Ariane de Rothschild dislikes labels. Then again, even if you tried, it would be impossible to fit her neatly into just one box – baroness, mother, banker, chairwoman – her list of credentials is as long as it is impressive.
In 2018, she added another, unexpected, title to that list – perfumer. When de Rothschild made the decision to acquire perfume house Caron, it set the stage for the merging of two French powerhouses.
“The Rothschilds have been entrepreneurs for more than 250 years and have always ensured that, through our activities, we pass on something greater to future generations,” she says. “With Caron, this means working to transform an iconic brand, with an already strong personality, by reviving its heritage and committing to the future of sustainable luxury.”
Not only did the timing of the acquisition feel serendipitous, the world of perfume had always been an alluring one for de Rothschild. Born in El Salvador to a German father and French mother, she grew up between Colombia, Bangladesh and Belgian Congo, taking in the sights, sounds and smells of each new culture.
“Having spent most of my childhood abroad, I have developed a very personal relationship with the world of perfumes,” she says. “Caron is a house with which I share many values: the preservation of know-how, the search for excellence, the pioneering spirit, and the search for impact on the world. All of this resonates particularly to me. Having the privilege to revive it through a bold entrepreneurial project and perpetuate this incredible savoir faire certainly piqued my interest.”
Ariane may not have been born into the Rothschild family, owners of one of Europe’s largest banking dynasties, but after marrying the late Benjamin de Rothschild in 1999, she made her impact felt across all facets of the family business.
Not only is she president of the French branch of the family’s Edmond de Rothschild private bank, she is also asset manager and chair of its foundations and heritage brand, overseeing everything from grand properties to vineyards, and now, Caron.
“My decision to acquire Caron was driven by my affection for this century-old luxury house with a unique heritage and savoir faire,” she says. “It has been an incredible journey of discovery and I’ve loved every minute. From its inception, the House of Caron has been wildly modern, with all the creations breaking the codes. It’s been amazing to continue this legacy while still paying homage to the brand’s heritage.”
That heritage dates back to 1904, when founder Ernest Daltroff opened his first boutique in Paris. Shortly afterwards, the self-taught perfumer met Felicie Wanpouille, who became his muse and eventual business partner, and together, they created several category-defining scents, from Narcisse Noir to N’Aimez Que Moi.
Through two world wars, Caron’s popularity endured, but towards the turn of the 21st century, fragrance offerings from French luxury houses such as Chanel and YSL reigned supreme.
With de Rothschild at the helm, Caron’s revival is now building on that heritage to attract a new generation of customers. “Caron is a house of creation, and its independence protects its freedom. With no need to follow trends, we set the agenda,” she says.
“It has always had an historic boldness. For example, Pour Un Homme de Caron, which is now an iconic fragrance, was a revolution in perfumery when it was created in 1934. This was the very first fragrance for men that had the audacity to meld lavender, a traditional men’s fragrance ingredient, with vanilla, more associated with feminine scents. My vision is certainly coming to life as we continue to create powerful scents with strong personalities.”
Belle De Niassa is Caron’s latest fragrance, and was launched globally in Dubai in March. Created together with the brand’s in-house perfumer Jean Jacques, who de Rothschild brought in shortly after the acquisition, the scent is inspired by de Rothschild’s time spent in Niassa, Mozambique, and uses essence of the mahogany flower.
“Jean Jacques’s expertise and artistic vision enables us to have a total freedom of creation, respectful of the olfactive DNA of the house, while anchoring it in modernity,” she says. “He enables us to source rare, beautiful and sustainable ingredients that ensure the authenticity of our fragrances.
“This fragrance represents a true innovation as, for the first time in perfumery, the scent of the mahogany flower is showcased in a sumptuous soliflore fragrance,” she adds. “This unique exercise also testifies to Caron’s curiosity and openness to the world.”
In 2021, Caron made the Middle East a priority market, relaunching in the UAE through regional partners Galeries Lafayette Dubai and Perfumery & Co. “Caron has always had strong links with Middle Eastern clientele, either here or in the Paris boutique.
“We are now glad to count 43 counters in the most important and prestigious department stores of six countries: UAE, Saudi Arabia, Qatar, Kuwait, Bahrain and Jordan,” she says. “Launching Belle de Niassa in Dubai as a global preview was a way to testify to the special ties we have with the region.”
Together with Jacques, and now the help of her youngest daughter Olivia, who has joined Caron and helped redesign the perfumes’ famous bottles, de Rothschild plans to continue Caron’s revitalisation, keeping its innovate heritage at the forefront.
“Feeling connected to an iconic brand like Caron offers a delightful soupcon of luxury by simply donning a fragrance,” she says. “Ultimately, luxury can be stripped back to whether it makes one feel amazing and I love that Caron hits all the right notes.”
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.”
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Arabian Gulf Cup FINAL
Al Nasr 2
(Negredo 1, Tozo 50)
Shabab Al Ahli 1
(Jaber 13)
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Pathaan
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The years Ramadan fell in May
Turkish Ladies
Various artists, Sony Music Turkey
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
Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
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
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Key features of new policy
Pupils to learn coding and other vocational skills from Grade 6
Exams to test critical thinking and application of knowledge
A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools
Schools to implement online system to encouraging transparency and accountability