Beyonce wore Kuwaiti designer Yousef Al Jasmi to the opening of Tyler Perry Studios. Instagram / Beyonce
Beyonce wore Kuwaiti designer Yousef Al Jasmi to the opening of Tyler Perry Studios. Instagram / Beyonce
Beyonce wore Kuwaiti designer Yousef Al Jasmi to the opening of Tyler Perry Studios. Instagram / Beyonce
Beyonce wore Kuwaiti designer Yousef Al Jasmi to the opening of Tyler Perry Studios. Instagram / Beyonce

Golden girl: Beyonce dazzles in Kuwaiti designer Yousef Al Jasmi


Emma Day
  • English
  • Arabic

As the old adage goes, all that glitters is not gold – but Beyonce proved otherwise this week.

The American singer stepped out in a glimmering, golden gown on Saturday, to attend the opening of film production studio, Tyler Perry Studios.

The Halo star turned to a label from the region for the statement design, which was custom-crafted by Kuwaiti couturier Yousef Al Jasmi.

Bedecked in shimmering crystals, the figure-skimming design featured a demure high neck and ankle-grazing hemline, and Beyonce paired the head-turning number with diamond-fringed earrings and a red lip.

The 38-year-old was joined at the event in Atlanta, Georgia, by stars including Oprah Winfrey, Samuel L Jackson and Halle Berry, who attended in celebration of writer and director Perry's namesake studio.

"Congratulations to Tyler Perry on the opening of his studios. I could feel our ancestors’ presence. Surrounded by my heroes, I watched Denzel, Queen Oprah, Spike, Whoopi, Sir Poitier, Will, Halle, Dame Cicely and our angels John Singleton and Diahann Carroll honoured," wrote Beyonce on Instagram, alongside an image of her and husband Jay-Z at the event.

"Generations of blood, sweat and tears, success, excellence and brilliance. It makes me so proud, so full, I could not stop crying. Thank you my Virgo brother for so much love and passion put into every detail. My prayer today is that you will take it all in. You inspire me to dream even bigger."

Al Jasmi's eponymous label has dressed many of the world's most recognisable names, from Gwen Stefani and Britney Spears to Kylie Jenner and Taylor Swift.

Most recently, the Kuwaiti couturier designed a gown for Celine Dion's world tour, which the Think Twice singer wore as she kicked off her run of shows in Quebec last month.

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Read more:

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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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