Home is where the label is

The late, great fashion designer Christian Dior once declared, "A woman's perfume tells more about her than her handwriting." While I'm not one to disagree with the inventor of the famed New Look, which incidentally is being reinvented for Autumn 2008 (think nipped in waists and ladylike chic), if he was around in UAE today, he might well paraphrase his definition thus: "A woman's address tells us everything about her wardrobe." I'm referring of course to the plethora of fashion designers who have recently launched residential projects in the UAE. In fact for the ardent glamourista who wants to stay "on trend", it must be a hard job deciding where to deposit a down payment. Ultimately, her decision will boil down to whether she prefers Italian or French designers. Consider, if you will, her choices.

Firstly, of course, there's the Armani residences at Burj Dubai which cost a mere Dh14 million for a one-bedroom apartment and are furnished with the minimalist palette and austere furniture for which he is known. I've always thought the look was more masculine than feminine but will undoubtedly appeal to the power-brokering female population. Then there is Armani's polar opposite, Versace. The Palazzo Versace will be built at Dubai Creek and will be home to 169 private residences and 213 hotel suites, all furnished in the Versace Home line. If Armani's palette is grey and beige, Versace is all whites and gold and residents of the massive 894 square metre residences can anticipate paying Dh150,000 per sq m once completed at the end of 2009. This bargain price includes huge entrance halls, master bedrooms, spa suite bathrooms and walk in closets as well as private cinemas, swimming pools, libraries and saunas.

Slightly more understated but no less chic will be the new Gianfranco Ferre Stresa project. Even though Ferre died last year, his Stresa project is named after the late designer's favourite holiday spot, and the apartments will all be equipped with kit from the GF brand. A museum showcasing the work of the designer will also be housed in the yet to be decided location of this tower. For those unfamiliar with Ferre's signature looks - he championed the dramatic white shirt and updated the tuxedo look for women - my money is on the apartments being decorated in classic colour combinations.

To complete the quartet of Italian masters, DIFC's Skygardens project has created quite a stir among those who lust after Fendi. The motto seems to be, if you've got the "Baguette", bag the bijou residence. The 500 bespoke apartments and seven penthouses are all furnished by Fendi Casa whose range is an ode to opulence and passion. Think ruby reds, snow whites and jet black. It's sexy and edgy and very hard to resist (as well as my personal favourite).

This (very welcome) Italian invasion has unsurprisingly been joined by the French. Christian Lacroix, whose clashing colours and prints reflect his own playful personality has just launched Luxury Living by Christian Lacroix in Jumeirah. While the ink is not yet dry on the contracts with Abyaar, it's certain that the interior design will be as baroque and folkloric as his couture line. Lastly, setting the cat among the pigeons, is of course "Kaiser" Karl Lagerfeld who launched his project on Dubai's Isla Moda amid great hoopla last month. Also known as Mr Chanel, his 80 super-luxe homes will be ready by 2012 and will be sold "by invitation" - their interiors therefore a hotly guarded secret but no less anticipated than his catwalk shows in Paris. One wonders if Ms Wintour will be investing?

I am sure that the US Vogue editrix will need no help in choosing, however the more humble fashionista may need a hand when it comes to deciding were to lay her hat. Does she follow her heart or the biggest price tag? Will she be able to predict who has staying power and who will be on trend? Perhaps the choice will depend on which project has the greatest walk-in wardrobe space. But surely the adrenalin rush of owning a designer label apartment will wear off as quickly as it does when you finally acquire the latest "It" bag?

That's why I'm staying put in Bur Dubai, surely the Hoxton of the future…

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.

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.”

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km