UAE doubles down on offering ultra-luxurious homes, hotels

The UAE is earning its reputation for offering ultra-luxurious hospitality to provide accommodations for those who seek a higher standard of living.

Aldar, the country’s largest residential developer, shattered records by selling an eight-bedroom mansion in Abu Dhabi for $109 million, the UAE capital’s most expensive home ever.

Located in the exclusive beachfront community of Faya Al Saadiyat, the 6,561 square-meter estate boasts a private car gallery, golf simulator, home cinema, wellness suites, and direct beach access, The National reports. 

In the northern emirate of Ras Al Khaimah, a new Hard Rock Hotel is hitting the high notes with plans to open in 2028 near Al Marjan Island, where the Gulf’s first casino resort is under development. The hotel, backed by RAK Hospitality and Malta’s db Group, will feature 300 rooms, 395 branded homes, and a vibrant events venue.

Outside of the country, Dubai’s Jumeirah Group operates a $50,000-a-night private island resort off Tanzania that is part of a surge in global investor interest in Africa’s luxury hospitality market, Bloomberg reports.

Etihad Airways, meanwhile, Abu Dhabi’s flag carrier, which is owned by sovereign wealth fund ADQ, announced on Thursday that it has received the first Airbus A321LR, featuring rare first-class seats on a narrow-body jet. It’s part of a 30-aircraft expansion that will form the backbone of the airline’s growth through 2028.

Financial advisors turn to Gulf’s ultra-high-net-worth families

More financial services firms that cater to ultra-high-net-worth families are popping up in the Arabian Peninsula as family offices emerge as one of the fastest-growing segments for wealth creation.

Octagon, a Dubai-headquartered family office-as-a-service firm, announced on Thursday it is now taking UAE clients.

The Great Wealth Transfer is forecasted to pass nearly $20 trillion from the older generations to Gen-X, Millennial and Gen-Z adult children and grandchildren over the next two decades.

This phenomenon will be acutely felt in the UAE and Saudi Arabia, where family businesses make up about 90% and 60% of private companies, respectively, according to government figures.

More family offices are cropping up to deploy this expanding pot of wealth as diversification from oil picks up pace in the region and opportunities for investment expand.

Octagon says it is geared specifically to family offices – for established and newly incorporated entities – with services including asset management, corporate services, business management and investment development in “lifestyle verticals” such as real estate, education and health.

Family office clients “have different wealth management perspectives – with more diversified portfolios, and a greater technology and impact focus,” the company said in a media release.