DUBAI// Justin Bieber books, shirts and collectibles have been flying off the shelves ahead of the Canadian singer's shows in Dubai.
Stores reported an increase in sales of T-shirts, mugs and posters featuring images of the star as fans thronged to buy souvenirs of their favourite pop idol. The singer himself was at the Dubai mall on Sunday and was photographed coming out of the Givenchy store.
Demand was so high that bookstore Borders ran out of Bieber titles. "We have ordered fresh stocks, especially of his biography," said a store assistant at an outlet in Mall of the Emirates. "We totally sold out last week. These books have been going like hot cakes. We have placed fresh orders from our stores in the UK and US. We are expecting them any time soon."
The most sought-after titles were the singer's biography, First Step 2 Forever: My Story, Just Getting Started, The Fever and Nowhere But Up: The story of Justin Bieber's mom.
Staff at Virgin Megastore, also in the mall, said Bieber merchandise was in huge demand ahead of his Believe Tour shows.
"We sell customised Bieber T-shirts and they are out of stock," said a sales assistant. "Even his mugs are out of stock.
"There is a huge demand for his albums and books. We also have covers for BlackBerrys, iPhones and iPods. We are selling as many as 40 a day."
However, not every store in Dubai has witnessed the same level of Bieber fever.
"We were expecting to sell more of his books," said Hubert Khan, shop manager at Magrudy's. "We had high expectations but did not sell as many copies considering he's a huge celebrity."
Fans were also snapping up anything Bieber-related at the concert venue, the Dubai Sevens Stadium.
"There were T-shirts, paintings of him and posters saying 'I am a Belieber'," said Rohini Gopal, who was one of thousands of people who waited for more than two hours to see the star perform on Saturday.
"My friends bought T-shirts and posters. Prices were a little higher because it was being sold at the concert."
Ms Gopal, 17, said some of her friends went back to see the singer perform for a second time on Sunday.
"People have been fans of him since 2009, since he was a YouTube sensation. He is of our age and our generation. His voice is brilliant and people don't want to miss an opportunity to see him. Who knows when he'll be back in Dubai?"
On Saturday the tardy singer, who finally began his show at 10pm, was booed by some fans.
Concert organisers Done Events thanked fans, and their parents, who put up with the delay.
"Recent shows on this tour have started late and so the artist was also later than scheduled in taking to the stage last [Saturday] night," said a statements on the company's Facebook page on Sunday.
"We really empathise with the fans and their parents who were affected by the delay and to whom this might have caused some inconvenience."
Despite children as young as six attending Bieber's first concert, schools in Dubai did not report a drop in attendance on Sunday.
The organisers cautioned against a possible delay again at Sunday's show.
"We are still very much expecting the artist to start the show at 8pm as scheduled but urge fans again to come well prepared also if the showtime again is moved a little."
Bieber's tour stop in Dubai caused a stir in the city before he sang a word, with the teen reportedly spotted partying on Friday at a Dubai nightclub, dressed in a black T-shirt, a black Fedora hat and dark shades.
pkannan@thenational.ae
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.”
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.
RACE RESULTS
1. Valtteri Bottas (FIN/Mercedes) 1hr 21min 48.527sec
2. Sebastian Vettel (GER/Ferrari) at 0.658sec
3. Daniel Ricciardo (AUS/Red Bull) 6.012
4. Lewis Hamilton (GBR/Mercedes) 7.430
5. Kimi Räikkönen (FIN/Ferrari) 20.370
6. Romain Grosjean (FRA/Haas) 1:13.160
7. Sergio Pérez (MEX/Force India) 1 lap
8. Esteban Ocon (FRA/Force India) 1 lap
9. Felipe Massa (BRA/Williams) 1 lap
10. Lance Stroll (CAN/Williams) 1 lap
11. Jolyon Palmer (GBR/Renault) 1 lap
12. Stoffel Vandoorne (BEL/McLaren) 1 lap
13. Nico Hülkenberg (GER/Renault) 1 lap
14. Pascal Wehrlein (GER/Sauber) 1 lap
15. Marcus Ericsson (SWE/Sauber) 2 laps
16. Daniil Kvyat (RUS/Toro Rosso) 3 laps
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
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MATCH INFO
Group B
Bayern Munich v Tottenham, midnight (Thursday)
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
