Though we're still in the grip of midsummer heat, the racks in a lot of big-name fashion stores are already teeming with the first batches of the new autumn/winter collections. If you're looking to buy for your two-week holiday in the Med, you better act fast - the depleting stocks of strappy dresses and swimwear are now being cleared to make way for the new season's crepe dresses and woollen trousers.
It's an irony that's not without some benefits, though. The freezing ferocity of the air conditioning we endure in most public spaces here (this office included) means knitwear is very much a part of the UAE summer wardrobe well into October, and the arrival of these new season collections is a good time to expand your selection.
While it used to be an acquired taste or at best a dull, uniform essential, knitwear has really smartened itself up in recent seasons, and on the Autumn/Winter 2012 catwalks it became a statement piece. At Chloé, oversized jumpers were paired with baggy trousers in contrasting textures and prints; Moschino Cheap & Chic showed fine knitted dresses and sweaters in bright jewel tones; Armani went all out for colour with sweaters in bright orange, while Rodarte showed us chunky prairie-inspired cardigans.
For our purposes, knits in fine, lightweight fabrics such as linen, cotton and cashmere are the best choice - they're slim-fitting, thus flattering and easy to layer. A good thing to remember is that the higher the gauge knit (eg 12 gauge, 14 gauge) the more refined the fabric is. Buying it is a simple exercise that can be summarised in one word: investment. It doesn't have to be Dh7,000 Donna Karan cashmere (especially if you're slinging it on every time you come indoors), but making a single substantial purchase wins out over owning a dozen flimsy synthetic hybrids every time. Cheap mixes of acrylic, viscose or nylon are a false economy; no matter how gently you treat them they will begin to lose their shape after just a few washes - and that's if they don't bobble first.
A reliable source of superior knitwear is JCrew (a premium version of The Gap, for non US readers), which has an extensive knitwear department. Their fine-knit merino sweaters start from around Dh300; their cashmere range - cardigans, sweaters, T-shirts and tunics - from Dh800. You can order direct from their website (shipping to the UAE is Dh130 flat rate), or from a smaller selection at Net-A-Porter, where highlights include some great slubby linen knits by the cult US label Rag and Bone and thigh-skimming slouchy cashmere cardigans by Joseph, complete with leather elbow patches (Dh1,742). Perfect that preppy/college professor look.
Reiss can always be relied upon for well-priced knitwear in quality fabrics, and they've done really well this year with their new collection of ultra lightweight sweaters, cardigans and cover-ups in muted, natural tones of blues, greys and pinks. Another favourite find is at Harvey Nichols, where Vanessa Bruno's latest collection includes a fantastic Fifties-style alpaca sweater in anthracite, detailed with offbeat cutouts at the collar and hem. It's relaxed yet elegant. Wear it with a pencil skirt and heels for an easy, stylish officewear option.
In terms of how to care for your charge, a word from the wise: don't risk that wool cycle option on the washing machine. The Laundress (Bloomingdales, Dubai Mall) has a range of home laundry shampoos, sprays and brushes specifically for wool and cashmere, plus a list of care tips on their website, www.thelaundress.com. Ideally, though, you should dry clean every time. A big investment deserves protection.
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.”
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
