With its sleek lines, sculptural silhouette and refined materials, the Admiral is a quintessential Giorgio Armani design.
Instead of clothing, accessories and homeware, the famed Italian designer has transposed his signature elegance to a 72-metre mega-yacht, commissioned by a private buyer. The designer has teamed up with The Italian Sea Group, the largest shipbuilder in Italy, to bring the behemoth to fruition.
Due for delivery early next year, the ship was recently unveiled at an event at the Marina di Carrara in Tuscany, Italy. More than 650 guests, including shipowners, brokers, VIPs and international press, gathered to mark the occasion.
Highlighting how the yacht is an extension of his long-established design ethos, Armani also treated guests to an exclusive showing of his spring/summer 2023 menswear and womenswear collections. A shimmer of gold wound its way through the women’s pieces, which included long, liquid dresses, fluid jackets and weightless skirts. Sequins glimmered in the light, while mandala motifs contributed to a sense of lightness. For menswear, outfits were louche and laid back, but impeccably tailored, running through a palette of blues, inky purples and shimmering greys.
This same deft approach is seen in the interiors of the new yacht, which include refined materials such as Carrara marble, hand-crafted finishes and a masterful melding of vibrant and more subtle hues. Textured wall coverings in shades of grey set the tone in the boat’s massage room, while wooden floors are set against a column of striated marble in the gym. In the living area, marble floors are set against plush seating by Armani/Casa, with minimal accessories, to accentuate the simple, sophisticated aesthetic. A pool and lounge area round off the luxurious interiors.
Admiral is the first of two yachts designed entirely by Armani. The imposing exterior is defined by large, sharp, geometric volumes, which are softened with curves. Large, full-height glazed openings infuse the interiors with natural light, which can be managed via cleverly positioned sliding panels.
The designer approached the interiors as he would a piece of ready-to-wear clothing, combining form, function and craftsmanship. "The sea and design are two of my greatest passions,” says Armani.
“With this new collaboration, I have extended my idea of furnishing and decor to the nautical world, in which — just as in fashion — aesthetics and functionality come together in a natural and elegant style. This highly stimulating project has allowed me to create customised spaces with Armani/Casa, like made-to-measure clothing, with the same craftsmanship applied to the choice of materials, details and production.”
Admiral is the benchmark brand of The Italian Sea Group and has produced 148 yachts since its launch in 1966. “This megayacht, the result of an exciting partnership of which I am extremely proud, is further confirmation of our way of being able to realise unique projects with 'Made in Italy' brands that share our values,” says Giovanni Costantino, founder and chief executive of The Italian Sea Group.
“Giorgio Armani is synonymous with timeless elegance and sophistication, and his stylistic vision has also increased our stylistic sensitivity. This new yacht is projected to be positioned as a stylistic benchmark, also given the countless comments and regards we’ve received from various industry players. This, therefore, confirms our business model, which aims to customise every detail in order to make each of our works absolutely unique, in line with the vision and desire of each owner."
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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.”
UAE currency: the story behind the money in your pockets
