When London’s West End stores emerged from lockdown, a queue soon formed outside Louis Vuitton on New Bond Street.
It seemed perverse; the world was in the throes of a health crisis, struggling to cope with illness and death on an enormous scale. Everywhere fear abounded, about the virus and its effects.
Across the globe, people were afraid for their vulnerable and elderly relatives and friends, children were denied access to school, social lives ground to a standstill, planes stopped flying, mental well-being plummeted and job insecurity soared. Yet, here were people who wanted to spend thousands on a handbag or a pair of boots. It was perverse.
Was it, really? When they were asked why they were doing this, the shoppers replied that they wished to treat themselves, that while they were holed up in their homes, they’d dreamt of one day touching, smelling, buying the sort of quality product that “LV” specialised in. They could have bought online but they wanted to enjoy the experience of being cosseted and indulged, and indulging, again.
Confirmation that luxury products are different, that they cater for a need in human beings outside the normal, everyday humdrum of just getting by, comes this week from Rolls-Royce. The BMW-owned company sold 5,586 vehicles last year, an increase of 49 per cent on 2020 and the highest total in its history.
According to Rolls-Royce’s boss, Torsten Müller-Otvös, wealthy motorists realised that “life is short”. He said: “Quite a lot of people witnessed people in their community dying from Covid, that makes them think life can be short, and you’d better live now than postpone it to a later date. That also has helped [Rolls-Royce sales] quite massively.”
His analysis is borne out by the fact that soaring demand was across the board, it really was worldwide. As, of course, were the ravages of the virus. Just as 5.5 million people have died due to Covid around the world, so too has Rolls-Royce enjoyed a commensurate rise in sales. The boom was not confined to one market but applied to all of them — something again the carmaker had never seen before. Normally, while one country or region is up, another is down. That was not the case this time. China and the Americas saw 30 per cent sales increases, Europe was up 20 per cent and the Middle East 10 per cent. South Korea and Russia also did well.
The surge was not confined to Rolls-Royce. Bentley also enjoyed a 30 per cent rise, selling 14,659 cars. The best-seller for Rolls-Royce was its new SUV, the Cullinan, which retails at £264,000, although customers were lining up to design their own Rolls-Royce Boat Tail model for a mere £20m.
The sense of parallel universes was exemplified by semiconductors. Elsewhere in cars and other industries there was a chronic shortage of the computer chips. Factories in Asia, hit by Covid, were unable to manufacture enough of them to keep pace with orders. Their absence added to worldwide supply chain woes. But Rolls-Royce and Bentley don’t make as many cars as other manufacturers and therefore require fewer chips. In the case of the former, parent BMW was able to lend its weight to source the chips; similarly, Volkswagen, which owns Bentley, helped the British subsidiary.
The Rolls-Royce results come on the back of figures from elsewhere in luxury goods. Hermes International reported a more than doubling of sales, to pre-pandemic levels. Revenue climbed by 127 per cent in the Birkin handbag-maker’s second quarter, beating City estimates, and was 33 per cent higher than in the same period of 2019. Likewise, LVMH posted a 40 per cent gain from 2019 for its fashion and leather goods. Gucci and Prada have also reported buoyant trading.
As with Rolls-Royce and Bentley, the designer labels are more insulated from the production problems besetting the rest of manufacturing. They depend less on the use of technology and mass-produced electronic components and more upon the application of finer, natural materials and artisanal craftsmanship.
Nevertheless, it appears odd that one section of society should be splashing out on such items while the rest is wilting. Superyachts — 894 were sold last year, costing $5.2bn, up from 465 at $3.2bn the year before, according to VesselsValue — and rare wines are also enjoying a roaring trade.
Accelerating inflation, recession, slowdown in China and the US could all change the mood. For now, though, they must find something to do with that money
But wealth has climbed. Borrowing costs are low and stock markets are soaring (the S& P 500 was 27 per cent higher last year), making the super-rich even richer. Accelerating inflation, recession, slowdown in China and the US could all change the mood. For now, though, they must find something to do with that money. Normally, that would be the getaway trip to the villa or ski chalet, but that is off limits. Besides, they’re sitting on so much that a spot of retail therapy via a new Roller or bit of LV won’t make much of a dent in their fortunes. In the UK, sales of mansions and country estates are also powering upwards — so much cash is there floating around.
There is, too, an extra factor. Rolls-Royce reports that the average age of its buyer is now 43, down from 56 over the last decade. The younger owners hail from tech and crypto, from industries that are equally youthful and have prospered during the previous, Covid-affected, two years.
What’s occurring is that people want to enjoy themselves, that’s the effect of the pandemic — get ready for the outpouring of crazy celebrations when the outbreak officially ends. As F Scott Fitzgerald wrote: “Let me tell you about the very rich. They are different from you and me. They possess and enjoy early …”
While we can only stand and gawp, a few — and exclusivity is the point — lucky companies are reaping the benefit.
ELECTION%20RESULTS
%3Cp%3EMacron%E2%80%99s%20Ensemble%20group%20won%20245%20seats.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20second-largest%20group%20in%20parliament%20is%20Nupes%2C%20a%20leftist%20coalition%20led%20by%20Jean-Luc%20Melenchon%2C%20which%20gets%20131%20lawmakers.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20far-right%20National%20Rally%20fared%20much%20better%20than%20expected%20with%2089%20seats.%3C%2Fp%3E%0A%3Cp%3EThe%20centre-right%20Republicans%20and%20their%20allies%20took%2061.%3C%2Fp%3E%0A
AL%20BOOM
%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%26nbsp%3B%26nbsp%3B%26nbsp%3BDirector%3AAssad%20Al%20Waslati%26nbsp%3B%3C%2Fp%3E%0A%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%0DStarring%3A%20Omar%20Al%20Mulla%2C%20Badr%20Hakami%20and%20Rehab%20Al%20Attar%0D%3Cbr%3E%0D%3Cbr%3EStreaming%20on%3A%20ADtv%0D%3Cbr%3E%0D%3Cbr%3ERating%3A%203.5%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Need to know
When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
For more information: www.koreafestivaluae.com
The Abu Dhabi Awards explained:
What are the awards? They honour anyone who has made a contribution to life in Abu Dhabi.
Are they open to only Emiratis? The awards are open to anyone, regardless of age or nationality, living anywhere in the world.
When do nominations close? The process concludes on December 31.
How do I nominate someone? Through the website.
When is the ceremony? The awards event will take place early next year.
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Turning%20waste%20into%20fuel
%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
Saturday's results
Brighton 1-1 Leicester City
Everton 1-0 Cardiff City
Manchester United 0-0 Crystal Palace
Watford 0-3 Liverpool
West Ham United 0-4 Manchester City
THE BIO
BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
ASSASSIN'S%20CREED%20MIRAGE
%3Cp%3E%0DDeveloper%3A%20Ubisoft%20Bordeaux%0D%3Cbr%3EPublisher%3A%20Ubisoft%0D%3Cbr%3EConsoles%3A%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20Series%20S%26amp%3BX%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
KILLING OF QASSEM SULEIMANI
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
-
-
-
-
-
-
-
-
-
Political flags or banners
-
Bikes, skateboards or scooters
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
FA%20Cup%20semi-final%20draw
%3Cp%3ECoventry%20City%20v%20Manchester%20United%C2%A0%3C%2Fp%3E%0A%3Cp%3EManchester%20City%20v%20Chelsea%3C%2Fp%3E%0A%3Cp%3E-%20Games%20to%20be%20played%20at%20Wembley%20Stadium%20on%20weekend%20of%20April%2020%2F21.%C2%A0%3C%2Fp%3E%0A
Russia's Muslim Heartlands
Dominic Rubin, Oxford
A%20Little%20to%20the%20Left
%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3EMax%20Inferno%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20Mac%2C%20Nintendo%20Switch%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%26nbsp%3B%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
