Store manager Jun Concepcion organizes the merchandise at New Era, a new store selling the latest Star Wars memorabilia at the Al Wahda Mall in Abu Dhabi. Silvia Razgova / The National
Store manager Jun Concepcion organizes the merchandise at New Era, a new store selling the latest Star Wars memorabilia at the Al Wahda Mall in Abu Dhabi. Silvia Razgova / The National

New Era in Al Wahda Mall launches exclusive Darth Vader and Stormtrooper caps

Leonard Erlank, COO of merchandise distributer Al Book Marine, is a self-confessed Star Wars geek and says there’s more memorabilia on the way: “I’m thrilled to announce that next month, we’re bringing out R2-D2 and C-3PO caps, too.”

Jessica Hill

04 May, 2015

New Era store has opened in Abu Dhabi’s Al Wahda Mall with an exclusive line of limited-edition Star Wars caps to commemorate May the Fourth – Star Wars Day.

The two collectable faux-leather Stormtrooper and Darth Vader designs come in four sizes, and there’s only one of each size available in the store (eight hats in all). The character motifs are also printed on the satin that lines each cap’s interior. The caps are priced at Dh225 each.

Only 144 caps have been made in each style worldwide, and the Abu Dhabi store is currently the only place you can find them in the Middle East, although there are plans to open a branch in Fujairah City Centre in September, ahead of the latest film’s release on December 18.

Leonard Erlank, COO of merchandise distributer Al Book Marine, is a self-confessed Star Wars geek and says there’s more memorabilia on the way: “I’m thrilled to announce that next month, we’re bringing out R2-D2 and C-3PO caps, too.”

The store also stocks a regular collection of black and white caps emblazoned with “Star Wars”, which cost Dh175 each.

John Mullin, 46, from the UK, was wearing his prized possession on Star Wars day – his well-worn, decade-old Star Wars T-shirt. The Abu Dhabi-based paramedic isn’t sure yet whether he’s willing to part with his hard-earned cash to buy one of the new caps, but he’s considering it.

“It’s great to be here in Abu Dhabi where the latest Star Wars movie was filmed, and I guess that’s why the caps are available here. I have an 8-year-old son who’s also a big Star Wars fan, but I think he’d be embarrassed to see me in a Stormtroopers cap! He’d much rather wear it himself. So if I buy one, it’ll very quickly become his.”

Mullin will be donning his Star Wars T-shirt to see The Force Awakens when it comes out – “and the cap too, if I decide to get one. So I’ll be kitted out in my Star Wars uniform”.

Australian tech writer Jack ‘Skywalker’ Stanley, 28, won’t be buying a cap, but he is hoping to get his hands on a Darth Vader costume instead to watch the latest film. “I think the New Era hats are a bit gimmicky, but to some it will be seen as a collectors item.”

Stanley is celebrating Star Wars Day by watching the first three movies with his pals. “It’s going to be a late night! I think one guy is coming dressed as Lord Vader. May the 4th be with you, UAE.”

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Hobbies: Writing and running
Favourite sport: beach volleyball
Favourite holiday destinations: Turkey and Puerto Rico​

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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.”

Plan to boost public schools

A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.

It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.

Aspects of the school model will be extended to international private schools, the education minister has previously suggested.

Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.

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While you're here
Pakistanis at the ILT20

The new UAE league has been boosted this season by the arrival of five Pakistanis, who were not released to play last year.

Shaheen Afridi (Desert Vipers)
Set for at least four matches, having arrived from New Zealand where he captained Pakistan in a series loss.

Shadab Khan (Desert Vipers)
The leg-spin bowling allrounder missed the tour of New Zealand after injuring an ankle when stepping on a ball.

Azam Khan (Desert Vipers)
Powerhouse wicketkeeper played three games for Pakistan on tour in New Zealand. He was the first Pakistani recruited to the ILT20.

Mohammed Amir (Desert Vipers)
Has made himself unavailable for national duty, meaning he will be available for the entire ILT20 campaign.

Imad Wasim (Abu Dhabi Knight Riders)
The left-handed allrounder, 35, retired from international cricket in November and was subsequently recruited by the Knight Riders.

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