#x20AC;&#x153;all talk and no trousersâ&#x20AC;?. Welcome to the pretty, but precarious world of Gulf megaprojects >>

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Work The Megaprojects

by Ben Flanagan

he region, and the UAE especially, is no stranger to grandscale construction feats, from Dubai’s Palm Jumeirah and Burj Khalifa, to the Louvre Abu Dhabi, which is set to open late next year. In Dubai, plans are underway for the world’s biggest mall (again), tallest residential building (the Meydan One), longest indoor ski slope (as if one wasn’t enough), and even a tropical rainforest (yep – in the desert). It seems like history is repeating itself – a Megaproject 2.0 reboot after the financial downturn and property crash. But is it? The last few months have seen

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a raft of announcements, from grand-scale residential complexes to dizzying skyscrapers and ambitious island developments. A few are new developments – but others are relaunched or reimagined variants of older, stalled projects. Some, however, won’t ever see the light of day – and will forever remain on the drawing board, experts say. Marketing ploy Last month’s Cityscape Global, Dubai’s giant real-estate exhibition, featured many complex architectural models showing, in minute detail, the latest grand designs for the region. O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

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Meydan One Mall

Meydan One - Photo Courtesy: TDIC

Meydan One Heritage Village

The Megaprojects

Work

But some of these projects will remain in miniature and never get built, analysts say. Richard Paul, Head of Residential Valuations at Cluttons UAE, said many displays at Cityscape and similar exhibitions are purely intended to test the market – and certainly don’t amount to any confirmation that construction will go ahead. “Just because something’s got a shiny model at Cityscape doesn’t mean that we’re necessarily going to see it,” he told Benchmark. “There have been lots of projects that have been announced that we still haven’t seen… A lot of the time when you have announcements of megaprojects – or any project for that matter – it’s a bit of a marketing ploy. They’re testing the waters.” There is nothing wrong or deceptive in this, however. It’s not like the developers participating in Cityscape are taking anyone’s money. Mr Paul likened the practice to a concept car being unveiled at an auto show. It may look pretty – but it’s not necessarily something you’ll ever see on the street. But if there is a lot of interest in a particular project at a show like Cityscape, it may get the green light. “The money that is spent on models and the design is a drop in the ocean compared to the value of what a project could bring in. Cityscape is a platform to say ‘look at us, we’ve done this and we’ve done this, the plan is to do something like this’. And you see what the response is. It might go back to the drawing board; all sorts of things may change before the construction.” Do megaprojects work? The Meydan One project announced in August is just one of the ambitious Dubai schemes in the pipeline, with the development set to include the world’s tallest residential tower, longest indoor ski slope and largest dancing fountain. Other megaprojects include the Sharjah Waterfront City, announced at Cityscape, which is actually a revised plan for a previous development known as Nujoom Islands. The real-estate show also saw plans outlined for the Burj 2020 development, which is set to include a diamond-like skyscraper at its centrepiece as well as retail, hospitality and residential spaces. And there’s also Dubai’s $6.2bn Mall of the World, set to span 8 million sq. ft., the biggest globally. Launched in July 2014, it is expected to take three years to complete. Whether such timelines are met remains to be seen. For there are numerous examples of mega developments that run years late – if they complete at all. O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

Work The Megaprojects

Big projects take 10 years to build, a lot of them. So it is ambitious. But we’re in a part of the world that is extremely ambitious. There were plenty of negative naysayers in the market back in 2001 and 2002, and things sprung up out of Dubai and we live in the city that we do now Richard Paul Head of Residential Valuations at Cluttons UAE

The Louvre Abu Dhabi museum on Saadiyat Island, for example, was supposed to open its doors in 2012 – but now won’t be finished until next year. And work on high-profile projects such as the Palm Jebel Ali and The World islands largely ground to a halt after the financial crisis. Yet there are of course numerous, and thriving ‘megaproject’ communities already in existence in the UAE, such as Jumeirah Beach Residence and the Downtown Dubai area that surrounds the Burj Khalifa. “The proof of the pudding is that some have been developed,” said Mr Paul. “There certainly have been megaprojects that have been announced that have come to fruition, and that have ultimately been a success,” he added. “Big projects take 10 years to build, a lot of them. So it is ambitious. But we’re in a part of the world that is extremely ambitious. There were plenty of negative naysayers in the market back in 2001 and 2002, and things sprung up out of Dubai and we live in the city that we do now. It’s had its ups and downs and it’s learning from those mistakes. And those megaprojects are in place now.” Craig Plumb, head of research for the Middle East and North Africa at consultancy JLL, said however that the success rate of megaprojects is a mixed bag. “Some work, others do not,” he said. “Among the successful master plans that have clearly worked in Dubai are the Marina, Palm Jumeirah and Downtown. Others that are still developing but are certainly now beginning to form viable and sustainable communities would include JLT and Business Bay.” 22

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Louvre Abu Dhabi - Photo courtesy: TDIC

Photo Credit: Shutterstock

The Megaprojects

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Previous announcements Mr Plumb said many of the new large developments being launched are additional components to existing projects. And some could face pressure due to economic conditions, he said. “The recent decline in oil prices and consequent pressure on government spending is likely to ensure a greater focus and prioritisation of projects going forwards,” he said. “I would not say that the age of megaprojects is back as it never really went away – more accurate is to say that more development is actually now occurring within some of the previously announced masterplans. Burj 2020 is a new development within JLT and Meydan One forms part of the broader MBR City initiative.” Mr Paul echoed the sentiment that megaprojects “never really went away”. “There seems to be always another announcement… of a project or large community that hits the headlines and grabs people’s attention. That’s all part of being in Dubai,” he said. Megaprojects 2.0 But Mr Paul added that, given the speculation that the Dubai property market has bottomed-out and growth is set to return, the pace of megaproject development could speed up. “The market has softened over the last 18 months or so. And there are a lot of developers and investors are suggesting that maybe we are coming to the end of that, and that we are hitting the bottom of the market,” said Mr Paul. “You could argue therefore that, if we’re nearing the bottom of the market, then perhaps that’s the time for a developer to announce a project. And as long as it’s correctly priced and there’s appetite for it, it could do well.” And so large-scale projects such as Dubai South – the 145 sq. km. “airport city” being built around the new Al Maktoum International Airport – along with others like the $17.4bn Dubai Creek Harbour at The Lagoons, could gain momentum as property prices recover. With that, there’s a new era of megaprojects on the horizon. And they’re just as pretty, but perhaps a little wiser, than before. O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

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How to Get a Job on a Megaproject

ubai’s Burj Khalifa and Abu Dhabi’s Mohammed Bin Rashid Tower may be among the UAE’s tallest buildings – but can they help you

climb higher up the career ladder? Despite the massive drop in both oil and property prices, the Gulf ’s real-estate business is powering ahead, with more job vacancies in the sector than any other industry, according to recent press reports. by Ben Flanagan

The biggest projects typically involve thousands of workers ranging from unskilled labourers to highly trained surveyors, architects and project managers. The upcoming Al Habtoor City in Dubai, for example, has involved approximately 5,000 construction workers – and after completion will employ thousands more, hailing from almost twothirds of the world’s countries. But does it pay off for construction professionals to work on high-profile megaprojects? Are they more likely to land a plum job in the future? Benchmark got the lowdown from Marcus Taylor, managing partner at the Dubai-based Taylor Sterling, which specialises in recruitment in the Gulf construction and engineering business. Having high-profile projects on your b e n c h m ar k m i d d l e e a s t | O c t o b e r 2 0 15

CV can indeed give job candidates a boost, Mr Taylor said. But a big project that’s a big flop can be an equally big turnoff to future employers, he cautions. Here’s the lowdown for potential recruits. Q&A with Marcus Taylor, managing partner at the Dubai-based Taylor Sterling: A number of new and revived ‘megaprojects’ are being announced in the Gulf region, such as Meydan One and the recently rebranded Dubai South. Are you seeing more recruitment opportunities as a result? There is definitely a sense of excitement in the air about the plans for development and re-development; people are starting to look past the insecure times, hopefully with a bit O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

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of wisdom. We have had a lot of disappointments over recent years, of exciting projects not reaching their potential. The World, Palm Jebel Ali and [Dubai] Waterfront for example. All were affected by the economic ‘glitch’ which was a dark time for the Gulf’s construction industry – except the ‘contract claims’ guys of course, who were having a great time. The only upside was reduced living costs… and many of the recruitment cowboys leaving their cars at the airport. The new projects that have been announced are really exciting for the UAE in particular, not just the big sparkly ones for which the region is famous, but also for the affordable housing projects. It’s all very well throwing billions of dollars into magical iconic developments, but we need something for those who will build it and work there. What kind of job roles are out there for the next round of large developments like Meydan One? Many of the projects are still in concept and cost stage so we are a little away from awarding the contracts to break ground. Obviously, the first on the ground will be the infrastructure cost and [project management] specialists like Parsons and engineering firms such as WSP. The tender and cost teams will be doing long hours and potentially biting off more than they can chew. So with exception of the developers’ sales teams, the immediate need is for pre-contract commercial teams and programme staff.

Having great projects on your resume is all very well, but what company you worked for is arguably more important for the employers that I represent

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Having great projects on your resume is all very well, but what company you worked for is arguably more important for the employers that I represent. It reflects in the culture, systems, processes and procedures used and, ultimately, if the project was completed on time, to specification and within budget. There are a number of projects that, if I saw on a CV, I generally would steer clear of as I know they were a disaster. The reason I do construction recruitment is that I have a passion for it; it may be from my father being an architect but I have a love of seeing the creation of these amazing projects rising out the ground. I would prefer to represent those candidates that worked on projects such as the Burj Khalifa because it was a fantastic project – and not just to have it on their portfolio.

Are the skills required of senior staff any different on megaprojects compared to smaller developments? It really all depends on what side of construction you work on. With the masterdevelopment plans it would be mandatory to have related experience. The synergy between all the elements is essential at that level, as a mistake could be catastrophic. And it wouldn’t be the first time major projects in this region have fallen foul due to lack of foresight, and paid a heavy price. Is working on a high-profile development like the Burj Khalifa a good career move? Do employers look at such candidates more favourably? It really all depends on what the employer needs. It will definitely command a better salary as mega high-rise experience is needed for projects such as the Burj 2020, [and] these candidates don’t grow on trees. But there are unique problems to be overcome on many projects that aren’t seen as ‘megaprojects’. If a client asks me for a [candidate with] high-rise experience I would equally run to those who worked on projects like Abu Dhabi’s Capital Gate; it’s not nearly as wellknown, but equally ground-breaking in its complexity. b e n c h m ar k m i d d l e e a s t | O c t o b e r 2 0 15

What is the recruitment market like in GCC construction, and are best practices always observed? Where do I start? It’s shockingly bad. There are no recruitment best practices here. I’m frankly ashamed to be called a recruiter in this part of the world. Ethics and accountability are thrown out the window to win a fast buck. Unfortunately, the big names that you would normally trust are the worst for it. My career before recruitment has always been in services and the majority of my business has been from the minority of my client base. However, the recruitment industry as a whole just works on a KPI numbers game. Most recruiters fail to realise that they are playing with people’s lives and the welfare of families. It amazes me that firms are not more selective with choosing candidates that will be representing them to potential new employees. We do all we can to avoid all the sales antics and be a true consultancy. If you can get the candidate a great job with a great company at the right cost, the rest will look after itself. My advice would be, always use a recruiter based in the GCC, get a reference of the consultant you want to represent you and, finally, chose someone who is industry specific and actually knows what they are talking about – and isn’t going to send your CV to every email address they have. O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

Work Megaprojects

Megaprojects require megabucks

by Ben Flanagan

arger developments are inherently riskier, and often involve higher initial infrastructure costs before the main construction can commence. And a complex mix of government, bond, bank and private financing is

often employed to get such developments off the ground. Because of the scale of such projects, construction is usually phased over years or even decades, with master-planned areas often involving more than one key developer and dozens of contractors. >>

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>> Here’s the lowdown on the money trail behind the region’s myriad megaprojects. How much money are the Gulf’s megaprojects costing? You’re talking hundreds of billions, if not trillions of dollars. A 2014 estimate put the value of Dubai’s top 10 megaprojects at a stonking $240 billion alone. The region’s governments are funding many of these grand developments – witness the construction boom in Qatar around its controversial bid to host the 2022 World Cup, for example. In Dubai, several government-related enterprises (GREs) are behind megaprojects such as the Expo 2020 facilities and what is now known as Dubai South, the massive airport city. The total cost of confirmed projects by GREs stands at $93 billion, it was reported last year. Yet some have voiced concerns over GREs corporate borrowing when not backed up with a strong cash flow. And how are these megaprojects financed? No one project is the same, with financing coming from a wide range of sources, from governments, bonds and banks – to the private investors and end-users of residential properties. Some large-scale projects are purely government-funded, such as the $20 billion UAE nuclear power plant – a ‘megaproject’ in the broadest sense of the word. Other projects, such as the $6.2 billion Mall of the World development, plan to rely on a mix of funding sources. Dubai Holding, the investment vehicle that is behind the plan to build the world’s biggest mall, said last year that half the financing would come from internal resources, and half through debt markets, sales of parts of the project, leasing revenues and partnerships. What specific financing challenges do megaprojects bring? The trouble with megaprojects is that they’re big, so initial costs can be higher. Craig Plumb, head of research for the Middle East and North Africa at consultancy JLL, said that the phasing of projects is one way developers can manage the immense cash flow demands involved in such projects. “Main financing challenges relate to phasing – some projects have struggled due to high upfront infrastructure costs,” he said. “The lesson that has been learnt is to develop these projects in a logical phase that allows the developer to plough back proceeds from the sale of early stages into later stages of the project.” 30

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How long do megaprojects take to build? Sometimes a decade or more. Think of grand master-developed projects such as Business Bay or Dubai Marina, where big towers are still under construction despite some residents moving in years ago. “If they’re announcing a megaproject that doesn’t mean that every single building within that megaproject is going to be ready at the same time. It’s a slow process,” said Richard Paul, Head of Residential Valuations at Cluttons UAE. “It will be a phased development. And depending on the size, that phasing could be over ten, 15 years… They’re not going to just build everything in one go. They’re going to make sure that the absorption rates are at a level that can accommodate whatever they are going to build.” How are residential megaprojects sold? Before the financial crisis, off-plan sales dominated the UAE property market. But in October 2013, the Central Bank introduced rules designed to cool the then rapidly rising property prices, in an attempt to stave off another market crash. The bank ruled that the maximum mortgage that can be granted on properties sold off-plan was 50 percent of the total value – making it more difficult for many homebuyers to stump up the required cash for a deposit. Mr Paul said this is shaking up how many big projects are financed. “Historically, other than the

If they’re announcing a megaproject that doesn’t mean that every single building within that megaproject is going to be ready at the same time. It’s a slow processi Bizri Tim Sincla

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infrastructure, the actual construction of the buildings would be paid for by the investors and the purchasers of those units – be it offices, apartments or villas – on stage payments throughout until practical completion,” he said. But now many developers are looking for other sources of finance. End-user investors may still put down an initial payment of, say 15 to 25 percent – but then not pay anything else until the property is ready and they can get a normal mortgage, instead of an off-plan one. “That makes it far more attractive to a lot of purchasers who don’t have to stump up such huge amounts of equity to do the deal,” said Mr Paul. Is that more risky for the developer? A bit – but there are advantages to this financing model. “There is less reliance on the individual – so the family who is buying that villa – in order to get the project done,” says Mr Paul. “And I think that’s a good thing. Yes it’s slightly more risky for the developer. But at the same time, they’re going to do their due diligence far more thoroughly in terms of the feasibility of a project, because they’re taking the majority of the risk over that development period.” Can I still buy off-plan with a mortgage? It can still be done, but many banks are reluctant to lend on projects that have not yet been built. Even those that do often prefer certain developers with a proven track record, such as Dubai’s Emaar. In Dubai all of the money developers receive from property sales go into an escrow account, which can only be used as approved by the local Real Estate Regulatory Agency. I can’t afford a 50 percent deposit. What other options are out there? More and more UAE developers have launched ‘affordable’ developments, geared towards those on middle incomes. Many of these offer staggered instalments over time, such as at the Nshama Town Square development in Dubai. Who’s buying residential properties in such developments? Figures specific to megaprojects are not available. But in the first half of this year, total investments in all Dubai real estate amounted to Dh53 billion, via almost 20,000 transactions, according to the Dubai Land Department. Of that, UAE nationals pumped in the most – at Dh11.5 billion, followed by investors from India (Dh7.8 billion), Britain (Dh4.7 billion) and Pakistan (Dh3.3 billion). b e n c h m ar k m i d d l e e a s t | O c t o b e r 2 0 15

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Mega Responsibility by Ben Flanagan

n ambitious megaproject spanning 10 islands in Sharjah has already stalled once – but Hayssam El Masri is determined this will not happen again. The Canadian executive, in his early 50s, is the president and co-founder of Shar-

jah Oasis Real Estate Company, which is behind a massive development being built along 36km of the UAE emirate’s coastline. And mega it is. Plans for Sharjah Waterfront City include 200 residential and commercial towers, 95 apartment buildings, villas and even its own tram system. It was officially launched at Cityscape Global in September – but the plan is not entirely new. It is in fact a revised version of a previously announced development called Nujoom Islands, which never saw the light of day. But Sharjah Oasis Real Estate Company has taken over the project, restructured the older plan, rebranded the development, and added new elements like a water theme park. The relative stability of the Emirates and its strong and transparent economy make Mr El Masri confident that Sharjah Waterfront City will be built – rather than something that, for the second time, remains on the drawing board. “We when launched our project during Cityscape a few weeks ago, it gave us more confidence that our plan, inshallah, will go through,” he said. “Due to the feedback and b e n c h m ar k m i d d l e e a s t | O c t o b e r 2 0 15

the high demand we got, we know we are going in the right direction.” The cost of the initial infrastructure and first phase of Sharjah Waterfront City is around Dh9.35 billion ($2.5bn), Mr El Masri said. Some estimate the total value of all phases of the 60 million sqft project to be in excess of $5 billion – although Mr El Masri said it is “too early to discuss these numbers.” His company has already started selling units, having taken reservations on 165 villas, which start at about Dh2.2 million. Apartment sales are set to begin in October, and demand is expected to be mainly from buyers from the GCC and wider Arab world, Mr El Masri said. With construction of phase one of the project set to begin in the fourth quarter of this year and complete in 2018, Mr

El Masri gave Benchmark the lowdown on why he expects a renaissance in UAE megaprojects. Q&A with Hayssam El Masri, president and co-founder of the Sharjah Oasis Real Estate Company We’re seeing a lot of announcements about grand-scale UAE developments. Is the age of the megaproject back, or did it never really go away? I think it will be back. When you have such a foundation and strong systems that are very transparent, this will encourage you to come back with more and more megaprojects. The UAE is not just an ordinary country. It’s a hub with a solid system, a transparent system. And this is what investors are looking for. O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

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But we live in an age of global economic jitters, painfully low oil prices and war in the wider Middle East. What risk does that pose to your project? In any business you do or any project you go through, there are risk factors you need to measure. But with the strong GDP, and the stability of the economy, this will make you think of a long-term plan – not only of the short term. So this is where we placed our investment: as a long-term plan, taking into consideration the curve that we might go through. Sharjah Waterfront City is a huge development. Where’s the demand coming from? Demand is coming from Sharjah, which has a high potential for residential. There is a need for mixed-used [developments], and also our location is very unique. You’ve said 100 units will be available to foreign investors. Do you expect to offer more than that? We’ll be offering more. Such megaprojects like this, of 60 million square feet, definitely will be implemented in phases. So each phase will have different numbers. [That 100] is for the initial two phases. How many phases will there be in total? I think it will reach six or seven phases. We’re aiming to have it [finished] within seven to nine years. This is what we aim for, but it’s too early to put a deadline because it all depends on the initial phases that we are going through, which are so far showing a very positive impact. Based on that, we will schedule the other phases. What challenges do megaprojects bring compared with smaller developments? When you have a megaproject of 60 million square feet, it’s a challenge by itself. And when you start… trying to have a combination of residential, commercial, retail and hotels – this too is challenging. And we still have a lot of challenges to go through. How is the project being financed? We have multiple financing schemes. We are working with financial institutions, we are working with banks. With such megaprojects, you need such cooperation. 34

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Has there been any progress on the city’s proposed tram system? We are applying right now for having a tram all around the city. It will cover a long range. We are working on that; it will be implemented, I think, in the third phase of the project. Alcohol is not allowed in Sharjah. But are you looking for ways around that, to see if you can get a license to open bars? No, I don’t think this is our interest. This is also about the ethics of our business [and] the area where we invest. Second, we have good potential clients that are looking for such a culture or environment like [there is in Sharjah]. And this is mainly our target client. You signed two initial agreements with hotel operators to set up at Sharjah Waterfront City. Are there any more deals in the pipeline? We signed with the Kempinski affiliate Shaza, and we signed with The Dusit. And there is more to come in the next phases, for sure. Your own background is in investment – partly in real-estate finance – and IT. Why did you make the jump to become a developer? It’s actually not a jump – it’s the same path. For the last eight to 10 years we’ve been working very closely with the developers. We understand the requirements. So we have very clear visions from the developer’s perspective, and from the investment background… Such experience will make you on the right track to implement megaprojects like Sharjah Waterfront City. Why does working on a big project like this appeal to you personally? It’s all excitement. It’s a city by itself. And you are living in a very natural area. This is where I dream to live – somewhere like this. 36

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Biography Hayssam El Masri is the President and co-founder of Sharjah Oasis Real Estate Company that is in charge of developing the Sharjah Waterfront City; a series of ten Islands interconnected by man-made canals. In his current role, Mr. Hayssam El Masri is responsible for ensuring the development & execution of Sharjah Waterfront City. His role is to define the overall project development process & success parameters. He is responsible for overseeing and attracting potential strategic partners and entering into strategic alliances with them to ensure the full development of the project. Under his leadership, Sharjah Oasis Real Estate is progressing towards its vision of spreading its operations across whole GCC while starting in Sharjah- UAE, Central Province and Eastern Province in KSA with total value of AED 21 billion. Mr. El Masri is also the founder of the Veyron, an Investment holding company which not only nurtures & provides a high growth platform to North American retail brands in the GCC, one of the fastest growing retail market in the world but also promotes entrepreneurship in the region while providing a chance to young entrepreneurs to become a part of Veyron growth story. During his 20 year career path, Mr. El Masri has established

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himself as a well-respected and resourceful businessman, a highly successful investor and strategic financial advisor for mega real estate projects. Mr. El Masri helps Board of Directors, CEOs, and entrepreneurs to achieve objectives for their companies that might not otherwise be possible. He has created and re-structured numerous financial companies, as well as successfully completed a number of acquisitions across the region. Before his current role, Mr. Hayssam was the Advisor to the Board of Directors and one of the key members of the Steering Committee of The Investor for Securities Co. (INVESCO), an Investment Banking firm based in Riyadh, Saudi Arabia. Mr. El Masri had closely associated with INVESCO from establishing it in 2007 to make it one of the best and largest asset management company of the Saudi Arabia in 2014. Under his helm, INVESCO had successfully launched various mutual funds including real estate, equity & Murabaha funds with combined asset under management of more than SAR 10 billion. Further to his stint with Invesco Mr. El Masri he also worked with Computer Associates Middle East as Director of Operation. Computer Associates was and still is one of the largest software providersâ&#x20AC;&#x2122; generated more than 4.5 billion U.S. dollars in revenue.

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Work Events Planner A lot has happened since the last Dubai Airshow in 2013. The ‘big three’ Gulf carriers have continued to grow their fleets, routes and global prominence; plans for the Dubai South city — formally Dubai World Central — around the city’s new airport have progressed; and the bitter row over alleged airline subsidies, fought very publically between U.S. and Gulf aviation rivals, has hit the headlines. So all eyes will be on this year’s show – which leads our guide to the top business events in October and November.

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3. NATRANS Arabia When | October 25-27 Where | Abu Dhabi National Exhibition Centr

Price: From $60 www.dubaiairshow.aero www.skyview.aero

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2. ADIPEC When | November 9-12 Where | Abu Dhabi National Exhibition Centre

Price: Free www.natrans-arabia.com

Energy is obviously big business in the UAE capital – and the scale of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) certainly reflects this. The four-day event, spread across 15 halls, is expected to attract 85,000 attendees, including some of the biggest names in oil and gas. The keynote address will be made by Daniel Yergin, the Pulitzer Prize winning author and authority on global energy markets. That’s just one part of the event’s vast agenda; you feel like you deserve a Pulitzer just for deciphering the brochure. Suhail Al Mazrouei, the UAE Minister of Energy, will be one of several ministers speaking, along with executives from ADCO, Qatar Petroleum, BP, Shell and Total. Even Sir Ranulph Fiennes, the ‘world’s greatest living explorer’, is billed to attend.

4. RSA Conference 2015 When | November 4-5 Where | Emirates Palace, Abu Dhabi Dubbed as ‘where the world talks about security’, this RCA Conference is part ofa series of global events for those involved in keeping us safe. There will be 50 sessions at the two-day Abu Dhabi event, covering topics such as critical infrastructure, cybercrime, policy and ‘security for a smart city’.

Price: $1,150 (4-day delegate pass) www.adipec.com

Price: $495 (academic/student) - $1,295 www.rsaconference.com

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In 2013, orders worth a record $206.1 billion were announced at the Dubai Airshow, which is held every two years. So expect some sky-high deals this year as the world’s aviation industry gathers for this megaevent. The UAE’s Etihad and Emirates will, of course, be in attendance, along with hundreds of industry exhibitors and dozens of conference speakers. The event – which began as the Arab Air Show in 1986 – is for trade visitors only. But the general public can buy tickets to the ‘Skyview at the Dubai Airshow’, and enjoy a grandstand seat for the show’s numerous flying displays. But tickets are *not* in general release for the concert by singer Katy Perry at the Dubai Airshow Gala Dinner – which is very much invite only. One suspects that the bosses of certain U.S. airlines won’t be top of the guest list, either…

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1. Dubai Airshow 2015 When | November 8-12 Where | Dubai South

The Gulf states are pumping billions into transport – with massive projects underway including the $22.5bn Riyadh Metro and the $15.4bn railway spanning the entire Gulf Cooperation Council, from Kuwait to Muscat. So there will be a lot on the agenda at NATRANS Arabia, an exhibition dedicated to rail, road and maritime transport. More than 2000 participants are expected, and the associated conference is set to have speakers including Abdullah Al Nuaimi, the UAE Minister of Public Works and chairman of the Federal Transport Authority – Land and Maritime.

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7. MYCONTENT 2015 When | November 3-4 Where | Dubai International Convention and Exhibition Centre

The value of Islamic finance assets is expected to increase by 80 percent over the next five years, to hit $3.24 trillion by 2020, according to State of the Global Islamic Economy report. Given Dubai’s aimto become a hub for the Islamic economy, there will be a lot on the agenda at the second Global Islamic Economy Summit. This year it will feature more than 60 international speakers, addressing areas such as finance, the halal industry and the digital economy. Over 2,000 policymakers, thinkers and business leaders attended the first event.

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Price: Online registration, fee TBC www.giesummit.com

Think you’ve got the next Arabs Got Talent up your sleeve? Well why not pitch it to the Arab Format Competition, part of the MYCONTENT show scheduled for November. The best 20 formats will be preselected, with three eventually presented at the show and judged by a panel – with the winner set to receive $10,000. The wider event, part of the Big Entertainment Show, is a marketplace for the selling, buying, financing and distribution of entertainment content across all platforms. Local and international participants are set to include Abu Dhabi TV, BBC World Services, Dubai Media Incorporated and The Walt Disney Company MENA, according to the organiser. Price: Online registration, TBC www.mycontent.ae

6. Middle East Franchise Exhibition When | October 20-21 Where | Jumeirah Beach Hotel, Dubai

8. International Coffee & Tea Festival When | November 11-13 Where | The Meydan Hotel, Dubai

Franchising has attracted much hype here in the Gulf region – but it turns out that building the next McDonald’s isn’t as easy as all that. For example, the Dubai-based JF Street Food, known previously as Just Falafel, once trumpeted plans to open 200 franchise branches in the UK. But earlier this year it closed the four London branches it did open, and dramatically scaled back its global ambitions. But there are still opportunities infranchising – both in bringing international brands to the Middle East, and launching homegrown names overseas. This exhibition will include special ‘Meet The Buyer’ booths for franchisors and investors to do business.

Benchmark would never underestimate the importanceof the barista – we know how dreary our mornings would be without those regular shots of caffeine. But does the process of making of a cup of joe really warrant five different competitions? The organisers of the International Coffee & Tea Festival certainly think so, with several championships set to take place at the upcoming UAE show. There the World’s Champion Baristas event, a competition devoted to latte art, and even one that judges the tasters of speciality coffee. Few could doubt the need for a trade exhibition catering to the UAE’s café industry, which is worth more than $350 million a year, according to the organisers.

Price: $50-$150 www.menafa.com/expo

Price: Online registration, fee applies www.coffeeteafest.com

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Price: $40-$100 www.realevents.com

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Photo Credit: giesummit.com

5. Global Islamic Economy Summit 2015 When | October 5-6 Where | Madinat Jumeirah, Dubai

9. Dubai Real Estate and Investments B2B Conference and Exhibition When | November 4-6 Where | Ritz-Carlton, Dubai (Jumeirah Beach Residence) The UK estate agency Knight Frank said earlier this year that a 12.2 percent decline in Dubai property prices in the year to June means that the emirate ranks bottom in its Global House Price Index – below Ukraine, Cyprus and even Greece. And yet, the highprofile ‘megaproject’ announcements continue – as this issue of Benchmark shows. This business-to-business real estate event, now in its third edition, is aimed at making sense of the market. It is geared towards government agencies, developers, legal experts, financial bodies and property agents.

10. Global Trade Development Week When | October 27-29 Where | Ritz-Carlton DIFC, Dubai Over 150 international speakers are expected to be present at this event, held in partnership with the UAE’s Ministry of Economy. It is aimed at decision makers from multilateral agencies, government ministries and private sector organisations, addressing issues such as cutting trade barriers, market access and globalisation. MukhisaKituyi, the secretary general of the United Nations Conference on Trade and Development, is scheduled to give the keynote address Price:Online registration www.kwglobaltrade.com

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Play | Motoring

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O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

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by SCott Armstrong

allow myself a small smile as I pull up to the lights, I can almost feel the irritation of the young Lamborghini driver as I roll up alongside him, writes Scott Armstrong. He of course expected to be the star attraction, cruising around the streets of Downtown Dubai, the Burj Khalifa staring down on us from its lofty vantage point. A crowd of passing tourists gawp at us, he revs his engine loudly for a moment, waiting for the lights to change. Then as red blinks to green he turns his head briefly, locks eyes with me before nodding his respect and then screaming off. I don’t chase, I don’t need to, if anyone was taking score I have already won. Instead I glide forward choosing my own path. The tourists in my rear view are still trying to frame selfies on their smart phones before I disappear from view. It seems I’ll be playing the starring role on a few Instagram accounts later. I guess they can be forgiven for mistaking me for a movie star, I am after all driving a Rolls-Royce Wraith ‘Inspired by Film’ limited edition, a car possessing all the grace in motion of a 1930s Hollywood idol on the red carpet. This Wraith maybe inspired by the Silver Screen but it doesn’t need a camera crew to capture its magic, this is a live show on an epic scale. The two-tone silver and jubilee silver gives the car the sleek look of Daniel Craig’s suited and booted James Bond in Skyfall. Inside I have almost as much tech as Bond has enjoyed over the past years, including heads up display speedometer and sat-nav projected onto the windscreen, a collision alert system and even the steering wheel vibrates if I begin veering out of my lane. The satellite assisted automatic gearbox, which instinctively knows where I am and ensures I’m always in the right gear, is something any spy involved in a chase would welcome. b e n c h m ar k m i d d l e e a s t | O c t o b e r 2 0 15

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The interior of the Wraith is as lavish as any captured on screen, resembling more the stunning yacht Bond sailed into Venice in Casino Royale. The Maccassar Ebony open pore wood trim that sweeps from the front and into the rear seats completes that look. And of course the tailoring of the leather seats is as impeccably cut as any of the super-spy’s suits. Somewhat surprising then that 007 has never driven a Rolls-Royce in any of his film adventures to date, but the Wraith ‘Inspired by Film’ could change that with insiders at the car company calling it ‘the Rolls-Royce James Bond would choose’. Certainly if MI6 come calling, the Wraith would be on my list of suitable 42

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company cars for such a profession. The dramatic lines of the Wraith’s fastback body, combined with the always surprising two carriage doors, means entrance to the most luxurious of locations is assured. Not even the most jobsworth of security staff would challenge the arrival of its occupant. This is confirmed to me in the real world environment as I pull up at the five-star Ritz-Carlton Dubai in Jumeirah. Here top-hatted staff greet ‘our’ (me and the car) arrival with admiring glances, before the valet proudly parks the car directly outside the main entrance. When I chose to come and go, I won’t be waiting. O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

Motoring Play

The Specs Engine / cylinders / valves V / 12 / 48 Power output @ engine speed 624 bhp / 632 PS (DIN) / 465 kW @ 5600 rpm Max torque @ engine speed 800 Nm / 590 lb ft @ 1500-5500 rpm Transmission type Eight-speed automatic / 8HP90 Top speed 250 km/h / 155 mph (governed) Acceleration: 0-60 mph in 4.4 sec Acceleration: 0-100 km/h in 4.6 sec Acceleration: 0-1000 m 22.4 sec Fuel consumption urban 21.2 ltr / 100 km / 13.3 mpg Fuel consumption extra urban 9.8 ltr / 100 km / 28.8 mpg Fuel consumption combined 14.0 ltr / 100 km / 20.2 mpg

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That is the ‘Rolls-Royce effect’, wherever it arrives, no matter how glamourous the occasion, the vehicle commands respect, in fact it earns respect, as do you as its driver. That confidence is as much a part of the Wraith ‘Inspired by Film’ as its 6.6 litre twin-turbo V12 engine, the assured attitude as expertly engineered as any physical part during the 450 hours it takes to create the fastest Rolls-Royce to date (which notches up 0 to 100kph in 4.6 seconds). The 624bhp delivers acceleration as thrilling as any high speed pursuit committed to celluloid, true power drives this 2360kg athlete forward like a pro-boxer. While movies rely on the crescendos of orchestral scores to add pace and excitement to what is happening on screen, the Wraith carries its own dramatic soundtrack under the bonnet. No mewling kitten desperate for attention (like some supercar engines) putting your foot down here unleashes a commanding deep growl akin to Liam Neesam’s Aslan the Lion. Like an A-list Hollywood actor turning down roles and only selecting those assured of critical acclaim, choosing the Rolls-Royce Wraith says a great deal about its elite owner. Even at the bespoke luxury end of the market there are an array of options which could be cast as your leading lady of the roads, ultimately it’s whether you have the self-belief to take to the world’s stage with the ‘Spirt of Ecstasy’ by your side. While many dream of auditioning, only a very few earn that starring role. O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

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A New Dawn for Rolls-Royce

hen you get goosebumps before you’ve even stepped into a car, let alone started the engine, you know the designers have done their job right.. Of course this being Rolls-Royce one expects perhaps nothing less than perfection from those at the drawing board, but with its new Dawn model they have raised what was a stunningly high bar, coming off the back of the Wraith and the Ghost. Launched online yesterday, Dawn has been billed as the ‘quietest drophead in the world’ and ‘she’ is aimed at a younger, more social, (ultra) high-net worth individual. 44

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Listen to chief executive Torsten Müller-Ötvös describe his company’s new creation and it’s difficult not to get swept up in the romance of this model. Words like ‘masterpiece’, ‘open-pore wood deck’, ‘waterfall effect’ and ‘intricate’ evoke images of a luxury yacht on land. Rather than wax lyrical at this stage we’ll let their film set the stage for Dawn’s debut in the Gulf. Simply scan the QR code to watch.

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Motoring Play

Rolls-Royce Dawn specs Dimensions Vehicle length 5285mm / 17.34ft Vehicle width 1947mm / 6.39ft Vehicle height (unladen) 1502mm / 4.93ft Wheelbase 3112mm / 10.21ft Turning circle 12.7m / 41.7ft Boot Volume (DIN) 244ltr – 295ltr / 8.6 ft3 – 10.4 ft3 Unladen Weight (DIN) 2560kg / 5644lb Engine / cylinders / valves V / 12 / 48 Fuel management Direct injection Power output @ engine speed 563bhp / 420kW / 570PS @ 5250rpm Max torque @ engine speed 780Nm / 575lb ft @ 1500rpm Fuel type 10:1 / Premium unleaded1 Performance Top speed 250kmh / 155mph (governed) Acceleration 0 – 100km/h 4.9sec Fuel Consumption Urban 21.4ltr / 100km / 13.2mpg (Imp.) Extra urban 9.8ltr / 100km / 28.8mpg (Imp.) Combined consumption / range 14.2ltr / 100km / 19.9mpg (Imp.) CO2 emissions 330g/km

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P l ay

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Ke m p i n s k i Vi l n i u s

o buildings sunbathe? Do they stretch towards the light, smiling as the rays warm their old bricks? Sitting in Cathedral Square in Vilnius, writes Scott Armstrong, I stare at the whitewashed Bell Tower. Basking in the sunshine

of a glorious day in Lithuaniaâ&#x20AC;&#x2122;s capital, this medieval structure seems to cheerfully stretch towards the heavens. >>

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>> Perhaps its clean surface is a simply a mirror reflecting my own easy, relaxed state of being, for when the sun shines on the Old Town of Vilnius, particularly the open expanse of Cathedral Square, there a few places better to be. Behind the Bell Tower, the equally impossibly white Cathedral sits, waiting for worshippers and visitors alike to plunge into its much darker, intimate confines. Out in the square, the bronzed statue of Gediminas, the Grand Duke of Lithuania who built this city, proudly watches over the mix of citizens and tourists. He

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too looks content with his afterlife in this beautiful spot, happy to pose for selfies, his legacy living on in social media. Above and beyond him you watch tourists climb the hill to the Gediminas Tower (he was a big deal in the 1300s so understandably stamped his mark on the city). From there visitors are rewarded with sweeping views of the Old Town below, a happy mix of white buildings capped with terracotta roofs, punctuated here and there by green parks and two rivers, the smaller Vilnia and the larger Neris, which eventually converge.

Itâ&#x20AC;&#x2122;s no surprise that Unesco has named this spot as an official heritage site, it is a treasure to be prize. Part of its proud history, woven into the architecture of the Cathedral Square is the five-star Kempinski hotel. Built in the 1900s, the property is rich with history. The neoclassical building was carefully renovated with special efforts to reflect and preserve the buildingâ&#x20AC;&#x2122;s historical roots, abundantly decorated facade, the neo-Baroque cupolas on the roof and the balconies. Its interior is a luxuriously light, with

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Where to stay For information of the Kempinski Cathedral Square visit www.kempinski.com/en/vilnius hotel-cathedral-square or scan the QR code.

How to get there Scott flew Turkish Airlines, flying from Oman or UAE to changing at Istanbul to Vilnius. For more details visit www.turkishairlines.com or scan the QR code.

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grand white columns, sparkling marble floors, crystal chandeliers. It’s bright lobby looks simultaneously minimalistic and modern and yet historic, a grand ballroom sympathetically brought bang up to date. This blend of past and present cleverly continues into its fine dining Telegrafas restaurant, which serves up a slice of cosmopolitan culture, managing to be upmarket and relaxed at the same time. That simple sense of clean luxury is also reflected in the rooms, which for a hotel in a city so old remain light and spacious, balconies leading directly out to views of the stunning Cathedral Square. It is also the perfect location from which to explore this surprising, and somewhat schizophrenic, city. Setting off from the Kempinski, turning right and skirting the square, the picturesque Pilies Gatve (street) waits to entice visitors into medieval Old Town, with cafes, shops and galleries secreted in the tumbled mass of history. This is one of those perfect old cities where you can plunge into narrow streets and find hidden treasures, with arts and crafts sellers, or jewelry boutiques featuring amber (the national gem of Lithuania). Explore, get lost, and find yourself again, emerging into the light of another main square lined with cosmopolitan retailers selling high fashion. It here on Pilies Gatve you’ll find some traditional Lithuanian fare on offer. Forto Dvaras is a well-known chain serving some of the nation’s favourites such as Cepelinai, a potato dumpling stuffed with meat, cheese or mushrooms. While Forto might not be fine dining, it’s a pleasant introduction to the local cuisine while one sits at its pavement tables watching life go by. Exiting the Kempinski and turning left you head towards Gedimino Prospektas, which reflects the other side of Vilnius’ character. This is the modern face of the city, an urban high street home to many of the top name brands, a seemingly endless promenade in which sophisticated bars and restaurants wait to refresh the shoppers. As day turns to night it offers a lively quarter for those in search of revelry. Kempinski’s relaxed refinement is a reflection of the easy-going Vilnius vibe. This is a capital city that one can explore without worrying about getting too lost, and where it inhabitants are imbued with a chilled-out chic. For indeed, if even the buildings seem to smile when it’s sunny what is there to worry about in this fine, fine city. O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

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Florence J ew e l of ita ly

by scott armstrong

tanding on the hilltop which is home to the Piazzale Michealango I breathe deeply as I gaze down on the city of Florence below, writes Scott Arm-

strong. The Arno River snakes through this jewel of Italy as the sun sets over the stunning sprawl of rich red terracotta roofs perched atop medieval buildings of all shapes and sizes, some washed in white, others summer yellows or burnt oranges. >>

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>> Even the lofty dome of the Cathedral of Santa Maria del Fiore in the Piazza del Duomo, which rises out of a sea of autumnal colours surrounding it, seems small from this height. One could almost think they were flying, and for a brief instant you understand how a wish to soar and swoop over the majesty below could inspire one of its most famous sons Leonardo da Vinci to conceive of flying. Soaking in the landscape, oblivious to those around me, I wonder if this view was the fuel behind Leonardoâ&#x20AC;&#x2122;s elaborate plans for helicopters and ornithopters all those centuries ago. Did he stand in the same spot as I now, centuries ago, formulating plans to make his dreams take flight? A romantic notion indeed, but then Florence is a city that throughout history has embraced the idea that dreams should be realised, that boundaries should be broken, and that humankind can always be more than it is, in so many diverse and different ways. Any guide book will tell you that Firenze, as the Italians call it, was the birthplace of the Renaissance. Its leaders (then the wealthy Medici family) supported the arts and scientific endeavor equally, creating the right cultural environment for people such as Leonardo, Michaelangelo, Botticelli to flourish. What the guide books and websites wonâ&#x20AC;&#x2122;t tell you though is that the spirt of the Renaissance lives on in Florence in a palpable way. It is, of course, steeped in history and culture, as you stroll through the streets you breathe in the past, but somehow, more than anywhere this traveler has been, its legacy resonates into the present. Having not the genius or poetry of the Great Men of the Renaissance it is perhaps difficult to translate the feeling of Florence into words on a page, but the vibrancy of the city and its residents is akin to a physical force. If you sit and watch its people pass by, whether young or old, you see that the spark of openness, of curiosity, of simply wanting to be alive and enjoy life, burns brightly still. Florence is a city not defined by the ghosts of its past, but inspired by them. 52

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It is a place to come for all in need of their own personal renaissance, not to escape the bitterness in the world, but to be reminded that hope, beauty, intellect and creativity remain as strong a force today as it was when Leonardo was a 14-yearold just starting out on his apprenticeship in Florence. Have I tempted you yet? Planning that trip now? So how to make the most of a trip to this beautiful city? Two answers, firstly ask a local and secondly just donâ&#x20AC;&#x2122;t worry about getting lost, explore. On point one, rather than book into a hotel my family and I were lucky enough to be connected with Apartments Florence â&#x20AC;&#x201C; apartmentsflorence.it â&#x20AC;&#x201C; run by young Florentines who love and know every inch of their city and who have hundreds of bespoke luxury properties dotted throughout prime locations. b e n c h m ar k m i d d l e e a s t | O c t o b e r 2 0 15

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Where to stay For hundreds of apartments check out apartmentsflorence.it

How to get there Many airlines fly into Milan, including Oman Air which operates a direct flight from Muscat to Milan. From there the excellent Italian train system connects to Florence.

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Our home in Florence was to be Barbadori, a chic modern (recently refurbished) two-bedroom apartment tucked away in a private alley but which was approximately 45 seconds walk to one of Florence’s most prized attractions, the Pont Vecchio. The ‘Old Bridge’ which has arched over the River Arno since medieval times is lined with jewelry shops. It is also one of the best locations from which to explore the city, with iconic landmarks in every direction. Visiting during the height of August’s heat the apartment’s air conditioning proved to be a real boon (rather than just a ceiling fan), and it provided the ideal retreat after long days of exploring. Booking with Apartments Florence also proved to be great move. We were ‘checked in’ by Francesco, one of those passionate Florentines who b e n c h m ar k m i d d l e e a s t | O c t o b e r 2 0 15

knows the city like the back of his hand. He sat with us talking through all the locations he felt, as a local, we should go. Forget the tour bus, he said, just walk, search, and get lost. Of course, we could not go too wrong as he circled our location and his top picks on a map. And so we set off in search of his recommendations, including heading through the medieval gate at the Piazzetta di San Miniato (passing the Fuori Porta restaurant where his girlfriend works), up the ‘Poggi ramps’, stopping halfway up to take in the Poggi rose gardens, before climbing to the top and the Piazzale Michaelango. Here a bronze cast of Michealangelo’s Statue of David looks down on the city below. It is here newly married couples come to have their wedding pictures taken, as gathered tourists part respectfully to allow them their big day.

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Returning to that view you scan the city and your map looking for all the landmarks. Beyond the Pont Vecchio, the Santa Maria del Fiore cathedral and its nearby Baptistery of St John, both wait for your visit in the grand Piazza del Duomo. To the right of the ‘Old Bridge’ the Piazzale degli Uffizi, where statues of Leonardo and Michaelango gaze upon the latest generation of artists selling their creations to passing tourists heading towards the Palazzo Vecchio. These and so many more sights are circled on the map. Florence is winding, twisting maze of a city where history intermingles with modern shops, urbane bars and sophisticated looking eateries. It is a place for the young or the young at heart, it’s a place to be inspired, fall in love, or re-affirm love, and simply refresh your soul. O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

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his is a man's world, this is a man's world. But it would be nothing, nothing without a woman or a girl.â&#x20AC;? So sang the noted feminist (ahem) and singer James Brown, and so Brooks Brothers latest Red Fleece collection for women is taking a little inspiration from the men and improving on the idea (as women normally do). Traditionally male patterns such as the regimental stripe blazer are given a makeover so you can march into the office full of girl power.

Silk Twill Red Fleece Dress (Navy) Dh1,090

The Womenâ&#x20AC;&#x2122;s Red Fleece Collection is available at Brooks Brothers stores located in Mirdiff CityCentre, Dubai Marina Mall, Yas Mall, Abu Dhabi Mall and Avenues Mall Kuwait.

Woodland plaid midi skirt Dh1,550

Cotton Poplin Shirt Dress Dh425

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Plaid Poncho Dh2,720

Woodland Plaid Griffin Dress Dh1590

Sequin Plaid Shift Dress Dh2,510

On The Sly Button Down Shirt Dh1,130 b e n c h m ar k m i d d l e e a s t | O c t o b e r 2 0 15

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rooks Brothers are taking a splash of rural chic and applying it to us city slickers this Autumn with its new Red Fleece collection. So itâ&#x20AC;&#x2122;s time to channel your inner lumberjack and head out into the urban wilderness with casual confidence. Get your Bear Grylls on and start making your own fire.

Camo Crewneck Sweatshirt Dh565

Regent Fit Plaid Sport Shirt Dh395

Thyme Chinos Dh430

Wingtip Lugsole Chelsea Boot Dh2,380

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Paisley Denim Sport Shirt Dh495

Wide Stripe Polo Shirt PurpleGrey Dh285

Brooks Brothers stores are located in Dubai Festival City, Deira City Centre, Mirdiff City Centre and a shop in shop in Galeries Lafayette Dubai Mall, The Avenues Mall in Kuwait, Yas Mall in Abu Dhabi and Abu Dhabi Mall. Milano Fit Vintage Washed Khaki Chinos Dh470

Thyme Shorts Dh395

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Play Top Five Properties For Rent

Top Five Properties For Rent

For more details on all these properties, and more, visit: Luxhabitat, Dubai's only high-end real estate brokerage and interior design company, at www.luxhabitat.ae or scan the QR code with your smart phone

Dh 450,000 per year Contemporary corner villa in Acacia Avenues

The essentials City Dubai Area Acacia Avenues Development Fulva Type Villa Availability Ready Lifestyle Private communities Bedrooms Five Bathrooms Five (fiveensuite) Built up area 7,000 sqft Pool Overflow, heated and cooled community pool, private pool

The essentials City Dubai Area Dubai Marina Development Marina Quays Type Penthouse Availability Ready Lifestyle Marina Living Bedrooms Three Bathrooms Three (oneensuite) Built up area 2,042sqft Pool Community pool

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Situated on a plot in excess of 12,000 square feet, this contemporary designed five-bedroom home offers family living and open-plan living in slick clean lined rooms. The entrance area has a vaulted lobby, entering in to a front to back lounge area. Completing the ground floor area is an open plan kitchen dining area, small stubby and staff quarters. Rising to the second floor by way of the private elevator or by using the open plan stairway, you will find a loft style upper lounge and bedroom. Continuing to the full first floor you will find the remaining four bedrooms, all offering ensuite facilities, balconies and entertaining space

Dh260,000 per year Three-bedroom duplex in Marina Quays, Dubai Marina

The Duplex offers a spacious and bright living area with breathtaking marina views. A long terrace facing the marina gives great entertainment and chill out space. The kitchen is fully equipped with oven, fridge and dishwasher. The bedrooms are located on the upper level and the Master bedroom has an ensuite bathroom, and two bedrooms share one bathroom. An additional room can be used as a study. O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

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Dh400,000 per year The essentials

Two-bedroom duplex penthouse in Botanica, Dubai Marina

City Dubai Area Dubai Marina Development Botanica Type Penthouse Availability Ready Lifestyle Marina living Bedrooms Two Bathrooms Three (twoensuite) Built up area 3,838 sqft Pool Community pool

This is a striking contemporary duplex penthouse with breathtaking Palm and sea views. In a thoroughly modern style, all of the rooms are bathed with natural light. A very open floor plan complimented with grey stone walls, black marble flooring and black leather features offers great living and entertainment space. The property is offered to market with all fixtures, fittings and furnishings, the full interior concept having been designed and executed by "Design by Carmen".

Dh500,000 per year Five-bedroom atrium-entry villa in Palm Jumeirah The essentials City Dubai Area Palm Jumeirah Development Fronds, Garden Home Type Villa Availability Ready Lifestyle Private communities Bedrooms Five Bathrooms Six (five ensuite) Built up area 5,000 sqft Pool Private pool

Entering the ground floor from the front of the property you are treated by a large open vaulted entry vestibule and central view through to the rear of the property and the open water. The ground floor in comprised of a large family room to the front of the property, open plan lounge and formal dining to the rear of the property, opening to the rear garden and private beach area. The large contemporary kitchen is located from the dining area and to the rear of this a large laundry area and store and private maids room with bathroom.

Dh365,000 per year The essentials City Dubai

Fully-furnished, serviced two bedroom apartment for rent

Area Palm Jumeirah Development Anantara Residences Type Apartment Availability Ready Lifestyle Seafront properties Bedrooms Two Bathrooms Three (twoensuite) Built up area 1,765 sqft Pool Community pool

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Located at the stunning Anantara Residences on the Palm Jumeira, this is fitted with everything you might need: beautiful and high quality furniture, kitchen appliances and every day housekeeping. Very functional layout features spacious living room, two ensuite bedrooms, closed kitchen and a balcony. With the stunning views across the whole Palm Jumeirah, the legendary Atlantis The Palm and the mesmerizing sunset, Anantara The Palm is the ultimate retreat within a busy megapolis. O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

Play Top 5 Properties For Sale

Top Five Properties For Sale

Price on application Duplex penthouse with remarkable views in DIFC

The essentials City Dubai Area DIFC Development Sky Gardens Type Duplex Availability Ready Lifestyle Luxury penthouses Bedrooms Five Bathrooms Five (three ensuite) Built up area 5,404sqft Pool Community pool

The essentials City Dubai Area The Lakes

Lavish and grandiose, this impeccable penthouse located in Sky Gardens DIFC is a remarkable testament to regality. Listed exclusively with Luxhabitat, it features top-end luxury furnishing in every nook and corner, this penthouse is apt for those who truly appreciate the finer things in life. Vaastu compliant and stylishly furnished in 2014 by Brian Lieb interiors, this penthouse features fittings one can only envision as futuristic. Luxury brands are pervasive in this penthouse; with plush fabrics from Fendi, mother of pearl walls by Maya Romanoff, designer furnishings by Cavalli, Louis Vuiton and Visionnaire and unique modern technology are all meshed together to adorn this 5,404 square feet penthouse. An acqua di parma scent has been installed into the air conditioners and is specifically designed for the apartment, to enrich the senses of this lavish home.

Dh22,000,000 Full golf course facing seven-bedroom Villa in Hattan, The Lakes

Development Hattan Type Villa Availability Ready Lifestyle Golf retreats Bedrooms Seven Bathrooms Seven (sixensuite) Built up area 8,100 sqft Pool Private pool

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Walk through the gates and be transported by tranquility. With a total plot size of 11,800 sqft it allows great space for families with children. The built-up area of 8,100 sqft is spread over a total of three floors. This villa benefits from marble flooring and several other tastefully chosen luxurious extras.The large living room area on the ground floor has access to an outside terrace, a wellmaintained large garden as well as a pool and a garden patio which can be used for barbeques or parties. O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

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Price on application The essentials

One bedroom apartment in DIFC, Dubai

City Dubai Area DIFC Development The Index Tower Type Apartment Availability Ready Lifestyle Luxury penthouses Bedrooms One Bathrooms Two (oneensuite) Built up area 890sqft Pool Community pool

This apartment with full BurjKhalifa and Downtown views is located above the 30th floor and offers 885 sqft of built up area. Accommodation comprises one en-suite bedroom with tiled flooring, smart systems and AC control, laundry area complete with washer dryer, large lounge area with impressive floor to ceiling windows, open luxury kitchen with high class fitted utilities. Index Tower is a multi-purpose building offering both residential and commercial, which is situated in DIFC.

Price on application Luxury seven-bedroom villa in Emirates Hills The essentials City Dubai Area Emirates Hills Development HT sector Type Villa Availability Ready Lifestyle Golf retreats Bedrooms Seven Bathrooms Eight (sevenensuite) Built up area 25,500 sqft Pool Private pool

Entering the villa through large double doors you are greeted by a huge open plan entrance area affording views through the property all the way to the rear garden and golf course. From this entrance area you have access to a large family area with doors opening to the rear garden and offering simply stunning skyline views. A grand staircase and private lift offering access to all floors including the basement and roof terrace. To the rear of the entrance hall a formal dinning area surrounded by glass and views to the beautifully-maintained and landscaped rear garden and pool area.

Dh 3,700,000 Upgraded 2 BR Duplex Loft with sea view in Sadaf / JBR The essentials City Dubai Area Jumeirah Beach Resident Development Sadaf Type Duplex Availability Ready Lifestyle Marina living Bedrooms Two Bathrooms Three (twoensuite) Built up area 2,120 sqft Pool Community pool

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It is one of a kind in the whole of JBR. Everything what you see and touch in this Loft is custom made. This stylish and chic loft apartment, is characterised by it's club elements, like soundproof flooring and obviously the breathtaking views over the palm and sea view. Architectural details and sizeable windows dressed with sheer wood on the floor compliment the neutral creams and warm shades with metropolitan feel. The floors are american oak, being real wood as opposed to a wood laminate, the open kitchen adds another space to the beautiful living area. O c t o b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

Play Events Planner Be prepared for a high-octane couple of months in the UAE, with the Formula 1 in Abu Dhabi, Dubai International Motor Showand Big Boys Toys exhibition all set to roar onto the social circuit.

1. MötleyCrüe, Abu Dhabi When | November 20 Where | Du Arena, Abu Dhabi MötleyCrüe are playing Abu Dhabi in November, the first (and last) time the iconic rockers will go on stage in the Middle East. The long-haired fathers – or rather, grandfathers – of glam metal will doubtless rattle through their best-known hits, which include ‘Dr.Feelgood’, ‘Girls, Girls, Girls’ and ‘Kickstart My Heart’. The UAE show date is part of the band’s ‘Final Tour’, which marks its last live performance dates after more than three decades on the road. And don’t expect MötleyCrüeto regroup in a few years when they run out of money for leather trousers or black eye makeup: The band signed a ‘group death pact’ to assure fans it will cease performing at the end of the tour. Price: From Dh195 www.ticketmaster.ae

Photo Credit: Yas Marina Circuit

Photo Credit: dubaimotorshow.com

Photo Credit: Alec MacKellaig, Wikipedia

Here is Benchmark’s roadmap to the best events in October and November.

2.Dubai International Motor Show When | November 10-14 Where | Dubai World Trade Centre From MötleyCrüe, to something for the motor-heads. The Dubai International Motor Show is set to feature more than 600 vehicles this year, with the latest from the world’s supercar, motorbike and automotive manufacturers. There are more than ten global car launches expected at the event, which will be spread over 15 halls of Dubai’s sprawling conference centre. Exhibitors are expected to include Alfa Romeo, Aston Martin, Bentley and Rolls Royce. Price: TBC www.dubaimotorshow.com

3. The Woman in Black When | October 10-16 Where | Madinat Theatre, Souk MadinatJumeirah, Dubai The stage production of Susan Hill’s ghost story has been haunting London’s West End for 25 years, but the thriller is in Dubai for a somewhat shorter run. The story follows a young lawyer obsessed with a curse that he believes has been cast on him and his family. But will he discover the secret of the Woman in Black?

4. Formula 1 Etihad Airways Abu Dhabi Grand Prix When | November 27-29 Where | Yas Marina Circuit, Abu Dhabi Another one for the petrol-heads. The Formula 1 returns to Abu Dhabi in late November, and the event promises to be bigger than ever, with the GP2 and GP3 as well as the final race of the 2015 F1 season. As in previous years, the thrills extend off the stunning Yas Marina Circuittrack, with four days of after-race concerts planned. Although the headline acts for Friday, Saturday and Sunday have not been announced, the British indie band Blur is rumoured to be making appearance. Previous after-race concerts at the Abu Dhabi F1 have included performances by Prince, Kanye West, Beyoncéand Paul McCartney. Price: From Dh356 www.yasmarinacircuit.com

PRICE: From Dh180 www.madinattheatre.com 64

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Is it a bird? Is it a plane? Nope, it’s a giant, human-powered flying taco… There have been over 100 Red Bull Flugtag events since the first in Austria in 1992, all seeing madcap homemade flying machines propelled off a six-metre-high deck and over – or, usually,into – water. Flying enthusiasts in the UAE will get another turn in November, when the colourful flying competition returns to Dubai. Teams entering the Creek Park Flugtag, which means “flying day” in German, will be judged on the flight distance achieved, creativity of the craft, and showmanship.

Photo Credit: dubaicalendar.ae

Photo Credit: www.redbullflugtag.com

4. Red Bull Flugtag 2015 When | November 20 Where | Dubai Creek Park

7. Dubai Comedy Festival When | October15-24 Where | Various venues, Dubai Stepping into Jon Stewart’s shoes was never going to be easy – but smooth-talking South African comic Trevor Noah is giving it a go as the new host of The Daily Show. Residents of the UAE can judge for themselves as Noah takes the stage during this month’s Dubai Comedy Festival. He is just one of several international and regional acts billed to perform during the 10-day festival. Others include American sketch-show star Dave Chapelle, comic magician Mac King and Arabic comedic talents including Bader Saleh and Ali Al Sayed. The main events will be held at a purpose built venue at Skydive Dubai while other comic performances will take place around the city.

9. Ice Warrior Challenge 2015 When | October 2 Where | Ski Dubai, Mall of the Emirates This physical endurance challenge takes place in desert Dubai’s most unlikely setting: the freezing cold slopes of Ski Dubai. There will be mazes, cargo-net crawls and other obstacle courses at the indoor invent, according to organisers. Prizes include dinner and spa vouchers, gym memberships and more. Participants should register online.

Price: TBC www.dubaicomedyfest.ae

Price: TBC www.facebook.com/skidxb

5. The Gruffalo Child’s Theater Show When | October 2-3 Where | Madinat Theatre, Souk MadinatJumeirah, Dubai Take a stroll through the MadinatJumeirah and you may just stumble across…the Gruffalo. The wildly popular kids’ book, by prolific children’s author Julia Donaldson and illustrator Axel Scheffler, has been made into a stage show, and is on in Dubai for two daysin October. The English-language, 60-minute show has songs, comedy, and gently scary fund aimed at kids aged three and above. Price: From Dh135 www.madinattheatre.com b e n c h m ar k m i d d l e e a s t | O c t o b e r 2 0 15

From supercar sand speedboats to hightech gadgets and pricey watches, Big Boys Toys is a celebration of everything that appeals to middle-aged men with money. The lifestyle event showcases the “greatest, fastest, sleekest, most unique and luxurious products” out there, according to the organiser, which bills it as “the ultimate playground”. Entry tickets for a single day start at Dh50, but premium packages include the Dh4,000‘Club Royale’ deal, which gets you entry on all four days, unlimited food and beverages, and vouchers to test-drive three supercars. Price: From Dh50 www.bigboystoysuae.com

Photo Credit: nyuad-artscenter.org

8. Big Boys Toys When | November 18-21 Where | ADNEC, Abu Dhabi

Photo Credit: bigboystoysuae.com

Photo Credit: dubaicalendar.ae

Price: Free www.redbullflugtag.com/uae

10. Noise from the Middle East 2 When | November 4 Where | NYUAD Arts Center, Abu Dhabi Billed as a ‘micro-festival’, this free music concert in Abu Dhabi seeks to showcase groundbreaking alternative artists from the region. Spotlighting electronic dance music, hip-hop, trance, and experimental electronica, there are four acts on show at the second edition of the event. They include Fari Bradley, a London-based Iranian musician, and members of the Palestinian group Tashweesh. Price: Free, reservations required www.nyuad-artscenter.org

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Play Health

Posture Perfect! Is work breaking your back? Read on to learn how to prevent and manage back problems caused by long hours at the desk.

hronic back pain is probably one of the most common complaints of desk-bound white collar workers. It’s not news that a sedentary lifestyle – likely spent sitting on an un-ergonomic chair - and long hours of staring at a computer screen – that is probably at the wrong height – is bound to place unnatural strain on the spine and muscles. Musculoskeletal conditions have been shown to be the second most common cause for visiting a doctor, with lower back pain and neck pain (sound familiar?) being the third most widespread cause. For many, these niggling back issues are mild enough to ignore and learn to live with - although they may be causing long term damage - but in some cases, it can get exacerbated. According to the NHS, around 15 million work days were lost in 2013, in UK alone, due to back pain. It is also estimated that about 1214 per cent of the adult population (in the western world) will visit a doctor complaining of low back pain within a given year. The good news is, it’s not a lost cause – a few simple changes in posture habits can help you reduce the onset of back pain and risk of more serious health issues. Here, DrVasileiosMitsis, Physical Medicine and Rehabilitation Specialist at Excellency Centers (a Dubai-based physical therapy centre), shares some useful advice on improving posture in the workplace:

Sit up Always sit straight, and avoid stooping. Make sure your feet are flat on the ground (use a footrest if your chair doesn’t have adjustable height), and your thighs parallel to your feet – the back of your knees shouldn’t be touching the chair. Your lower back should be

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supported by the chair (you can use a cushion if needed), and not dangling in mid-air! Eyes right Your computer screen should be level with your eyes, or slightly lower, and the centre of the screen directly in front of you. Your arms should reach naturally on the keyboard.If your desk isn’t at the right height, use something to elevate it – such as a stack of books. Ideally, you should be working on a desktop computer – laptops (as the name suggests) weren’t designed for continued use on a desk. Keep it neutral If your work requires repetitive unnatural movements – for instance, poring over books or documents – minimise the stress on your spine by keeping your neck in a neutral position. So, keep the document on an incline, rather than flat on the desk, to avoid bending your neck for long periods of timeto read. Similarly, if you use the phone a lot, get a headset. Also avoid causing strain by bending to reach for stuff all the time – organise your desk so the things you use often are within easy reach. Move around often Take at least five minutes for every hour spent at your deskto get up and stretch/ walk. Whether it’s to get to the water cooler or talk to a colleague, or by simply readjusting your position every now and then, it’s important to get your muscles to work differently. A good way to do this is to walk outside whenever you get a call on your mobile – automatically, you sneak some movement into your workday, while being courteous to colleagues in the process.

Stretch out Try these easy, unobtrusive neck stretches in the office – they’ll go a long way in controlling muscle stiffness and contraction due to disuse. 1. Move your head slowly to the back, looking upwards. Put one hand on the forehead and apply slight downwards pressure, stop when you feel a pull at the front side of the neck. 2. Tuck your chin in and look downwards towards your toes. Put one hand to the back of the head and apply slight pressure to amplify the move, stop when you feel a pull at the rear side of the neck. 3. Bend your head to the side (ear towards the shoulder), without raising the shoulder. Put one hand to the opposite ear and apply slight pressure, stop when you feel a pull at the opposite side of the neck. 4. Turn your head to the side, as if attempting to look over your shoulder. Put your hand to the opposite cheek and apply slight pressure, stop when you feel a pull at the side of the neck. Repeat on the other side. For all the exercises, keep each stance to the count of ten, then return slowly to neutral. They should be repeated a few times throughout the day, with 10-15 seconds gap between each set. Breathe normally throughout. Above all, it is essential to keep your muscles in good condition as prolonged inactivity causes them to become weaker, more contracted and tight – so regular exercise is essential. As little as 45 minutes of exercise two-three times a week, combined with maintaining good posture in the office, is enough to keep those back issues at bay.

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FOR SOME, THE NEED TO GROW JUST KEEPS GROWING. Successful businesses aren’t satisfied by the here and now. They prefer to ask ‘Where next?’ At HSBC, we have long believed in businesses willing to push boundaries and cross borders. That’s why we offer access to international trade growth solutions, as well as on ground experts in geographies that cover 87%* of global trade. With nearly 150 years of experience in supporting global businesses including 60 years in Oman, our global network can help your business make your growth opportunities possible.

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See how we can help your business www.business.hsbc.co.om/solutions

*Boston Consulting Group’s “Winning after the Storm” report: 2010 – 2020 growth forecast. Issued by HSBC Bank Oman S.A.O.G, P.O. Box 1727 PC 111 CPO-Seeb, Sultanate of Oman. OMM/CMP/150019 © Copyright. HSBC Bank Oman S.A.O.G. 2015. ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of HSBC Bank Oman S.A.O.G.

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