The panelled screen is made from poplar plywood covered in a jacquard-woven material. Courtesy Gucci
The panelled screen is made from poplar plywood covered in a jacquard-woven material. Courtesy Gucci
The panelled screen is made from poplar plywood covered in a jacquard-woven material. Courtesy Gucci
The panelled screen is made from poplar plywood covered in a jacquard-woven material. Courtesy Gucci

Would you pay more than Dh100,000 for a room divider?


Selina Denman
  • English
  • Arabic

The panelled screen is made from poplar plywood covered in a jacquard-woven material, with a repeating pattern of colourful octopuses and jellyfish. Shades of soft pink and blue are set against an electric-green backdrop, which is entirely in keeping with Gucci creative director Alessandro Michele's playful, atypical aesthetic.  

The piece stands 2.3 metres high, and 1.8 metres wide. Dome-shaped peaks add a touch of grandeur and are dotted with solid brass nailheads. The screen consists of three separate panels, connected by hinges so the size of the divider can be easily adjusted. It is made to order, and it will take 12 to 13 weeks before it is delivered to your door.

Courtesy Gucci
Courtesy Gucci

A Gucci armchair encased in the same eye-catching material is also on offer (complete with a pink fringe trim), for those who like to take a more co-ordinated approach to the design of their interiors. The chair costs Dh22,300.

This is not the first time that Gucci has employed an octopus motif for one of its pieces –the tentacled sea creature can also be found on a T-shirt and scarf. In the latter case, it appears wrapped around an anchor and surrounded by tiger heads, in a further example of Michele's unconventional approach.

Gucci launched its dedicated homeware line last year, and it is brimming with the brand's trademark motifs. Cats, tigers, moths, bees and kingsnakes are emblazoned across furniture, crockery and accessories, in a joyous concoction of colours, patterns and designs. "The idea is not to prescribe a particular decorative look, but to provide elements that allow for living spaces to be customised," the brand says. "[Michele's] collection of items for interiors is intended to allow for a flexible and personal approach to decoration, bringing an accent of Gucci's contemporary romanticism into the home."

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Martin Puchner
Granta

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.”

Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5