The exotic smell of spices and flowers has always been associated with the Middle East, and it is for this reason that the luxury travel retailer DFS chose Abu Dhabi to host its first Master of Fragrances exhibition.
A total of 26 perfumes from 22 fragrance makers will be on display at the invite-only show at the Manarat Al Saadiyat on April 10. The show will move the following day to Abu Dhabi International Airport, where it can be enjoyed by passengers until June 12.
Among the perfumes on display will be Bvlgari’s Opera Prima, which will retail for Dh1 million. The fragrance, created by Daniela Andrier, is reminiscent of the Mediterranean with scents of lemon and orange blossom.
The perfume comes in a murano glass bottle that is adorned with gold and precious gemstones – approximately 250 carats of citrine, 30 carats of diamonds and 4 carats of amethyst.
The event also marks the launch of DFS’s new perfume boutique at the airport.
“Abu Dhabi has a unique relationship with fragrance and consumers over there are very discerning and sophisticated and they want the best of the best,” says Eleanore De Boysson, the executive vice president of DFS for the Middle East and Europe. “And besides that we have a long-lasting relationship with the airport so it was logical for us to have our master of fragrance [show] over there.”
Bvlgari’s scent will not be the most expensive on display.
Coming in at twice that price is Guerlain’s Le Secret de la Reine – although this will only be available for purchase and will not be present at the show. The perfume is held in a bee-shaped vial that can be worn as a brooch or pendant. The crystal is set with 14 carats of diamonds and more than 500 hours of work went into drawing, cutting, polishing, setting and assembling the Dh2 million piece. Pressing the diamond atomiser that adorns the bee’s chest opens its wings, releasing its fragrance.
It is “true luxury”, DFS says.
q&a Eleanore De Boysson, DFS Group
Tell me more about the Master of Fragrances event?
It is designed to be an experience that consumers have never had before. At the first part of the event, we will have all sorts of [speakers], including Michael Edwards, the author of Fragrances of the World, to educate and share the magic of perfume with more than 300 guests. It was important to have a place where we have this cherished relationship with our valued customers. Then, we thought it would be important to transfer into Abu Dhabi airport for a couple of months to share this incredible experience never seen in travel retail before, for everyone that was travelling through the airport.
There are plenty of wealthy people in this part of the world. Are you expecting strong sales?
I think yes [but] it’s not about sales, to be honest. It’s really to give our customers and guests the most incredible experience. Some of the creations are like pieces of art and I think they will get a lot of interest.
And you are opening a new perfume boutique in the airport?
Yes. There will be a new design with fragrances from all over the world. There will be some brands exclusive to the Middle East within travel retail and many brands that will be worldwide exclusives to travel retail.
lgutcher@thenational.ae
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'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
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Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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.”
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England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
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Range: Up to 610km
Power: 905hp
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Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
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- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
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Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
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