Rabih Kayrouz is a co-founder of the design collective Starch, which incubates Lebanese talent. Amy Leang / The National
Rabih Kayrouz is a co-founder of the design collective Starch, which incubates Lebanese talent. Amy Leang / The National

Lebanese fashion deserves its place on a wider stage



Tala Hajjar is frustrated, annoyed by what she sees as the cultural massacre perpetuated almost every day in the marketing of her country.
"I struggle to sit back and watch the mainstream take over," says the 34-year-old director of Starch, a design collective she founded with the internationally feted Lebanese fashion designer Rabih Kayrouz that incubates local creative talent with a combination of mentoring and communication guidance.
She sighs and spoons the foam on her cappuccino. "But then I ask myself 'why should we impose our sense of aesthetic on the majority? Who is to say we are right?'"
In an absolute sense she has a point. But what if one could argue that a particular "aesthetic", or indeed the promotion of Lebanese talent, could lead to quantifiable economic growth? What then?
It is an idea to which Ms Hajjar is sincerely wedded. "In 2011, I asked the ministries of tourism and culture why they didn't highlight our growing design industry as much as our entertainment sector," she recalls. "An adviser admitted that short-term income was what was needed, even if it meant focusing on Lebanon's nightlife."
Indeed, one only has to recall CNN's ubiquitous Richard Quest barking his way from throbbing rooftop bar to throbbing rooftop bar to appreciate just how much Lebanon's considerable internationally recognised talent - Nada Debs, Rana Sam, Johnny Farah, Karen Cherkerdjian and Mr Kayrouz among many others - has been eclipsed by the food, shopping, shisha and spa culture that Lebanon peddles with apparently endless gusto.
"They have reduced our culture to images of women getting Botox. Our international marketing is a shameful," Ms Hajjar says.
Among her other bugbears are the uniforms worn by Middle East Airlines cabin crew. And the glowing coals of frustration were poked once again after the announcement that Virgin Airlines had agreed to collaborate with Vivienne Westwoodon a new look for the carrier's staff.
"I mean why can't MEA do the same thing? Why can't it take pride in our home-grown talent and put out a tender for [new] uniforms. I am certain our best designers would jump at the chance to inject a bit of class back into our national carrier and I'm sure the stewardesses would carry themselves better," she says.
MEA would be taken on to the catwalk and applauded for its vision if it went with a local designer. But the airline exists in a murky world, structured and run by political and sectarian cliques and overseen by a draconian central bank. As long as it remains in state control, it is unlikely that the carrier will have the daring to take its brand either into the 21st century or the pages of Monocle magazine.
You might think that Ms Hajjar sounds like a screaming, not to mention bitter, harpy. Nothing could be farther from the truth. Petite, blonde, understated and thoroughly likeable, she admits to an innate optimism and recognises that change cannot happen overnight. She talks of "baby steps" and the need for a unified effort by those who care deeply enough to take action.
Starch has no budget. Ms Hajjar and Mr Kayrouz, who mentors the designers, give of their time, while the premises in the downtown enclave of Saifi Village has been given free by the property giant Solidere, a remarkable gesture from a company with a reputation for putting its bottom line before all else.
Ms Hajjar also wants Beirut Duty Free to be more adventurous with what it offers to travellers. "If they can sell nuts, baklava, Lebanese wine and arak, then why not have a shop selling accessories from our top designers that are small enough to put in hand baggage? You have a captive customer base, many of whom are desperate to buy a decent present."
Ms Hajjar says she took her idea to the management of Beirut Duty Free, who promised to get back to her. "They loved it. But then I heard nothing." she sighs. "Still, like I said. We need to take baby steps."
 
Michael Karam is a freelance writer based in Beirut

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.”

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

MATCH DETAILS

Barcelona 0

Slavia Prague 0

WHAT IS THE LICENSING PROCESS FOR VARA?

Vara will cater to three categories of companies in Dubai (except the DIFC):

Category A: Minimum viable product (MVP) applicants that are currently in the process of securing an MVP licence: This is a three-stage process starting with [1] a provisional permit, graduating to [2] preparatory licence and concluding with [3] operational licence. Applicants that are already in the MVP process will be advised by Vara to either continue within the MVP framework or be transitioned to the full market product licensing process.

Category B: Existing legacy virtual asset service providers prior to February 7, 2023, which are required to come under Vara supervision. All operating service proviers in Dubai (excluding the DIFC) fall under Vara’s supervision.

Category C: New applicants seeking a Vara licence or existing applicants adding new activities. All applicants that do not fall under Category A or B can begin the application process through their current or prospective commercial licensor — the DET or Free Zone Authority — or directly through Vara in the instance that they have yet to determine the commercial operating zone in Dubai. 

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

A Cat, A Man, and Two Women
Junichiro
Tamizaki
Translated by Paul McCarthy
Daunt Books 

How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

A Long Way Home by Peter Carey
Faber & Faber

Stamp duty timeline

December 2014: Former UK chancellor of the Exchequer George Osborne reforms stamp duty land tax (SDLT), replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:

Up to £125,000 – 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; More than £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: Chancellor Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.

March 2021: Mr Sunak extends the SDLT holiday at his March 3 budget until the end of June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.

June 2021: SDLT holiday on transactions up to £500,000 expires on June 30.

July 2021: Tax break on transactions between £125,000 to £250,000 starts on July 1 and runs until September 30.

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

UAE currency: the story behind the money in your pockets