Fashion notes: There is power in avoiding wishful thinking


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The phrase “out with the old and in with the new” doesn’t go down so well here. The problem is, the majority of us living here have set up a temporary home too many times in far too many places. We have packed up and unpacked our possessions more than the average soul, moving around like a snail with our kit on our backs – a mix of storage boxes stuffed to the brim with clothes in no particular order or system, scattered across the world in various attic spaces.

Because of that, often we end up with a lot of tat – and not quite knowing what is where. A shirt without the right sleeve length doesn’t work in a more modest dress culture; the dress that could work perfectly is too heavy a wool for the temperature; and the jumper that would finish the outfit off perfectly suddenly feels somewhat out of context.

What we need to remember is that clutter chips away at us slowly, and stunts our ability to accept and embrace the new. I don’t need to tell you when you are squandering on frivolous, unnecessary stuff simply out of boredom. You see, there is nothing wrong with investing in a new wardrobe, as long as we are not consuming for consuming sake.

When it comes to maintaining a new, tightly structured and efficient wardrobe, try to save your cash for the sales. Firstly, make a list of the things you really want or need. And be honest. Do you really need a floor-length red dress with a missing belt (even if it is from Ralph Lauren), or is it only because you’d get one up on the pushy sod next to you with one in every size?

When it comes to what to look for, go for items that are the signature pieces for a designer brand. Anything in leather from Helmut Lang to red from Valentino to a classic suit or bag from Chanel. As well as the classics, it is a good time to stock up on the basics: T-shirts, white shirts and jeans.

Buy classic and smart-investment pieces, the type that won’t go out of trend quickly. Leather is always a good buy and will last many seasons, as is cashmere in that it provides an opportunity to upgrade the quality of your wardrobe.

If the thought of a battle on the shop floor induces an almighty shudder, online is a smart way to go, and an option where it is much easier to resist the competitive impulse purchases. Online shops such as Net-a-Porter, Browns, Matches, and stylebop are worth keeping an eye on.

Lastly, try your best to keep on top of things despite the transitional way of life. Pack clothes away at the end of each season; there is no need to store our winter wardrobe among our spring/summer wear, it only takes up much needed space and makes getting dressed in the morning a lot more difficult. Have them vacuum-packed professionally and keep them in plastic flat storage boxes under the bed until they are needed, or if you have enough space fold them flat and keep them out of reach.

Lastly, try not to fall into the common trap of buying things you don’t need: the emotional buys, the ones that don’t quite fit now but may later or the ones that realistically speaking simply don’t translate well in the UAE.

For these, my dear readers – the pompous little price tags slashed in half that you buy just because you feel you should – are the items that will be forever smirking from your credit card bill come February.

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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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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