As the UAE's summer really starts to heat up and the sun blazes relentlessly, it's time to take a look at seasonal accessories: specifically, sunglasses.
Top price shades have recently included Louis Vuitton's Evasion model for US$1,200, the Luxuriator Style 23 for $65,000 and Dolce & Gabbana's DG2027B for a whopping $383,609.
But it's going to be difficult to beat the price of the jewelled shades designed by De Rigo Vision for Chopard, the Swiss maker of jewellery and watches. Unveiled in Milan last year and initially on sale in Dubai at Paris Gallery outlets in The Dubai Mall and Mall of the Emirates, these glasses are still available in Italy for a cool Dh1.5 million.
So what makes these shades so expensive? It's the diamonds that adorn them: all 51 of them, with a weight totalling four carats.
The fully cut gems have also been set closer together than the classic pave setting to make the light they give off especially dazzling. Also used to create the frames are 60 grams of 24-carat gold.
And the "C" logo decorating the sides of the temples is made of hand-ground, coloured glass powder that has been placed in an oven four times.
Chopard's frames smash the previous record for the most expensive sunnies: Emerald Sunglasses designed by Shiels jewellers in Australia are worth a staggering $200,000. Albert Bensimon, Shiels managing director, says the company's glasses were inspired by the Roman emperor Nero, who apparently viewed gladiator fights through polished emerald green gems held up to his eyes.
However, Chopard's glasses provide unlimited star appeal.
The actresses Gwyneth Paltrow and Kate Beckinsale are both fans of the brand's sunglasses range, along with crooner Tom Jones.
Just make sure you don't get them smeared with sun block or leave them by the side of the pool.
Q&A
Chopard. That name seems familiar. Was it in the news recently?
Indeed it was. Chopard jewellery initially reported to be worth more than $1 million was stolen from a hotel during the Cannes Film Festival. Ironically, the theft occurred just as The Bling Ring, Sofia Coppla’s film about LA teenagers stealing luxury items from celebrities, was screened. The company later said the value of the jewellery was less than reported. In a separate incident, Chopard’s co-president, Caroline Gruosi-Scheufele, last year, somewhat carelessly, lost a £1m (Dh5.7m) emerald and diamond ring in a Hong Kong bathroom. She raced back to retrieve it seven minutes later but it was gone.
What else can you tell me about Chopard?
The collaboration with De Rigo Vision is not its first. In recent years, the company teamed up with the designers Alberta Ferretti and Giuseppe Zanotti to create a jewelled dress and shoes respectively. Elton John also designs a range of watches for Chopard of which a percentage of the sales profits goes to combating Aids. Chopard also has a Happy Mickey Collection with Disney.
Any other fun facts?
Yes – and this one relates to the Middle East. The largest Chopard boutique in the world is in Kuwait City. It opened in April of this year in the Prestige Mall of the Avenues.
lgutcher@thenational.ae
Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5
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.”
COPA DEL REY
Semi-final, first leg
Barcelona 1 (Malcom 57')
Real Madrid (Vazquez 6')
Second leg, February 27
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MO
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THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
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Five healthy carbs and how to eat them
Brown rice: consume an amount that fits in the palm of your hand
Non-starchy vegetables, such as broccoli: consume raw or at low temperatures, and don’t reheat
Oatmeal: look out for pure whole oat grains or kernels, which are locally grown and packaged; avoid those that have travelled from afar
Fruit: a medium bowl a day and no more, and never fruit juices
Lentils and lentil pasta: soak these well and cook them at a low temperature; refrain from eating highly processed pasta variants
Courtesy Roma Megchiani, functional nutritionist at Dubai’s 77 Veggie Boutique
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
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