Daniela from Bareface Models has her make-up applied backstage before the opening of Dubai Fashion Week on Monday.
Daniela from Bareface Models has her make-up applied backstage before the opening of Dubai Fashion Week on Monday.

Business as usual?



As a dressed-up crowd poured out from Walid Atallah's characteristically opulent show in Emirates Towers at Dubai Fashion Week just after 11pm on Monday, there were three key questions at play. Firstly, was the event a serious trade show or a bit of fun for invitation-circuit fashionistas? The quality of the day's presentations, more professional than in previous seasons, the brisk organisation and the packed buyers' section of the audience implied the former. The strangely late-at-night shows, though, placed it more within the category of evening amusement rather than a typical working day for those whose job is to attend such presentations. Rohit C Sabhiki, the event director for Dubai Fashion Week, justified the peculiar hours by comparing it to New York and Paris fashion weeks.

"We start shows at four in the afternoon, so I really wouldn't say it's the evening," he says. "And at a lot of places fashion weeks do end up at nine and 10, in New York and Mumbai for example. I think when we have 90 shows in seven days we might even start shows at nine in the morning like New York." When there are 18 shows over four days, though, would it not be wiser to start at, say, 12pm and finish at 6pm?

Secondly, will it be a season of lean, sleek, focused, recession-friendly collections or one of wildly extravagant business as usual? While the choreography of some of the day's shows and the coherence of their aesthetic acknowledged the new austere mood that has taken hold across the fashion world, others continued to push the escapist approach that has served them so well in the past - perhaps showing a little more understanding of the Dubai market.

In the case of Atallah, the Dubai-based Lebanese designer, both styles were exhibited, the show starting with a series of stark, figure-hugging black gowns graphically but sparely accented with crystals, and ending with several frothy, Swarovski-encrusted fishtail wedding dresses. The Bollywood favourite Vikram Phadnis - a former choreographer - began his dramatic show with a group of models walking zombie-like down the catwalk to a sinister tambourine beat. But while his palette was limited almost entirely to black and gold with a few jewel shades thrown in, the rich embroidery and beading of his tailored jackets, dresses and churidar trousers was as uncompromisingly exquisite as ever.

Charu Parashar, whose new bridge line Utpala will be shown today, was at DFW to watch the collections of Walid Atallah and her friend and fellow Indian designer Vikram Phadnis, and her view was that most designers have the cash-strapped buyer in mind with their current collections. "A fashion festival is a luxury thing to put across and the recession is affecting it. The orders have reduced, and the price point is also very important at this time. The buyers are not looking at ordering the high-end stuff, very exorbitant things: they want good prices and they have reduced their orders. The designers are keeping in mind something that will quickly sell and help them just sail through this recession."

Sabhiki confirms that local buyers are attending. "I have registrations from Harvey Nichols and from boutique stores in Dubai like Luxecouture and S*uce. It's a mix of high-end retailers and small designer boutiques. "Like any other fashion week," he adds, "there are three ingredients: designer, media and buyer, and the object is to get them together." None of which explains why a boutique such as Studio 8 would decide to show at DFW: it presumably is not looking for other boutiques to stock its brands in the area, but rather to appeal to its projected high-end clientele when it opens later this month.

Of course, there is also the matter of the rich private clients for whom the recession represents little more than a blip in their financial situations, and certainly nothing worth compromising on fashion for. At Atallah's show, the atmosphere in the room noticeably relaxed as his gowns left behind the austere black and returned to his usual richly embellished and ruffled style, with his following of glitzy Dubai ladies applauding enthusiastically for the tulle and lace concoctions. Perhaps, after all, in the absence of department store buyers, the social fashionistas are the ones to concentrate on.

"I just finished with Wills Lifestyle India Fashion Week," says Parashar, "and there we get an immense number of serious buyers, but this time we did not get buyers from Europe and America. I have presence in two stores in Dubai through DFW, so it's worth coming back here, and you develop your personal clientele." Ah, Wills Lifestyle India Fashion Week... The successful Delhi event brings us to the final source of confusion: is Dubai Fashion Week a Middle Eastern fashion week or a pan-Asian one? While home-grown designers such as Atallah and Rajiv Nihalani, whose kitsch label Royal Rickshaw had its first outing on Monday, have a supportive following at the event, many of the designers have already shown their labels at other fashion weeks such as WLIFW. Sabhiki explains the requirements for showing at DFW: "It's by invitation from the advisory board, but there are certain criteria: you are a designer based in or selling from the region, you have a good business establishment, you are capable of producing and selling."

This does not exactly narrow the field, but in the short term it could be a canny move: having exhibitors with long fashion industry experience exhibiting their wares can raise the game for young designers such as those in the emerging talent scheme, whose group show opens this afternoon's schedule. This is, after all, an event in its infancy, with just four seasons behind it, and its organisers could certainly do worse than to look towards the methods and standards of other successful second-tier fashion weeks around the world.

It also reflects a wider change in the industry: as buyers' and editors' travel budgets are slashed during hard times, the designers find it expedient to tour their collections to likely markets rather than wait for the industry pack to reach their home market. For Sabhiki, Dubai has the potential to be the central fashion week not only for the Middle East but South Asia too. "This region definitely needs a fashion week - I'm talking about the GCC, Middle East and to an extent South Asia - because of the huge demographic of consumption of designerwear here. Dubai is one of the most cosmopolitan cities in the world, and people all around the world can identify Dubai."

What Dubai Fashion Week is beginning to prove it can do, in any case, is to provide collections that combine the traditions of a strong eastern aesthetic with the key trends that have occurred throughout the fashion world all season. The harem pants, the structured volume, the stiff ruffles and the sculptural silhouettes are all present and correct, but here they incorporate the vibrant colour of Raakhee Raipanchola's silken block shades, Atallah's over-the-top crystal embellishment, the fluid wearability of Ekta Singh or the rich brocades of Phadnis. And as long as Dubai's fashion has a distinctive identity to sell, it will be worth creating a fashion week from which to showcase it.

gchamp@thenational.ae

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950