Fergus Appleton is the founder and chief executive of Dubai Rocks, a hybrid online diamond jeweller and the UAE’s only British jeweller. The 38-year-old set up the business three years ago after his wife lost her engagement ring on the London Underground. While hunting for a replacement, he realised there was a gap in the UAE market for an online business sourcing diamonds and creating bespoke jewellery. The former head of a facilities management company in Dubai, moved to the UAE 10 years ago and lives in Jumeirah Park with his wife and two daughters ages five and two.
5:30am
I wake up and check my WhatsApp messages. Most of our clients like to communicate via the app and due to our international client base, I’m receiving messages around the clock. I reply to any outstanding queries and start getting ready for the day ahead. Getting dressed is easy, I mostly always wear jeans and a shirt.
6:30am
I get my kids up and ready for school. I help with the getting-dressed process and breakfast, then I drop my eldest daughter at school.
7:45am
My office is located in the Jewellery and Gem Complex between JLT and Ibn Battuta. The early part of the day is quiet on the merchandiser and supplier front as those guys don’t start work until around 10am. So I go through all my admin and emails, check the analytics on the website, the market prices and the gem prices. I check in with our SEO and Google ad agencies and make sure we’re hitting the right customer targets. I decided to launch the business online as it was more cost-effective. While we are online and that’s our showroom – we mostly see clients in our office.
10am
Now the industry is up and moving, I’ll check on the progress of the pieces we’re working on in the workshop and ensure we’re hitting client deadlines. We might have a customer stopping in Dubai for only a few hours on his way to an exotic destination where he’s planning to propose, so have to make sure the piece is ready. We make provision for airport deliveries if the customer isn’t here long enough to leave the terminal. The idea for the business came after my wife lost her engagement ring on the London Underground. It took three years to save for the replacement, which was bought in Dubai. When I saw how amazing the price was compared to the UK, the seed was planted.
11am
I check in with our diamond suppliers and make sure we have enough stock coming in. The most important thing to us is the quality of our products and the ethical sourcing of them. My aim is to bring transparency and integrity to the diamond market in Dubai, and the sourcing of our products is key in helping us achieve this. It’s taken me a while to establish the business, as many jewellers operating in Dubai have been here a long time. We’ve not had much push back from the established jewellers as we’re still small in comparison, however that might change as the business grows.
12:30pm
I pick up my daughter from school and take her home, where I’ll grab something for lunch. Something light, but I’m not fussy.
1.30pm
Back at work, I visit our workshops in person. I like to be involved so I can report to our clients on the progress and make sure any issues are picked up.
3pm
I collect any finished pieces to take back to the office. I’ll then send pictures and videos to the client and post them on social media. It’s a great tool for our business and we’ve had some amazing feedback via it. Jewellery is such an emotional purchase, people really invest a lot of time and energy into it. At present we’re very busy with Valentine’s Day. Business increases by as much as 30 per cent at this time. For the most part it’s men wanting engagement rings ready to propose on the big day. One piece we’re working on is a Princess Halo ring costing US$2,900 including the 0.7ct GIA certified centre diamond. We’ve sold rings costing from $400 to over $150,000, though most customers spend $2,000-$20,000, with the average around the $5,000 mark.
6pm
I head home to the family to be with girls before their bedtime. They eat dinner and my wife and I will put them to bed.
7.30pm
My wife or our helper will cook dinner. My wife is Mexican so we eat a lot of spicy food, which is great. After dinner, I spend a couple of hours catching up on emails or WhatsApp messages. Being a start-up means I’m constantly working and never really get time away from the business at the moment. Even on holiday I’m always on the phone.
10pm
I go to bed. I might watch Netflix for an hour or so with my wife, my favourite shows lately have been Narcos and Gilmore Girls.
11pm
I sleep well and don’t worry about the business. When you’re running your own company you need to learn to switch off, otherwise you’d go crazy.
business@thenational.ae
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Company%20Profile
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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
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.”
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
COMPANY%20PROFILE
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Small%20Things%20Like%20These
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
if you go
The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.
The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.
SERIES INFO
Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series
All matches at the Zayed Cricket Stadium, Abu Dhabi
Test series
1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March
Play starts at 9.30am
T20 series
1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March
TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube
Results
2.30pm: Handicap (PA) Dh40,000 1,700m; Winner: AF Mezmar, Adam McLean (jockey), Ernst Oertel (trainer).
3pm: Maiden (PA) Dh40,000 2,000m; Winner: AF Ajwad, Tadhg O’Shea, Ernst Oertel.
3.30pm: Handicap (PA) Dh40,000 1,200m; Winner: Gold Silver, Sam Hitchcott, Ibrahim Aseel.
4pm: Maiden (PA) Dh40,000 1,000m; Winner: Atrash, Richard Mullen, Ana Mendez.
4.30pm: Gulf Cup Prestige (PA) Dh150,000 1,700m; Winner: AF Momtaz, Saif Al Balushi, Musabah Al Muhairi.
5pm: Handicap (TB) Dh40,000 1,200m; Winner: Al Mushtashar, Richard Mullen, Satish Seemar.
Super Rugby play-offs
Quarter-finals
- Hurricanes 35, ACT 16
- Crusaders 17, Highlanders 0
- Lions 23, Sharks 21
- Chiefs 17, Stormers 11
Semi-finals
Saturday, July 29
- Crusaders v Chiefs, 12.35pm (UAE)
- Lions v Hurricanes, 4.30pm
