Entrepreneurial sisters Huda and Mona Kattan are pledging $500,000 (Dh1.8 million) to Palestine and Lebanon.
Huda, who founded the successful beauty empire Huda Beauty, and Mona, who launched the Kayali perfume line, will be donating the sum to help assist the millions of people caught in a humanitarian crisis across the two countries.
Sharing the news on social media, they revealed the money will go to two charities that are already working in war-torn locations. The first is Doctors Without Borders, a charity providing medical assistance and supplies on the ground. As well as injuries and trauma directly caused by conflict, it also supports patients with long-standing conditions who struggle to receive treatment due to it. Doctors Without Borders is already operating across Egypt, Lebanon, the West Bank and Gaza
The second charity is the Lebanese Red Cross, which is working to provide shelter, food and basic supplies to those who have been forced to relocate or have lost their homes due to the bombing.
Elsewhere, Majid Al Futtaim, the retail and real estate conglomerate, has vowed to donate $1 million (Dh3.6 million) to the Red Crescent Authority as part of the UAE Stands with Lebanon campaign. In addition to cash donations, the campaign calls for donations of items such as clothing and blankets, and Majid Al Futtaim is supporting this with drop-off points across its stores.
Ahmed Galal Ismail, chief executive of Majid Al Futtaim, said: “In solidarity with the Lebanese communities, Majid Al Futtaim has pledged $1 million to the relief campaign initiated by the Red Crescent Authority, with the objective of providing assistance to those who are most in need.”
The UAE Stands with Lebanon aid initiative was launched last week, and has already raised Dh110 million ($30 million) and will run until 21 October.
When the campaign was first announced, several fashion brands announced initiatives to support those affected by the ongoing crises in Lebanon and Gaza, such as That Concept Store and the Arab Fashion Council, who are teaming up for an auction.
Here are some of the labels coming together to show support in light of the ongoing crises.
Fashion brands donating to fundraising auction
Fourteen regional designers will be donating their work to the auction, which has been on display in-store since Monday. The auction date has not yet been confirmed but will be in mid-November.
UAE designers contributing include the likes of jewellery house Bil Arabi, women's fashion brand Dima Ayad couturier Michael Cinco and urban label BLSSD. Bouguessa, known for its womenswear tailoring, is also taking part as is Sandra Mansour who, in 2020, became the first Arab designer to create a collection with H&M.
Mira Mikati will be donating a piece from its upbeat, colourful collections, while Mrs Keepa will bring its directional womenswear to the event. The jewellery brand Nada Ghazal is also involved, as well as Rizman Ruzaini, the Malaysian brand that had Naomi Campbell walk its runway at Dubai Fashion Week last year.
Zaid Farouki will be offering a ready-to-wear piece for auction while the jewellery names of Rock by GS and Azza Fahmy will both be donating items from their studios.
Emergency Room Beirut highlights small businesses to support
Customers can also buy online directly from small Lebanese brands to support them, the workers and the artisan studios they employ.
In Lebanon, Emergency Room Beirut – a brand that repurposes old clothes and deadstock materials into new pieces – has collated a list of small, independent Lebanese brands. The campaign, Stand With Lebanon, Support Local Brands, aims to highlight that amid the chaos, there are various avenues to help those caught up in the conflict.
"Lebanon is going through an incredibly tough time," says Eric Ritter, the label founder. "Now more than ever, Lebanese brands, craftsmen, makers and artisans need your support."
Listing 25 brands, Ritter has purposefully chosen many brands that have a wider social impact, be it keeping regional artisan skills alive or giving free fashion education to disadvantaged youth.
Names include Sarah's Bag, which employs 250 women to handmake its products; Creative Space Beirut, which offers vulnerable youths free fashion design education and career support; and Dar Onbaz, which has created a retail platform, art space and garden for art, music and performances.
L'Artisan du Liban is Lebanon’s first social enterprise safeguarding artisanal handicrafts and culture, while Salim Azzam creates clothing infused with the traditional craftsmanship of Mount Lebanon.
Another name, Orient 499, which supports small-scale makers and artisans across Lebanon, explained on social media that its website remains fully functional as "continuing to operate allows us to support the craftsman, artisans and workers who are at the heart of everything we do".
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The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
UAE currency: the story behind the money in your pockets
%E2%80%98White%20Elephant%E2%80%99
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'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
UAE WARRIORS RESULTS
Featherweight
Azouz Anwar (EGY) beat Marcelo Pontes (BRA)
TKO round 2
Catchweight 90kg
Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)
Split points decision
Welterweight
Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)
TKO round 1
Flyweight (women)
Lucie Bertaud (FRA) beat Kelig Pinson (BEL)
Unanimous points decision
Lightweight
Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)
TKO round 1
Catchweight 100kg
Marc Vleiger (NED) beat Mohamed Ali (EGY)
Rear neck choke round 1
Featherweight
James Bishop (NZ) beat Mark Valerio (PHI)
TKO round 2
Welterweight
Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)
TKO round 1
Middleweight
Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)
Unanimous points decision
Bantamweight
Fabio Mello (BRA) beat Mark Alcoba (PHI)
Unanimous points decision
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)
TKO round 1
Bantamweight
Trent Girdham (AUS) beat Jayson Margallo (PHI)
TKO round 3
Lightweight
Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)
TKO round 1
Middleweight
Tarek Suleiman (SYR) beat Steve Kennedy (AUS)
Submission round 2
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
TKO round 2
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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.”
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
Bridgerton%20season%20three%20-%20part%20one
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The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now