#35 - April 2016

ISSUE THIRTY FIVE - APRIL - JUNE 2016

The secure Australian investment

ALANDE MUSTAFA SAFI, MANAGING DIRECTOR, PARAGON BUSINESS GROUP

PROPERTY INVESTMENT TRACK RECORDS MATTER 26

PREMIUM BANKING THE GOAL FOR MASHREQ GOLD 28

CUSTOM MOTORING VIKING MRM'S AMAZING CREATIONS 32

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CONTENTS

Editor's

LETTER Greetings, all Welcome to the 35th issue of WEALTH Arabia. I hope you enjoy what is certainly our finest issue yet.

As always, we bring you some actionable investment tips to broaden your portfolio. But this time, we look specifically at the long term. Simon Smiles, Chief Investment Officer UHNWIs at UBS Wealth Management, shares many potential areas that are sure to find profits and aid humanity, including cancer treatment, retirement homes, and waste management. You’re sure to find some ideas that you might not have been focusing on before.

I hope you enjoy our chat with Ishrat Kiyani, the Regional Head of Mashreq Gold, of which I showed you a bit in my opinion page last issue. With all banks in the region touting their customercentric approach, who is really delivering on that promise? At the high-end, elite customers need constant communication with their relationship managers more than anyone else. Mashreq has attempted to revamp its relationship managerial department, improving all aspects, with the idea that relationships are what truly define good premium banking in the region. Have any feedback on your relationship manager? We’d love to hear from you. Shoot me an email and let’s keep this conversation going.

Till next time,

William Mullally

ISSUE THIRTY FIVE - APRIL - JUNE 2016

OPINION

05

Well, in hindsight…

08

NEWS & ANALYSIS

08

Industry experts weigh in on recent developments

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INVESTMENT

10

Central banks and oil remain key drivers of financial markets

12

Desperately seeking the secondary market

COVER INTEVIEW

16

The secure Australian Investment

WEALTH MANAGEMENT

22

Embracing the long term

PROPERTY

26

For property investment, track records matter

PRIORITY BANKING

28

The goal for Gold

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CONTENTS

ISSUE THIRTY FIVE - APRIL - JUNE 2016

MOTORING

32

Moving on from the assembly line

38

LUXURY FASHION

38 42 46

A new spin on Gulf style Fostering a fashion culture

LUXURY TRAVEL The perfect luxury weekend in Istanbul

LUXURY PRODUCTS

48

Montblanc honours its roots

HNWI CHAT

50

Sitting down with an Arab entrepreneur

46

Chairman SALEH AL AKRABI Chief Executive Officer ROBIN AMLÔT robin@cpifinancial.net Tel: +971 4 391 3723 EDITORIAL editorial@cpifinancial.net

ADVERTISING sales@cpifinancial.net

Managing Editor GEORGINA ENZER georgina@cpifinancial.net Tel: +971 4 391 3728

Business Development Manager WEALTH Arabia DANIEL BATEMAN daniel@cpifinancial.net Tel: +971 4 3752526

Editor, WEALTH Arabia WILLIAM MULLALLY William@cpifinancial.net Tel: +971 4 391 3718

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EDITORS SARAH OWERMOHLE sarah@cpifinancial.net Tel: +971 4 375 2527 JESSICA COMBES jessica@cpifinancial.net Tel: +971 4 364 2024 NABILAH ANNUAR nabilah.annuar@ cpifinancial.net +971 4 391 3718

Sales Director OMER HUSSAIN omer@cpifinancial.net Tel: +971 4 391 5419 Business Development Managers NIKHIL MATHUR nikhil@cpifinancial.net Tel: +971 4 391 3717

MOHAMED MAKSOUD CONTRACT mohamed@cpifinancial.net Tel: +971 4 391 5320 PUBLISHING EDITOR SARAH SPENDIFF sarah.spendiff@ Head of Contract cpifinancial.net Publishing & Business Tel: +971 4 3913729 Development VINOD THANGOOR Contributors vinod@cpifinancial.net Simon Smiles +971 4 391 3725 Hans Goetti Ashish Marwah London Bureau Chief Designer ISLA MACFARLANE BUENAVENTURA R. isla@cpifinancial.net JALUAG, JR. Tel: +44 7857 429476 jun@cpifinancial.net Senior Designer FLORANTE MAGSAKAY florante@cpifinancial.net Creative Designer ANA MAKSIĆ ana@cpifinancial.net Online Editor MATT AMLÔT matt@cpifinancial.net Tel: +971 4 391 3716

A look back at some recent news

Sales Director JON DESPRES jon@cpifinancial.net Tel: +971 4 433 5321

Finance Manager UMAIR AHMED KHAN ACA umair@cpifinancial.net Tel: +971 4 391 3727 Data Analyst NADINE ABOUZEID nadine@cpifinancial.net

Administration & Subscriptions enquiries@cpifinancial.net Tel: +971 4 391 4682 Online Content Manager Tel: +971 4 391 3709 SIYA PAINAYIL siya@cpifinancial.net Tel: +971 4 391 3722

ISSUE THIRTY FIVE - APRIL - JUNE 2016

ISSUE THIRTY FIVE -APRIL - JUNE 2016

Head Office P.O. Box 502491, Dubai Media City Dubai, UAE Fax: +971 4 390 9756

THE SECURE AUSTRALIAN INVESTMENT

The secure Australian investment

WEALTH WARNING!

ALANDE MUSTAFA SAFI, MANAGING DIRECTOR, PARAGON BUSINESS GROUP

A CPI Financial Publication

PROPERTY INVESTMENT TRACK RECORDS MATTER 26

PREMIUM BANKING THE GOAL FOR MASHREQ GOLD 28

CUSTOM MOTORING VIKING MRM'S AMAZING CREATIONS 32

Remember, if you wish to act on any of the information you read in WEALTH Arabia, consider taking independent advice first. WEALTH Arabia is written for a general audience and the information contained herein may not be appropriate for your personal circumstances.

Don’t miss your copy of WEALTH Arabia. Subscribe now, full details at: www.wealtharabia.net and on Twitter @wealtharabia.

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www.cpifinancial.net Registered at the Dubai Media City Printed by United Printing & Publishing – Abu Dhabi, UAE © 2016 CPI Financial FZ LLC All rights reserved. No part of this publication may be reproduced or used in any form of advertising without prior permission in writing from the Managing Editor.

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OPINION

WELL, IN HINDSIGHT… I

f you’ve pulled issue 29 of WEALTH Arabia off your shelf like I have recently, you’ve reread our feature on Brazil after the reelection of President Dilma Rousseff in 2014. In that issue, we had experts including Mile Simpson, Investment Manager, Baring Asset Management, and Bianca Taylor, Senior Sovereign Analyst, Loomis, Sayles & Co, discussing how this could affect the Brazilian economy, regional markets and investor sentiment on the nation and the region.

Taylor, for one, spelled out her feelings on the matter quite pointedly, “This is bad news for Brazil’s economic prospects. 2015 was going to be a very tough year no matter who won, but Dilma’s re-election casts a shadow on the country beyond 2015.”

How right she was. I, not wanting things to end on too sour a note, ended the article with a bit of optimism. “Hopefully, for Brazil’s sake, Rousseff will get her country back on the growth path that it so desperately needs,” I wrote.

Well, it’s safe to say now, that optimism wasn’t warranted. Taylor was right, it was bad news for the Brazilian economy. “Brazil is still trapped in a deep recession, the budget deficit is enormous, distrust of politicians is deepseated and the corruption scandal is far from over,” Heinz Rüttimann, CAIA, Julius Baer.

After many rioted in the streets calling for Rousseff’s resignation, Rousseff was not named as having taken bribes herself, the lower house of the Brazillian legislative Government voted to authorise the impeachment process to move to the senate.

“In the Senate a simple majority is needed, most likely in May 2016, to try Rousseff. She will then have to step down for up to 180 days for legislators to arrive at a final conclusion. In the meantime, Vice President Temer will take over and form a government. The question is whether Temer will be the leader with the mandate needed to put Brazil back on track. He as well will have to deal with a high number of coalition partners with ideological differences and will have to share power,” said Rüttimann. “The MSCI Brazil is still down 35 per cent, even after the recent strong rebound. We do not jump on the bandwagon and recommend investors stay underweight the MSCI Brazil.”

Though I am proud we published a hardhitting article that ended up being largely prescient, it is an important reminder that as hard as we try to look for a positive spin on things, sometimes there is bad news coming. Though we don’t want to hear it, it’s often in retrospect that we realise we should have listened.

William Mullally ISSUE THIRTY FIVE - APRIL - JUNE 2016

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Jersey connects with the

With a strong and growing presence in the region, Jersey is increasingly providing a range of private wealth management services to GCC clients

GCC This is an exciting time for Jersey and its relationship with the GCC. Jersey Finance not only returned to Dubai in April with its popular annual roadshow event, this time it spread the word further by bringing a complementary roadshow to Doha.

These events, which attracted a broad cross-section of the GCC advisory community, were united by a single heading: Clear Direction. It was an apt title, as it not only reflects Jersey’s burgeoning relationship with, but also its commitment to the region.

For more than 10 years, Jersey Finance, Jersey’s government and the Island’s regulator, the Jersey Financial Services Commission, have been making regular visits to the GCC. Having established a presence in the UAE in 2011, Jersey Finance’s Dubai office has fostered a strong and growing relationship with the business community in the region, with an advisory group of senior finance and legal professionals on the ground helping those links become even tighter.

The region is, of course, experiencing some changes, and this is affecting what its businesses, wealthy individuals and families demand from financial services providers. In its Global Wealth report (published in 2015), the Boston Consulting Group estimated that private wealth in the Middle East and Africa stood at US$8 trillion in 2014, and will reach an estimated $13 trillion in 2019, with Saudi Arabia ($2 trillion) and the UAE ($1 trillion) among the largest markets.

control their assets, and a solid reputation for helping people spread their investment risk around the world.

Investors realise that Jersey measures well against this criteria.

The Island has more than 50 years’ expertise in delivering private wealth management, trusts and estate and succession planning, and it’s a secure jurisdiction. Jersey sits in a stable corner of the world and benefits from a unique constitutional position and allegiance to the English Crown, which dates back to 1204.

As well as having independence over its affairs, with an elected parliament and its own financial drivers, Jersey also has a long-standing partnership with the City of London. This can be crucial for GCC families seeking to use London as a home or location for investment.

Jersey’s private wealth management provision is based upon the range of structures it offers investors. The Island built its reputation on the establishment of trusts and private companies (it now has more than 900 regulated trust company businesses, for example), but more recently its innovative Jersey foundations and private trust companies have proven increasingly popular too, especially among those seeking greater control over their assets.

In addition to this, Jersey has been providing family office services for decades, something that chimes in a region where family wealth and business are paramount, and are anticipated to grow in the coming years.

Families are getting bigger, interests are becoming more complex and international, and the volatile geopolitical landscape – with everything from the Arab Spring to ongoing turmoil in Syria, Libya and Iraq – means wealth planning needs to be more robust than ever to safeguard assets for future generations.

Perhaps most crucial of all, Jersey’s expertise extends to Islamic finance. The Island’s legal system hasn’t had to change in any way in order to accommodate Sharia-compliant products, and it’s flexible enough to handle the nuanced needs of the various schools of Islam.

Families and businesses in the GCC are therefore looking for a few key elements from their partners: a flexible approach to wealth management, with a good understanding of how the region’s wealthy individuals want to run succession planning and

This diversity of work enables Jersey’s practitioners to respond rapidly to emerging new trends, such as the growing demand for real estate investment in UK property and the increasing focus amongst investors for philanthropic products.

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KUWAIT

OMAN

BAHRAIN

QATAR

UNITED ARAB EMIRATES

KINGDOM OF SAUDI ARABIA

These days, any jurisdiction looking to remain at the forefront of financial services has to act in lock-step with global transparency standards, due diligence and anti-money-laundering measures.

Not only does Jersey offer a robust yet flexible, modern and sophisticated legal framework, it was also an early adopter of the OECD’s Common Reporting Standard and is fully signed up to the US Foreign Account Tax Compliance Act (FATCA). On top of this, the Island has received glowing endorsements from the OECD, World Bank and IMF. Indeed, Jersey has managed to strike the difficult balance between transparency and confidentiality, something that is of huge appeal to investors in the Middle East as this web of tax reporting initiatives becomes the global norm.

Jersey’s finance offering sits at the forefront of global banking, wealth management and corporate services, balancing product innovation with an enduring strength as a centre for Islamic finance, high standards of regulation, world class legislation and vast expertise from a range of seasoned professionals. As such, the Island is perfectly placed to support the complex estate planning and investment ambitions of GCC investors, as they respond to the rapidly changing global financial picture.

Geoff Cook

Chief Executive, Jersey Finance Limited

linkedin.com/company /jersey-finance

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@jerseyfinance

jerseyfinance.je

OMAN

Jersey: 10 key strengths + + + + + + + + + + +

50 years’ experience in private wealth management Deep ties to the GCC Early adopter to the latest transparency standards Glowing recommendations from the OECD, World Bank, IMF and Standard & Poor’s A substantial network of top-level financial services professionals An enviable community of support services, from legal to accounting Innovative products – from trusts to Foundations, Private Trust Companies and family offices Expertise in Islamic finance Stable location Close ties to London The perfect blend of the transparent and the confidential

youtube.com/jerseyfinance

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NEWS & ANALYSIS

Steen Jakobsen, Chief Economist, Saxo Bank

I

s China headed towards a hard landing in 2015? Many in Europe, in a recent poll conducted by Moody’s, put that as one of the greatest macro risks of the year, a sentiment shared around the world.

Anke Rindermann, Associate Managing Director, Moody’s

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olitical uncertainty and the rising anti-establishment sentiment is rising all around the world, with the Brexit vote in the UK this June and the most unpredictable US elections in recent memory. What’s causing it?

Eight years into the financial crisis, employees take home their lowest pay cheques–to–GDP in history, meanwhile, corporations enjoy their highest earnings before tax compared to GDP ever. We also have the lowest capital expenditure in history together with the lowest level of productivity. This unhappy trinity explains the rise of the far left and the far right as they represent the furthest distance you can travel from the political elites.”

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It is clear that a slowing Chinese economy is a major concern among market participants. However, rather than a hard landing we expect a continuation of slower GDP growth at around six per cent as Chinese authorities continue to use policy measures to avoid a sharp economic slowdown.”

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Norbert Ruecker, Head of Commodity Research, Julius Baer

C

are to guess the most popular stock for a strong sample of investors in the GCC this quarter? Give up? It’s Facebook.

Fadi Mehdi, Head A/S Abu Dhabi Representative Office, Saxo Bank

W

ith countries in the region and beyond working together and separately to see what can be done, is there any hope that oil will rebound to previous levels?

Most petro nations are starving for cash and the incentives are set to produce more rather than less, not least as Iran returns to the market claiming its historic share of the export pie. Most importantly, however, the US shale industry puts the impact of any voluntary supply curbs by the Middle East and Russia into perspective. An oil price up-move would likely swiftly translate into a stabilisation if not resumption of US oil production. The improved competitiveness and responsiveness of US shale is key to our view of oil prices remaining low for longer. We maintain our neutral view and see prices anchored around $45 to 50 per barrel over the years to come.”

This has been a volatile quarter for equities. The European Stoxx-600 index had the worst quarter since 2009. I am not surprised to see that Facebook and Apple are in the top most popular stocks among Saxo Bank’s clients in the first quarter of the year in the GCC. The companies demonstrated solid performances last year, and investors have continued to buy. However, we have seen some correction in the market.

The tech companies are at the battlefront of the new economy and there are strong opinions on the current pricing.”

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INVESTMENT

Central banks and oil remain KEY DRIVERS OF FINANCIAL MARKETS

BY HANS GOETTI, CHIEF ECONOMIC AND STRATEGIST FOR THE MIDDLE EAST AND ASIA, BANQUE INTERNATIONALE À LUXEMBOURG

HANS GOETTI

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CENTRAL BANKS

The fact that the Fed left rates unchanged at their latest meeting did not come as a surprise. However, the overtly dovish tone struck by Fed Chair Yellen is her post-meeting press conference caused considerable volatility in currency markets.

The US dollar index (DXY) took a hit and fell to levels last seen in October 2015.

The Fed has been putting the reflation trade back on. This seems to indicate that the Fed sees more downside risk today than it did in December when it moved away from its zero interest policy, although back then, the stock market was about to roll over and oil prices had fallen below $40 and heading lower. On top of that the renminbi was devalued again which touched off a wave of global currency volatility, US economic growth was stalling and deflation was the topic of the day.

The question at this point is to what extent the Fed’s dual mandate is still valid as this renewed dovish stance comes against the backdrop of an unemployment rate at a multi-year low of 4.9 per cent and core inflation near or above two per cent

depending on the measure. This is a clear sign that the Fed appears to be willing to tolerate an inflation overshoot, under the cover of risks to global growth.

The Fed’s more dovish stance alleviates some of the pressures on financial markets that resulted from monetary policy divergences between the Fed (tightening) and the ECB, Bank of Japan and People’s Bank of China (easing). This should eventually lead to a weaker to US dollar with far reaching implications on a range of asset classes.

OIL

The oil price recovery from the midFebruary lows was largely the result of short covering and expectations of a positive outcome of the “output freeze” meeting between OPEC and Russia taking place in Doha on April 17. Even though Iran seems to be balking there is considerable hope that some kind of agreement on a production freeze will be reached.

Meanwhile oil demand is expected to increase by 1.2 to 1.5 million barrels per day this year supported by lower prices.

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The major source of demand will be China which is taking advantage of the low oil price to replenish its strategic stockpile.

Additional demand will come from India and the US consumer. On the supply side, US oil output is expected to contract by one million barrels per day from current levels by the second half of the year with additional production declines likely from Russia, Iraq and a number of Latin American producers.

If we take into consideration 1.2 to 1.5 million barrels per day of global oil demand growth, one million barrels per day cut in US production, 600,000 barrels per day reduction in Iraqi and Russian production we are looking at a combination of demand growth and supply cuts which adds up to more than three million barrels per day.

This should tip the balance towards demand outstripping supply later this year, which will result in a significant drawdown in inventories in coming months.

Virtually ignored is the fact that that the world is running with the smallest amount of spare capacity that it ever has. During the last extended oil bust in the mid-1980s OPEC had a whopping 10 million barrels per day of spare capacity against 60 million barrels per day of total global production.

That meant that spare capacity was 16 per cent of production which provided a huge cushion against an unexpected production outage.

According to consensus estimates, spare capacity today is only about 1.5 million barrels against 96 million barrels of production per day.

This goes to show that even a small supply

disruption would lead to immediate upward pressure in the price of oil.

If it was not for the unusually high oil inventory levels investors would be paying a lot more attention to this number.

Against this backdrop the stage is set for higher oil prices in the second half of this year.

IMPACT ON FINANCIAL MARKETS

Diminished monetary policy divergences between the Fed and the other major central banks should eventually lead to a weaker US dollar. This would benefit all asset classes that previously were negatively impacted by US dollar strength. These include emerging markets equities, Europe high-yield bonds, oil as well as gold.

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INVESTMENT

Desperately seeking THE SECONDARY MARKET ASHISH MARWAH, HEAD OF ASSET MANAGEMENT AT ADS SECURITIES, BELIEVES THAT RECENT CHANGES AND NEW PRESSURES ACROSS THE MIDDLE EAST MAY ACCELERATE THE DEVELOPMENT OF THE BOND MARKET IN THE REGION

F

or the last 12 months oil has been trading well below the $100 a barrel levels of 2011 to 2014. The current price may not be a true value for the commodity, but it is a factor of the current supply and demand dynamics of the marketplace. The low price of oil is seen by many as a negative for the region, but for others it is a positive driver for further economic diversification. It could also help drive the development of bonds.

There have been a number of reasons why bonds have not developed in the GCC, and these are down to economic and

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behavioural factors. On the economics side the region has always had access to availability of liquidity. Companies are cash rich so there has been no incentive or requirement for them to go to the debt market. The region is also a low or no-tax environment so debt structures offer no corporate financing benefits.

The access to liquidity has also led to risk-off investment strategies, so there is no need to develop the products and structures which for many years have been used to create additional value in the main stream bond markets. In a low risk

environment there is also no impetus to develop the skills and knowledge essential to trade bond products. Traders are unwilling to make mistakes and go for the easy options. The majority of the acquirers buy known, very safe, products and hold to maturity. They go for sovereign or quasi-sovereign paper and are not looking for more complex products which have been designed to meet particular debt structures. This has directly inhibited the development of a secondary market.

The knock-on impact of this is that there is no regional yield curve which

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THE BONDS INVESTORS ARE LOOKING FOR MIGHT BE ON THEIR WAY.

would provide corporates a reference benchmark for their issuances. A positive outcome of the low oil price and lack of liquidity is that there is a growing probability the UAE, as a whole, could issue a sovereign bond which would be a significant boost for the sector. This is the best and quickest way to develop the sovereign yield curve rather than having separate curves for each of the Emirates.

Some consider Abu Dhabi and Dubai curves as federal and not national, which does not provide the reference benchmark corporates are looking for.

Any dealer looking at the region will know that the demand for regional bonds is very high, as investors are looking to diversify their portfolios. Regional equities and property have left some of them exposed, so they are looking to balance existing assets with a wider range of investments, including bonds. But for these buyers there is always a shortage of regional paper. Because of the factors, outlined above, the number and mix of bonds across the region is limited. The majority of issuances are from banks, taken up by large investors who hold to

maturity. There are reasons to believe that this will change, with a greater and more diverse range of corporates coming to the market. But, the sector is faced with a chicken and egg scenario—there needs to be more issuances in local currencies to prompt more companies to come to the market.

One of the frustrations for investors is that they like the high yields which are available from regional bonds, the issue has always been on the supply side.

A simple comparison can be given by looking at similar bonds from Asia and ...cont. overleaf

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MANY MANY FACTORS FACTORS HAVE HAVE LED LED TO TO THE THE CURRENT CURRENT NON-IDEALLY NON-IDEALLY DEVELOPED DEVELOPED BOND BOND MARKET. MARKET.

cont. from page 13

the GCC: if you plot a Qatar curve (AA/ As2/N.A) against a Korean curve (AA-/ As2/AA-), both have a comparable credit rating, but the trading of the Korean is much tighter. The spread between Qatar 20’s and Korea 19’s showed a five year high in mid-January, approximately 100 basis points in the Z-spread. The same is true when taking a longer view.

Twelve months ago when the oil price was still high, there was little or no need for cash rich local corporates to go to the debt market, but this has now changed.

In February, the IMF’s Christine Lagarde said that the GCC must introduce taxes to maintain its level of spending, and this will now happen. The first step in taxation will be the introduction of VAT in early 2018 which could quickly be followed by

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corporation tax. Taxes alongside a lack of liquidity may provide the incentives needed for corporates to issue debt.

The more issuances which come forward the greater the chance of a secondary market developing.

If this does happen then the focus will turn to market-making. The majority of desks sit with the big regional banks and Islamic banks for Sukuk. New players like ADS Securities are coming to the market, recognising that the demand will only increase. In the past, when global banks and investment firms looked to reduce their bond teams, the first desk to close was the Middle East. Geo-political risk or lack of products were all too often cited as reasons to pull back. But the reality is that the region has a lot to offer. Many high quality

investment–grade bonds can only benefit from an increase in region market making.

Where you have demand there will always be someone prepared to meet it.

The start of 2016 may be difficult but by Q3 and Q4, a number of good quality corporates will need to start looking at the debt market. When they do, there will be buyers standing in line to pick up the paper.

About the Author: Ashish Marwah is the Lead Investment Manager and Advisor at ADSS Asset Management. Ashish’s career spans from 1998 where he held key senior roles within leading organisations, as well as managed emerging market hedge funds that figured among the top performers by Hedge Fund Review (HFR).

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If I see some of my clients after seven or eight years, I still remember details about the home they purchased way back then. My clients know that I’m not only helping them with a business transaction, I’m helping them build a new life.

ALANDE MUSTAFA SAFI, MANAGING DIRECTOR, PARAGON BUSINESS GROUP

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COVER INTERVIEW

The secure AUSTRALIAN INVESTMENT ALANDE MUSTAFA SAFI CAME TO AUSTRALIA AS A CHILD POLITICAL REFUGEE IN 1994. 22 YEARS LATER, HE’S BRINGING FOREIGN INVESTORS TO AID THE GROWTH OF HIS ADOPTED COMMUNITY, STRENGTHENING GLOBAL RELATIONSHIPS, AND PROVIDING IMPRESSIVE RETURNS WITH PARAGON BUSINESS GROUP

Tell me about your firm.

The Paragon Premium Investment Fund, part of Paragon Business Group is a development investment programme in Australia. Paragon is dedicated to building homes, factories, or any development project that is feasible for the Australian community to supplement the growth of the population coming into the country.

When the banks have become stringent around lending money with these developers, Paragon fills that gap, trying to source funds from foreign investors.

For foreign investors, there is a strong benefit in doing so. Besides supporting the Australian economy, there is a six per cent rate of return for investors for a two to four year investment, with a minimum investment of AUD 500,000. It is a capital guaranteed product, meaning that their names will be listed, regardless of what

happens. Those that invest are growing the Australian economy, creating various jobs, and aiding the local community. Since the banks are not lending to these developers three-year short-term investments, we are filling a hole that they do not.

Paragon is monitoring the whole process as a responsible manager, and funding it with foreign investor’s funds. The rates that we offer are higher than anywhere in the region.

Can you tell me more about the investors that you work with?

Our clientele consists of high net worth individuals who are looking to diversify their portfolios and want to invest in the Australian economy, which is robust, secure, and largely unaffected by the global financial crisis. All of these factors are signs that allow investors to make a due-diligent ...cont. overleaf

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cont. from page 17

decision on their investment in Australia.

It is a form of security—if their investment reaches over AUD five million, they can look at different avenues of applying for different investment visa streams to eventually become permanent Australian citizens as part of these programmes. These are the incentives that are available with investing in Australia.

The Australian dollar is down right now to 0.7 to the dollar, but that means that those investing will get more value, especially if the Australian dollar rebounds.

If there’s a client who, for example, gives AUD 50 million, I give them the agreement with the terms and conditions, and they then bring that to a lawyer. Then their lawyers and my lawyers speak, and if they are happy, the funds are transferred.

Australia has very strict investment laws with strong due diligence. The funds are then packed in a trust account, not a personal company account, regulated and audited by the Australian Securities and Investment Commission. At this stage, we know of projects in Australia, and so we take those funds, allocate them to a project, and know that in three years time, we can return that 50 million plus the promised six per cent return. It’s a very transparent process—we don’t just take money and give it to someone’s cousin who is working on ‘the next Google’! It is the most secured form of investment in a traditional system, with a third party unbiased valuation of the current value and the realisation value. That is the process, and it’s a process we are very satisfied with.

For foreign investment, there is a ten per cent withholding tax, which makes investing in Australia potentially more attractive than markets like the US. This is an advantage for sophisticated investors to diversify their investment and see the benefits of which nation under which programme will best give them the returns, stability and security that they require.

What’s the selling point?

Investors that get involved with Paragon often have an eye on Australia to begin with. In the last 10 years, Australia has

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ALANDE MUSTAFA SAFI, MANAGING DIRECTOR, PARAGON BUSINESS GROUP

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COVER INTERVIEW

opened up in the economic world. It’s opened up to business transactions, bilateral relationships, as well as increasing economic relationships with China and, over time, more with the Middle East as well.

In terms of the Middle East, there is a strong connection. On one side, there is a big population of refugees and business migrants from Afghanistan, Iran, Pakistan and India. Furthermore, there are many Middle Eastern investors from Lebanon, Syria, as well as UAE nationals, either through private companies or private families, who are keen to invest in major projects in Australia. The Emirates Melbourne cup is a great example of a beloved institution that reinforces in the minds of Australians and Emiratis alike the bond that these two nations share. A lot of Middle Eastern families also study in Australia, which is home to some of the finest universities in the world. These factors make Australia not only a shortterm holiday destination, but part of their long-term strategy.

How closely do you continue to maintain those relationships with clients?

Originally coming from Afghanistan, it was easier for me to build relationships with those all over the world because of my international experience. I come for four months a year to spend in the UAE, and while here I report to investors exactly what is happening with their investment, giving them returns that are impossible to get in the region with a bank.

These relationships are not just a matter of consumer and provider; it’s a friendship that we have built. Our wholesale investment fund has become so big and so open that we can adapt to any different request that our clients may have. For example, if they don’t want to develop just homes, we can invest in schools or medical centres instead. The client understands that the Paragon Premium Investment Fund is the medium between them and the project, giving clients our expertise rather than having them do all the leg work themselves.

Through our many partnerships and connections, we have developed a strong network to make all of that possible for foreign investors, as well as building something in Australia that aids the community and provides much needed investment.

When I come to the UAE, I get a list of all the clients we have, and get a full report on each of them, and meet with each one.

Most of our clients come from referrals—I don’t have advertisements on Sheikh Zayed Road, I build relationships one by one. At the end of the day, it is how you deliver on your promises. It is how we have brought projects to fruition that has helped us grow our credibility.

How did you get involved in investment in the first place?

My family originally came from Afghanistan, where I was born. Because of the unrest there, we had to flee, so we migrated to India and then went to Australia as political refugees in 1994.

Since then, I have been living in Melbourne, where I attended school. In 2003, I saw a large wave of immigrants coming in from Asia as part of the Australia Humanitarian programme. Because I speak six languages, I used my linguistic skills as a free interpreter, and then reached out to these customers and ask them to let me help set up their mortgages. By the age of 24, I was the state lending manager for the highest amount of funds settled per annum for two years in a row.

I have always been a people person, and have always worked to maintain

relationships. If I see some of my clients after seven or eight years, I still remember details about the home they purchased way back then. My clients know that I’m not only helping them with a business transaction, I’m helping them build a new life.

I still continue to do that in my homeland lending mortgage management firm, which has successfully managed over AUD 628 million, and still growing. We are growing our team, and one of the main reasons is that the different facets of my businesses are integrated. We build homes through the Paragon Premium Investment Fund, and when Australians want to buy those homes, they need loans, and so my company will be the first referral for those potential buyers to get their mortgages done through Paragon. We aim to be a full facility provider to both foreign investors and those living in Australia.

How did this develop into the Paragon Premium Investment Fund?

When I see a problem pop up in this process, I work with my team to provide a solution.

When we learned that the Australian Government was entertaining a visa programme that had a link to investment, luckily, Paragon became a product linked to that programme. ...cont. overleaf

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COVER INTERVIEW cont. from page 19

ALANDE MUSTAFA SAFI, MANAGING DIRECTOR, PARAGON BUSINESS GROUP

This is what brought me to Dubai.

Those in Dubai don’t want to leave Dubai, however, by and large, but for some clients, it was a matter of security to hold a foreign passport as well.

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For others, it is about having a securitised product in an attractive market. Through our many partnerships and connections, we have developed a strong network to make all of that possible for foreign investors, as well

as building something in Australia that aids the community and provides much needed investment. We aim to provide assistance at all levels of the process, and that is something that I am very proud of.

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Embracing THE LONG TERM

INVESTORS FOCUSING ON SUSTAINABLE EFFORTS IN THE LONG TERM WILL AID THE WORLD AND FIND PROFITS, WRITES SIMON SMILES, CHIEF INVESTMENT OFFICER FOR ULTRA HIGH NET WORTH AT UBS WEALTH MANAGEMENT

IMPACT INVESTMENT COULD POTENTIALLY SAVE LIVES AND PROVIDE HUGE VALUE FOR INVESTORS.

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WEALTH MANAGEMENT

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any UHNW investors are focused on sustainable effects that inexorable global trends such as population growth, ageing, and urbanisation are likely to have on companies and sectors. By doing so, they can help solve global challenges and make a profit simultaneously.

When speaking to clients, we have been concentrating on three main areas —population, urbanisation, and ageing.

According to the UN, the world population will grow from 7.3 billion today to 10 billion by 2050. For every one person added in developed nations, 21 will be added in middle and lower-income countries. By 2030, 41 cities will house nearly nine per cent of humans on earth. The number of people aged over 80 is expected to rise to 192 million by 2030, from 124 million in 2015.

Emerging market healthcare is one beneficiary that we discuss with clients.

Even before accounting for projected population growth, emerging markets already house half the world's people, but spend less than 50 per cent of advanced economies on healthcare.

As emerging market populations grow, demand for food and water is also likely to increase. With respect to food, the supply of land is fixed, so we will need investments in techniques that enhance agricultural yields.

Waste management and infrastructure are also likely to require upgrades, particularly in urban areas. Waste collection rates are as little as 40 per cent in the developing world. In 2012, half the world's population did not receive waste collection services on a regular basis.

Infrastructure deficits in emerging markets are also concerning. By 2025, emerging markets are due to contribute nearly two thirds of infrastructure spending worldwide.

With respect to ageing, we see opportunities in areas ranging from cancer treatment to retirement planning and retirement homes. Certain diseases such as cancer will grow more prevalent as developed market populations age.

There will also be greater demand for retirement services, including pensions and

investments as well as assisted living and specialised accommodation.

IMPACT INVESTING

Cancer treatments are a great example because they impact almost everyone. At current rates, one in two men and one in three women will contract cancer at some point in their lives. However, opportunities for financing cancer research are relatively plentiful. By addressing some of the relevant funding gaps, investors can alleviate the personal and social suffering inflicted by cancer and give themselves a chance of earning a significant long-term return.

In recent years, we've witnessed significant breakthroughs in developing treatments. The HPV vaccine, for instance, is making rapid progress in eliminating cervical cancer among teenage girls. And because cancer is a life-threatening illness, regulators tend to be more flexible in their approach. Last year, the US Food and Drug Administration issued its fastest ever approval for a cancer drug. Over the long term, demand is also likely to grow as the world population ages.

Nevertheless, cancer treatments face two key financing obstacles. The first obstacle concerns affordability— particularly in emerging markets, where average incomes are lower. One solution is to spend a portion of pharmaceutical revenues on funding access to treatment.

With public financing in emerging markets coming under increasing pressure, there are also opportunities for private investors to step in and offer separate forprofit solutions.

The second obstacle is connected with developing treatments. Today, several pharmaceutical and biotechnology companies are testing novel cancer drug candidates in late-stage clinical trials— many of which we believe will be on the market over the next two years and ultimately have multi-billion-dollar sales potential.

However, studies (Fagnan, Fernandez, Lo, and Stein, 2013) have highlighted that the quarterly earnings cycle, realtime pricing, and constant scrutiny of ...cont. overleaf

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corporate performance from shareholders have encouraged pharmaceutical companies to focus on projects with clearer and more immediate payoffs at the expense of more speculative but potentially transformative and lucrative research. As a result, funding for the riskiest segment of the drug-development process—the translational phase between basic research and human clinical trials— is severely limited. For example, the aforementioned study revealed that only $6-7 billion was spent on translational efforts, while $48 billion was spent on basic research, and $125 billion was spent on clinical development that same year.

Long-term investors can help overcome these financial and social obstacles by embracing impact investing, or investment strategies that aim to achieve a social impact as well as a competitive financial return. By agreeing to commit capital for multi-year periods, investors can help plug intermediate gaps in the drug development process. They can also seek to earn a venture capital-style profit in cases where the relevant drugs are brought to market. Moreover, they can commit to reinvesting a portion of revenues in improving access to treatment in emerging markets and elsewhere.

For ultra high net worth investors, impact investing is a particularly attractive solution. Ultra-wealthy individuals have more spare capital than average as well as fewer potential short-term cash flow needs.

As a result, they can afford to lock up more capital in longer-term opportunities. In particular, impact investing gives them a chance to earn a long-term return at the same time as aligning their portfolios with their personal values and social concerns.

For ultra-wealthy individuals, donating money to fund cancer treatments is not a new activity. However, impact investing helps them direct a greater portion of their for-profit portfolios towards this urgent public cause. For cancer sufferers and their families, this is likely to be a welcome development.

OTHER KEY AREAS

Impact investing is an area with longer-term implications where we feel investors will

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SIMON SMILES, CHIEF INVESTMENT OFFICER FOR ULTRA HIGH NET WORTH AT UBS WEALTH MANAGEMENT

allocate more in future than they do today.

In addition to cancer treatment, we see four areas where impact investing is likely to be especially effective over the coming years.

The first is innovations in textile supply chains. Apparel is the third-largest manufacturing sector with $780 billion of global exports annually. However, an estimated 9500 of the 12000 outsourced suppliers are unregulated, unsustainable, and unlikely to be used by leading brands.

Millions of children work in the industry. In Vietnam, one of the largest producers, 70 per cent of industrial garment wastewater enters public water untreated, according to the World Bank. Private equity investments to improve technology and governance can reduce waste, empower local employees, and make products more appealing to Western brands.

The second is affordable healthcare in emerging markets. Nearly 75 per cent of chronic diseases occur in low and middleincome countries. By 2022, emerging market healthcare expenditure is expected to increase 10 per cent a year, around three times faster than in developed markets, according to the World Economic Forum. Impact investment would lend itself to building urban healthcare systems and developing specialty services, all with measurable social outcomes.

The third is insurance for climate change resilience and the increasing frequency of extreme weather. Worldwide, 70 per cent ($1.3 trillion) of the economic losses from natural disasters was uninsured over the past decade. Catastrophe models estimate uninsured losses from future disasters at $153 billion a year. However, certain financial instruments can help mitigate these risks. Catastrophe bonds crowdsource reinsurance coverage from investors to reduce the reserve requirements of insurance agencies.

Catastrophe bonds with resilience are a recent innovation that promotes investing in disaster-proofing infrastructure as part of their coverage.

The fourth is protein alternatives.

Global protein consumption will reach 934 million metric tonnes by 2054, from the current 473 MMT. However, the mix of protein consumed is changing due to consumer health and transparency preferences, environmental issues and declining wild fish stocks. Private market investment in industries producing meat alternatives such as aquaculture will improve livestock agriculture by lessening water and energy use, and can help sustainably feed the world's rapidly growing population.

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PROPERTY

AN AN AERIAL AERIALVIEW VIEW OF OF ONE ONE OF OF DUBAI’S DUBAI’S MANY MANY HOUSING HOUSING DEVELOPMENTS. DEVELOPMENTS.

For property investment, TRACK RECORDS MATTER

IN A BUYER’S MARKET, THE DEVELOPER’S HISTORY IS AN IMPORTANT FACTOR FOR GCC REAL ESTATE INVESTORS NOW MORE THAN EVER 26

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lthough things have slowed down in the region in some areas, one thing has stayed true for investors—real estate is still an integral part of their portfolio.

According to research from Cluttons, 63 per cent of the HNWIs they asked in the second part of their Middle East Private Capital Survey 2016 are likely to invest in their preferred real estate location in 2016.

But not all real estate investments are created equal. For any development, the developer itself is a huge deciding factor for investors on deciding whether to invest, and, thus, on the value of those developments.

When WEALTH Arabia asked Richard Paul, Director—Residential Valuations,

Cluttons, how much the developer matters to investors in the GCC, his answer was simple.

“Massively,” said Paul.

For new developers coming into the market, this is not always obvious. “It’s one lesson that a lot of them had to learn the hard way,” said Paul. “When we sit down with new developers at an early concept stage in the scheme that we’re consulting on, notoriety is a differentiating factor. Whether they’re new to the market or not, the pricing has to reflect that.

Investors pay more attention than ever before to the history of developers, and that has a large effect on where they choose to invest. “If they don’t have a particularly great track record, because they’ve delivered stuff that hasn’t necessarily been at the expectations of the market, then that’s reflected in the pricing of their scheme and the pricing that they can sell at,” said Paul.

“If they’re brand new to the market, then they have to over-promise, over-deliver, and put out a shining example of what they can do. They can’t cut corners, and they have to understand that how people feel about a project lasts well after a project is sold. It’s how it’s maintained, how it progresses.”

Some developers who are well established in the market, such as Emaar and Dubai Properties, stand out to investors, as their track record in not only building, but maintaining their developments, is so impressive. “One of Emaar’s first communities was The Lakes, and it’s one of the most well regarded communities there, because it has stood the test of time. There are of course things that go wrong with some villas, but in terms of how the community is managed, landscaped, and looked after, it has a sterling reputation. These things are hugely important to buyers now.”

The current landscape for real estate investment belies what might be its reputation with some, a remnant of the days when some international investors without much discretion bought up whatever they could.

“The speculators have left, and although we’re looking at investors, for owners and occupiers, as well, it’s very important to know how something will look in five to ten years,” said Paul.

Investing in areas that don’t have that same reputation can be cheaper, but risk is priced in. “Generally, the purchase prices for

those developments are perhaps on a rate per square foot slightly lower, so returns are a bit lower and there is greater risk, but that’s what you pay for.”

For new developers, though, there is hope. Developers now are a lot smarter than they once were. “There are plenty of players in the market, but actually a lot of new people who are coming to the market are looking at what has been done, what has not been done particularly well, what mistakes have been made. They are, as a result, taking far more advice from people who know what they are doing, and carrying on very good due diligence before they enter the market. That’s the only way you can do it now. You can’t just buy a plot of land, stick a spade in, and start selling. It’s not going to work, and there have to be lots of incentives in there, the payment plan has to be attractive, and more,” said Paul.

So why have developers forced to up their game, and why can investors afford to be more discerning? “It’s a buyer’s market.

The buyers are a lot savvier than they were in 2007-08, and they will not get involved in a project that is speculative. It’s very easy to see through developments that haven’t done their homework,” said Paul.

Transparency is also very important to investors now. “Whereas before developers may not have wanted to, now they realise they have to, and they realise it’s more favourable to them if they are more transparent about everything they are going to offer. As soon as you are more transparent, you get trust, and things work out for the best. There is hope for good developers,” said Paul.

Looking for gaps in the market, too, is important for investors and developers alike.

“Understanding global market conditions are now quite key. Townhouses that were launched recently by a new developer that were rapidly absorbed the market, and actually will probably end up being quite high yielding assets. AS long as a developer, even if they are fresh faced, understands where the gaps are in the market and delivers the appropriate product, it will be absorbed quite quickly,” said Faisal Durrani, Head of Research, Cluttons.

With new players entering the high-end market, it will be interesting to watch how investors respond.

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PREMIUM BANKING

THE GOAL for Gold

ISHRAT KIYANI, REGIONAL HEAD, MASHREQ GOLD, BELIEVES THAT THE MAIN WAY TO DIFFERENTIATE YOURSELF TO THE HNWIS IN THIS MARKET IS WITH THE HIGHEST QUALITY RELATIONSHIP MANAGERS AROUND

FOR MASHREQ, RELATIONSHIPS ARE AS GOOD AS GOLD.

What is your goal with Mashreq Gold?

Mashreq Gold, in terms of its brand and proposition, is on par with some of the leading international banks in the region servicing an affluent client base. For it to deliver on its brand promise we need to focus on several vital service areas. First and foremost, people. People make the difference. We make sure that the quality of the Mashreq Gold relationship managers (RMs) is the best that we have.

In this region, most affluent clients are multi-banked. They will have two to four different relationship managers, so they can pick and choose in terms of who gives them the best service, best offering. But it's the connection with the relationship manager that dictates the bank they work with the most.

Second, ensuring we build long-term sustainable relationships that develop deep

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trust with clients. Our aim is to ensure that once clients are with us, that they want to stay with us. Any bank can develop products that imitate another bank’s but copying a relationship or a service is difficult. And that, in my opinion, is the differentiating factor in terms of where clients will decide to do the majority of their banking. Service, service and service!

What do you think since you came on board you've changed the most?

I’d say our approach to developing our RMs for the Mashreq Gold team and how they deepen relationships with clients.

I like to think that the senior management team that I have around me has been able to attract very high caliber people. They are more seasoned, more experienced individuals and that helps in terms of the level of professionalism and the

type of interaction between RMs and clients along the course of the relationship. I would say that's probably been the main thing that I have been trying to enhance since I have taken up this role.

Can you go into a little bit more specific detail on how exactly a good relationship might be built by a relationship manager?

There are a few key things that are fundamental: being responsive; being knowledgeable; and making sure that ‘you follow through on what you promised’.

Clients want to know that, first of all, you're going to be able to resolve any and all issues for them, and deal with those issues swiftly and professionally. This attentiveness and accuracy of service means the trust will grow with the RM; and they will then feel comfortable in discussing investment and other banking services.

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And as the trust builds, as they get to know the RM more, then they will perhaps start considering Mashreq for a larger share of their wallet.

Can you think of an example of the way a relationship manager handled a specific issue that you were particularly proud of recently?

To single out one such example would be unfair as I believe all of our RMs handle issues very well. What I can say is that they all very diligent on the fundamental requirements of a RM—and that is being responsive; knowledgeable; and making sure that ‘you follow through on what you promised’.

In terms of your client base, who have they traditionally been and what are you trying to change?

As UAE demographics might suggest, our client base is predominately from the Asian

subcontinent, constituting around 48 to 50 per cent of our base. The rest is split equally between Western and Arab expatriates.

It’s important to balance our client base to ensure that we have good mix of clients as well as relationship managers. We have an attractive proposition and the legacy of over 40 years and expertise to handle all kinds of client’s requirements and that includes being able to have a choice of relationship manager.

And besides just having relationship managers, how else do you plan on bringing in more clients?

I strongly believe that a good relationship with an RM will lead to referral business so our best marketing tool really is word-of-mouth.

If a RM is doing a good job with you as a client, then over a period of time you will tell your family your friends, that this is a person

who really does put the client first, they have relationship managers who pride themselves on needs-based selling, not push products.

As a consequence of this, our clients will then recommend others and that for me is the best way of attracting clients, through word of mouth. We can do a lot of advertising, we can do a lot of other things as well, but having a recommendation from a peer or a friend that Mashreq is the right bank to help them and that this is the right relationship manager has a real influence on someone’s decision.

And what's your strategy when the current economic climate may not be as optimistic as it once was and some clients might actually be struggling?

That's an excellent question and one that we try to address quite often with our relationship managers. When times are tough, and people are a bit nervous, that is the time ...cont. overleaf ISSUE THIRTY FIVE - APRIL - JUNE 2016

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when we need to be even more proactive, which is to go back to see your clients. Instead of meeting clients once a quarter you might want to see them two or three times. To reassure them as to why we did what we did.

We need to make it clear to them the reasons for taking out that particular investment, or a specific savings plan, what were their long term objectives and goals beyond that, and what if anything has changed.

What we said at the outset was that whatever we do is going to be for medium to long term, and medium to long term invariably is five to 10 years. And in that time, the markets will fluctuate. There will be volatility. There will be ups and downs.

But you have to obviously persist with that if your objectives and goals are strong enough that you want to achieve in the first place.

That personal interest and reassurance on a regular basis not only helps to cement the relationship, but it also keeps clients on track in terms of what they want to achieve in life.

In terms of your mortgage services, insurance services, and more, what do you think makes them premium? What differentiates them from more normal services? What makes these services special?

The threshold for a Gold client for us is that you've got to have an AED 50,000 per month salary AED 300,000 in investable assets, or you should have a mortgage of AED 2.5 million with us. Any one of these three qualifies you as a Gold client. Within those three there are a series of benefits you will get that will add to the value in terms of why you are a Gold client.

One of the benefits of being a Gold client is that you will get preferential rates and benefits.

For example, a Gold client will be able to obtain better mortgage rates; they will be able to have better benefits from their Gold credit card.

What are you looking to improve in your mortgage offerings?

Believe it or not, it comes down to service.

Buying a house is one of the biggest assets anybody will own. It’s an emotional thing.

It's stressful as well. A client wants to make sure that the whole process can be made as seamless as possible.

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RELATIONSHIPS ARE THE KEY TO HIGHER QUALITY BANKING, ESPECIALLY AT THE HIGHEST END.

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For example; the paperwork needs to explain terms and conditions in a language that’s understandable and jargon-free. The mortgage adviser needs to take ownership of the process and take the responsibility to talk you through the entire journey.

The advisor needs to work on the client’s behalf to make sure that you get your offer letter and that you exchange contracts in a seamless way so that you can move into the house as quickly as possible.

Mortgage rates can be very similar from bank to bank so again, it comes back to the service we can deliver to make the process as stress-free as possible.

And in terms of your Islamic investment products, what might HNW clients be interested in?

Islamic products are a very important part of the banking industry and we do have an Islamic banking window—Mashreq Al Islami. We are also working on a unique Islamic wealth management division that we will be able to talk more about in the near future.

Most of our Islamic clients will are looking for Sukuk and Takaful and investments that have to do with Shari’ahcompliant products rather than conventional ones. But the differentiating part here is that most of our clients are diverse, as we mentioned before. Most of the local banks that we compete with, and Islamic banks particularly, have a captive audience for that, and it’s difficult to compete with. That’s something we need to work on. One of the things that we need to develop as a viable proposition for Gold is what we can do to improve our Islamic offerings.

In terms of your personal strategy for the next year what are you looking to improve under your role and what you can do?

Personally, my goal is to increase awareness for Mashreq Gold amongst our clients and in the industry and second, to increase our share of wallet in terms of the wealth business.

I want to have the right size of RMs to better service our clients without being overloaded. In doing so, RMs will have the flexibility to spend

ISHRAT KIYANI, REGIONAL HEAD, MASHREQ GOLD

more time building the relationship, allowing the share of wallet and our penetration rate to increase.

We’re also looking to develop the skill base of our relationship managers. All of them are going through a Level 3 CISI examination for wealth. There aren’t many organisations in this part of the world that have RMs that are Level 3 CISI qualified. So that will also give us an added advantage and a unique selling point. So these are some of the things that we're looking to do going forward to make sure that we upscale our sales people, we improve our proposition and we increase the awareness of our brand so that potential clients, as our existing ones understand what it is that Mashreq Gold stands for, and what they can expect, a clear, concise and well-articulated proposition.

We pride ourselves on key areas of needs for clients based on: protection, education, retirement planning, protecting and growing their wealth as well as legacy planning. These are the primary needs that clients have, so we ask ourselves, what we at Mashreq Gold can do to educate them on these needs.

Using our product providers and also industry speakers, we’ll be looking to hold more frequent, at least once a quarter, client events where we will invite a select group of clients that we feel will be interested in these issues. We will then have speakers coming along to talk to them on these areas, giving them an opportunity to interact with both the presenters and relationship managers, which we hope they would find of value.

These client events therefore will not only be educational but also help us to build our brand and awareness.

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MOTORING

MOVING ON FROM THE ASSEMBLY LINE

Tired of having the same car as everyone else? Viking MRM is a hidden gem producing some of the finest one-of-a-kind cars and motorcycles in the world, right from Dubai

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or those that have lived in the region all their lives to those that just step foot outside Dubai International Airport, one thing is clear: the elite of the GCC have a passion for luxury motoring.

Near everywhere you turn, there are the elite brands that are scant seen in many other parts of the world.

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This can create a problem for the HNW consumers of the region—where do you go when you want something truly unique?

Oddvar Lönnerkrantz, CEO and founder, Viking MRM, understands the issue. “The clients that come here looking for special cars have gone through the Corvettes, Dodge Vipers, Ferraris and Lamborghinis.

They have all of those, but they want a classic vehicle. They want to have something cool.

And the problem is, getting something unique here from abroad is usually a big problem.”

Nestled in an unassuming garage in the industrial area of Dubai Al Quoz, Viking MRM is a jewel of the custom high-end motoring scene, crafting one-of-a-kind

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VIKING MRM TREATS CLASSIC CARS LIKE A CANVAS.

cars, bikes and works of art, all brought forth by an expert team from the mind of Lönnerkrantz himself.

At the front of his shop, when WEALTH Arabia toured the premises, was a particularly eye-catching motorcycle. “A client came to us, a very discerning local client, and said, ‘come look at what I have on this truck.’ He showed

us pieces. He told us,’ I have been to 15 bike shops in Dubai, dropped this off, and asked them to build me a bike. No one could do it.’

I asked him, ‘why do you want to build this bike?’ He told me, ‘I have a vision of building something that is unique.’

“When he came, each piece came from a different brand. So wherever he went,

people looked at it and said that it won’t fit. He said to us, ‘I’ve heard you do proper fabrication. Can you give me a concept?

I said drop off the pieces, let me look at it, and he told us, never mind the budget, I want you to build something special.

So we put all our effort into it, and every piece is hand-built.” ...cont. overleaf

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cont. from page 33

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And although it looks excellent, Lönnerkrantz assured WEALTH Arabia that every detail was done correctly. “If you go to another shop here, they will bang it out a bit and then put bondo over it, which is a plastic filler. That will look ok, but it won’t last. After two years of driving it in the heat, it will start cracking. But with our pieces, it is pure metal. Everything is totally unique.”

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This fervour for motoring, building and perfectionism began when he was just a child back on the Scandinavian Peninsula. “I started doing this sort of work in Sweden about 20 years ago. Sweden is cold in the winter, so every winter, we work in our workshops. My dad is a biker and a blacksmith, so it has always been cars and bikes for me, since childhood.

Especially when it comes to building things, you build it so it will last for two years; you

build it to last 40 years. My blacksmith teacher was very thorough with that. He always told me, ‘you better do it right from the beginning, so you don’t have to do it twice.’ I keep that in my mind when I do every task.”

That same love is what drives his creation today. “I love creating with metal.

I have been doing historical reenactments since I was a child—jousting at full speed towards each other in metal armour.

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BUILT FROM VARIOUS PARTS,VIKING MRM'S LATEST BIKE COST ITS NEW OWNER AED 150,000.

...cont. overleaf

Everything is connected with the love of creating. You take a piece and ask yourself, what can I do to make this perfect? It’s like a stone mason. When he looks at the stone, he doesn’t see the stone, he sees his art project in it. And that’s what I see with metal. I don’t sit in the office all day; I work with my hands with the boys, because it’s my concept, my ideas, and my vision with the vehicle. I have a really skilled crew

who is an extension of my hands and my thinking. I can come up with an idea and I don’t have to stand over my crew’s shoulder.

Rather, they know what they are doing.”

But having a commitment to items no one else can have is not something that every consumer understands at first.

“People see something on our Instagram and ask how much that would cost, but we tell them that we don’t do that. Each item is

one of a kind. We will not build something similar. We can build something in the same concept, but nothing as a copy.

I don’t want mass production, I want everything to be unique, and to the client’s vision.”

That vision is often followed to fit the individual themselves. “Recently, a musician came to me with a bike and said that he wanted something to represent his rock and

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THE CUSTOM CARS AND BIKES ON DISPLAY ARE ONLY A HINT OF WHAT VIKING MRM PLANS TO ACCOMPLISH.

cont. from page 35

roll side, and offered AED 10,000 to have something unique done to it. We created a handmade seat, passenger seat, and foot pegs that look like the pegs of a guitar,” said Lönnerkrantz.

The pieces that Lönnerkrantz creates with his team are not only for the road, they are for the showroom. “A lot of high end clients have a garage connected to their house, so they can have their car or bike available to go out and have a look at. We make pieces worthy of that—we make art pieces. We don’t only want it to be a road-worthy vehicle, it needs to be something you can put on a podium and say ‘this is art.’”

But, of course, in the region, it’s not just about the showroom. It’s not about a pretty exterior—it’s about the substance of the vehicle, something that Lönnerkrantz and his crew are committed to creating in each and everything they build. And to keep a vehicle with substance, they need to

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be cared for. “The classic car scene in the UAE is growing, but people want to be able to drive them. Not enough people know how to maintain these cars. These aren’t like modern cars—classic cars need to be checked. They last forever if you take care of them, but they need to be taken care of.”

Viking MRM’s prices can seem steep to some, but, comparatively speaking, it can often end up being a bargain. “It costs AED 150,000 for a custom-built bike. If you go into the Harley Davidson shop and you buy a bike that costs you AED 100,000, then you have a bike that everyone else has. But to make that personal for you, you need to paint it, change handle bars, and change the seat.

If you had built a bike from scratch, you could have actually saved money rather than do that extra work.”

The prices, too, are a reflection of their quality. “People come and say, ‘can you paint my car?’ I say ‘of course, that’s

an AED 45,000 job.’ They say, ‘that’s too much!’ But if you see the amount of work goes into what we do, and the quality, you will understand,” said Lönnerkrantz.

But with each custom-job on an existing vehicle, new vehicle built from scratch, or restoration job on a classic vehicle that Viking MRM does in its wonder-shop, Lönnerkrantz’s ambition only grows larger. Currently, his team are working to create five custom ‘Nemo cars’, a recreation of the car that legendary character Captain Nemo used in the film The League of Extraordinary Gentlemen.

Lönnerkrantz is currently searching for investors to close his shop so that he can concentrate specifically on the project.

For HNW consumers looking to finally own their dream vehicle, collaboration with Viking MRM will yield fantastic results. The only limit, besides your budget, is your imagination.

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LUXURY FASHION

AHMED ABDELRAHMAN HONED HIS SKILLS IN PARIS AND ITALY, BUT RETURNS TO THE UAE THIS YEAR.

A NEW SPIN on Gulf style

UAE-BASED FASHION DESIGNER AHMED ABDELRAHMAN IS REALISING HIS VISION TO MAKE THE KANDORA AND OTHER TRADITIONAL GULF STAPLES A PART OF GLOBAL FASHION, WRITES SARAH OWERMOHLE

A

hmed Abdelrahman always comes back to one photo. In it, Sheikh Zayed bin Sultan Al Nahyan, the driving force in the creation of the United Arab Emirates, has just arrived in London on his first official visit. His traditional white kandora, draped with a long tailored jacket, billows in the wind as he descends the aeroplane stairs in shining dress shoes.

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To Abdelrahman, the East meets West symbolism goes far beyond style. “It said [to me], I am here, I come with my origins, but I’m in your nation and I know my potential for you nation. I’m very attached to my origins, but I’m also not detached from the now.”

The meaning Abdelrahman draws from this photo could be the mantra for his fashion

label, Thamanyah. The brand—meaning ‘eight’ to represent both the number of children in his family but also the spiritual importance of the number eight in Islam— encapsulates the multicultural modernity seemingly born in the Emirates.

Yet what is now a successfully global fashion label started as Abdelrahman’s entirely personal take on his roots while

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e RATHER THAN ADROGYNY, THAMANYAH CAPTURES ONENESS, ABDELRAHMAN SAID.

living in Paris. Feeling creatively frustrated after obtaining a mechanical engineering degree in the UAE, Abdelrahman moved to France for a master’s programme at ESSEC Paris, a business school that had produced some of the top executives in major fashion brands. Though Abdelrahman said he was far from seeing himself as a fashion designer, it was not long before he was interning

at Chaumet, a luxury Parisian jeweller synonymous with the historical elegance French fine jewellery. But the modern attracted him most, and he soon joined Van Cleef & Arpels, an equally high-end jeweller with an innovative edge. Though Abdelrahman started as an intern on designs, particularly those that could appeal to Middle Eastern buyers, he was

soon bringing the buyers in themselves. In a matter of months, Abdelrahman decided to strike out on his own as a freelancer.

As the freelance business grew he jetted to the UAE, sometimes for only a few hours at a time, on projects for his expanding client list. When back in Paris, he increasingly found himself front row in the lively fashion scene. As he vaulted ...cont. overleaf

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the kandora. All of that. It was a very deep analysis,” he said. But even with the traditional and meaning of the garments, Abdelrahman does not intend to get stuck in the past. “Even today Thamanyah is not meant to be a retrospective of what we wear in the region,” he said.

“The kandora, for me, it is a very sincere expression of myself. I wore it very proudly among the [Parisian fashion world]. I was very convinced of the idea that, if the kandora has been worn as it is for more than 300 years in this region and it survived this harsh weather, these desert conditions, of course it is something very practical, very relevant and true. And very modern,” he said.

“What is more modern than straight lines?”

Lamy was more than impressed. She insisted that Abdelrahman prepare a line for the next fashion week, just two weeks away at that point. What ensued was a frenzy of preparation and stress, but the work paid off and the buzz around the new brand had grown. It was not long—a day in fact—from the moment Thamanyah’s showroom doors opened to the moment it had its first buyer, Barney New York. Atelier New York was second, and soon a string of major buyers, from New York, Tokyo, Milan and London, had bought the whole first collection. The Gulf market, however, remained a bit wary.

“I think it translates better for the international audience. Thamanyah is a very privileged glimpse into a closed world that they have no access to,” Abdelrahman said. “Anything that blurs the boundaries, or goes beyond the boundaries of gender or stiffness of the mind, is very intriguing for the fashion world.”

This line became particularly blurred as Abdelrahman began moving into garments for women and more experimental unisex pieces. Yet he balks at the idea of Thamanyah as simply an exploration of androgyny.

“It’s more like oneness. I understood that separationisanallusion,labellingisabigallusion.

We as humans, we’re multidimensional. Even next collection I’m going much deeper with that, [creating garments] with three arms.

Just to emphasise this—that the spirit has no gender. I am starting to see myself in everyone and everything,” he said.

The kandora, for me, it is a very sincere expression of myself. I wore it very proudly among the [Parisian fashion world]. And very modern,” he said. “What is more modern than straight lines?

The Thamanyah kandora is currently closing “Reigning Men”, the Los Angeles County Museum of Art (LACMA) exhibition on men’s fashion from 1715 to 2015. From the three-piece suit of the eighteenth century to the elaborate dandy style made popular in the nineteenth century, the collection moves through ruffled suits,

leather jackets and chromed out sneakers to arrive at its last piece, the ‘deconstructed kandora’ that is a staple of Thamanyah.

“It is not a coincidence,” Abdelrahman said. “We’re talking about the evolution of menswear from the 1700s to 2015.

The kandora is the latest step in that evolution.”

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LUXURY FASHION cont. from page 39

back and forth, from kandora in the desert to radical fashion on the catwalks of Paris, the two became less binary.

“Your confidence grows. The way you see things becomes different, and it’s OK to be different. It’s OK to have people stare. You release any kind of attachments to a concept or a rule,” he recalled. “So I started wearing the traditional kandoras all the time in Paris.”

There is often a joke told in the Gulf region that the first thing people do when they get on a plane to Europe is tear off their kandoras and abayas for more conventionally Western clothing. Abdelrahman began reflecting on this. It was not a matter of comfort; friends that came to visit in Paris often yearned to return to the UAE and the comfort of their kandoras. Certainly there is pride in the garment—by why was it not translating to a broader market?

“It was a contradiction. There is a sense of home in the kandora,” Abdelrahman said. Yet he approached it from a now finetuned creative perspective as well, looking at lines, fabric, and the strength of the kandora as a garment.

He began working with an Italian designer in Paris to construct his own wardrobe of modern kandoras. It was not long before they began to attract the attention of Paris’ high fashion set. Around this time, Abdelrahman had become close with renowned avant-garde designer Rick Owens and his wife Michelle Lamy, a fashion influence in her own right. It was Lamy, Abdelrahman says, that first started asking when he would develop a brand out of what had, thus far, been personal style.

Abdelrahman says that he is not big on intellectual fashion, but when he went to present his first creations to Lamy, it was important to draw out the context and meaning of the garments, which were a combination of kandoras and similarly linear, deceivingly simple pieces. He brought the picture of Sheikh Zayed and the history of the region with him.

“There was intellectual research put into it—the origins, the political, traditional and religious dimensions, as well colonialisation, like when Westerners brought suits and leaders starting wearing the jacket on

40

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THAMANYAH ADAPTS THE TRADITIONAL KENDORA FOR A NEW GLOBAL AUDIENCE.

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4/24/16 4:53 PM

LUXURY FASHION

FOSTERING a fashion culture

THE UAE’S RISING DESIGNERS ARE MOVING PAST PARIS TO MAKE A NEW FASHION CAPITAL IN DUBAI, WRITES SARAH OWERMOHLE

W

hen talking to a visitor about Dubai, there are usually a few key impressions that come up.

Luxury is probably the first observation— from the cars on the road to the watches on wrists, it is hard to think of a city more consumed by luxury and retail appetites than Dubai. But then there is the newness, with the sparkling modern skyline that rose up in a matter of years.

There are few places where concepts such as luxury and newness intersect as strongly as they do in fashion. There are still four fashion capitals that simply cannot be beat—New York, London, Paris and Milan.

But the new guard coming out of Asia and the Middle East is increasingly stepping into the limelight, mixing contemporary elements with cultural aesthetics that seem fresh and new to a fashion world usually absorbed with Europe.

Particularly in Dubai, where transience and cultural blending colour

the experience, home-grown brands take on concepts of modernity and multiculturalism as a part of their DNA. For Emirati Khulood Thani, founder and creative director of fashion house BINT THANI, this came naturally. “[BINT THANI looks] are more architectural—cuts and details are very important. Why this style? I grew up in Dubai and I’ve seen the economic evolution and all the modern architecture of Dubai. That’s a big part of who I am and my brand.”

Rami Al Ali, a Syrian-born, Dubaibased designer, draws from a broad, rich regional history in his work. Gowns for his self-named label, fast becoming a regional classic for women’s formal wear, couple classic feminine silhouettes with structured ruffles and intricate embroidery that evokes traditional Arab art.

“There is a clear element in my designs, which is Arabesque; it gives the

distinctive nature of my designs, which comes naturally as a result of the internal Syrian heritage that I live with.

In his Spring/Summer 2016 collection this regional flavour met with Moorish artistry to further explore the feminine silhouette.

“I wanted my collection to reflect the different themes and eras but with a modern twist. I experimented with silhouettes, which capture the feminine figure and also incorporated voluminous, multi-layered skirts to seize the masquerade theme,” he said.

As a fashion capital, Dubai still has a long way to go to catch the classic four—London, Paris, Milan and New York—but the sector is thriving on homegrown design.

“Dubai is of course known for its appreciation of established international brands and fashion houses, however the trend for local brands is growing,” Nez Gebreel, ...cont. overleaf

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BINT THANI DESIGNS DRAW ON THE ARCHITECTURE OF DUBAI, SAYS KHULOOD THANI.

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LUXURY FASHION

LUXURY FASHION

KHULOOD THANI TRAINED IN PARIS BEFORE RETURNING TO DUBAI TO START BINT THANI.

cont. from page 43

CEO of Dubai Design and Fashion Council (DDFC), said. “This market has very unique tastes and a love for one-off and bespoke creations, which is reflected in the work of our regional fashion and accessories.”

DDFC is a government-supported initiative, founded in 2013 to establish Dubai as the emerging design capital of the world. Among educational workshops and events, DDFC also supports a number of platforms to draw regional fashion consumers to designers’ budding brands.

These include Dubai Design Week, Tashkeel Design Programme, the DDFC Urban Majlis, Style.com/Arabia—DDFC Fashion Prize, the International Woolmark Prize, Design Days, Design 971, Dubai Collections and Fashion Forward.

“I truly believe that our strength lies within our pool of local designers.

Harnessing their creativity and providing them with opportunities to learn and platforms to showcase will enable us to be recognised for our fashion standards,” Gebreel said.

For Ahmed Abdelrahman, Founder and Creative Director of label Thamanyah,

44

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which he himself describes as bi-cultural, (pg. 38) this means playing to the region’s specific strengths.

“You cannot compete with the established fashion houses. We need to start with what we have. We have the fantastic culture of made-to-measure. This is what we should build on,” he said.

Rami Al Ali echoed the idea that Dubai fashion should play to its strengths. “A lot of people are looking for something unique and exclusive, which can’t necessarily get from international brands,” he said.

“With the right support, strong identity and upcoming talent, we are on our way to becoming a global fashion hub in the years to come.”

The new BINT THANI collection, as Khulood Thani describes it, seems to draw on this increasingly global view of fashion.

Named “The Journeyer Collection” the new set of looks imagines a traveller’s evolution through the scenes that they encounter.

“It’s not just the journey [the traveller] will take, but all the elements he will see or the equipment that he will use. Because they also go on the same journey.”

RAMI AL ALI'S SPRING/SUMMER 2016 COLLECTION FEATURES MOORISH AND ARABESQUE PATTERNS.

GROWTH POTENTIAL

Gebreel says the potential of the region’s fashion industry is tremendous. According to the MENA Design Outlook report launched by DDFC, in 2014 the industry’s market value surpassed $100 billion. It is expected to continue expanding at an average rate of six percent until 2019, twice the pace of the global design sector.

“Dubai already leads MENA in terms of market share,” Gebreel said.

“Investors should recognise that 2016 is a crucial time for the region, particularly with fashion in MENA expected to continue growing until 2017 at a CAGR of 6.1 per cent, and subsequently at a CAGR of 7.5 per cent.

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4/21/16 5:20 PM

THE PERFECT LUXURY WEEKEND IN ISTANBUL

With the help of concierges from The House Hotel and The Four Seasons, here are two perfect days in one of the world’s finest destinations

DAY1

Fight jetlag with their signature Bosphorous Harmony Four Hands Massage at the Four Seasons Bosphorous’ Spa.

Take a first class flig by a transfer via pri ht into Istanbul Ataturk, followed vate car to drop yo Seasons Bosphorous, u off at the Four fantastic views of tw a stunning converted palace with o continents.

Don’t pass up the beautiful structures in the area rich with history.Visit the Hagia Sophia, which has changed with the times since its construction in 537 CE.

p46-47_Travel Turkey.indd 46

Take lunch at Nar Lokanta, housed in the building of Armaggan, located in the heart of Sultanahmet by the Grand Bazaar’s Nuruosmaniya Gate, for some excellent Anatolian cuisine.

Have dinner at Seasons Restaurant in Sultanahmet, and be sure to have the Kücleme, a delectable traditional dish never done better.

4/24/16 2:18 PM

LUXURY TRAVEL

Book a private yacht for a morning trip to the Prince’s Islands, taking a horsedrawn carriage around to see the old Ottoman mansions.

DAY2

Have a traditional Turkish bath experience at the Cemberlitas Hamami, built in 1584.

Have lunch at the Th e House Café, which opened in the upscale Nisantası are a in 2003.

Take a stroll down the Grand Bazaar, exploring each nook and cranny, fighting past the cheaper goods to the true luxury products hidden within its depths.

Grab dinner at Balıkçı Sebahattin, housed in a wonderfully restored Ottoman mansion, nestled behind Hagia Sophia and the Blue Mosque on a quite side street.

p46-47_Travel Turkey.indd 47

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PHOTO:SHUTTERSTOCK

LUXURY PRODUCTS

An homage to its ORIGINS

NOW IN ITS 110TH YEAR, MONTBLANC HAS CRAFTED NEW HIGH-END WRITING INSTRUMENTS AS BOTH A TRIBUTE TO AND UPDATE ON ITS ORIGINAL DESIGNS

M

ontblanc needs no introduction, but we’ll give it one anyways.

Founded in 1906, Montblanc was built by three men who, through years of development and refinement, created some of the most respected and ubiquitous high-end fountain pens in history.

Perhaps you’ve heard of the Rouge et Noir? Few may be left in the wild, but they’re one of the key products Montblanc has created. “After almost 3 years of

48

development, the founders of Montblanc launched in 1909 Rouge et Noir, the Maison’s first fountain-pen series, made of black ebonite with a red cap top and inspired by the famous novel of the same name by Stendhal,” said Montblanc.

Now, 110 years later, after breaking past fountain pens into watches, leather goods and more, Montblanc is going back to its roots. For 2016, Montblanc has introduced the new Montblanc Heritage Collection Rouge & Noir, which, according to the

brand, “evokes the pioneering spirit of Montblanc with a vintage look and feel, the design brings a contemporary twist to the early model with a slimmer and longer silhouette, as well as incorporating modern piston technology.”

What stands out about the design? It’s hard to miss the serpent slithering down from the top of the cap. “The mysterious serpent recalls a design motif popular among Art Nouveau artists when the original Rouge & Noir collection first

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4/21/16 5:22 PM

MONTBLANC HERITAGE COLLECTION, ROUGE & NOIR, SPECIAL EDITION.

made its appearance,” said Montblanc.

“With this newly designed collection of writing instruments the Maison revisits its early pioneering spirit and reinterprets a legendary line in both form and function with a new size and shape and enhanced writing features for a softer, more luxurious writing experience.”

The materials, as always, are superlative.

Both the cap and barrel of the Montblanc Heritage Collection, Rouge & Noir, Special Edition are crafted from precious black resin and lacquer. A traditional off-white snowcap, embedded in coral red precious resin, crowns the writing instrument.

But not all materials match the originals from 1909, and some have changed for the better. The new alloy metal which is used to create the writing instrument’s clip is made

to be lifted without being bent, while the patina on the clip’s 1920s-inspired serpent design (a bit after the original models, honouring the development of Montblanc’s products) is made by using a galvanic and stripping process.

Another model in the new line, The Montblanc Heritage Collection, Rouge & Noir, Special Edition Coral, stands aside to both complement and contrast the black model. Made from coral resin and lacquer and features a bi-colour nib in Au585 gold decorated with the aforementioned serpent engraving.

Hard rubber, the material that was once one of the only viable and available materials from which Montblanc could create fountain pens, according to Montblanc, also returns with the Montblanc Heritage

Collection, Rouge & Noir, Limited Edition 1906. The cap and barrel of the writing instrument are crafted from ebonite, a material that contains natural rubber with sulphur and linseed oil used in a model from 1909, and still manufactured according to a traditional process. While the texture of the ebonite contrasts with the metal fittings and the coral and ivory coloured resin of the Montblanc emblem, the sensorial experience is enhanced by the typical scent that comes from the sulphur content inside the ebonite.

The serpent adorns the rhodium-plated Au 750 gold nib with the bi-colour design, while the slithering creature that forms the clip is set with two precious rubies as its eyes.

Both honouring and refining the original products, this line does the Montblanc brand proud.

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HNWI CHAT

SITTING DOWN WITH

an Arab entrepreneur

JOE AKKAWI, MANAGING PARTNER, PAZ MARKETING, SAT DOWN FOR A CHAT ON SOME OF HIS FAVOURITE THINGS

What car do you love most?

I adore the Mercedes C63 AMG. Which watch finds your wrist most regularly?

The Seven Friday P2/02.

What is your preferred travel destination?

The south of France.

What’s your favorite restaurant?

Terasa U Zlaté Studně in Prague.

What are your hobbies outside of work?

Writing music, reading fantasy novels, and working out.

What's your proudest memory?

My first appearance on Sky News debating the Apple/Samsung lawsuit with a regional minister and business consultant.

What is your personal life philosophy?

I still have faith in people and I'm convinced under the right situation and support system, any person can rise to become the best version of themselves. Only in an environment where we all support each other, can we ourselves keep on growing.

JOE AKKAWI

50

p50_HNWI chat.indd 50

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