Villa Moda, the Kuwaiti luxury fashion retailer, has plans to enter the hospitality and property sectors following the company's announcement to partner with the UAE's DIFC Lifestyle Group.
"We really wanted to expand the brand beyond fashion and retail, so we are now looking into developing hotels, spas and residential areas in the GCC area, as well as India," said Sheikh Majed Al Sabah, the founder of Villa Moda.
Abdulla bin Hamad bin Sugat, the chief executive of DIFC Lifestyle, said the company had acquired more that 70 per cent of Villa Moda. "Our role right now is to finance the new projects and extend the brand's presence in developing countries like Egypt, India and the North African region," he said.
Both companies will work closely on diversifying the Villa Moda brand, with the aim of making it a global player in areas including art, hospitality, property development, well-being and food. Towards that end, Al Sabah Art and Design gallery will be opened in Dubai early next year.
DIFC Lifestyle Group announced last month that it had acquired a majority stake in Villa Moda. DIFC Lifestyle is the newly formed entity of DIFC Investments, the investment arm of the Dubai International Finance Centre, and offers an environment of high-end fashion, dining, modern art and culture.
"We share the same vision with DIFC Lifestyle, which is to develop projects that are not traditional, because the GCC is already saturated with malls that follow the same concept," said Sheikh Majed.
Mr bin Sugat said Villa Moda, which is listed on the Kuwaiti Stock Exchange, was already a well known brand in the GCC. "We are looking at developing projects in the GCC and Villa Moda is already known in this region, so will save us marketing costs," he said.
Sheikh Majed added that the global credit crunch was unlikely to affect luxury buyers, who remained financially stable even amid troubled times. "In our business we have been through the worst. Take the Iraq-Kuwait war, for example. We managed to survive that, so I think a global economic downturn will have little impact on our business."
To safeguard itself against potential problems, the store will offer a range of products and prices. "This strategy worked well during the war, and we want people to feel comfortable coming into the store knowing that there is something for them," said Sheikh Majed.
Villa Moda's subsidiaries include Villa Moda International, Villa Moda General Trading and Contracting, Villa Moda Qatar, VM Emirates and Villa Moda Fashion Bahrain. The company also has jointly controlled entities and associates in Qatar, Bahrain and Singapore.
Further details of the company's plans for development and budgets allocated to those projects would be released by the end of the year, Mr bin Sugat said.
abakr@thenational.ae
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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
Company%20profile
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Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
MATCH INFO
Championship play-offs, second legs:
Aston Villa 0
Middlesbrough 0
(Aston Villa advance 1-0 on aggregate)
Fulham 2
Sessegnon (47'), Odoi (66')
Derby County 0
(Fulham advance 2-1 on aggregate)
Final
Saturday, May 26, Wembley. Kick off 8pm (UAE)
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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Company%20Profile
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COMPANY%20PROFILE
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Results
2pm: Maiden (TB) Dh60,000 (Dirt) 1,200m, Winner: Mouheeb, Tom Marquand (jockey), Nicholas Bachalard (trainer)
2.30pm: Handicap (TB) Dh68,000 (D) 1,200m, Winner: Honourable Justice, Royston Ffrench, Salem bin Ghadayer
3pm: Handicap (TB) Dh84,000 (D) 1,200m, Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
3.30pm: Conditions (TB) Dh100,000 (D) 1,200m, Winner: Dark Silver, Fernando Jara, Ahmad bin Harmash
4pm: Maiden (TB) Dh60,000 (D) 1,600m, Winner: Dark Of Night. Antonio Fresu, Al Muhairi.
4.30pm: Handicap (TB) Dh68,000 (D) 1,600m, Winner: Habah, Pat Dobbs, Doug Watson
UAE-based players
Goodlands Riders: Jamshaid Butt, Ali Abid, JD Mahesh, Vibhor Shahi, Faizan Asif, Nadeem Rahim
Rose Hill Warriors: Faraz Sheikh, Ashok Kumar, Thabreez Ali, Janaka Chathuranga, Muzammil Afridi, Ameer Hamza
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
UAE SQUAD
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan
Opening Rugby Championship fixtures: Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
Specs
Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
On sale: Now
Company%20Profile
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More from Neighbourhood Watch:
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
JOKE'S%20ON%20YOU
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5