Delivering a killer show – and killer one-liners – at the recent three-day Fashion Forward event was one of Dubai’s best-loved designers, Essa Bhagoorwala. In this exclusive interview, the exuberant couturier, who was born and raised in the UAE, talks candidly about the local fashion scene, bloggers and Kanye West.
What are your thoughts on Season 3 of Fashion Forward?
Incredible. The theme is perfection. Everyone’s in the game. Every single person has participated and the city has really shown support and love. Now, nobody’s perfect – not me, not Fashion Forward or any fashion week. But the attempt is brilliant and there’s a seed of success that has been sowed here. I think it will grow into a very fruitful tree.
How is business for you?
Phenomenal. I have an audience that I’ve never had before.
Showing at a fashion week is not cheap. Do you see a return on your investment?
Yes – and more. Because you might not necessarily sell all the runway pieces, but your brand is advertised and positioned so well that you get an audience. It’s advertising. You familiarise yourself with people. So, for me, it has been a big change. We’re still a small company and we’re treading carefully, but when it comes to events like this we don’t hold back.
Did you manage to catch any of the other shows?
I caught all of the shows after mine, I didn’t miss a single one. It’s all about support. I love the other designers. I don’t compete with them, I complement them.
And all this rubbish about, “I want to sit in the front row because I’m important” is just pathetic. I’ve sat in row four for some of the shows and it’s a better view.
I feel the designer and their work should be the highlight, not the audience. Most of the people in row one are not spending money on my clothes and most of the journalists there are just doing a very mediocre job. They don’t know how to review correctly, they don’t have pens and papers, they are just Instagraming pictures for blogs. Bloggers are so 2010, they are so over. And really, unless you are someone like Kanye West, maybe only then can you demand row one.
So what do you make of Kanye West and his fashion ambitions?
I think he’s brilliant. Why? Because he’s aggressive, forthcoming and a breath of fresh air compared to all the “kissy, kissy darling” nonsense everywhere. Sometimes he can be obnoxious, but I like a bit of obnoxious sometimes. I don’t think a lot of people agree with me, but I like Kanye and I think good for him and Kim. They seem happy and that’s the most important thing in the world.
What are your thoughts on another pop star-turned-designer, Victoria Beckham?
I think she totally deserves the acclaim. She started out with Roland (Mouret) and yes, I can see his influence in her work, but I believe she’s taken it to another level. She has surpassed her master.
So formal training isn’t a must to make it in your book?
Of course not. Look at Nicolas Ghesquière, he was at Balenciaga for 15 years and is now (creative director for womenswear) at the biggest house of fashion outside of Chanel (Louis Vuitton). He wasn’t exactly sitting there throwing pink chiffon in the air.
Do you think Louis Vuitton is in safe hands with Ghesquière?
Vuitton is a disaster, period. For me, it’s not a clothes house, it’s a label house for bags. I saw his (Ghesquière) first collection because I wanted to see if he has the Marc (Jacobs) magic.
• For more information on Essa, visit www.essawalla.com. For our full review of Essa’s latest collection, go to our All Dressed Up blog
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.”
Zayed Sustainability Prize
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
UAE currency: the story behind the money in your pockets
