Not one but two hotly anticipated new shops opened in the UAE this weekend.
In the capital, Urban Outfitters unveiled its latest venue in Yas Mall, while in Dubai, Anthropologie opened its first UAE outpost at The Dubai Mall.
Visitors to the capital's Yas Mall can now enjoy the new store, which is part of a larger Dh500 million refurbishment that is taking place over the next 18 months. The project will herald the arrival of many international retail outlets at the venue, including an Ethan Allen.
The opening marks the first Urban Outfitters in the capital, building on the success of The Dubai Mall shop that opened in 2019.
As with all Urban Outfitters shops, the new arrival offers laid-back, slightly preppy, streetwear, accessories and footwear (think Vans, Fila and Champion) to an audience of ages 18 to 30.
With its range of kitsch collectibles, sunglasses and easy-on-the-pocket prices, it has won legions of fans the world over.
Since being founded in Philadelphia in 1970, Urban Outfitters has made its name offering fashion cross the genders in muted tones, with plenty of jeans, layerable tops and low-top trainers.
In Dubai, meanwhile, Anthropologie opened its doors at The Dubai Mall.
A sister company of Urban Outfitters, both were founded by URBN chairman and president Dick Hayne, and Anthropologie opened in 1992.
Aimed at an older, largely female crowd, the shop taps into a creative slant with plenty of patterning that runs across floaty dresses, boho jewellery and even printed bed linen.
Filled with big name brands such as Levi’s, Birkenstock and Calvin Klein, the collection is aimed at what the company describes as its five muses: "soft & delicate; boho chic; easy cool; elegant classic and modern sporty."
Filled with everything from homeware to arty books, it is safe to say there is plenty of choice at the new Dubai branch.
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Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
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Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
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Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Al Ghaf Honey
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Sidr Honey
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Samar Honey
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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.”
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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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Titan Sports Academy:
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Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE
Telephone: 971 50 220 0326
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