Beyoncé and a $100k-a-night suite at Atlantis The Royal

Beyoncé and a $100k-a-night suite at Atlantis The Royal

Beyoncé performs to headline the grand unveiling of Dubai’s newest luxury hotel Atlantis The Royal on January 21, 2023 in Dubai, United Arab Emirates.

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DUBAI, United Arab Emirates – It was the talk of the town. Actually from all over the country – and even more.

Beyoncé performed her first live concert in more than four years at a private event marking the opening of Atlantis The Royal, a $1.4 billion luxury hotel and residential project under construction for eight years and located on Dubai’s outer ring Located in Palm Jumeirah, a man-made beach archipelago in the Arabian Sea. The megastar was reportedly paid $24 million for the night.

The concert, which took place over the weekend, was the grand finale of the hotel’s “grand unveiling,” which included 1,500 guests including model Kendall Jenner, rapper Jay-Z and a host of other influencers, celebrities and royals.

The event, whose footage flowed to social media, showcased some of the hotel’s larger-than-life features, including a fire and water fountain coordinated with a light and fireworks show for the Beyoncé performance, eight new restaurants featuring celebrity chefs, and a seemingly endless Number of infinity pools.

The stats themselves are pretty mind-boggling. Made up of 43 floors designed to look like gigantic, layered Jenga blocks, the hotel is home to 795 rooms and suites, 17 restaurants and bars, and a whopping 92 swimming pools. Rooms average $1,000 a night, and the top-end suite at Atlantis The Royal easily costs $100,000 a night. Beyoncé is said to have stayed there.

The 99-acre estate, built by Kerzner International, is also home to 231 ultra-luxury residences, all of which have already been sold.

Models pose during the Ivy Park show at Nobu by the Beach during the Grand Reveal Weekend for Atlantis The Royal, Dubai’s new ultra luxury hotel on January 22, 2023 in Dubai, United Arab Emirates.

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“Following the gig, more fireworks than I had ever seen filled the sky with explosions,” City AM’s Steve Dinneen wrote of the event. “This joyous, unabashed display of wealth is incredibly hallmark of a city that prides itself on going bigger and taller than anyone has gone before.”

The launch of Atlantis The Royal is itself a symbol of Dubai’s meteoric economic recovery since the coronavirus pandemic and the emirate’s aspiration to become one of the world’s top three tourism, luxury and business destinations.

Already known for its often over-the-top opulence, glittering skyscrapers and record-breaking creations – like the world’s tallest building, the tallest Ferris wheel and the largest shopping mall – the city has transformed from a small fishing village into a bustling metropolis in just a few minutes The last few decades seem to be making a new statement.

“Ignite the next chapter of Atlantis’ legacy,” wrote Atlantis Dubai in an official tweet, along with a promotional video of the opening fireworks display.

Unlike the grand opening of Dubai’s first Atlantis luxury hotel, Atlantis the Palm, in 2008 – which preceded the worst financial crash Dubai has ever seen – the UAE’s commercial and tourism capital seems confident that economic growth will continue this time around will .

“We have ambitious growth targets for the sector over the next decade,” said Sheikh Mohammed bin Rashid, ruler of Dubai, in a statement after touring the property. “The UAE and Dubai aim to build on their strong partnerships with the private sector to bolster the country’s status as the world’s top destination for international tourists.”

“Our unwavering commitment to building an exceptionally secure and stable environment and world-class infrastructure over the past few decades has laid the foundations for a remarkable future,” he added.

Beyoncé performs to headline the grand unveiling of Dubai’s newest luxury hotel Atlantis The Royal on January 21, 2023 in Dubai, United Arab Emirates.

Kevin Mazur | Getty Images Entertainment | Getty Images

Indeed, economic analysts are noting a raft of new reforms and regulations enacted to reduce risk and allow more people to work and live in the majority expat city, including a remote worker visa, a ” golden visa” for wealthy individuals, and the liberalization of social reforms and 100% business ownership for foreigners.

Karim Jetha, chief investment officer of Dubai-based wealth management firm Longdean Capital, noted the parallels between the opening of the new Atlantis hotel and its sister hotel in 2008, which opened ahead of the economic crash.

“With an uncertain global economic outlook, a possible recession and a buoyant real estate market, the question naturally arises as to whether history will repeat itself with the opening of Atlantis The Royal,” he told CNBC.

But still, he said, “there is good reason to believe the economy is in a much stronger position this time around.” He pointed to the fortunes of the oil-rich Gulf region with higher hydrocarbon prices and Dubai’s growth as a financial center.

“Dubai is seeing a continued influx of affluent expatriates as well as digital nomads who are attracted by the quality of life and visa availability,” Jetha said. “Dubai is also gaining recognition as a financial services hub, underscored by several hedge funds opening offices there.”

The swimming pool of a luxury villa for sale on May 19, 2021 on Dubai’s Palm Jumeirah.

GIUSEPPE CACACE | AFP via Getty Images

Luxury real estate has been selling like hot cakes, helped by a surge of wealthy Russians and citizens of other ex-Soviet states moving to Dubai to escape instability and Western sanctions caused by Russia’s invasion of Ukraine.

Last year saw a record 219 sales in homes rated “ultra-prime” or sold for $10 million and up, according to real estate firm Knight Frank. That’s more than the cumulative total recorded in the decade between 2010 and 2020.

“The performance at the top of the market clearly demonstrates Dubai’s arrival as a luxury hub to compete with long-established markets elsewhere, with no sign of slowing down from the seemingly unrelenting demand from global ultra-high net worth individuals. said Faisal Durrani, the company’s head of Middle East research, in a Jan. 16 press release.

Among the Gulf’s wealthy, he said, “the United Arab Emirates remains the second most likely destination for a home purchase this year, after the UK.”

The risk remains that many people in Dubai who do not fall into the very wealthy category will be priced out by the market; People who make up a large part of the emirate’s economy. Many expats are already being forced to downsize as landlords demand rent increases of over 50%.

As property and rental prices continue to rise, Dubai’s dramatic recovery and ongoing rise – most recently highlighted by the grand opening of Atlantis The Royal – could leave some of its residents behind.