FAMILY OFFICE INVESTOR n.3 by Investor Media Monaco Sarl

FAMILY OFFICE INVESTOR

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- ROBERT LOUIS STEPHENSON Editorial Director: Servanne Sohier servanne@investor-media.com +44 (0)7779 577 614 Director: Xavier Calloc’h xavier@investor-media.com +44 (0)7770 917 239 Business Development: Monaco: Andrea Dini andrea@investor-media.com +33 675 44 19 51

UK: Nick Dawes nick@investor-media.com +44 7432 082939 Art Director: Annemiek van Luinen annemiek@bloom-graphics.com www.bloom-graphics.com Contributors: Laura Nineham Anouch Sedef Alberto Vidosa Nino Cirone Stephanie Hartog

©iStock photo

MASTHEAD

Don’t judge each day by the harvest you reap but by the seeds that you plant.

Investor Media Ltd: 93 Elgar Avenue Surbiton, KT5 9JS www.investor-media.com

FAMILY OFFICE INVESTOR

Print: www.cp-uk.co.uk Distribution: Renzi Communication Sarl CH-Genève +41.79.689.04.65 raphael@renzicom.com ISSUE 3

Family Office Investor

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Clockwise from bottom right: ©iStockphoto; Courtesy of Silver Arrows Marine; Courtesy of Tirty Nine Monte Carlo; ©iStcokphoto; © Adrian Smith + Gordon Gill Architects; Courtesy of Luštica Bay; Courtesy of Caspia Contemporary Gallery; Courtesy of RedEye Events

CONTENTS

CONTENTS FAMILY OFFICE INVESTOR 3

London Winter Soiree Event

Luštica Bay Property

The Royal Atlantis Residences Property

Expo 2020 Dubai Event

Davidson & Co Legal

Cabinet Meyer Legal

Buying a Superyacht Yachts

Caspia Contemporary Gallery Art

Thirty-Nine Monte Carlo Lifestyle

Silver Arrows Marine Yachts

RedEye Events Interview

Bluebery Compass Personal Coaching

The Prince Albert II of Monaco Foundation

Family Office Investor

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Supercars | Superyachts | Private Jets www.jeanboulleluxury.com Natural gem diamond coating formulated to exacting technical standards

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EVENT

Investor Media London Winter Soirée ON DECEMBER 7TH 2017, INVESTOR MEDIA HOSTED ITS annual invitation-only event ”Investor Media London Winter Soirée” at BAFTA 195 Piccadilly. More than 100 Family Offices, UHNWI’s, wealth managers and yachting professionals gathered to network and celebrate the festive season. The evening was held in partnership with BlockEx, Edmiston, Silver Arrows Marine, Thirty-Nine Monte Carlo, Monaco Economic Board and Icon Capital Reserve. The evening was kicked off with a speech by Justin Highman of Monaco Economic Board who highlighted the business advantages

of Monaco. Other speakers were: Adam Leonard, CEO of BlockEx; Ron Gibbs, Chairman of Silver Arrows Marine; Yacht Designer Alberto Mancini of AM Yacht Design and Ross Beattie, owner of Thirty-Nine Monte-Carlo. Guests enjoyed an endless flow of Taittinger champagne and admired paintings by Rodolfo Villaplana (winner of the Young Masters Prize) and Mark Dziewulski and a selection of beautiful crystal displays by Lalique . We would like to thank all our event partners and guests for making the evening such an outstanding success.

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A l b e r t o

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M a n c i n i

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LUĹ TICA BAY

This page: The residences are designed to reflect the traditional fishing villages of Montenegro. Opposite page: The marina which will open in summer 2018.

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LUŠTICA BAY Luštica Bay is a marina town offering waterfront residences, hotels, berths, golf & lifestyle facilities. The initial phases will include more than 1,500 properties including apartments, villas, and townhouses, and the first of the seven hotels, the five-star Chedi Luštica Bay, which will open this summer. The development also boasts two state-of-the art marinas offering 225 berthing options of up to five years. The main marina is also due to be operational by this summer, and offers accommodation for 176 power and sail boats up to 35 metres in length, and a sizeable secondary mooring area for smaller vessels is also planned. LOCATED ALONG MONTENEGRO’S LUŠTICA Peninsula, Luštica Bay Marina is a state-of-theart harbour and an ideal gateway to the Adriatic coastline. Set between emerald waters and mountainous horizons, at the entrance to the UNESCO world heritage site of the Bay of Kotor, it provides awe-inspiring access to one of the most coveted sailing destinations in the Mediterranean. Darren Gibson, Chief Executive Office at Luštica Bay commented: “Montenegro is steadily becoming a go-to destination for those seeking an ultimate luxury Riviera lifestyle and a sound longterm investment. It is with great pride that we are bringing the iconic Chedi brand to Luštica Bay. Along with the launch of the first marina this summer, this is a significant milestone in the development of our project. The Chedi is a perfect fit for Luštica Bay, given the synergies in the brand ethos of both companies.

This agreement reaffirms our commitment to the highest quality development and firmly establishes Luštica Bay at the forefront of luxury residential and tourist destinations in the region.”

“Montenegro is steadily becoming a go-to destination for those seeking an ultimate luxury Riviera lifestyle.” Benefits

In addition to real estate, Luštica Bay will feature seven hotels, a wellness and spa centre, and 18-hole championship standard golf course, a conference centre, and year-round amenities including shopping, dining, and educational and medical facilities. Some residents have already

been living at Luštica Bay for three years, with 160 apartments in Marina Village now complete, and with more than 200 properties already sold, and the townhouses and villas due for completion this summer. Additional financial benefits of life in Montenegro is that the tax system has become one of the most attractive in Europe with a flatrate income and 9% corporate tax. Buying and registering property is easy and foreign investors are treated as equals with Montenegrin citizens. Buying and selling is always conducted in Euros, so there is limited foreign exchange risk. The fully-integrated town offers excellent services and a vibrant social hub with restaurants, bars and leisure activities. The destination also offers a wide range of properties, from waterfront apartments, charming hillside townhouses, to

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LUŠTICA BAY

exclusive, private villas, and provides a home for healthy and active living on the Adriatic coast. Designed to reflect the style of traditional fishing villages of Montenegro, the main marina forms the very heart of Luštica Bay. The new Mediterranean community is served by three international airports, Tivat, Podgorica, and Cilipi in neighbouring Croatia, which are within easy reach, offering direct flight connections across Europe.

Chedi Luštica Bay

The first hotel, The Chedi Luštica Bay, commenced construction in spring of last year and will host the official opening this summer, which will mark the second Chedi launch in Europe after the addition of Andermatt to its portfolio at the end of 2013. The Chedi Luštica Bay will be among the largest 5-star hotels in the Boka Bay, offering 111 rooms, 60 of which will be hotel condominiums and part of The Chedi Residences. There will also be two restaurants, a bar, conference and business centre, a heated outdoor pool, spa and fitness centre featuring indoor heated pool and gymnasium and ancillary facilities. Built on one of the world’s most beautiful golfing spots, star leisure attraction, a Gary Player designed academy standard facility comprising a practice area and 4 holes is under construction

This page: The Chedi Luštica Bay will be the largest five star hotel in the Boka Bay with two restaurants, a bar, a spa and fitness centre and ancillary facilities.

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and due for delivery in 2019, with 18 holes to be completed by 2021. In Q4 2018, construction will also begin on Centrale, a commercial and administrative hub, and a focal point for Luštica Bay’s community life at with the first phase completing by summer 2019.

Desirable destination

Enjoying the coastline’s 240 days of sun per year, seafarers can venture from Luštica Bay to Montenegro’s diverse selection of high end marinas. The city harbours of Herceg Novi, Budva and Bar offer plenty of scope for exploration, whilst the Port of Kotor and Porto Montenegro are nestled within the old-world magnificence of the Bay of Kotor. For those seeking adventures further afar the coastal temptations of Greece, Croatia and Italy are only a short cruise away. Luštica Bay is quickly becoming one of Europe’s most desirable destinations, providing virtually unlimited potential for investors. Whether you are looking for a stunning holiday home, an accessible and secure home port, a savvy rental opportunity,

the perfect location for a business, a haven in which to retire, or your new home in Montenegro, Luštica Bay has something for everyone. www.lusticabay.com

About Luštica Bay Luštica Development AD was founded in 2008 as a joint venture between Orascom Development Ltd. (90%) and the Government of Montenegro (10%). As a subsidiary of Swiss Orascom Development, a renowned international town developer, Luštica Development AD is the national project company responsible for developing, building and operating Luštica Bay and will remain a local partner for generations.

Luštica Bay as it will look when completed in summer 2019. Middle row: The interiors of the residences have a rustic yet modern feel.

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THE ROYAL ATLANTIS RESIDENCES

DUBAI’S FIRST

‘SUPER PRIME’ RESIDENCES REDEFINING THE CONCEPT OF INTERNATIONAL LUXURY LIVING

The crescent of The Palm in Dubai is now home to the city’s most exclusive address: The Royal Atlantis Residences, a new generation of distinctive luxury residential apartments offering discerning buyers the first ever opportunity to purchase their own piece of Atlantis heritage. Designed by New York City’s Kohn Pedersen Fox Associates, the iconic landmark development represents Dubai’s first ‘Super Prime’ branded residences and offers residents direct access to the enviable facilities of Atlantis, The Palm. Soaring to 43 storeys, the development will offer 231 homes in total. The collection will include Skycourts, Penthouses and Garden Suites and a total of 82 different layouts. Offering both lateral living and duplex villas within the Garden Suites, the collection is designed to appeal to the tastes and requirements of a wide range of buyers. With floorplans exceeding 17,000 square feet and ceiling heights of up to three metres, the residences encapsulate the light and space evoked by a home overlooking the water. Every property benefits from views of the crystal-clear waters of the Arabian Gulf and many of the residences have their own terraced gardens with private infinity pools. Conceived by the world’s leading architects, designers and artists, the development has been inspired throughout by the tranquil water by which it is surrounded. On the ground floor, a central water feature encompasses jaw-dropping fire and water elements, created by Californian master creators, WET design. Positioned 295 feet above the ground will be a new sky-high infinity Sky Pool, by David Mexico Design Group, available for residents’ use and representing the jewel in the crown of the development’s collection of over 90 swimming pools. The Sky Pool will be complemented by a private Beach Club, offering optimum privacy. This space will redefine entertainment in Dubai, furnished with infinity pools and private cabanas,

which transforms at night into a spectacular playground in which to dine and socialise. An inresort Givenchy Spa offers exquisite traditional and holistic practices, fused with modern spa therapies, as well as a premium fitness centre. In addition, the private beach adjacent to the residences offers residents direct access to the warm waters of the Arabian Gulf, from which a number of water sports, whether it be windsurfing, water-skiing, or paddle boarding, can be enjoyed.

“Conceived by the world’s leading architects, designers and artists, the development has been inspired throughout by the tranquil water by which it is surrounded.” Additionally, guests and residents will be able to enjoy a variety of exclusive amenities and services at The Royal Atlantis, from private parking, residents only gym, spa and indoor and outdoor pools, to upscale retail boutiques catering to the needs of the luxury goods aficionado. The 24-hour concierge is on call to help manage daily life, from organising housekeeping or butlers, to providing a lavish dinner or reserving a private jet. A hotel component in the west wing of the property will see the addition of a further 795 guest rooms and suites.

Residents will also have the added coup of room service from the 23 dining establishments at Atlantis, The Palm at their fingertips, meaning Michelin Star, chef grade food can be delivered in residence at any time. Mini sybarites can experience their own adventures, from discovering exotic marine life at the neighbouring The Lost Chambers Aquarium at Atlantis, The Palm; taking the plunge at Aquaventure Waterpark; or indulging in culinary lessons with award-winning chefs.

Bespoke artwork

Interiors have been designed by Paris-based Sybille de Margerie, bringing classic European style to the palatial homes. Custom closets and bespoke fittings feature throughout the property, ensuring each apartment is true to its owner’s personal requirements. Kitchens feature a combination of white quartz and marble counter tops, Gaggenau and Miele appliances with handcrafted storage units. With the discerning tastes of the buyers in mind, a unique service by which residents can select bespoke artwork for their new homes is also offered. A host of modern artists have been commissioned to create pieces from fine textiles, architectural embroidery, hand sculpted leather and delicate porcelain, from which buyers can select art which most complements their personal tastes.

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The iconic landmark development has been designed by Kohn Pedersen Fox Associates. while the interiors have been designed by-Sybille de Margerie.

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THE ROYAL ATLANTIS RESIDENCES

Resort living

Kerzner International, the leading operator behind the project is well-experienced in creating and running the world’s most highly-esteemed resorts and residences. With ultra-luxury as their specialism, buyers are purchasing in the knowledge that their homes have been created by the inventors of modern luxury. “The time is right for the next phase of the iconic Atlantis brand,” comments Mr Issam Galadari, Director, The Royal Atlantis Residences, “Taking resort living to new luxury heights, The Royal Atlantis Resort & Residences responds to a calling from a highly discerning, affluent, international demographic seeking a new class of offering, currently not available elsewhere in Dubai. The high-net-worth global citizen is ready for the new dawn of residential experience.” As well as a popular holiday destination, Dubai is also a thriving community, a city which many of the worlds’ most successful figures choose to make home. As a result, Dubai is increasingly emerging as so much more than just a resort, thanks to its excellent business opportunities, schools, leisure facilities and cultural scene.

“The high-net-worth global citizen is ready for the new dawn of residential experience.” Geographically, Dubai can be considered the centre of the world, with 80% of countries reached within a 10 hour flight. As a result, buyers have flocked to the Royal Atlantis Residences from across the globe, safe in the knowledge that wherever they are in the world, home is within easy reach.

Maria Morris

Maria Morris, partner – Head of MENA Residential - Knight Frank Middle East, the exclusive global sales agent for the project, explains that Dubai offers a savvy investment opportunity in the current climate: “Now is the optimum time for property buyers to purchase in Dubai. Stabilizing property prices, infrastructure developments such as the expansion of the Dubai Metro, excellent investment opportunities and a buoyant economy are proving to be a dynamic combination. Our international clientele is outwardly seeking this next level of luxury in the prime market in Dubai, and The Royal Atlantis Residences delivers on all these requirements.”

Residences at The Royal Atlantis start from AED 6,995,000 (approximately $1.9m/£1.35m/RM7.5m). For more information: Visit http://theroyalatlantisresidences.com/ or contact Knight Frank by emailing TheRoyalAtlantis@KnightFrank.com or by calling. +(971) 4 426 2888

The development has been inspired by the tranquil water by which it is surrounded.

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Â© Adrian Smith + Gordon Gill Architects

EXPO 2020 DUBAI Family Office & UHNWI

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EXPO 2020 DUBAI You’ll probably be hearing a lot more about Expo 2020 Dubai in the coming months. The event is now less than 1,000 days away and organisers are marking this milestone with the first international marketing campaign. Last month, plans for the Expo were showcased during Abu Dhabi Sustainability Week and Monaco’s participation in the 2020 event was confirmed. The principality is among 170 nations that have already confirmed their participation in the Expo. Laura Nineham takes a look at the ambitions the organisers have for this event. THE PRINCIPALITY OF MONACO IS THE most recent nation to formally confirm its participation in Expo 2020 Dubai, joining 169 other nations that have already confirmed their involvement. The first World Expo to be held in the Middle East, Africa or South Asia will open on 20 October 2020 and is expected to record 25 million visits before its doors close on 10 April 2021. As befits an event that spawned iconic constructions such as the Eiffel Tower, the Crystal Palace, the Statue of Liberty and the Seattle Space Needle, the home of Expo 2020 will be a brand new, futuristic site. The plans reveal that Al Wasl Plaza, designed by Adrian Smith + Gordon Gill architects, will be the central connecting point of Expo 2020 and will include fountains, waterfalls, parks and palmlined courtyards. The plaza will be topped by a 65 metre-high domed trellis, which will double up as a 360-degree screen. Expo 2020 will put sustainability firmly at its heart with the use of innovative techniques, like the way humidity will be condensed to generate water that will irrigate the park. “The Sustainability Pavilion will be entirely self-sustaining, generating electricity and water. On days when it generates more power, it will feed into

the grid,” explained Ahmed Al Khatib, senior vice president of real estate and delivery for Expo 2020 Dubai. With innovations such as the telegraph, typewriter, colour TV and diesel engine all introduced at previous World Expos, visitors can expect to experience the wildest of innovations come to life. And the news that Uber wants to move people around the Expo in flying cars will make sure the eyes of the UAE - and the rest of the world - remain on Dubai for the six-month event. Just like all previous World Expos, Expo 2020 Dubai has a universal theme that applies to all humanity: Connecting Minds, Creating the Future. The programme is built around three sub-themes. The subtheme of Opportunity will explore how new horizons can be opened to individuals and communities to help them meet their current needs and future aspirations. Mobility will consider how people, goods and ideas can be connected and how access to markets, knowledge and innovation can be improved. Sustainability will encourage visitors to think about how we grow opportunity by doing more with less, and at the same time protecting and preserving our environment. “Expo 2020 Dubai will be a unique platform

for collaboration and cooperation that will enable countries to work together to forge a better world,” said Albert Croesi, Commissioner General of section for Monaco. Monaco’s first involvement in a World Expo was back in 1900, when Prince Albert I agreed to participate at the Universal Exhibition in Paris, and the principality has had a presence ever since. The Monegasque Pavilion will showcase its world-renowned expertise in the areas of gastronomy, art, hospitality, research, industry, new technologies and luxury lifestyle. The partnership further cements the close links between the principality and Dubai. In July 2017 His Excellency Sultan bin Saeed Al Mansouri, UAE Cabinet Member and Minister of Economy, visited Monaco to explore how the two countries might cooperate further when it comes to trade and investment.

The Al Wasl Plaza designed by Adrian Smith + Gordon Gill architects will be the central connecting point of Expo 2020 and will include fountains, waterfalls, parks and palm-lined courtyards.

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DAVIDSON & CO

DUBAI IS OPEN FOR BUSINESS A GUIDE TO CORPORATE STRUCTURES IN DUBAI Davidson & Co’s Founding Partner, Jonathon Davidson, has been practising in Dubai and the wider Middle East for 20 years and acts for a wide mix of clients including high-net-worth individuals and other clients, private banks and Multi Family Offices. Jonathon is well known in the offshore community and is considered as the ‘go-to’ advisor in the GCC’s private client community. Setting up in Dubai Over the last 30 years, Dubai has transformed itself from a local trading community into one of the most popular and successful destinations for corporate and commercial set ups. With its growing multi-jurisdictional nature, and in the absence of income tax for both mainland registered companies and those registered in the free zones, Dubai has become a major trading hub in the region for both High-net-worth individuals and local and foreign companies wishing to establish a business presence in the region. Dubai offers a range of diverse company structures, both onshore, “offshore” and within the designated Free Zones, making it one of the most versatile markets for set ups and investments in the world. Below is a brief guide as to the most common corporate structures available in Dubai.

1. Mainland Dubai Dubai’s Department of Economic Development (DED) is the department for licensing and registration of corporate entities in mainland Dubai, and the Commercial Companies Law (CCL), as amended, is the federal law that regulates all corporate entities set up in the UAE mainland.

Limited Liability Company A Limited Liability Company (LLC) is the most common form of business set up in Dubai. When forming a LLC, the CCL prescribes that at least 51% of the shares must be registered with a UAE national (natural or legal person). Commonly, where a UAE national (otherwise known as a Local Partner) is used and the foreign investor owns 100% of the beneficial interest in the LLC, the LLC’s memorandum of association can be structured in such a way so as to transfer all authorities, rights and powers to operate and manage the LLC to the foreign investor, including for example the ability to appoint the general manager and the company board of directors. Another safeguard to protect the foreign investors interests in the LLC can be provided in the form of a unique set of contractual arrangements commonly known as side agreements. This comprises a set of agreements entered into between the foreign investor and Local Partner with the aim of vesting all managerial control, voting and dividend rights in the LLC to the foreign investor. As such, the Dubai LLC formation allows companies to establish flexible, differential profit sharing arrangements with a UAE Local Partner. The Local Partner can be paid a fixed annual fee, a percentage of sales or a percentage of profits.

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2. The Free Zones Dubai is home to over 30 Free Zone jurisdictions that cater to various industrial and business categories. These designated territorial areas are considered separate legal jurisdictions from the UAE government, which therefore allows the Free Zone jurisdictions to govern, license and register corporate entities independently. These designated Free Zones are intended to encourage foreign investment by offering foreign investors 100% ownership of their companies. Another major advantage to foreign investors is that Free Zone laws generally prescribe a guaranteed tax-free period of 50 years and there are no restrictions on the repatriation of capital or profits. Other benefits include free transfer of funds, documentation required for set up less onerous, simplified and less expensive recruitment processes for staff, 100% free transfer of funds and desirable long term leading opportunities. The main restriction however for a Free Zone corporate entity is that it cannot actively trade outside of the territorial parameters of the free zone unless it appoints a Dubai mainland based commercial agent or incorporates a branch office on Dubai Mainland.

Popular Free Zones include: • Jebel Ali Free Zone - established in 1985 and the largest and oldest of the Free Zones. Not only does Jebel Ali Free Zone facilitate trade in the UAE, it is a popular trading centre across the Middle East and North Africa. • Dubai Multi Commodities Centre (DMCC) – more than 14,100 registered businesses representing 170 different countries, catering for commodity trading in gold, silver, diamonds and much more. DMCC is con-veniently located close to both Dubai and Abu Dhabi. • Dubai International Financial Centre (DIFC) - an internationally recognised financial hub connecting the Middle East, Africa and South Asia with the rest of the world. DIFC is the largest financial centre in the region, with 1,750 registered businessesand more than 21,000 experienced professionals.

Davidson & Co is a Dubai-headquartered law firm providing a full range of legal services to High-net-worth individuals and other private clients throughout the UAE, the Middle East, North Africa and Geneva whilst at the same time offering a high quality, cost effective alternative for major corporates, financial institutions and multi-nationals. The team, including lawyers from England, Scotland, Russia and the GCC has collectively over 50 years’ experience in the UAE, both in private practice with respected local and international law firms, and in industry. Davidson & Co is dedicated to developing long-term relationships with its clients with the aim of offering a strategic plan for long-term business success and sustainability.

3. Offshore Companies Certain free zones, for example the Jebel Ali Free Zone in Dubai offer the concept of an offshore company in the UAE. Offshore companies are flexible corporate entities which are generally used as holding companies in the UAE. Offshore companies are very quick to set up, there are no limitations on foreign ownership and there is no minimum share capital requirement. A minimum of 2 directors (maximum of 5) are required, all of whom must be natural persons (no corporate directors). Shareholder(s) may be either natural persons or corporate entities, any of which may also be nonresidents (expatriates). Furthermore, offshore companies can open and operate bank accounts as well as own investments inside and outside of the UAE. The other major advantage lies in Dubai property ownership. Select offshore companies such as those incorporated in the Jebel Ali Free Zone can own real estate in Dubai in certain designated areas. Therefore, any income generated from the company’s investments (such as real estate) can be held in the company bank account and repatriated thereafter.

Forms of business licenses in Dubai All forms of company, whether mainland or Free Zone, must apply for at least one type of business license. The three main types of business license are as listed below: 1. 2. 3.

Commercial License (e.g. trading activities) Industrial License (e.g. manufacturing or industrial) Professional License (e.g. personal services such as consultancy)

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Â© Shutterstock

CABINET MEYER Family Office & UHNWI

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DUBAI: THE NEW SUPERYACHT HUB? IN JANUARY 2017, DUBAI ANNOUNCED THE launch of the Middle East’s biggest marina project (Dubai Harbour) which will increase by 50 percent the current berth capacity in the Emirates. The Emirates currently has 3000 berths available for yachts and will increase this by 1400 more. Dubai Harbour will finally provide berthing for superyachts up to 85 metres thus marking its willingness to become one of the superyacht industry’s hubs in the region. Dubai’s continued investment in the superyacht industry is opening new horizons for superyacht owners and consolidating a long term strategy to become the 7th maritime capital in the world. The UAE wishes to offer an alternative to Europe as an industry hub; making it easier and more flexible for yacht owners to position themselves. The UAE is developing Arabian sea cruising possibilities and allowing the region to be the one superyacht stop before heading to the Maldives, Seychelles, Thailand, Singapore, Indonesia, and Australia. The timing is ideal considering the numerous restrictions that Europe continues to impose on superyacht owners and managers in the last few years;he most recent being France adopting strict resolutions on social security charges for superyacht crew, rendering France less attractive for yacht operations . The UAE through its own experience of superyachts and non-commercial usage has not only developed impressive infrastructures to welcome and serve the needs of superyacht owners and their crews but has introduced pragmatic and userfriendly UAE yacht regulations and registry, thus promoting the UAE Flag.

Maritime Regulations

The UAE Yacht Regulations for yachts above 24 meters were introduced in 2010. Although not yet listed as one of the Paris White List Flags, the UAE Flag is certainly working towards becoming an attractive player in the world of registration and regulations. The UAE’s current code is betting on a pragmatic and owner-orientated approach. It addresses large yachts “above 24 metres not intended for commercial use, without any restriction with respect to the number of persons on board” (Article 1.1). The Code acknowledges the reality of the superyacht market and that the “100 largest yachts in the world today are from 65m to 165m, with

If the Arabian Sea is a regular sailing destination or you are thinking of venturing there for the first time, then consider Dubai. Superyacht lawyer Anouch Sedef outlines the advantages Dubai offers you.

risk assessment. A pragmatic approach has lead to write the requirements based on the usage of the yacht in different weather condition, areas of operations, modes of operation whilst complying with international requirements. As such maximum flexibility was considered without compromising safety by considering the number of guests onboard, whether the area of operations are coastal, ocean or polar, whether the mode of operation is a transfer, normal or an event as well as the type of yacht. The assessment on risk and safety level requirement will be logically carried out based on the level of operations. This seems to be a good answer to owners who have been looking for simple and flexible solutions without compromising the safety of their operations.

known projects exceeding to 200 meters of length. These yachts exceed the maximum 3000 GT size in presently available regulations for commercial yachts and also carry more than 12 persons/guests in addition to the crew (...)”. Thus the Code states that the existing statutory regimes for certification of commercial yachts are not appropriate for noncommercial yachts and is therefore addressing this segment of the industry.

The Code is now 7 years old and despite flagship yachts flying the UAE Flag, it has yet to attract more vessels on its registry in order to attract more Port state control inspections and see its Flag administration rated by the main maritime region dealt with by the Paris Memorandum of Understanding (“MOU”) and the Tokyo MOU*. The Riyadh MOU covering the Gulf region and of which the UAE is a member, shows, in 2015, 14 inspections of UAE vessels with 5 deficiencies giving us a 35% inspection percentage with Deficiencies against 124 vessels flagged with Saudi Arabia with a 12% inspection percentage with deficiencies. The Saudi Flag being a white listed Flag in the Paris MOU. Despite taking good and owner orientated initiatives, the UAE will have to boost its superyacht transaction activity in order to increase its superyacht “fleet” in the region. This will build confidence in the Flag *the Paris MOU and similarly other regional organisations (such as Tokyo, Ryadh etc...) consisting of several participating maritime Administrations and covering the waters of the, for Paris MOU, European coastal States and the North Atlantic basin from North America to Europe have been created to eliminate the operation of sub-standard ships through a harmonized system of port State control. The basic principle is that the prime responsibility for compliance with the requirements laid down in the international maritime conventions lies with the shipowner/operator. Responsibility for ensuring such compliance remains with the flag State.

Why is it attractive to Superyacht Owners?

The UAE gathers the largest superyachts of the industry such as motor yachts Azzam, Dubai, Dubawi, Topaz. With most of the larger superyachts, we have seen an increased willingness towards noncommercial usage.Why? Owners are less and less attracted by the increased compliance and administrative/ operational management that is required by commercial usage. Restrictions of Owners’ usage, restrictions on guest numbers onboard and the costs of overcoming these restrictions has taken over the true enjoyment and/or the initial envisaged usage (whether as private pleasure vessel or in a more formal/official intended usage (ie. Corporate yachts, Royal/State yachts or “a floating trade mission”) which remain non-commercial use. The UAE anticipated this shift and used its own superyacht usage experience to offer a yacht regime alternative to non-commercial usage, more adapted to Owners’ needs.

How does it work?

The Code has been developed by defining the overall purpose and functional requirements based on prescriptive requirements, analysis and

Building confidence in the Flag

Anouch Sedef is a Superyacht Lawyer at Meyer Avocats. sedef@meyer-avocats.ch

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NAUTICAL EXPERTS

HOW TO

ENJOY YOUR NEXT YACHT Are you thinking of buying a new yacht? Alberto Vidosa of Nautical Experts explains what you should think of when purchasing a new build. BEING A PASSIONATE SAILOR, AND PASSIONATE about yachting in general, I have had great experiences on board yachts and always look forward to having the next one. I am not someone who believes in the wellknown phrase: “The two happiest days for a yacht owner are the day they purchase a yacht and the day they sell the yacht”. For me the enjoyment of a yacht are all the days and experiences and memories in between. How to ensure every yacht owner finds the right yacht to achieve this is the purpose of this article. I firmly believe that any future yacht owner, even of the smallest production yacht, deserves independent, professional advice and support to enjoy the best possible experience on board his / her yacht. Please find below some highlights of what you should take care of to enjoy your yachts.

Ask for the right advice

Look for independent advice from a yachting professional whose sole job is to look after your interests. From the very first moment you think about buying a yacht, identify the person who can join you in the process of selecting the ideal yacht for you. With the right questions this professional will understand which kind of yachts can best fit your requirements and what additional assistance you might need to smooth your entire yachting experience; from the first moment you think of buying to the moment you are on board your yacht and enjoying that fabulous feeling of the sea. If you make this selection early, you will ensure your long-term benefits while also learning about other yachts.

Dedicate time to learn about yachts

When buying a new yacht an individual should be prepared to spend the time needed to learn all aspects about potential yachts so as to maximize their later enjoyment. Even if the purchase can be closed very quickly, the preparation time needed before the signature is vital in order to avoid future headaches with the yacht. First-hand experience is always best. Therefore, an excellent approach is to try different yachts before actually buying your first or next one. You can gain a proper sense of the vessel, and learn her characteristics, by chartering a yacht, and being on board with family, friends and / or business partners. At the very least, review some yachts by taking them out for a short trip. With this exercise you will be able to confirm if the yacht fulfils for needs and expectations, as well as learn if it has all features you would like to have included in your yacht.

Understand the different types of yachts

There are three different kind of new build yachts, depending on their manufacturing process u Production yachts: Their specifications are mostly defined and not many aspects can be chosen by the future owner u Semi-Custom yachts: Some of the significant specifications of the yacht can be defined by the buyer before the purchase, but still limited u Custom yachts: The yacht is defined mostly by and for the buyer, beginning from scratch A fourth distinction, but just offered by a few yards around the world, are Bespoke yachts. These yachts are fully tailor-made to the buyers’ wishes and do not follow any previously designed platform.

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NAUTICAL EXPERTS

Consider the yacht’s future use

The use of the yacht is limited by the kind of registration chosen, as well as by the flag the yacht is flying. This affects taxation, rules and regulations. Private Registration: u Wholly for the recreational use of its owner and guests u The yacht cannot be used for commercial purpose and, therefore, enjoys less strict rules and regulations Commercial Registration: u Yachts in commercial use carrying a limited number of passengers, mainly known as Charter Yachts u The rules and regulations are stricter because they carry passengers on board. Since a few years , yachts under the Marshall Islands Registry have been able to combine a private and a limited commercial use to allow for more flexibility. However, when in commercial use, the yacht had to always comply with the stricter rules and regulations set up for commercial yachts. This programme called YET (Yachts Engaged in Trade) has become a success and following the good acceptance of the industry, other flag registries are implementing a similar program. We all look forward to seeing more countries accepting this program and expanding the areas where yachts under this limited commercial register can sail.

Understand which stages involve a new build

Stage 1. Pre-Signature – Development of the vision for the specification This stage begins when you first have the idea to buy a new yacht and finishes with the signature of the new build contract for the yacht. The focus in this stage is to identify the needs and expectations of you as the potential owner, plus the reasons behind them, so as to be able to choose the most suitable yacht. This will allow your team of professionals to nail

down the technical specifications in the contract to ensure you are receiving the yacht you envisioned. Stage 2. Post Signature – Following the specification until the yacht is delivered This stage begins once the contract has been signed. The build process must now be developed to achieve the delivery of the new yacht on time and in budget, always meeting your expectations. Even if you have ordered a production yacht, it is important to retain your professional advisor so that they may follow the construction. Small or large decisions may have to be taken and their views will be useful. Also, they are there to confirm that these decisions have been implemented. Stage 3. Post Delivery – Warranty period Once the yacht has been delivered to you, the warranty period begins, leading to a period in which your team needs to rise and highlight warranty items properly, both in time and form. Any extension of this period will depend on the contractual agreement and on whether you as the owner are a company or an individual. These vary by country and region, and each has their own specific requirements and guidelines. Your expert will need to outline any variations. This period will allow your yacht to get the final adjustments it may need after being launched and is in operation.

Reduce the risk by having a team around you

The purchase of a new yacht can seem a complex and daunting endeavour. However, with the right team, and with time and attention on your part, the experience will be easier. Indeed, it can and should be exciting to see one’s vision take shape before them in the yard. A professional team will also ensure that there are no wrinkles, delays or problems that may arise with taxes, warranty issues, or (a worst case scenario) a yacht not

being delivered because of financial problems of the yard, etc. Different types of yachts (production to bespoke) need different types of experts, each of which may be involved to a greater or lesser degree. If you consider buying a production yacht, the following professionals should be taken into consideration: u Owner’s Representative / Project Manager: an independent professional to give you professional advice about which yacht would fit to your expectations and will maintain a watch on the entire build process and monitor the work of the other experts in the team. u Legal Advisor: specialised in yachting, this role is vital to define the contract with the yard, representing your interest towards a successful delivery and also, importantly, providing guidance for eventualities that may appear during the construction. u Fiscal Advisor: a yacht is a movable asset, normally navigating within different jurisdictions and subject to different international tax regulations. This often leads to complex international operations. Your fiscal advisor will be able to provide you with the right suggestions about the corporate structure which should own the yacht to limit your personal risks, as well as to define the taxable relationships with future operations. u Financial Advisor: Depending on the size and type of yacht you will be able to find the appropriate financial entity, such as [private] banks and other financial institutions, which can provide financing for the purchase of the yacht or provide other, different, solutions to finance the yacht. For the purchase of a custom or bespoke yacht the team should be increased to cover also other relevant aspects. Some of these professionals could be, designers (interior and or exterior), naval architects, engineers and other specialists such as IT, security etc.

“It is important to retain your professional advisor so that they may follow the construction. Small or large decisions may have to be taken and their views will be useful.” Family Office Investor

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“Selecting the right yard is not always an easy task. Relying on your team to evaluate different yards and provide you with a short list of the most suitable ones is a very good approach.”

Follow the construction process at the yard

Even if building at the most reputable yard you should have your team of experts follow the construction process. Your team has to assure that the yacht is being built according to the agreement signed, keeping to the agreed upon milestones and budget forecasts, as well as to react to any new developments to minimise

©AdobeStock

Select the right yard

Selecting the right yard is not always an easy task. Relying on your team to evaluate different yards and provide you with a short list of the most suitable ones is a very good approach. Many yards provide similar products and most of them can provide a good yacht, but not all yards may be able to offer you the one you are looking to build. You should look for a flexible yard willing to listen to you, since it is possible that several aspects of the project will only be defined at later stages. In these situations the yard would be collaborative and understand the owner’s needs and expectations are of primary importance, and should seek to work with them to achieve that vision. Thankfully, many yards are co-operative and collaborative, as they wish to provide the best possible solution to a yacht owner’s needs. The experiences of the yard, as well as their reliability to deliver their products on time and in budget, are very important items to consider. You should not to forget to investigate the financial situation of the yard, as no owner would like to suffer delays related to financial problems or even lose the yacht due to a bankruptcy situation. The period before signing the purchase contract is vital as it allows the opportunity to discuss and define, together with the yard, all the details of the technical specification, as well as how the contract will cover the whole process. Payments, ownership during the building process, acceptance of the yacht and warranty clauses are some of the aspects which cannot be left aside.

any variation these may have on the agreed upon yacht specifications. Being permanently on site or conducting regular visits, depending on the yard and on the yacht you ordered, your experts will represent your interests while coordinating and communicating with the yard.

Be prepared for warranty claims

The warranty period is a very important stage for a new build and you should expect some claims rising during this period. Before signing the contract, confirm how your yacht is going to be covered in the geographical areas you mainly plan to be sailing. Even on production yachts this is not unusual, and is related to individualised manufacturing methods and to the low unit numbers produced for each model. If you have chosen to build a one off custom

yacht, you should be aware that each of the systems installed in that yacht is unique to your yachts’ configuration. Although each piece of the equipment will have been tested before delivery, adjustments and corrections may be required during the normal operation of the yacht.

After the delivery of the yacht…Enjoy!

Once the yacht is delivered you should, with your family and guests, begin enjoying your time on board your new yacht. Great experiences are waiting for you at sea! Even if you have a team around you to take care of your other assets and investments, keeping a team of yachting professionals to support you during the operational life of the yacht, will allow you to maximise your enjoyment. Alberto Vidosa can be contacted at Alberto@NauticalExperts.com

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CASPIA CONTEMPORARY GALLERY

WEST ASIAN ART COMES TO MAYFAIR If you’re looking to add something unique to your art collection, the impending opening of Caspia Contemporary Gallery in Mayfair this summer could present the perfect opportunity. Servanne Sohier spoke to the founders of the gallery.

THE GALLERY IS THE RESULT OF A collaboration between two Azerbaijani friends - Afsana Tahirova and Elnara Shikhlinskaya - and curator Mara Alves. Tahirova worked on government-related projects in her home country before she moved to London to pursue a degree at the London Business School. Shikhlinskaya’s husband was also studying there, and the three remained firm friends. An artist herself, Shikhlinskaya previously worked as a doctor but found herself painting more frequently after the birth of her second son. When she returned to Azerbaijan on holiday, the two women discussed a shared desire to showcase

their homeland in London. Once their plans for the gallery were finalised, Tahirova moved back to London from Azerbaijan to start the operations. Soon afterwards Tahirova met Alves, who was just leaving a position as the curator and manager of a Mayfair gallery, and invited her to join the Caspia team. Alves, who graduated in fine arts and curatorial studies, began her career as an artist and ran a series of art studios in her home country Portugal before moving to London.

Caspian Sea

A series of private previews this March will introduce the new gallery that is bringing West

Asian art to London. It will feature a selection of artists carefully chosen for the way the region has influenced their paintings. “Our first exhibition presents the artistic treasures of the region surrounding the Caspian Sea,” explains Alves. “We have selected a small group of artists from Azerbaijan and Uzbekistan to bring to London to share their unique culture with this multicultural city.” The gallery aspires to share how the people of Western Asia see themselves: “What they dream of, what they imagine, how they think,” outlines Tahirova. “When you look at the paintings, you know he or she has used certain concepts that are

Jalal Aghayev, ‘The Amber’, Oil on canvas (2017), 73 x 131 cm

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Caspia Contemporary Gallery is the result of a collaboration between Elnara Shikhlinskaya (left), Mara Alves (middle) and Afsana Tahirova (right)

coming from the history of Azerbaijan, and Iran, for example,” she teases. “You will see the music represented somehow, of the region. You will see the fairy tales, the mythology of the region represented with their different characters.” The colours used in West Asian art are very different, notes Shikhlinskaya. “Colour is one of the most important aspects of art in our region,” she says. West Asian artists use a special palette of colours that are very emotive and vibrant - but it’s the way that they put the colours together that is so unique. “But of course it is not just about that,” Shikhlinskaya adds. “It’s about all the background that is behind the art; all the storytelling that you see in the painting, done in a very contemporary way.” With Caspia Gallery, Tahirova and Shikhlinskaya have realised their shared ambition of representing their country and culture in London.

A gap in the London art scene

“I lived in London for four years, and I noticed that the map of Western Asia in London art industry is almost blank,” Shikhlinskaya says. “There’s not enough artists from these countries in London. They are not well represented. I knew we needed to bring undiscovered artists to London. It would be good for artists and for developing the art industry as well. We wanted to do something big in the industry: to bring undiscovered and unique talents and styles.” The pair researched for the best part of a year and realised there was a serious gap in London’s art scene. “It’s a huge opportunity for us to be the pioneers and to become that knowledge centre that brings the culture of that region to London,” Tahirova adds. Their friends and family could also see the opportunity, and invested in the team. “There were investors from outside,” Tahirova

recalls. “We talked to them, but we’re very careful with taking money from outsiders because we really value our vision and our brand, and we don’t want someone else from the outside coming in and telling us what to do.” They decided to stick with funding from friends and family. “So far it’s working out,” she adds. Once the idea for Caspia Contemporary Gallery was cemented, it was time to focus on the portfolio. “We started talking with artists in Azerbaijan, we were connected to top artists in Iran, then we talked to people in Turkey, and then we were connected to Uzbekistan,” recalls Tahirova. “Then we needed to find the next person who was going to help us, and that’s how we met Mara.” Mara Alves moved to London when she developed a project with Portuguese artists in 2015. She was then invited to run the D-Contemporary gallery in Mayfair, where she became the curator

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CASPIA CONTEMPORARY GALLERY

Top left: Vugar Muradov, ‘The Guitar Player’, Oil on canvas (2007), 135 x 117 cm; Above: Hajimirza Farzaliyev, ‘The Flute Player’, Oil on canvas (1994), 185 x 220 cm; Bottom left: Emin Gahramanov, ‘The lady and the dog’, Oil on canvas (2012), 100 x 120 cm

“They all share the same dream: to express their culture through art, crossing borders and boundaries with their visions and stories.” and manager. It was when she was finishing the stint as chief curator and advisor for this gallery that she met Tahirova and Shikhlinskaya. “I talked to Elnara,” Tahirova remembers. “I said: I found this girl; I really like her. I think we should go ahead and meet her. She’s leaving the gallery, and she’s not going to another job, so why not bring her on board?” Alves explains: “The first thing that drove me was about the concept itself: a new project bringing a new culture to the arts, to the London art scene. I mean, I’m all about that. I’m all about doing projects, new ideas, new cultures, because I do believe that art has that purpose -- to bring new concepts, new messages, to break boundaries. Because there is no such thing. More than ever, we need to break that [idea of boundaries], and we need to present true culture. Our differences has a way to evolve somehow.” Speaking of the second factor that sparked her enthusiasm, Alves mentions the potential of the artists selected. “It wouldn’t make sense for me to be working with something that didn’t mean

something to me in terms of quality and technique and everything that is really true to an artist and the artwork and the creative process,” she says.

Undiscovered artists

Tahirova believes it’s the authenticity of the culture, and its art, that will set Caspia apart from other spaces in Mayfair. The gallery’s willingness to showcase artists who’ve never had their work displayed in London before is daring, she says, explaining that the gallery will be very active and interactive with its clients. “We will be unveiling undiscovered artists who have had successful careers, but are yet to be shown in London,” she explains. “All of our artists have the same passion: painting - one of the most ancient forms of art. They all share the same dream: to express their culture through art, crossing borders and boundaries with their visions and stories.” Guests of the private previews can expect events to feel like an art salon. The gallery will draw art lovers, collectors and philosophers from

different areas together in an artistic environment to encourage artistic discussion. “We’re not going to be an average gallery in Mayfair,” Tahirova adds. In the summer its doors will open to the public, with a launching exhibition that will showcase five artists (all pictured in this feature). It will be followed by a double-solo exhibition. In its second year, the team hopes Caspia Contemporary Gallery will give continuity whilst developing collaborative projects that span multiple cultures. It’s likely this could involve some mid-career well-known English artists who are inspired by West Asian culture as the gallery makes a bridge between them and the art from West Asia. www.caspiacontemporary.com

Caspia Contemporary Gallery officially opens on 24 June 2018 at Herrick Gallery - 93 Piccadilly, Mayfair, London W1J 7NQ. Exclusive previews will be held on 6 - 15 March 2018 in Central London. For more information: art@caspiacontemporary.com

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Larisa Davatz, ‘The kingdom of butterflies’, Oil on canvas (2017), 152 x 101 cm

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THIRTY-NINE MONTE CARLO

Each member of the club has access to high-tech sports equipment, ThirtyNine’s team of experts as well as personal training. Insert: Ross Beattie, Thirty Nine’s founder.

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In the heart of Monaco, behind a 1960s façade, one can find solace from the hustle and bustle of daily life. Set up 18 months ago Thirty Nine Monte Carlo, Monaco’s most exclusive private members’ and lifestyle club, offers an intimate space with high-tech training facilities, with a look that is elegant and welcoming. THIRTY NINE MONTE CARLO IS A UNIQUE WELLNESSfocused concept born out of the vision of Scottish ex-Rugby International, and Monaco resident, Ross Beattie. His elite professional sportsman history forms the backbone of Thirty Nine, but the club is more than just a fitness venue. Ross’s philosophy for Thirty Nine was to create an ideal environment for its members to practice fitness and to nourish their bodies in a way that achieves optimum results and improves quality of life. Attention to detail runs throughout the club in order to achieve this balance. Thirty Nine’s intimacy of a private-club setting is designed to feel like an extension of your home. Thirty Nine also makes sure the number of members remains limited in order to retain its exclusivity and to offer the best services, in the best condition, to its existing members. Thirty Nine has one rule: “Every single person who comes through the door is treated the same way”, explains Beattie. The result is that you find yourself training alongside club members who are world renowned sports professionals. The gym facilities include a Pilates studio and a highaltitude hypoxic training room. Each member has access to high-tech sports equipment, Thirty Nine’s team of experts, as well as personal training from exceptional coaches is available. Because Thirty Nine is not just a fitness club, the social aspect is stressed and nurtured. “I wanted to create a community and a place where people can socialise. The wonderful atmosphere is really down to the staff and the members who are very relaxed which means people can be themselves and switch off,” says Beattie. The downstairs Dining is where most of the socialising takes place. Members can eat, drink and relax. The menu – a mix of dishes both delicious and nutritious – is devised by the talented chef David Knapp, a top chef who has worked for Gordon Ramsay and Gary Rhodes. There is a lounge/bar area on the top floor of the club and a private study room which can be hired for meetings, events or private lunch/dinner. This concept has proven to be a great success and Thirty Nine Monte Carlo is already setting new benchmarks in the Riviera.

First anniversary

On 3 October 2017, Thirty Nine Monte Carlo marked its first anniversary, an event which was attended by more than 400 members and invited VIP guests. With its first year marked and celebrated, it is the perfect time to draw a balance sheet of Thirty Nine’s achievements. General Manager Christophe Bors looks back and says: “We’re excited to have celebrated Thirty Nine’s first birthday in October last year. In its inaugural year Thirty Nine has quickly established itself amongst the discerning residents of Monaco, as well as visitors from further afield, who are looking for a private and exclusive space for fitness, beauty, and nutrition with an urban twist. We are confident Thirty Nine’s success will continue and look forward to welcoming new members in the year ahead!” Almost half of Thirty Nine’s members (45%) are elite pro athletes

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THIRTY-NINE MONTE CARLO

Thirsty-Nine has an ideal environment for its members to practice fitness and the intimacy of the club feels like an extension of your home. Bottom left: Professional tennis player Tomas Berdych trains at Thirty-Nine and says the feel-good atmosphere and great service makes it an ideal place to train.

from different sport fields, such as tennis, F1, boxing, and cycling. They appreciate the unique environment of the club and spend time at 39 working out and preparing for their tournaments. Some of these athletes are from the Association of Tennis Professionals (ATP), with whom Thirty Nine recently signed a partnership agreement. The club is now used as ATP’s base during international competitions in the Monaco area, for general training of ATP members and for post-tournament recovery of the tennis players. Professional tennis player Tomas Berdych says: “Thirty Nine offers a complete set of high quality and the latest equipment. The combination of technology,

traditional free weight in a great space with a good airing system, a feel-good atmosphere and great service, makes it ideal for me to train.” Thirty Nine has also recently signed a partnership with luxury brand Dior and Monreal London, a luxury women’s sportswear brand. These exclusive partnerships are a reflection of the growing success of Thirty Nine Monte Carlo.

project Thirty Nine will be able to offer members access to new classes, while residents of the building benefit from personal training with highlyqualified Thirty Nine coaches. The project is a great addition for Thirty Nine and is in line with the club’s 2018 strategy to develop the ‘Thirty Nine Monte Carlo’ concept. Ultimately the aim is to open new locations worldwide in the next three years.

Future

In March 2018, Thirty-Nine will run a second gym facility in Monaco, reflecting the same spirit of Thirty Nine Monaco and increasing the visibility of the Thirty Nine brand in Monaco. With this

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FOR ECOFRIENDLY YACHTING

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SILVER ARROWS MARINE

CRUISING TOWARDS PERFECTION

This page: The Arrow460-Granturismo. Insert: Jacopo Spadolini, CEO of Silver Arrows Marine

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For many families a motor yacht is a sound investment – in pleasure, at least. There are many to choose from, but for fans of Mercedes-Benz there can only be one to go for: the remarkable new Silver Arrow of the seas. We put the questions to company Chief Executive Officer, Jacopo Spadolini. Who is Jacopo Spadolini? The person with the best job in the world! Well, at least I think it is the best job. It is not often you can be in at the start of something so new and unique, to play a part in developing not just a new boat but a new company with a completely new way of working. If you give a small band of passionate marine professionals a clean sheet of paper and ask them to outline their dream boat – no preconceptions, no compromises – you are sure to get fireworks, and that’s what characterises Silver Arrows Marine. Fireworks in the form of inspirational, unique, yachting innovations. It is my job to make sure that spirit of innovation gets from the sheet of paper to the finished product. It is a job I have been born for. My background is business administration but my love is the sea and I have been lucky in being able to combine the two in many senior roles within the boating industry. Business plans, product development, outsourcing, and managing our extensive networks of fantastic suppliers all come together in my job. That is one reason why one day you will find me poring over accounts, the next testing theories on computational fluid dynamics. I wouldn’t have it any other way! What is Silver Arrows Marine? It is not your traditional shipyard, that’s for certain. Our core team is small but our family of suppliers is huge. These are our partners who make up our networks of excellence, looking after everything from design (with Mercedes-Benz Style) to final assembly (Baltic Yachts in Finland). In between are scores of companies and hundreds of people, the best in their respective industries, who work with us to design and develop Arrow460 innovations, from smart glass to unique door hinges to state-of-theart hydraulic systems. Working this way we always get the best and our horizons are truly unlimited. We have the freedom to achieve things other shipyards can’t, as one look at Arrow460-Granturismo with its strong automotive influences shows. How is the company set up and how big is your team? We have no vertical hierarchy like most companies, but instead rely on four key people

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SILVER ARROWS MARINE

Silver Arrows Marine has no vertical hieracrhy and instead relies on four key people: from left to right: Jacopo Spadolini, CEO; Paolo Bonaveri, Global Marketing and Communications Director; Ron Gibbs, Chairman and Andrea Venezian, Chief of Engineering.

and a horizontal structure that makes for excellent communication, free-thinking and fast decisionmaking. The four people are our Chairman, Ron Gibbs, Chief of Engineering Andrea Venezian, Global Marketing and Communications Director Paolo Bonaveri, and myself as CEO. Each of us manages part of the supplier network. I wish there was space to name all the people in our network who have worked so hard with us to bring our vision to life. How does the company operate? As you can imagine for a company that relies so heavily on outside suppliers, our job is as much about managing as anything else. Thankfully the four of us are experienced managers, and our supplier companies all share our innovative, can-do spirit, so

working together is always a pleasure, even when we have faced big challenges together, as we have many times. To ensure this remains the case we invest time and money so our partnerships can flourish in the long-term. What is your corporate philosophy? Silver Arrows Marine is not and will never be like other boat builders, and preserving this difference and the spirit of innovation that it enshrines is central to the company philosophy. There are three famous quotations to which we turn to remind ourselves of this, each summing up what makes Arrow460 so unique. “The first quality of style is clarity” - Aristotle. “Imagination is the first source of human happiness” - Giacomo Leopardi.

And, from many centuries later: “Design is not just what it looks like and feels like. Design is how it works” - Steve Jobs. They form our mantra. You created a yacht that is designed like a car, tell us about the difficulties you faced by introducing a new brand on the market. Introducing a new brand is always a challenge, especially when that brand stands for so much that is different from what buyers are used to. We are working in a traditional marketplace and people can become unsure of the new and the different. We can talk about the new design language, the open layout that’s about square metres rather than the number of cabins, and about feelings of loft living, having lunch under a pergola or reclining on a terrace by the sea, but without experiencing these

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things first hand they are difficult to appreciate. So yes it has been a challenge getting Arrow460 understood. Luckily we find that it doesn’t take much to remedy this. All it takes is a first sight of the yacht, a first exploration and cruise, to completely “get” why Arrow460 is as it is. Then people are sold on it! It is for this reason we introduced our Granturismo Experience, allowing guests to get up close and personal for a full appreciation of its unique features and layout. With our yacht you really do have experience it to believe it. When a new customer comes to Silver Arrows Marine, what can they expect? The most important thing is that they will be the

guests of Silver Arrows Marine and will be dealing directly with the key people in the team, not an external sales person. Indeed we view our clients as part of our team and establish a partnership with them to ensure owning and using an Arrow460 is as enjoyable and hassle-free as commissioning one.

like ours, is built like ours or offers the innovative features that make life on board Arrow460 so welcoming and pleasurable. And certainly none of the others is a Mercedes. In these things we haven’t just created a new boat but a new market segment. And at the moment we are the only ones in it.

How would you describe your market position now? Arrow460-Granturismo is unique. In its design, layout and features there is nothing else like it. With Mercedes-Benz we have built the most innovative, beautiful and functional 14 metre yacht in the world. It is important this uniqueness is understood because there are many 14m motor yachts and many are excellent in their own ways. But none looks

What projects can we expect in the future? We have very exciting new model plans. I can’t say too much yet but there are proposals for extending the Arrow460 range as well as a new bespoke programme offering more opportunities for personalisation. Soon we will let you know more about our news. www.silverarrowsmarine.com

The Granturismo Experience allows guests to get up close and personal for a full appreciation of the yacht’s unique features and layout.

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REDEYE EVENTS

CHAMPAGNE AND CHICANE Nigel Essam is the founder of RedEye Events, one of the most exclusive companyies who hosts high premium hospitality events at major global sporting events. Servanne Sohier sat down with him to find out what he does. Servanne: Could you give me an introduction to RedEye Events and what it does? Nigel: We were established over 13 years ago and are a global sports hospitality company. We supply hospitality at major sporting events, and specialise in Formula One, with the Monaco GP being our signature event each year. We have a presence at every one of the twenty-one races, with the The Monaco GP being by far our biggest event, where we entertain over 1000 clients across 4 days at various viewing facilities that are arguably the locations to view the race. Our next biggest is The British Grand Prix, followed closely by Abu Dhabi, Singapore, Monza, Hungarian, The U.S and Mexico. We have an interesting model in that every event we host is white label event, with none of our companies logo visible. Corporates and brands tend to love us because the events are neutral with no conflicting branding. The clever thing is that this model empowers trade partners to sell on our behalf, which allows us to have a huge reach. Our database is around 14,000, but because we deal with so many other trade companies, we’re able to piggyback onto their databases, giving us a reach of over a million potential clients. This level of exposure attracts lots of brand attention and sponsorship opportunities. They all love our approach. We’re able to put their product in the hands of their perfect client demographic and because we market so aggressively, they get great brand exposure. So why is it called RedEye Events? For me, “red eye” means an early morning, red-eye flight. Yes. Well, that’s really where it came from. Our logo is half of the symbol for world travel. So Red Eye symbolises travel and late night happenings, a party as much as anything. What is your background? My background is mainly linked to construction, but I do have multiple businesses. One day, 14 years

ago, I was invited onto someone’s boat in Monaco to watch the Grand Prix. I thought as most people probably do, that I would attend, tick the box and never go back, but loved the Principality so much, I set up a business the following year centred around the Monaco GP and I sort of never left. What inspired you to go into the hospitality and events business? Again it was really Monaco Grand Prix because I fell in love with the place, but also because I had been in business since I was 21, and attended lots of corporate hospitality events and had always been underwhelmed, with the level of hospitality offered and felt that guests deserved better. The first event you go to is reasonably impressive, but after that, it’s just variations on a theme. It is usually average food, and an open bar. So I looked at it and thought, well, I need to do something where the actual race – whether it is a horse race or a Formula One race – is almost secondary to the theatre of our event, to the facility itself. This strategy was well founded because 13 years on we are well respected in Formula 1 and the events trade in general and like to think we offer something guests would struggle to obtain at any other event. Say I come to one of the events, say the Monaco Grand Prix, what can I expect? The Monaco Grand Prix is a perfect example of how we do things a little differently. From the moment the clients receive the itinerary to tell them what they’re to expect throughout the event, to when they arrive at Fontvieille harbour, there is a tangible difference. They are greeted by our coordinators and our clients will see a difference immediately. These coordinators aren’t in a normal coordinator outfit; the standard polo shirt with a logo on it. We

spend a lot of time choosing the outfits each year. They’re always a little bit edgy, something a little bit different. The guests are then put on a tender which takes them to their viewing facility for the day. Whereas most other companies tend to have cheap small speedboats, our tenders are, Wajer tenders, which are around 800,000€ euros each, so the moment they arrive they’re having something that’s of premium quality. Of course, you’ve got our premium hospitality. A lot of people tend to cut corners where food and beverage is concerned, which is what I noticed in the early years of running events, and which a lot of our competitors do. So again, using Monaco as an example, we tend to use Absolute Taste, the caterers to McLaren. They’re not the cheapest, but their quality of service is incredible and their food is amazing. We also look for premium champagne, wine and spirit brands, which includes a mixologist and brand ambassadors who can tell you everything about the drink. Our Friday night yacht party is known as the best in the harbour, where we fly in a London DJ and F1 legend Eddie Jordan also plays

What sets us apart is the fact that we always look for unique facilities, whether its a yacht, roof terrace or the 5 star hotel that sits in the centre of the circuit in Abu Dhabi. with his band The Robbers. We always offer additional features. On race day we always have a Q&A with an F1 star, which always works really well because most corporate clients tend to be on-the-fence Formula One fans. They like the sport, but don’t really understand it. So by getting someone who knows the sport to talk prequalifying and race, they get to hear more technical detail which helps get them into the excitement of the event. What sets us apart is the fact that we always look for unique facilities, whether its a yacht, roof terrace or the 5 star hotel that sits in the centre of

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ÂŠ All images Courtesy of RedEye Events

Clockwise from top: The Monaco GP is RedEye Eventâ&#x20AC;&#x2122;s signature event; Nigel Essam inspecting a Ferrari team car which is also his favourite F1 team; Guests watching the cars race by on the aft of a yacht in Monaco; Eddie Jordan posing for a picture with guests; and spectators watching the race in Abu Dhabi.

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REDEYE EVENTS

the circuit in Abu Dhabi. Another thing that sets us apart, is the level of clients we host. They are an ABC1 demographic. Looking at a typical facility, 60% of our clients tend to be from the Uk, with the rest from an eclectic mix of nationalities, but all tend to be like minded high net worth individuals. It’s an amazing opportunity for networking. Everyone is in town during a race weekend and lots of business tends to get done. Are you yourself involved with the creation of the events? Yes. I’m very much hands-on. We’ve got a small team. There are just eight of us. We mainly have sales, but we also IT and event coordination. My event coordinator and I plan every event, so, yes I’m very hands on with that. I’m quite particular which I’m sure my staff finds annoying. How has RedEye Event evolved since it started? RedEye has grown mainly through the reputation we have in the industry. The trade loves us because we look after their clients as if we work for them, primarily through our whole white-label branding - we don’t poach clients. Our great reputation has enabled us to expand the company through other races. We’ve seen particularly good growth in the last 4 years You said earlier that you’re not afraid to make financial commitments. Has that also helped you in growing? Yes it has, as a business we are not risk adverse and once you make a commitment, you have to sell it. You have to aggressively market it and commit to something completely. What we

Our great reputation has enabled us to expand the company through other races. won’t do is compromise on quality. We did an event in America, three years ago, and we didn’t sell all the tickets. The temptation is to then sell them cheap and short sell the market. We didn’t do that. We’d rather keep them. We’d rather hold on to the tickets because to sell them short undermines our brand and undermines our trade partners’ brand. That’s really what’s helped us grow, because people have seen that, which means they’re more inclined to come back year on year. I’ve always said that I’m not looking at one ticket someone books this year. I want them to book 50 tickets the following year or the year after. So you’re more looking for quality rather than quantity? Oh, 100%. It sounds cliché but at the end of the day, if someone’s paid a large amount of money to go to a sporting event to have corporate hospitality, you’ve got to give them the best you possibly can. And they can’t leave feeling underwhelmed, it needs to be a premium experience. What are the main challenges that you face? The main challenges are finding the right facilities, because there is a lot of competition out there and the majority of the time, we’re dealing with a product that’s licensed, which can be very restrictive, but The Monaco GP is great, because it is run by the Automobile Club de Monaco (ACM), and being a street circuit there is a lot more opportunity. We have a good relationship with Liberty who owns

F1 and we became an endorsed reseller of all F1 products a few years ago, which has certainly help consolidate the relationship and helped us create another revenue stream Was it difficult to get endorsed by the F1 organisation? Yes, but the great thing about the new owners, Liberty Media, is that they’re far more openminded than the last managment. They like the fact that people are benefiting from what they’re doing and its completely changed for the better since they took over and feel they are going to be great for the sport. What inspires you? What motivates you? I suppose the biggest thing is to make sure guests have the best experience possible. I know it sounds cheesy, but ultimately growth and success ends up being a byproduct of that. What are you most proud of? Probably the way we’ve managed to grow our event in Monaco, because we started off with about 25 guests, and in 13 years we’ve grown to over 1,000 people. Also the fact we’re so well known and respected in the Principality and have integrated into Monaco’s society even though we’re not residents. Last question -- favourite team? My favourite team is Ferrari, really. I sort of love and hate them. I hate that they’re so arrogant, but it’s such a great brand, and the heritage is just amazing, but I also have a soft spot for Force India, because of the Eddie Jordan connection, and it’s always good to vote for the underdog! www.redeyeevents.co.uk

This image and right: Guests enjoying themselves StarAllaince at theofers Abuthemed Dhabi Grand journeys Prix. to discover Bottom new andright: old wine Nigelregions, Essam shaking (top), thehands Amazon river with an (middle) industry and colleague. the beaches of Miami (bottom)

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Â©iStockphoto

BLUEBERRY COMPASS

THE FLOOR IS YOURS

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Public speaking is something every executive must do. Nino Cirone and Stephanie Hartog outline some tips about how to make the experience more rewarding for both the speaker and the audience. SOME PEOPLE ARE NATURALS; THEY ENJOY the spotlight, feed off the energy of the moment and captivate their audience. They make it all look so easy. Effortless. Most of us, however, aren’t so blessed. For us it takes an effort to deliver an effective speech. We have had to learn how to give a speech through trial and error – sometimes painfully! We’ve had to learn how to present ourselves and manage our nerves. Perhaps the scariest thing about public speaking is that to get really good at it, you have to do it. With over thirty years of experience giving presentations, speeches, pitches, and impromptu talks we have learned how to shave off the rough edges and have taught colleagues and clients how to deliver clear, confident and effective speeches – no matter how nervous they are even moments before stepping into the spotlight. Here are some tips you may find helpful for the next time you have to stand and deliver.

Overcoming Your Fears Butterflies, nerves, the shakes, whatever you want to call them, they happen to pretty much everyone. No, correct that – they happen to everyone but the natural speakers have learned how to control them or, better still, how to channel that energy into their performance. It is a fundamental fact – you will probably always have nerves or butterflies before you start so you need to discover ways to harness that energy. One method is to find ways to get over the opening moments; literally break the ice and get yourself into the body of your speech. Structuring your opening lines into short, simple sentences means you can skip over any nervousness you feel during those opening moments. Once speakers are in the main body of their speech many say their nerves settle and any internal tension lessens. Another way to break the ice is to sidestep it – start your speech with a short content clip or promotional footage or even photos, anything that focuses attention away from you (so you don’t feel under pressure) and onto something you can control. Both techniques point to a conclusion we both recognised early on: while nerves and fear will exist, we can structure and construct our speech to allow us to overcome them. In the end, the speech itself – used intelligently and with purpose – is the best way to remain in control of both the moment and our (sometimes) shaky nerves.

Telling the Story A speech is not just a collection of sentences or facts strung together in a coherent fashion. When putting together presentations or talks, people know they need to give it direction and purpose. We go one step further and say that a speech needs a story. A story that captures not just the facts, but the over-arching message the speaker wishes to convey. People instinctively tell stories to friends and family, but for some reason people often lose sight of the story behind their facts when delivering a speech. We worked in the television industry for thirty years. Storytelling is part of our DNA. No piece of content, no matter what, existed without a story that needed to be told. Even gameshows have a story – the journey of the contestant in the game. Journey is the key word we want to stress. A good speech takes an audience on a journey. It follows the basic story structure of a beginning, middle and end, but it does more because a good story will guide an audience through the facts to the conclusion you, the speaker, wish them to see. Stories can also make the facts easier to absorb and more likely to be convincing. This is something you control. You can find the story in the facts that will give shape and form to your speech, as well as make it more accessible to your audience.

Entertainment is a Serious Business Speeches are performances. They will have many purposes, whether it be corporate, sales, charity, a welcome, or a celebration, but they are all always a performance. A speech is an execution of an action (speaking) for a purpose (to influence or persuade or simply communicate a message) for a pre-determined goal (often a sale). They are performed in an attention seeking manner; by standing in front of people and being the focus of their attention. This means you, the speaker, must entertain. Entertainment is not solely about amusing people or providing a fun, enjoyable distraction. It is more subtle. It is a marriage of message and delivery. It requires matching tone with substance. If your message is light and positive you must seek to amuse, charm, and delight your audience. If your message is serious

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BLUEBERRY COMPASS

and tense, you must encourage contemplation, consideration and thought on the matter. There are a number of ways to match your message to an appropriate style. Images, content and colour can all be very effective techniques. Music can be an outstanding way to set the mood. Here are a couple of other factors to consider. Pace The pace of your narrative will tell your audience exactly what mood you are looking to set. A slow and steady tempo points to a serious topic, while quick and staccato shouts light and fun to them. Paying attention to your pace will set up a better atmosphere for communication. Variety Having a mix of music, images, and content clips holds people’s attention. Varying your pace, including the occasional pause for effect, is another way to ensure smart-phones stay down and you remain the focus of attention.

Engaging Your Audience You may have thought everything we’ve said so far is all about engaging the audience. What we’re talking about here is you – your physical actions, gestures and movements that are all aimed at connecting with your audience. You might have a podium; however, some people prefer to move about on stage. They enjoy having the freedom to engage the audience. The easiest approach is to hide behind the podium. You can clutch the sides and, peering over the top, safely deliver your speech. It works. However, this provides the bare minimum – a voice emerging from behind a rampart is not always engaging. The audience can barely see you and what happens if there is no podium? What if you have to do without? You then need some tricks to get you through. Even behind a podium simple hand gestures and body movements can help. They add emphasis, give visual punctuation and reinforce the narrative flow of your story. One cautionary note: excessive movements can make a speaker look as if they are fighting off a swarm of bees – you don’t want that! Uncontrolled movement across a stage can also be dangerous. We witnessed one energetic speaker lose track of their place and with a turn and a step, fall and crash to the floor. Resembling a pile of laundry is not a good look for anyone!

Speaking the Words Reading your speech is a sin most people know to avoid. Letting people see the top of your head is not a great way to introduce yourself. It sounds obvious, but speaking the words is often where speakers trip up. Nerves and tension can result in mumbled words, a low volume or the onslaught of “ah” / “uuuh” hesitations that reduce the effectiveness of both speech and speaker. An effective speaker delivers clear, crisp and clean communication. Here, again, you have control over your speech. Some tips to consider: 1. Use short sentences if you know you will be nervous. They are easy to say, and you can settle down into your speech; 2. Use words you normally use. Speech making is not the moment to start expanding your vocabulary; and 3. BREATHE. Yes, breathe! A pause to take a breath between sentences allows a natural break and stops a speaker from rushing. Make sure you can be heard. If you don’t have a microphone you will need to project your voice. This is not just speaking loudly. It’s about speaking to the rear of the room so that all can hear. This also requires good breathing as you want your voice to be deep and clear. Finally, make eye contact with different people in different sections of the audience and speak to them. This helps you focus to ensure communication, a connection, is being made. Public speaking is a demanding experience, but it need not be a daunting one. With guidance and advice, it can also be rewarding, both personally and professionally.

Stephanie Hartog and Nino Cirone are the Directors of BLUEBERRY COMPASS. They have over 30 years of experience in television and new technology, and have adapted their expertise to bring coaching for Public Speaking and Pitching and workshops in Corporate Strategy and New Product / Service Development to a wider range of business sectors. For more information contact stephanie@blueberrycompass.

©iStockphoto

com or nino@blueberrycompass.com

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ACT NOW

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The Prince Albert II of Monaco Foundation The Foundation, created by His Serene Highness Prince Albert II of Monaco, has been active since 2006 in the following domains - climate change and renewable energies, biodiversity, water and the fight against desertification, and has been supporting projects in specific geographical regions such as the Mediterranean Basin, the Polar Regions and the Least Developed Countries, in order to promote environmental protection and sustainable development. Why Support the Prince Albert II of Monaco Foundation? The Foundation’s goals are to raise awareness at both community and State levels of the impact of human activities on the natural environment, to promote more environmentally-friendly behaviours and to encourage innovative solutions, including through awards and grants. An Endangered Planet • In eight months, humanity consumes all the renewable natural resources that the planet can produce in one year. • The global temperature risks increasing by 4.8°C by 2100. • 43% of the world population will face a water shortage by 2080.

Together, let’s take action to protect our planet for present and future generations

www.fpa2.org

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Sky-high

LIVING IN DUBAI International luxury living is redefined at The Royal Atlantis Resort & Residences. This elegant haven sits high up above the waters of the Arabian Gulf, offering exceptional views of the Dubai skyline. Residents enjoy their own private entrance, access to luscious gardens and multi-level sky pools as well as Michelin-starred restaurants. The Royal Atlantis Residences will create an unparalleled haven and the perfect place to call home. The Royal Atlantis Residences include a selection of two, three, four and five bedroom apartments, sky courts, penthouses and garden suites with prices from â&#x201A;Ź1,550,750 (AED 6,995,000). For further information please contact Knight Frank:+971 4 426 2888 | theroyalatlantis@knightfrank.com

L I V E T H E D R E A M , T O D A Y, T O M O R R O W, O R F O R E V E R . www. th e ro ya l a tl a n tis re s id e n ce s . c o m Disclaimer: The information contained herein does not form part of an offer or contract. Prices correct at time of going to press and subject to availability and exchange rate. Computer generated images depict The Royal Atlantis and are indicative only. Knight Frank Middle East ORN: 11964 RERA permit: 10995

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FAMILY OFFICE INVESTOR n.3

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The Prince Albert II of Monaco Foundation

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RedEye Events Interview

Buying a Superyacht Yachts

Caspia Contemporary Gallery Art

London Winter Soiree Event

Expo 2020 Dubai Event

Luštica Bay Property

Davidson & Co Legal

The Royal Atlantis Residences Property

Cabinet Meyer Legal