Diamonds and Dubai attract stars seeking nearby escape

DUBAI // Dubai is fast becoming a second home for Bollywood stars looking for an escape in familiar and glamorous surroundings from the pressures of being a celebrity in India. Shahid Kapoor, who stars in Kismat Konnection, says he finds himself drawn to the city: "I am quite at home here." Kapoor spends about a month here every year and is now very familiar with the city. He likes that the people speak a variety of Indian languages wherever he goes. "There is something very comfortable about it all," he says.

Kapoor and fellow actor Vidya Balan, along with director Aziz Mirza, were in Dubai last weekend for the world premiere of Kismat Konnection. Balan says Dubai's shopping scene has won her over: "I hate shopping but Dubai has converted me. Four days here, and I went back with a fashion fever." Balan's red-carpet ensemble - a black Emporio Armani skirt and top and "lots of diamonds" - were all purchased during a previous shopping trip to Dubai with Shabina Khan, a fashion designer, who often dresses Balan for her films.

A few determined fans had managed to track Kapoor to a hotel in Dubai, where he posed for photographs and signed autographs. But while celebrity-spotting might emerge as a trend as more discover Dubai's charm, for now, at least, the stars are safe to spend and spend without worrying about the celebrity gossip that follows them back home in India. "You can't really go out and shop in Bombay," said Balan.

Given the number of daily flights from Mumbai and the short flying time, most Bollywood actors are happy to have Dubai as a promotional stop on their tours. However, Mirza, the director of the film, said he preferred Dubai in cooler seasons, when he could take a road trip across the country with his pets and driver. "It is a lovely journey," he said. "Then, I love sitting under trees and watching people."

Kismat Konnection was shot in Toronto, Canada, a location that is often used as a stand-in for New York City. Dubai's appeal is such that it usually plays itself in films. @Email:sbhattacharya@thenational.ae

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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