NEW YORK // The Sex and the City women who made Manolos and the Magnolia Bakery famous have another indulgence on their list this time around: Abu Dhabi.
However, most of the women who flocked to see Sex and the City 2 on its opening day in Manhattan were more interested in the clothes worn by the four stars than they were in the foreign city.
Women carried cupcakes as they queued for more than 45 minutes at the Lincoln Square Movie Theatre on Manhattan's Upper West Side, while chatter from the women who exited the theatre after seeing the film were mostly about the wardrobe assembled by the movie's famous stylist, Patricia Field; they gushed over those "beautiful flowy dresses" and "amazing Louboutin shoes."
"The best thing about the movie was the fashion," said Aliyah Donn, who will be visiting family in Dubai with her friend Jenna Wojciechowski next month. It will be Ms Wojciechowski's first visit to the UAE.
"I definitely won't kiss anyone over there," Ms Wojciechowski said. While the two girls lusted over the dresses and the "ethnic spice market" portrayed in the film, their friend Alexa Voskerichian, who was quiet for most of our brief conversation, interrupted to add her two cents: "I don't know how accurate all the portrayals were."
Her friends then paused for a moment and nod at the thought. "I haven't been to the United Arab Emirates in 10 years," Ms Donn responded. "Maybe it has changed so much since I last saw it."
Twenty or so blocks south, in Times Square, two mothers in their thirties, Kimberly O'Conner and Jennifer Jordan, are standing outside a cinema. Both women are dressed to the nines. Mr O'Conner is wearing a satin emerald-blue dress and open-toe heels, while Ms Jordan is decked out in a glittery dress, pearly gold shoes and a Gucci handbag.
In addition to the fashion, the mothers connected with the movie's portrayal of motherhood through the characters of Miranda and Charlotte. "We both totally related to them," Ms O'Conner said. In the film, Miranda and Charlotte bond over drinks as they lament how difficult it is to be the "perfect mother".
"I would love to go there one day. The scenery was wonderful and the culture is interesting," Ms Jordan said of Abu Dhabi. It was the first time either woman had heard of the emirate, though both were aware of Dubai.
Ms Jordan said the movie made her want to learn more about the UAE, and when I asked her if she could locate the Emirates on a map she immediately turned to Ms O'Conner for guidance. "Well," the latter said, "in the movie they say they were flying over Africa, so it should be somewhere around here, right?" she asked as she points to a spot on the map.
Though the fashion got a thumbs-up from the women of Manhattan, people in the UAE are not missing much else, according to critics. Since the movie premiered on Thursday, a slew of scathing reviews have been published.
Claudia Puig, a critic at USA Today, called it "tasteless," while The New York Times added its own critique of the much-awaited movie. Besides lamenting that the franchise has "diminished charm" the second time around, the Times concluded that the movie simply "isn't much fun at all."
Nevertheless, Sex and the City 2 is already a hot topic on Twitter, and stores such as Magnolia Bakery, which created a "Carrie cupcake," have capitalised on the buzz surrounding the movie.
No, the reviews haven't stopped women of "the City" from heading to the movie theatres. When she went to see the first SATC film Jordan Dottley stole into the theatre and had to share a seat with her friend, because she had failed to buy a ticket to the (sold-out) screening in time.
This time around, Ms Dottley is sitting on the floor of the Lincoln Square theatre with another friend, Brittany Blake, on opening night, a full 45 minutes before curtain, even though she said the first movie did not live up to its expectations. Ms Blake says she's here because "it's one of these movies that you just have to see."
"I liked the first one even though they said it's bad, and I heard this one is even worse," she said with a chuckle. "But whenever you see the skyline of Manhattan and hear the movie's soundtrack, you can't help but get excited," she added.
Except, this time, most of the movie is based in an entirely different continent. "Didn't they shoot the Prince of Persia there? Or the Prince of Egypt?" Ms Dottley asked rhetorically about the new locale.
She searched for the United Arab Emirates on the map and points to Egypt. "It should be here, right?" After scrambling for a few moments, she looked up and said, "it definitely isn't here, so where exactly is Abu Dhabi?"
* The National
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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.”
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
