NewbarK shoes retailing on the Moda Operandi website are priced at up to US$27,000. Photo Courtesy Stuart Pettican / NewbarK
NewbarK shoes retailing on the Moda Operandi website are priced at up to US$27,000. Photo Courtesy Stuart Pettican / NewbarK

A pair of shoes for $27,000? See you later, alligator



If you have been looking for a gift for the person who has everything, consider your search over.

NewbarK, a luxury shoe and handbag company set up by stylists to the stars, has two gifts for the price of one: alligator-skin loafers with jewellery.

But they are a little on the pricey side, with six versions retailing on Moda Operandi, the online luxury store, for up to US$27,000 (Dh99,168).

The loafers are the result of a collaboration between NewbarK and the jeweller Hoorsenbuhs.

"I met them and used their jewellery many times for several of my clients like Heidi Klum and Courteney Cox," says Maryam Malakpour, NewbarK's founder and creative director.

"They came to one of our presentations and they were like: 'This is amazing, why don't we take one of the shoes and add the jewellery, add the link'."

And so they did.

The most expensive pair sport rose gold and diamonds. But the company also make a "cheaper" combination featuring alligator skin and sterling silver, which cost about $14,500. It may sound like a lot of money, but the jewellery can be recycled, Ms Malakpour says.

"If someone really wore those shoes out and wanted to get rid of the shoes, they could always use the jewellery and make a beautiful ring [out of it] because it is the link used for all their rings," she says.

"It is a very extravagant item, but at the same time it's a pretty incredibly exclusively beautiful item." Alligator-skin shoes on their own typically cost about $5,000, she adds. The reason they are so expensive is because they use only one part of the alligator in handbags and shoes: the belly.

"All the rest of is very stiff. Therefore, I think each pair of shoes takes one-and-a-half alligator skins," Ms Malakpour says.

But did they die of natural causes?

"This, I have no idea about - but I really, absolutely hope so," she says.

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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.

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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Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners