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Desert Diary: Month 3

by | Apr 14, 2018

Investor’s Notebook

Desert Diary: Month 3

by | Apr 14, 2018

As Sydney Harbour fills up with the tears of lachrymose cricketers, transgressors of a law of the game, rather than of the land, one can’t help but think how hysterical the response has been, and ask why. How does the game of cricket, (cricket I ask you!), provoke such wailing and blubbing? It seems to be the case that the further up the ladder you climb as a player, the less you play for the reason you started. For fun. Yes, we all understand that the money at stake means winning is vital, but unfortunately it has spawned televised cheats who lost sight of the world around them. Messrs Smith, Warner and Bancroft aren’t alone of course. They just got caught. Lengthy bans, national outcry, peer group finger pointing…..all rather distasteful.

How refreshing, therefore, to be able to watch top sport played for fun here in UAE. That’s not to say there isn’t a competitive edge, but we are blessed with incredible facilities that attract the best in the world to train and compete, and it seems the sunshine calms them down. Perhaps it’s the rather genial crowds following them that help create a festival atmosphere, the sense of privilege we sand dwellers feel when strolling around the Emirates Golf Club watching Rory McIlroy smash it 350 yards down the immaculate fairways; the same fairways where, a week or so before, I may have topped it 200 yards into the rough.

No sandpaper, swearing, bile or vein popping anger from the sidelines. Just families on a day out getting up close to the action.

You can take your pick here in UAE, not just with golf, where the leader of the free world has built a very decent course in partnership with Damac, the property giant run by the highly respected Hussain Sajwani, but pretty much anything. New stadia are being built, smack bang in the middle of Dubai, as evidenced by the development of the 30,000 seater just off the Sheikh Zayed Road, on the sight of the old Dubai prison. Prime real estate, virtually adjoining the impressive new City Walk retail and residential scene, given over to spectators.

Cyclists can follow the Dubai Tour and the Tour of Abu Dhabi, where the world’s best compete. They can also give it a whirl themselves at the incredible Al Qudra Cycle Path, an 86 kilometer track consisting mainly of a 50 kilometer loop in the desert, where you will see oryx and gazelles. A welcome distraction from fluorescent Lycra.

The Mubadala World Tennis Championship in Abu Dhabi has played host to Novak Djokovic, Andy Murray and Roger Federer, and the Dubai Duty Free Tennis attracts an equally impressive list. Local events, sponsored by local businesses, showcasing the best in breed.

Yes, UAE, and Dubai especially, attracts clubs and players to train with the sun on their backs, making use of some of the best facilities on the planet. Pre-season, even mid-season, tours are commonplace, with Manchester United swapping their Carrington training ground in January for Nad Al Sheba, and the Trafford Centre for the Dubai Mall. No doubt a welcome shot in the arm for retailers as Paul Pogba, Romelu Lukaku and their wallets hove into view.

County cricketers make use of the incredible ICC nets, pitches and gym at Sports City, where Surrey (with a decent young seamer or two on display), Lancashire, Glamorgan and UAE all played a series of warm up matches at the end of March. Alec Stewart, Surrey’s Director of Cricket, could not have been more complimentary about the facilities, staff and logistics and, importantly, will be back next year.

And yet all round these marvellous tracks, courses and pitches are huge amounts of residential property development. The attraction is, of course, that you can walk from your apartment or villa, straight to the first tee.

However, the competition is as hot off the course as it is on. Whereas your four or five bedroom villa may have cost 4-5 million dirhams (GBP 750,000 to GBP 975,000) when purchased 3 or 4 years ago, the new four bed Damac villas at the Trump Golf Club can be snapped up for a starter price of 2.6 million dirhams (GBP 500,000), skewing the market somewhat, and making your 3 year old pad at, say, Arabian Ranches look slightly over-priced. Perhaps this was The Donald’s first trade war? It will be interesting to watch how this plays out in the coming months and years, especially in light of recent consolidation in the real estate market, with behemoths Emaar and Aldar entering into a “strategic alliance”, following on from a number of joint-ventures between Emaar and Dubai South and Emaar and Meeras), a trend that started in the smaller development market in order to compete more effectively with their larger counterparts. These alliances will give much more visibility to supply forecasts and will give investors a better gauge on market dynamics as the industry here starts to mature.

Of course, there are events where one just has to be seen. No, I don’t mean the Abu Dhabi Grand Prix or the Dubai World Cup (where one of the guests last year was the Prince of Seborga, an Italian principality with a population of 315, where he rather modestly carries the title “His Tremendousness”). No, I mean British Polo Day. BPD started life in Dubai in 2009, the brainchild of Dubai man about town and uber-connected Tom Hudson. So far he and his team have raised over $2.2 million for good causes and brings together the cream of UAE society. Sipping a surprisingly refreshing whisky cocktail concocted by the irrepressible Peter Prentis of Royal Salute, it seems perfectly normal to see retired Cavalry and Guards officers, or Oxbridge locals, mounting camels for a gentle chukka before the real business gets underway. Lunch. You can imagine you are at Lord’s or Wimbledon as the hubbub and cork popping gets louder and more frequent, the Bentleys are cleared from the pitch and the British Exiles take on the hosts, the fearsome Al Habtoors. All this at the Al Habtoor St Regis Polo Resort where the sport is taken very seriously indeed. Not just polo though, as the development encompasses town houses, luxury villas and apartments, and a return is required. They don’t seem very full just now, but they will be.

BPD takes to the road from June, travelling to New York, UK, China, Jaipur and Jodhpur, bringing together fun, interesting and generous people, creating smiles and doing good under the generous sponsorship of Chelsea Barracks. Amazing how sport and real estate can go together so well, and not a cry-baby in sight.

For further information about British Polo Day, please refer to www.britishpoloday.com

About Edward Atkinson

About Edward Atkinson

Ed has lived in UAE since 2010, owning and running the Padjet Consultancy. He has advised the Abu Dhabi National Energy Company (TAQA) and Dubai Expo 2020 on renewable energy and sustainability. Ed also acts on behalf of select companies and individuals raising capital from Sovereign Wealth Funds, Family Offices and other investment vehicles through his extensive network built up over the past 8 years. Prior to moving to UAE, Ed worked in the City of London. He has acted as Executive Producer and helped finance a number of film and television projects, including Last Orders, starring Michael Caine, Helen Mirren, Tom Courteney, Bob Hoskins and Ray Winstone. An avid cricket, rugby and golf fan, Ed can often be found exploring hitherto undiscovered areas of the UAE's excellent courses.

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