Early in 2020, a carpetmaker in India received a design brief for a colossal project that sounded near-impossible: make a hand-tufted rug to cover a floor size of 12,000 square metres.
That’s the size of almost two professional football pitches — which would probably have been easier to cover in carpet because of their simple rectangular shape. But this project was for the Nur Sultan Grand Mosque in Kazakhstan, the biggest in Central Asia and among the largest in the world.
“There were pillars, there were cuts and curves. For handmade, this is a big challenge,” Pranay Patodia, a director at Hands, the luxury carpet manufacturer that made the piece, tells The National.
“It's like a puzzle, one piece goes wrong, and the entire carpet is at stake."
The company was competing with other manufacturers for the Kazakh project. “There were companies from the US, Europe and Thailand,” Patodia says. Three companies were eventually shortlisted — the other two were from China and Turkey — but India’s Hands eventually clinched the bid.
“There came a point when we were the only ones offering both manufacturing and installation,” Patodia says, adding it was the ultimate deciding factor for the client.
A prototype of the carpet — a 110 centimetre x 395cm model with the same design and material — will be on display at Dubai Design Week, which is taking place from November 8 to 13. Hands will also stock pieces from its collections EmpireX and Forma II, which play on asymmetry and irregularity in keeping with contemporary carpet designs.
As for the actual rug, more than 1,000 craftsmen were enlisted to create the carpet in six months. About 80 tonnes of New Zealand wool were spun and dyed for the majestic piece, which weighs 110 tonnes.
Next came the installation, which Patodia says was an equally, if not more, challenging part of the project.
“We don't have a team in Kazakhstan; it is a new country for us. We didn't know how things are over there. The temperature goes down as low as -15ºC,” he says. It also did not help that the Covid-19 pandemic was ongoing.
Hands assembled a team from India and Dubai to install the carpet in Nur Sultan, Kazakhstan, which had to stay there for 45 days. “We were on call all the time, discussing the challenges, which area of the mosque the team was having trouble with."
The Nur Sultan Grand Mosque spans an area of 68,062 square metres, and can accommodate up to 235,000 people. This is three times the size of the Sheikh Zayed Grand Mosque in Abu Dhabi.
Although Abu Dhabi's Sheikh Zayed Grand Mosque is still home to the biggest hand-woven carpet in the world — measuring 5,630 square metres — the Kazakh government has applied for the record of world's largest carpet for its 12,000-square-metre rug.
Hands completed the installation of the massive carpet only a few days before the mosque opened to the public in August this year. “When we looked back on how we did it, it is a matter of great pride,” Patodia says.
Hands only opened its Dubai showroom in 2018, but the family business has had a UAE presence since the early 1990s, with some of its work featuring in Burj Khalifa’s Armani Hotel and Burj Al Arab among other high-end properties.
“We were always active in the wholesale markets abroad, in Europe, the US and Australia. In the early 1990s, my father got into a lot of specialised custom-made work, and that is when our business in Dubai started,” says Patodia.
The brand's venture in the competitive carpet market in the Middle East is backed by more than a century of experience in India, particularly in Bhadohi, a rural community that is considered the carpet manufacturing centre of India, where its factory is located.
The company initially catered only to the hospitality segment, later pivoting to the luxury residential market. Patodia, who began on the factory floor himself, says: "Customisation plays a very important role when you talk about the luxury residential segment."
Other carpet brands to check out at Dubai Design Week
Jaipur Rugs
Also based in India, Jaipur Rugs is showcasing some of its famed designs at DDW — including Manchacha, which merges design innovation and social impact, as well as Sthir, which features minimalist lines and primary colours.
The family business dates back to 1978 when Nand Kishore Chaudhary quit a bank job and borrowed $60 to start his carpet business. The company started with nine weavers, but eventually grew to include a network of 40,000 artisans across five Indian states.
Iwan Maktabi
A company big on artist collaborations, Iwan Maktabi, is showcasing an exclusive carpet collection during design week.
Called Terminal G, the curated line-up will include carpets designed by local artists from Bahrain, Saudi Arabia, Kuwait, Qatar and the UAE.
Like other luxury carpet companies, the eponymous Lebanese brand has a long history under its belt, dating back to the 1920s. The Maktabi family owns a private collection of rare carpets, and has since helped develop people’s appreciation for woven arts in the region.
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
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.”
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ETelr%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%3C%2Fstrong%3E%202014%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E65%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20and%20payments%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3Enearly%20%2430%20million%20so%20far%3C%2Fp%3E%0A
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
Brief scores:
Everton 0
Leicester City 1
Vardy 58'
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
