Schools, fairs and furnishings



December on the international design circuit means Design Miami - the limited edition design fair combined with the high octane glitz of Miami's arty party set. This year's predictably smaller affair had a vibe that Franklin Getchell, the partner of New York design gallerist Murray Moss, told The New York Times was "less competitive and more cooperative".

Call me cynical but we all know that dealers have had a duff year, watching their over-inflated prices plummet back to earth. As a result, more accessibly priced work by younger designers got more of a look-in; their refreshing approach seemed to be forget commercial, think conceptual. Regardless of sales, design creativity is alive and kicking. Naomi Campbell and her billionaire beau, the Russian property mogul Vladislav Doronin, were at Patrick Seguin's stand to see the Jean Prouvé prefab projects. They could have saved themselves the transatlantic schlep and seen them at Abu Dhabi Art. This year's designer of the year was the talented Maarten Baas, who also made an appearance at Abu Dhabi Art. Are we seeing a pattern here? The hot gossip among insiders is that next year's Design Miami will include 18th-century decorative arts. Hmm ... the jury's out on whether it's great that contemporary design will be viewed in a broader context or whether it has sufficient strength not to be overwhelmed by the antiques.

But for those who prefer to put their money into bricks and mortar rather than furnishings, the fabulous Elrod House in Los Angeles, designed by John Lautner, is on the block. Who can forget its magnificent 60-foot circular living room, as seen in Diamonds are Forever and Ironman ...? A snip at US$13 mill.

It's time to get back to making things. "I do nothing in the UK," Ross Lovegrove revealed at Dubai's recent IFI Congress, "because in the UK it's all about processing money, it doesn't make things [any more]." The UK's not the only place. After a septimana horribilis for Dubai, could it be time to shift the balance of power from the stock market to the factory floor? Lovegrove has in fact designed one product in the UK: his hugely successful bottle for the Welsh water company, Ty Nant. (The UAE water company Masafi approached him, but he thinks they baulked at his six-figure fee). It's time to start investing in research and development programmes and industrial design schools if this place isn't to end up over-reliant on tourism.

Lighting design wizard, Rogier van der Heide, was in Dubai recently explaining how his projects - from The Yas Hotel in Abu Dhabi to the "cloud of lights" installation in Tallin, Estonia - are all about getting under the skin of the client. "Why put so much effort into something temporary?" queried a local design student. Without missing a beat he responded, "It's down to designers to inject beauty into our lives." Whether permanent or temporary, the stuff around us should be designed well. Needless to say, the student saw the light.

Egypt has an annual demand for 500,000 housing units per annum, with only 150,000 being delivered. Small wonder that many interior design outfits in Dubai and its UAE neighbours are switching their attentions there. Egypt is putting its money where its mouth is by funding a design school - a move that will help to modernise the design industry. Dubai had similar lofty ambitions when it organised the ambitious International Design Forum two years ago, where it was announced that long term plans included a design school and an Arab Design Council.

Just the sort of initiatives that are crucial for forming and encouraging the next generation of creative entrepreneurs. Yvonne Courtney is the co-founder of design/publishing consultancy and ezine designtastic.net

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

Zidane's managerial achievements

La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

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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