Al Hilal Bank in Abu Dhabi. There is heated competition among UAE banks for individual customers. Alia Jeiroudi for The National.
Al Hilal Bank in Abu Dhabi. There is heated competition among UAE banks for individual customers. Alia Jeiroudi for The National.

The UAE credit card with a scent: Al Hilal Bank targets women with aromatic offer



Al Hilal Bank, an Abu Dhabi-based Islamic lender, has come up with an imaginative way to entice young, ambitious women in the UAE – a credit card that gives off a scent.

Called Laha, or “For Her”, the credit card lets off a smell through an absorbent pad on its top right corner. Hind Al Oud, a perfumer that specialises in musky Arab scents, has partnered with Al Hilal in the creation of the themed card and will be providing customers with a complimentary package of perfumes to get them started.

A bank spokesman said any scented matter could be applied to the card. It is not yet clear, however, if a male version will follow.

“Today’s modern woman wants to send out a strong message about her individuality and her capacity to become a productive member of society while staying true to her heritage,” said Mariam Yousef Ahli, the bank’s head of corporate communications.

“Al Hilal Bank’s Laha credit card is a unique form of expression for aspiring women who desire to make a genuine difference,” she added. “It is also a reflection of Al Hilal Bank’s full support for women and our passion for innovation and social responsibility.”

But behind the social affirmation there lies increasingly heated competition among UAE banks for individual customers who provide lenders with handsome returns, especially when they take out credit card debt that usually carries a finance rate of no less than 3 per cent a month.

The recent crash in the price of oil, the lifeblood of regional economies, has made it more urgent for banks to entice individuals to take on debt, as many corporations that rely on hydrocarbons to fuel their business will suffer a slowdown this year. The price of Brent, a benchmark for crude oil, has plunged almost 60 per cent since June.

Scented credit cards have existed for years, but this appears to be the first scented card designed to empower women.

“We want the holders of this unique card to be proud of being a woman and exploring possibilities together with Al Hilal Bank,” said Mohammed Zaqout, the head of the personal banking group at Al Hilal.

mkassem@thenational.ae

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UAE currency: the story behind the money in your pockets
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Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Explainer: Tanween Design Programme

Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.

The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.

It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.

The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.

Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”

Pearls on a Branch: Oral Tales
​​​​​​​Najlaa Khoury, Archipelago Books

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The bio

Favourite book: Kane and Abel by Jeffrey Archer

Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist

Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi

Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup

Hobbies: Reading and drawing

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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