WEALTH Dec-Jan 2013

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ISSUE NINETEEN - DECEMBER 2012/JANUARY 2013

EDITOR’S LETTER

T

he imminent end of one year and beginning of another is a special time. For many, it’s a time to weigh up what was achieved in the previous 12 months and, if one’s performance is judged by oneself as lacking, a whole new year is spread before us like a glittering blanket of opportunity to redeem ourselves! Surely, this shiny, brand-spanking new year will be the magical year when we are finally thinner, richer, happier, fitter, more charitable, kinder to animals, consumers of more organic vegetables, able to give up our vice of choice, be it cigarettes, chocolate, coffee or whatever.

Of course, that’s assuming we’re all still here and the world doesn’t end on 21 December as a result of some kind of cataclysmic disaster involving stray meteorites, mass alien invasion or planet implosion – as some people fear may be the case due to the probablymisinterpreted predictions by ancient civilisations such as the Mayans and the Hopi Indians.

My guess is most of us will all still be here for the fireworks at midnight on 31 December, which is great news because it means that all the hopes and dreams we presently have for 2013 still have the potential to be fulfilled. The world is still your lobster! Anything is possible. Shoot for the stars! So, with that sentiment in mind, may 2013 be the best year of your life so far.

Happy New Year.

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Editor, Tamara Pitelen

06

Opinion Is Dubai’s latest spending spree good news?

Robin Amlôt wonders.

ABSOLUTE BEGINNERS

08 12

The West’s debt disease Western economies are sick to their core but is the cure worse than the disease?

Failing fortunes of

luxury brands

Sales are down in the luxury sector, is it a slowdown or a slump?

24

24

For sale: Prime

London property

Three new prestigious London property developments are up for sale from Berkeley Homes.

CONSUMING PASSIONS

28 12 32

The timeless elegance

of pearls

Symbolic of wealth and class, definitely but are pearls a good investment?

7 tips for looking great

PORTFOLIO

14

Alternative attitudes Investors reveal what they really think about nontraditional assets.

INVESTMENT OPPORTUNITIES

16 20 22

Gold trends in 2013 Will gold’s upward trend continue in 2013?

Definitely maybe.

in a suit

The secrets to being one of those men with a natural flair for carrying off a suit.

MOTORING

36

Super speed from

the future

A sneak peek at the next generation of super cars and super bikes.

Trading summary Robin Amlôt looks at pressures facing the Indian Rupee.

PROPERTY The rush for India’s

real estate

A low Rupee gives Indian real estate a boost from NRIs.

28 3

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ISSUE NINETEEN-DECEMBER 2012/JANUARY 2013

Published by

ISSUE NINETEEN - DECEMBER 2012/JANUARY 2013

44 38 46

Out and about with Tim WEALTH columnist Tim Elliott opines - from a comfortable seat – on why walking beats running.

TRAVEL & LEISURE

38 40 42

Reading matter

The newest business and finance titles to hit a bookshop near you.

This month, The New CFOs; Khalaf Ahmad Al Tayer: The Autobiography, and Managing Business Risk.

Five-star ‘staycations’ Holiday close to home and enjoy the UAE’s wonderful weather.

Big Boys Toys The latest toys for big boys.

42

Living Art:

Dubai from above

40

Chief Operating Officer ADAM BROOM adam@cpifinancial.net Tel: +971 4 391 4681 Managing Editor ROBIN AMLÔT robin@cpifinancial.net Tel: +971 4 391 3723 Editor TAMARA PITELEN tamara@cpifinancial.net Tel: +971 4 391 3728 Contributors NATHALIE LONGUET VICENTE PEREZ- CAMARA GERHARD SCHUBERT TIM ELLIOTT MONI NANDA Sales Director FAREED DUBERY fred@cpifinancial.net Tel: +971 4 391 3717

ART & CULTURE

Dubai is living art when seen through a photographer’s lens.

Chairman SALEH F. AL AKRABI

48 50

Events calendar The ‘you need to know’ of what’s on in December and January.

That’s a wrap Recent news from the weird and wonderful world of money. This issue, the diamond worth AED 79 million, sale of James Bond’s Skyfall watch, and the world’s most expensive coffee.

WEALTH Warning!

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

Business Development Manager NICOLE BLAUER nicole@cpifinancial.net Tel.: +971 4 391 3726 European Consultant JEAN-PHILIPPE MOULIN jpm@cpifinancial.net Tel: +44 19633 4445 Chief Designer BUENAVENTURA R. JALUAG JR. jun@cpifinancial.net Tel: +971 4 391 3719 Senior Designer NEIL VICENTE C. CASTILLO neil@cpifinancial.net +971 4 391 3724 Finance Manager KARIM MANSOUR karim@cpifinancial.net Tel: +971 4 391 3727 Subscriptions DEBORAH BELTRAN debbie@cpifinancial.net Tel: +971 4 391 4682 Registered at the Dubai Media City Head Office P.O. Box 502491, Dubai Media City, U.A.E. Tel: +971 4 391 4681 Fax: +971 4 390 9576 Printed by United Printing & Publishing Abu Dhabi, U.A.E. © 2012 CPI Financial. All rights reserved. No part of this publication may be reproduced or used in any form of advertising without the prior permission in writing from the Editor.

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4 ISSUE NINETEEN-DECEMBER 2012/JANUARY 2013

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OPINION

You say ‘Hello’, I say ‘Dubai’ Is Dubai’s latest spending splurge, including the world’s largest shopping mall, good news for the glitzy emirate? Robin Amlôt opines.

Robin Amlôt

Managing Editor

I

don’t normally focus in on the emirate of Dubai as a subject matter. I appreciate that many of our readers live, work, play in Dubai but I am equally conscious that many do not. However, it seems unavoidable. There has been a clutch of major announcements by the emirate of major investment plans. Is this truly good news and what does it all mean for investors in Dubai?

The news is of the grand plans to expand hotel capacity and provide new entertainment complexes, not forgetting the largest shopping mall in the world, imaginatively named ‘Mall of the World’, for what I think would be the third time… Well, actually it does make sense. Dubai’s economy is built on three pillars, finance, trade and tourism. The emirate already has worldclass facilities in all three but it is perhaps in tourism where it has, currently, least capacity.

The UAE in general and Dubai in particular had a ‘good’ Arab spring, becoming a repository for funk money from countries with civil unrest and a home for what have been described to me as ‘high net worth refugees’. It was the latter group which kickstarted a recovery in high-end villa properties in Dubai in the last 18 months as cash buyers.

What has also happened is that Dubai has been ‘discovered’ by more and more regional tourists. I would argue that the tourism industry in Dubai was originally built for and targeted at the Western tourist trade. Now, there is strong and growing tourist spend from the region itself. Dubai is well on the way to becoming the Gulf region’s tourist destination

of choice – and there’s nothing wrong with that. You might even say it is an improvement on over-reliance from out-of-region visitors whose numbers are more vulnerable to the vagaries of the global economy.

Note also statistics on hotel occupancy in the emirate running over 80 per cent and even relatively sober forecasts about future growth in tourism would lead to the conclusion that Dubai does indeed need to build more leisure facilities to accommodate the tourists of tomorrow.

You may, therefore, as an investor wish to investigate the potential opportunities within the leisure industry in the emirate. A word of caution, however, you’ll need to be thinking medium to long term as an investment horizon. By that I mean your time frame should be nearer to 10 years than five. After all, what’s happened so far is an announcement and some impressive looking CGI – it has yet to be funded.

And speaking of funding… on a smaller scale there is an increasing willingness it seems, on the part of banks to lend for mortgages in Dubai and, what’s more, on an increasingly large loan-to-value or finance-to-value basis.

I am not against the idea of an 80 per centplus mortgage on principle but I do hope that those of us living in Dubai do remember the property bubble and all its attendant horrors.

Unfortunately, some owners and potential property owners want to return to those ‘good old days’. It would be nice to think they are in the minority… bubbles, as we have already discovered, eventually burst!

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ABSOLUTE BEGINNERS

Sick and tired: The economies of the West are ridden with debt-disease... a successful cure could be long and painful.

A bitter pill for the West’s debt disease The West is deeply sick; diseased with debt, says Janwillem Acket, Chief Economist of private bank Julius Baer & Co. but what’s the cure and how should investors act?

I

f the economies of the West were human, they would be disease-ridden patients on life-support machines in intensive care.

The cause of this deep-rooted sickness is debt, says Janwillem Acket, Chief Economist of Swiss private bank Julius Baer. Acket believes world economies need tough medicine if we are to not fall screaming into a bottomless pit of poverty, misery and anarchy.

THE BROTHERS GRIM

“No pain, no gain is the motto for the next few years,” Acket told WEALTH magazine in an exclusive interview.

“We have to work hard because things have got derailed. The West has an attitude that must change. We have lived the last 30 to 40 years with the illusion that we can spend more than we earn because some time

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ABSOLUTE BEGINNERS

in the future will make up this difference.

Instead, we have continued to accumulate debt and that’s what I mean by sick, we have been too greedy and we have not matched that with our income. You can do this in the short term, that’s fine, that’s why we have the credit industry, to help us through short term liquidity squeezes but if you live with a constant liquidity squeeze and you ignore it, you have a big problem.”

Acket says the so-called financial innovation of the last few decades is built on lies. The first, that we can spend more than we earn with no consequences. The second, that there is such thing as a high yield/ low risk investment, the latter saw people talked into buying exotic products wrapped in flashy packaging, “refuse with a AAA rating”, says Acket.

LIES AND ILLUSIONS

“The first lie - that we can go on spending more than we earn - was nurtured by the financial industry and its credit card culture,” Acket says. “The average US household has seven credit cards, so you plug one debt hole with the credit of another debt source, and just like Tarzan of the jungle, you jump from one hole into the next, covering debt A with debt B, continuing to grow your debt until the moment it’s out of control.

“This is happening on a grand scale in Europe and the US. The bubble burst first in the US in 2007. That was the start of the current financial crisis which we are still trying to digest, we are not out of it, we are just trying to deleverage, the financial sector sold this illusion that anything goes, ‘spend now, have a good time now and think about the bills tomorrow and we’ll take care of this, the banking sector will help you…’”

“

The era of the megalomanic banker is over. Any banker or financier who still sees clients as a nuisance to be ripped off , and who doesn’t care about their longer term health, has no place in the sector. If you still have that attitude, I’m sorry, you’re doing the wrong job

”

Choosing companies with quality management and ethical policies is more important than ever before.

parking malls in the US, the lowest echelons of income, ‘you can have a middle class villa in the suburbs with a swimming pool and we’re going to finance that for you’. That’s the subprime illusion and that was unethical because people were pushed into misery and now they’re paying in misery, they’re stuck with a house that has a higher mortgage debt than it has a market value. These people are in a vicious circle, many are completely ruined and some banks are even putting people in the street, kicking them out of the house.

“What happened was unethical and it has to be changed. This is my first point, reproach of the financial industry that was so foolish as to push poor people into an illusion of richness by providing credit facilities that were not responsible. We’re now paying dearly for this.”

GETTING OUT OF THE MESS

So, we’re in a mess, what does the world need to do to get out of it? According to Acket, the correct actions are being taken but it’s all happening very slowly.

Cont. overleaf...

MEGALOMANIC BANKERS

“The US banks were even suggesting to poor people, people at the lower end of the income scale, that in a low interest rate environment, they could have a big home, a villa, even though it was beyond their financial resources. This is the scandalous, unethical behaviour that sold the illusion.

You, a bus driver, or some guy who looks after

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...cont. from page 9

“Deleveraging is on its way but it’s a very painful process that will take considerable time until we are back to equilibrium. In Europe you’re talking of a process of five to 10 years.

This is a huge challenge for asset managers and investors must be aware we are in stormy seas and that we must brace ourselves for a stormy future, the next five years at least.

“So, be cautious, be conservative, and be extremely focused on quality in all the aspects of assets. Don’t put all your eggs in one basket and make sure you are holding more cash than in the past so you have the cash to buy quality that may be temporarily undervalued due to economic troubles. This has potential to grow your assets.”

It's the end of days for the megolomanic, greedy banker.

QUALITY IS KING

Cherry picking and the search for quality is more important for the investor than ever, says Acket and due diligence in choosing quality companies is essential.

“Investors have to be concerned with what happens with her or his money. Take responsibility, together with your banker or asset manager, so you are an active investor.

If you aren’t confident enough to be an active investor, look for a partner who has high ethical standards and guides you competently through these storms so at the very least you can conserve your fortune in these times.”

Debt disease cure: "Take two teaspoons of deleveraging and call me in the morning."

The financial industry that was so “ foolish as to push poor people into an

illusion of richness by providing credit facilities that were not responsible. We’re now paying dearly for this

”

What is quality? Acket says it is companies with management that have coped with the crisis; companies that deliver real value; address the needs of stakeholders and clients, and practise good governance.

“For example, companies that aren’t making big environmental messes and that are ecologically sensible, socially responsible, in their office policies. This is increasingly important and coming more into play for global players, so no slave or child labourers, for example.

“This is now a discussion with Apple.

Apple products are assembled in China

by Foxconn where employees have been committing suicide due to appalling working conditions, it’s not good for Apple.

Social governance is very important if you’re a global player with local entities producing parts for your products. You have to be responsible

as a stakeholder; create a good product so that your company’s stock price goes up as well as generate returns to distribute as dividends to the shareholders.”

The era of the megalomanic banker is over, says Acket. “Any banker or financier who still sees clients as a nuisance to be ripped off , and who doesn’t care about the longer term health of their clients, has no place in the sector. If you still have that attitude, I’m sorry, you’re doing the wrong job.

“We should be cautious going forward but I think we have learnt that we cannot live beyond our means indefinitely, nor that we can have high yield with low risk. That’s like a physicist saying, ‘I will just exclude gravity; gravity is not a part of my model anymore…’ you can do that for about 50 seconds in a parabolic flight but gravity will catch up and you’ll hit the ground hard.”

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Walid My occupation: Hotel owner My dream: A n international top ranking for my hotel group My private bank : J u li u s B ae b e c a u s e t h e ir ďŹ n a n c r, a d v ic e o f f e r s m e a ia l o f o p p o r t u n it ie s w o r l d My name:

The leading Swiss private banking group. Since 1890. www.juliusbaer.com Julius Baer is present in over 40 locations worldwide. From Dubai, Abu Dhabi, Cairo, Istanbul, Hong Kong, Singapore, Moscow, Milan, Monaco, Frankfurt, London, Guernsey, Nassau and Montevideo to Geneva, Lugano, St. Moritz and Zurich (head ofďŹ ce).

ABSOLUTE BEGINNERS

Failing fortunes of luxury brands Sales are slumping in the luxury sector, does this signal global economic doom or a perfectly normal market correction? The latter, argues Nathalie Longuet of Lombard Odier.

F

ollowing more than two years of strong recovery, the luxury sector is returning to a growth rate more in line with its long-term average. There is nothing concerning about this development but it is bound to make brands reassess their global geographic positioning and their capacity to have a flexible cost structure.

The luxury sector has had its fair share of bad news to report since the end of the summer: retail sales of watches and jewellery in Hong Kong down three per cent in August, exports of Swiss watches down three per cent in September (down 28 per cent in China), profit warnings from Burberry, and then from Mulberry.

The cumulative effect of these events has been to dampen investor enthusiasm for a sector hitherto apparently unaffected by the economic crisis. So are we witnessing a new crisis in the sector, mainly due to the slump in mainland China? We don’t think so for a number of reasons.

BRUTAL SLOWDOWN

Falling sales: The luxury sector has had some bad news in recent months.

For 30 months, the luxury sector has seen an extremely strong cyclical recovery. Furthermore, the pick-up in demand occurred in tandem with inventory building within the wholesale distribution channel, an acceleration in owned store openings and double-digit price rises. This sets a high benchmark against a slowing global economy. Although the luxury sector is not fully immune to this slowdown, it is standing up well. Organic growth by the listed companies in the sector has fallen from up 17 per cent in the first quarter to up 13 per cent in the second and up eight per cent in the third. This is a progressive slowdown, not a slump. The slowdown looks set to continue in the final quarter of 2012, which should mark the trough for the sector.

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ABSOLUTE BEGINNERS

By comparison, these rates are close to the industry average over the past 10 years (seven per cent) – a level which it is reasonable to envision in 2013. What is occurring now is a phase of normalisation, which in our opinion is salutary, as excessive growth is never ideal for a luxury brand.

Nevertheless, mainland China’s brutal slowdown merits closer attention due to its position in investors’ spotlight. This is hardly surprising since Chinese consumers account for between 20 per cent and 45 per cent of the turnover of listed luxury groups, and thus constitute the main driver for growth.

THE BUSINESS OF GIFTS

Three factors can explain this hard landing for growth in mainland China. The slowdown in China GDP, combined with a smaller wealth effect, has impacted the sector. This has been compounded by the government transition, which delivered a sharp shock to the practice of business gifts, which is estimated to account for between 20 per cent and 30 per cent of luxury consumption in China. It is likely that this practice will return to normal after the new government is in place and operational (first quarter 2013), as it is firmly anchored in Asian tradition.

Finally, 55 per cent of purchases of luxury products by Chinese consumers are made outside China; in fact, they already make up almost

a third of the sector’s activity in Europe. The weakening of the Euro has caused purchases to shift from mainland China to Europe, as a Chinese tourist can save up to 60 per cent compared to buying at home (factoring in the recouped VAT based on European prices). For example, the growth in fashion and leather goods in LVMH accelerated in the third quarter in Europe (up nine per cent), while it dropped into negative territory in non-Japan Asia (down four per cent). This purchasing power phenomenon is further enhanced by the exponential growth in the number of Chinese tourists in Europe, estimated at about three million in 2011. Some brands have made the decision to increase their prices in Europe so as to recalibrate demand toward mainland China.

Growth in China should therefore pick up during 2013.

EGGS IN ONE CHINESE BASKET

To summarise, the total growth in Chinese demand should be around 15 per cent in 2012 (including up eight per cent in mainland China). This is still above the average for the sector, and we are sticking to our growth hypothesis of between 15-20 per cent per annum for the Chinese consumer over the next five years.

Some regions have also performed very well, for example the Middle East or the US, where the signs of recovery in the housing market could positively impact the wealth effect, which will be reflected in consumption.

We have just seen the luxury market return to more standard growth rates; but these growth rates are also very different and volatile from one region to the next. A company that bases its entire development strategy on the Chinese market as well as maintains only a minor presence in tourist areas runs the risk of a major slowdown. In addition, if the company operates through the wholesale

About 55 per cent of the luxury goods purchased by Chinese consumers are bought outside of China.

Chinese consumers account for 20 to 45 per cent of turnover of listed luxury companies.

distribution channel or is repositioning, this risk is replicated. This explains to a large extent the reduced growth of the Burberry and Mulberry groups. The capacity to react on costs is key in this context – something which Burberry seems to have acted on. The current phase of normalising growth should widen the gap in favour of those brands which have the best pricing power (capacity to pass on high prices), a high level of control over their distribution network and a global presence, plus the capacity to react on costs.

Nathalie Longuet is an Analyst in the Consumer Goods sector at Lombard Odier

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P O RT F O L I O

Alternative investments Investors reveal what they really think about nontraditional assets by Vicente Perez- Camara, Director of BlackRock’s Global Markets Strategies Group

A

s investors adapt to the new world of investing – one defined by hyper-correlation among asset classes, high volatility and low yields – most have concluded that they need novel ideas and new approaches. Given this reality, it’s no surprise that investors are recognising that alternative investments can be an invaluable tool to boost returns, add diversification, and reduce overall risk.

This change hasn’t happened overnight but as investors relax mandates and update plan policies, the trend to greater allocations to alternative investments looks set to continue.

Edwin Conway, Head of BlackRock’s Institutional Group in the US and Canada, says, “In recent conversations, we’ve found that even the more conservative institutional investors have come a long way toward embracing alternative investments and elevating them to the core of their portfolios.”

EMBRACING ALTERNATIVES

The increased adoption of alternatives is being driven by an expectation that the market factors

Would hedge funds be a good addition to your portfolio?

challenging investors over the past several years will remain in place for the foreseeable future. But as investors embrace alternatives, they have also become more demanding on many dimensions – and rightly so.

Investors require more transparency, greater alignment of interests, better risk management approaches and more appropriate liquidity structures.

Not surprisingly, the alternatives industry is being forced to evolve. There has, for example, been considerable consolidation, with most of the fund flows over the last several years going to the most established managers.

Another trend that looks certain to accelerate is the increase in investment choices. In a quest for the holy grail of high-returning products with low correlations, many institutions are finding themselves investing in asset classes and strategies that few would have considered (or been able to easily access) 10 years ago. These might include natural catastrophe risk, agriculture, mining and metals, or

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P O RT F O L I O

market-neutral hedge funds that seek to deliver alpha from less conventional sources. Even within the realm of traditional asset classes, the new world requires new approaches.

According to Sean Fahey, Co-founder of Claren Road Asset Management, the fixed income world is the evidence. “From the investor’s standpoint, if you look back at the Barclays Aggregate, you were able to get seven per cent annual returns for a couple of decades but considering where treasuries are today, I think the risk is not only whether you will earn that seven per cent that you’ve become accustomed to but what happens if we get a whiff of inflation, and rates start backing up? You really have no other choice but to conclude that you cannot rely on the long-only credit model that worked so well for so long.”

ELEPHANT IN THE ROOM

Given the flexibility and multiple roles that alternatives can play in an investor’s portfolio – risk mitigation, return enhancement, inflation hedging and diversification – it’s easy to see why they have been embraced. But in an environment where every basis point matters, many investors are questioning whether hedge fund, private equity and real estate managers actually deserve the fees.

Going forward, various forces could bring down fees over time but the true standout players are still going to command premium fees, certainly compared to other types of investments.

KNOW WHEN TO EXIT

One of the most critical success factors for hedge fund investors also seems like the most rudimentary: knowing when to sell.

“You have to look at every hedge fund as having a life cycle, and you have to be willing to pull out of a fund over time,” says Bruce Ruehl of Aksia, an independent hedge fund research firm. “You must evaluate where that fund sits in its life cycle. This is a very under rated aspect of investing in hedge funds, and investors should be just as committed to selling a fund as they are to buying one. I see lots of institutional investors or institutional funds of funds that have incredibly large legacy positions with managers. But for

different reasons, investors don’t want to pull the trigger and get out. That can be costly. I think the sell discipline is just as important as the buy discipline.”

CHOOSE WISELY

The wide performance dispersion of alternative strategies highlights the need to identify above-average manager skill.

Investors must address a broad array of

Conservative “ institutional investors

have come a long way toward embracing alternative investments and elevating them to the core of their portfolios

”

Many institutions are investing in asset classes that would not have been considered 10 years ago, eg, catastrophe risk, agriculture, mining and metals.

organisational, operational, and investment criteria before making any hiring decision.

Among many other questions, investors should ask: 1. Is there sufficient alignment of interest?

2. Is there a diverse set of strategies that target unique alpha opportunities?

3. Is liquidity adequate and matched to that of the portfolio’s liquidity budget?

4. Is the manager’s operational framework characterised by a robust infrastructure within a strong culture of compliance?

The challenge is not only selecting the right funds and the right strategies but also ensuring that the hedge funds fit into the composition of a broader portfolio. Any decision must be considered in the context of the investor’s funding sources, liquidity requirements and existing portfolio.

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INVESTMENT OPPORTUNITY

Trends in Gold Investments:

2012 and what to expect in 2013 Gold has fulfilled hopes and expectations during 2012 and there are enough reasons to believe that this trend is going to continue well into 2013, writes Gerhard Schubert, Head of Precious Metals, Emirates NBD.

G

old prices rallied early in 2012 from their relatively low December 2011 closing price, and the mood was very bullish during the first three months of 2012. What followed was a prolonged period of sideways trading, with gold trapped in a trading range between $1,550 and $1,630.

Gold did manage to move - on two occasions - below $1,550 towards the $1,530 level, but these episodes were very short lived.

A widely accepted view persisted that gold prices would see price corrections towards $1,400 and possibly even down to $1,350.

However, this scenario never materialised and the break of the technical resistance level at $1,632 led to a flurry of technical buying and to a significant change of opinion.

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INVESTMENT OPPORTUNITY

Since then, expectations have grown towards a potential recapturing of the all-time highs of $1,926, seen in September 2011, and even a surpassing of this level towards the psychological $2,000 mark. It is highly likely that gold will close the year 2012 well into positive territory.

TEST OF TIME

Gold is one of the oldest forms of investments available, and has at various times been described as ‘a store of value,’ ‘a safe haven,’ ‘an insurance policy,’ or an asset class in its own right. At times of great national or international crisis, when people lose faith in their paper currency and fear it may no longer hold value, there is an urgent need to hold on to something that is more solid and robust.

What better than gold to keep as a stable asset? Of course, this also means that at such times, with increasing demand, the price also tends to rise.

As with any commodity, the price of gold is driven by the basic laws of supply and demand. However, there is another factor often overlooked. Gold is unique in that it is virtually indestructible. While this property allows the metal to be stored, saved and used as a form of currency in times of financial instability, it also leaves the price open to influences from hoarding and disposal practices, since most of the gold that has ever been mined is still in existence, and could enter the market anytime.

So, what were the factors that contributed to driving the price of gold northward in 2012? The presidential election in the US

Gold prices continue “ to be impacted by risk. Not only has risk diversification been the keyword for 2012, it is expected to continue well into 2013

”

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is now behind us, but the electioneering and campaigning over the last 15 months have left a significant impact in the minds of the investment community. The heated exchanges; the defending and attacking of Federal Reserve Bank (FED) policies (Operation Twist, QE3); the unemployment rate in the US, and the debate over the potential ‘fiscal cliff ’ left scars in the minds of the investment community.

The year 2012 was also marked by initiatives and actions from the FED in the US to help stimulate the economy and to avoid a fall back into a recession. The high unemployment data stood in contrast to the results and health of many companies in the corporate field, but it appears that the above mentioned uncertainties suppressed the willingness of many employers to take on more staff. The FED even extended the guidance of their near-zero interest rate policy towards the middle of 2015, in an attempt to assure markets of their part to help, not only the US economy but also to set a positive sign towards the global economy.

The slow move towards resolving the European Sovereign debt issues and the resultant effect on the Euro have also played a huge role in the continuing upward trend in gold prices.

Reasons for rising gold prices in 2013  Euro zone issues  US economic woes and debt issues  Potential global inflationary pressures starting to build  Geo-political events  Continuous global risk diversification efforts

2013: THE BIG UNKNOWNS

There are still major questions to be answered during 2013. For example, will all current members of the Euro zone still be part of the common currency? Will there be new entrants in the common currency? How are the processes towards creating a more harmonised European economic model progressing? Does 2013 finally mean a mutualisation of the Euro zone members’ debts? And the most crucial question of them all, who is going to pay for all these decisions?

These uncertainties are just some of the most important drivers that have helped and will continue to drive gold prices higher.

The physical buying of gold - an enormously important aspect of gold price developments - had a very mixed year in 2012. The biggest physical off-take market is India (excluding China) and the issues Cont. overleaf...

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INVESTMENT OPPORTUNITY

...cont. from page 17

resulting in the strike of the Bombay Bullion Association led to a significant reduction in physical imports into India. The very strong depreciation of the Indian Rupee, that followed, also contributed strongly to considerably slower purchases than expected, while a slow start to the monsoon season did not help either.

While the aforementioned factors have – to a certain extent – righted themselves, it is expected that about 300 tonnes of physical purchases for 2012 have been lost due to these reasons.

Who has picked up the slack from this lack of imports into India? The central banks of the world have answered that call; their cumulative buying is estimated at about 500 tonnes during 2012. Their continuous buying has effectively put a floor in place and that was also a major reason why gold held the price level of $1,550 so well, during the middle of the year.

I have deliberately excluded China from this discussion. China has most likely dethroned India as the world’s major gold consumption country. It is also the world’s largest gold producer and much of the domestic consumption can be satisfied through local output, leaving India probably still in front of the table of total gold imports into a country.

RISK BOOSTS GOLD

Gold prices continue to be impacted by risk.

Not only has risk diversification been the keyword for 2012, it is expected to continue well into 2013. Central banks, Sovereign Wealth Funds, Funds and investors alike, are still looking to diversify their asset portfolios and gold is acting in many cases not only as an asset class in its own right but also a sort of ‘insurance policy.’

A substantial number of countries around the world are involved in

“

At times of great national or international crisis, when people lose faith in their paper currency and fear it may no longer hold value, there is an urgent need to hold on to something that is more solid and robust

”

trying to stimulate their economies through monetary policies, and effectively debasing their currencies in order to gain an advantage for potential export-oriented economies.

These stimulus measures might ultimately result in a rising level of inflation, which might also be considered positive for further increase in the gold price.

Gold holdings in ETFs have reached new all-time highs and their success is also a strong reason for the lasting rally and vote of confidence by the investment community towards gold. It must be noted though that while

ETFs have done very well globally, the regional picture in the Middle East has not been that promising. The affinity in the Middle East is still strong towards physical buying, instead of investing in gold through a vehicle, even if it is 100 per cent physically backed at all times.

This is particularly because the underlying gold bar is registered in the ETF-issuing bank’s name without individual investor recognition.

The extreme competitiveness of the physical market in our region lends itself to the consideration of physical investments instead of derivative purchases.

The ongoing global and regional issues continue to present a positive outlook for gold prices, and currently, it is difficult to see the potential drivers that could reverse this trend in 2013. Of course, the above-mentioned reasons do not even begin to include any past, present or future developments and potential crisis situations from a geo-political point of view, or their resultant effect on gold prices in 2013.

Investment tools for gold in 2013

 Physical (no counterpart or credit risk)  Gold stocks (Country and environmental risks)  Exchange Traded Funds (no individual investor recognition)  Exchange Traded Notes (no guaranteed physical backing)  Digital gold accounts (no physical delivery intended)  Gold Savings Certificates (100 per cent locally physically backed)  Futures Exchanges through Brokers (No mandatory requirement to hold margin payments in segregated accounts)

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INVESTMENT OPPORTUNITY

Trading summary Gold ($/oz)

1,840 1,800 1,760 1,720 1,680 1,640

2012

Sep

Oct

Nov

Source: Zawya/Dow Jones

Oil Opec Basket ($/bbl)

116 114 112 110 108 106 104

2012 Sep

Oct

Nov

102

Source: OPEC

Currencies - INR/$ 57 56 55 54 52 2012 Sep

Oct

Nov

Source: Thompson Reuters

Currencies - $/GBP 1.63 1.62 1.61 1.60 1.59 1.58 2012 Sep

Oct

Source: Thompson Reuters

Nov

Official ‘jollies’ cut in India but, says Robin Amlôt, the INR remains under pressure GOLD

What’s happening to demand in India and China? That’s a big question for gold in 2013. Otherwise, gold’s appeal as a safe haven against economic uncertainty appears to remain intact. Holdings in SPDR Gold Trust, the world’s largest gold-backed ETF have been at record levels. There is talk among some analysts that the commodities ‘supercycle’ is turning and that investor disenchantment with commodities in general will also undermine the gold price. On the upside for gold, the continued Euro zone uncertainty and the prospect of an official plea for a bailout from Spain. As an outlier, note one curmudgeonly comment regarding potential market surprises next year from Bank Sarasin – suggesting potential for gold to go to $2,500, triggered not by inflation but by herd behaviour among central banks and by gold’s status as a hedge against ‘increasingly irresponsible fiscal and monetary policies among Western governments’!

OIL

Worries about the world’s largest economy (still the US in case you were wondering) dominated prospects for the oil price in the last quarter of 2012. You might call it a real ‘cliff-hanger’. Elsewhere, the Organisation for Economic Cooperation and Development has cut its global growth forecasts for 2013, warning the debt crisis in the Euro zone is the greatest threat to the world economy. And then there’s the matter of street protests and the ups and downs for the oil price that they offer.

Protests in Greece, the price drops; protests in Egypt and the price rises. In theory oil should be well supported for the next few months on winter demand in the Northern hemisphere.

CURRENCIES

You can tell things are serious when civil servants are told to cut back. So a report on Reuters that India’s finance minister has banned officials from holding conferences at five-star hotels, restricted travel and ordered a freeze on hiring to fill vacant posts should tell you that the pressure on the INR is only going to grow. In fact the Indian currency has shed all the gains it made since the Government launched its new economic reform drive in September. Behind the renewed slide is a mix of factors including the global downturn, a ballooning deficit and worries that reforms that have been promised will not be implemented. Do we care? That depends on your exposure to INR-denominated assets. The weaker INR continues to make the idea of property investment in India an attractive one for the UAE’s NRIs. In other news, UK finance minister, Chancellor of the Exchequer George Osborne, succeeded in headhunting Canadian central banker Mark Carney to become Governor of the Bank of England in July next year – the first foreigner ever to be appointed to the post. The markets liked the idea.

Carney is widely seen as having had a ‘good’ financial crisis. Sterling headed towards year-end 2012 on a positive note but expectations are high and Carney doesn’t take up the reins until the middle of 2013.

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P RO P E RT Y

The rush for I India’s real estate Investments in Indian real estate are on the rise as the depreciating Rupee gives UAE-based Indian expats a boost.

n the last 12 months, the Indian Rupee has depreciated consistently, raising cheers amongst Non-Resident Indians (NRIs) living in the UAE who can now buy property in India.

A survey conducted in November of 16,000 NRIs across the UAE by Sumansa Exhibitions, organisers of the Indian Property Show, revealed that 89 per cent of NRIs in the UAE are planning to leverage the power of their additional income by investing in properties worth up to INR 1 Crore and beyond.

The combination of the weakening Rupee against the Dirham and the sluggish Indian property market enables NRIs to buy property at a cheaper rate. The survey also reveals that 26.7 per cent of NRIs are looking to buy property as additional investment, the figure shows sharp rise of six per cent in just one year.

Sunil Jaiswal, CEO Sumansa Exhibition said, “NRIs in the UAE invest in property as it is one of the safest options and gives good return as the capital value appreciates. Plus there is the feeling of returning home since NRIs don’t get citizenship in this region, so property investment becomes a natural choice.”

The survey also revealed that Mumbai, Bengaluru and Delhi feature in the top five destinations list.

“This shows that NRIs are looking for cities which will give them good returns,” Jaiswal said.

“Even if the NRI takes a home loan, the payouts are much cheaper than last year.”

Commenting on the survey results, CEO of Investors Clinic Honey Katiyal, a Dubaibased Indian real estate consultancy said, “Over the last year we have experienced demand for more expensive properties as NRIs want to cash on this situation and invest more to get more returns in future. The trend is to invest in additional property in metro cities and enjoy the capital appreciation in four-five years time.”

The Indian Property Show provides a snapshot of Indian property market. The three-day exhibition takes place 13-15 December 2012 at Dubai World Trade Centre, Dubai. www.indianpropertyshow.com

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P RO P E RT Y

For sale: Prime London property Three new prestigious London property developments are up for sale from Berkeley Homes.

T

he London property market remains a ‘safe haven’ for international capital in uncertain economic times. Domestic and international buyer demand for property in these areas continues to increase year on year from both owner-occupiers and investors.

Since early 2009, average house prices across London increased by 25.9 per cent and are predicted to increase by as much as 7.2 per cent by 2015. In prime central London, average house prices are expected

to increase by 10.2 per cent during the same period, underpinned by significant sales to international buyers (according to Knight Frank’s UK Housing Market Forecast).

The UAE has a long history of purchasing property in London. Since 2009, buyers from the UAE comprised 1.8 per cent of total sales in London for properties over £1 million.

According to Knight Frank, the UAE ranked ninth in the list of nationalities purchasing property in London whilst Middle Eastern buyers accounted for 8.3 per cent of total

new build purchases in London between September 2011 and August 2012.

Managing Director of Berkeley Homes (Capital) Piers Clanford said, “We have witnessed an increase in the number of UAE investors showing great interest in apartments at all price levels.

“Traditionally Middle East investors are renowned for their top-end purchases, which we’re still seeing, however there is now interest in the full spectrum of property in London.

This may be a reflection of a maturing local investor market looking to spread the risk of their portfolio through buying both locally and internationally.”

Three of Berkeley Homes’ latest developments range from apartments at Saffron Square for £220,000 (AED 1.3 million) up to the most expensive purchase in the One Tower Bridge development costing £20 million (AED 117 million).

Located on one of the last great riverside sites in London, One Tower Bridge is the latest 'status' address in the city. Apartments cost up to £20 million (AED 117 million).

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P RO P E RT Y

Interior and exterior images of One Tower Bridge in London, a new property development from Berkeley Homes.

ONE TOWER BRIDGE is one of the most luxurious of prime central London developments and is located on one of the last great riverside sites available in the capital.

Set amongst some of the world’s most iconic landmarks, including the Tower of London, Tower Bridge and the capital’s newest showpiece, The Shard, London’s main business districts and world-class universities and schools, One Tower Bridge is ideal for those who want to be at the heart of the city’s cultural destinations.

Cont. overleaf...

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GOODMAN’S FIELDS is a landmark luxury mixed-use development in Aldgate, with over two acres of parks and open spaces - creating an oasis in the heart of Capital. The new London address features a sleek City-facing 21 storey tower and luxury facilities including health spa, pool and residents’ cinema.

Above: Images of the new mixed-use luxury development in London's Aldgate.

SALES ENQUIRIES One Tower Bridge, email: onetowerbridge@berkeleygroup.co.uk Goodman Fields, email goodmans@ berkeleygroup.co.uk Saffron Square, email saffronsquare@ berkeleygroup.co.uk

For stylish urbandwellers, Saffron Square in Croydon offers more affordable housing for London's residents and visitors.

SAFFRON SQUARE in Croydon, South London has a central courtyard that features water fountains and new retail outlets.

There will feature a superbly equipped gym, a concierge, a centre, and a mix of commercial, retail and leisure space.

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CONSUMING PASSIONS

The timeless elegance of pearls Forever fashionable, pearls are symbolic of wealth and class but what separates a good pearl from a great one and are they a good investment? WEALTH investigates…

T

he enchanting pearl has represented beauty and perfection since their discovery many thousands of years ago.

Ever since, they’ve been the subject of countless tales of history, myth and elegance.

Part of a pearl’s appeal is its organic origins. It is the only gem created from a living animal, a mollusk. Natural or cultured pearls grow in mollusks that can live in either salt water or fresh water. They are made up of layers of calcium carbonate most popularly in the form of nacre, a natural substance produced by pearl oysters that coats the inside of the animal’s shell. This beautiful, lustrous nacre is the essence of a pearl and because pearls are slightly porous, they warm up against the skin.

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CONSUMING PASSIONS

An Edwardian natural pearl necklace with alternating light and dark pearls. Photo © GIA

CHOOSING THE RIGHT PEARLS FOR YOU With 22 pearl farms in a remote part of northern Australia harvesting about one million pearls per year, Paspaley is the world’s largest source of the finest quality South Sea Pearls. Stephen Francis is the company’s UAE Regional Manager Retail. Choosing pearls, he says, is about matching colour with skin tone and pearl shape and size with body composition. “Try different shapes and colours; see how they look against your skin and on your throat.

Oval pearls look better on some women than perfect round ones. While some women may find a baroque pearl, one that is completely irregular with a wonderful texture that throws off the light, suits their personality more than a classic round.”

Also, different pearls suit different types of jewellery, for example, a button pearl is a better shape for ear-rings than a round pearl because it sits flatter against the ear but still looks round from the front.

Paspaley has outlets in Dubai Mall and Mall of the Emirates. www.paspaley.com

Today, the array of choice in colours, sizes and shapes is endless. As with any gem purchase though, you need to understand the basics before you buy or risk paying too much for something of lesser quality that’s perhaps been treated to enhance its appearance. You also need to decide whether you want natural or cultured pearls; what to look for in terms of size, lustre and colour; and what price range you’re interested in. Here are some basics to get you started:

Jewels from the Fleur collection

by Paspaley.

Prices start from AED 185,000 at the Paspaley store in Dubai Mall.

TYPES OF PEARLS

Natural saltwater pearls: Extremely rare, the Arabian Gulf is the most important source for natural saltwater pearls, which come from the Pinctada radiata and Pinctada margaritifera oysters and range in colour from white to dark cream.

Saltwater cultured pearls: An akoya pearl is a white, round, lustrous gem cultured in Japan and China in Pinctada fucata (martensii).

Most are white or cream and some have hints Cont. overleaf...

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...cont. from page 29

of rosé (pink) or green. The akoya oyster is relatively small, so its pearls are no larger than nine mm. Tahitian cultured pearls have only been on the market since the 1970s and come in colours including eggplant purple, peacock green, metallic gray and grayish blue.

The mollusk that produces them (Pinctada margaritifera) is native to French Polynesia and is farmed there and in the Cook Islands, Fiji, Australia and New Zealand.

South Sea cultured pearls come from one of the world’s largest pearl oyster (Pinctada maxima), which produces cultured pearls 15 mm and larger. They are farmed in Australia, Burma, the Philippines and Indonesia. Most common colours are silver, white and yellow (aka ‘golden’ or ‘champagne’).

Freshwater cultured pearls: Produced mainly in China, these pearls vary widely in colour and are more affordable than saltwater cultured pearls. Sizes range between 2 mm and 13 mm, although larger sizes are now available.

WHAT TO LOOK FOR WHEN PICKING OUT PEARLS

The Gemological Institute of America has created a system to evaluate the quality of pearls. The seven value factors include Size, Shape, Colour, Lustre, Surface, and Nacre.

Size: As with other gems, a larger pearl (measured in millimetres) is typically more valuable. The larger the pearl, the more rare and costly it tends to be. But fine quality pearls can be small, and low quality pearls can be large, so a pearl’s ultimate worth depends on the mix of value factors.

One of the most famous pearls in the world, La Peregrina is 500 years old and has been prized by European royalty.

More recently, belonging to Elizabeth Taylor, it sold in December 2011 for a record price of $11 million.

Shape: While round is the most familiar shape, pearls come in many forms (round, near round, oval, button, drop, semi-baroque, baroque). No matter what its shape, a symmetrical pearl is more valuable.

Colour: A pearl’s colour is a combination of its dominant body colour, overtone, the subtle colours that seem to come from within the pearl, and orient, the ‘play of colour’ you see when the pearl moves. Cultured pearls range from warm (yellow, orange and pink) to cool (blue, green and violet).

Lustre: The intensity of light reflected from or just below the surface of the pearl, its lustre, contributes the most to the beauty of a pearl. The effect is an inner glow from the heart of the gem. A pearl with excellent lustre will look bright and shiny, while one with poor lustre is dull and less valuable.

PEARL JEWELLERY AS AN INVESTMENT Can a strand of rare pearls offer a return on investment? Certainly there are very valuable pearl jewels in existence, for example, La Peregrina is one of the most famous pearls in the world, its size, lustre and colour make it a ‘once in a lifetime’ gem. Its history spans almost 500 years and it has been prized by European royalty including Queen Mary I of England. Most recently, the pearl belonged to Elizabeth Taylor – a gift from Richard Burton. It sold in December 2011 for a record price of $11 million.

In June, the Cowdray Pearls fetched more than $3.35 million at Christie’s, setting a world record price at auction for a natural grey pearl necklace. The Cowdray Pearls comprises a single row of 38 graduated natural grey pearls and was from the collection of the late Viscountess Cowdray, Lady Pearson. More recently, a conch pearl Cartier bracelet which once belonged to Queen Victoria Eugenia of Spain (1887-1969) sold for $3.4 million in November.

Paspaley has several rare jewels including The Vivian, named after the wife of Paspaley’s founder, which comprises 26 perfect round white pearls of 17 to 21 millimetres.

Worth $1.128 million, the strand was completed in 2011.

However, pearls are the only gems produced by a living creature. As such, pearls are not a finite resource like, say, diamonds or gold so do not have the same investment potential. So, with the exception of the extremely rare jewels with remarkable provenance, these gems are more of an emotional investment than a financial one.

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CONSUMING PASSIONS

Surface: A completely clean pearl is a rare treasure. Since rarity influences value, the prices of such pearls run extremely high.

The number, nature, and location of surface characteristics (abrasions, bumps, chips, cracks, etc.) can affect the value of any pearl.

Numerous or severe surface irregularities – such as chips or gaps – can threaten the durability of the pearl and cause it to break or peel and considerably lower its quality and value. If a surface characteristic is minor and located near a pearl’s drill hole, where it’s less noticeable, it will detract less from the pearl’s appearance and value.

Other value factors can minimise the effect of surface characteristics on a pearl’s worth. If the pearl is large and highly lustrous, for example, these pluses can outweigh a slight surface characteristic or two. In fact, excellent lustre makes some surface characteristics less noticeable.

Nacre: Nacre is the very essence of the pearl itself and nacre thickness does affect the value. Quality cultured pearls have ample thickness to allow the pearl to display its beauty.

Matching: The uniformity of the appearance of pearls in strands and multi-pearl pieces is called matching.

Round (6.5-7.5 mm), exceptionalquality Chinese freshwater cultured pearls.

Photo © GIA

Want to learn more?

HOW TO CARE FOR PEARLS

Now that you’ve got your pearls, you should know how to take care of them.

To retain their beauty, they need a certain amount of moisture, so avoid storing pearls in an airtight or overly dry environment, such as a bank safety deposit box. The human body conveniently provides just the right amount of moisture. Worn often and properly cared for, pearls can look as good in 50 years as they did the day they left the store.

Pearls are not the most durable of gems.

Most everyday items at home and in the office are tougher than pearls, so careless contact can cause damage them over time. Chemicals are the primary threat. Perfume, makeup and hairspray contain ingredients that can eat away the nacre, permanently dulling it. Many cleaning products contain chemicals such as ammonia and chlorine, which can pit gold alloys and quickly damage pearls. Chlorinated

This unique ring featuring a Tahitian pearl is from the Robert Wan Bridal collection. www.robertwan.ae

swimming pool water is also hazardous. Avoid wearing pearl jewellery when cleaning the house or doing yard work.

The best way to clean your pearls is with a soft damp cloth, ideally after each time you wear them.

Information courtesy of GIA (Gemological Institute of America). www.giamideast.com

Learn about pearls and the Gemological Institute of America (GIA) Seven Pearl Value Factors used to describe their quality. Or, take a one-day instructor-led GIA Pearl Grading class to learn to evaluate the quality of freshwater, South Sea and Tahitian pearls.

GIA offers grading and education services to gem and jewellery professionals and businesses throughout the Gulf region. The Institute conducts courses in major trade centres including Abu Dhabi, Bahrain, Dubai, Kuwait, Lebanon, Qatar, Saudi Arabia and Turkey. Course topics include diamonds, coloured stones, pearls, jewellery design, jewellery retail and more.

For more information on GIA in the Middle East, email giamideast@gia.edu or visit www. giamideast.com. GIA in the Middle East is located at Building No. 6WA, Office 801, Dubai Airport Free Zone, Dubai.

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7 tips for looking great in a suit Some men seem to have a natural flair for carrying off a suit with an easy confidence.

Moni Nanda of Dubai-based tailor M7 Bespoke reveals the secrets to being one of those men.

L

ooking great in a suit gives a man confidence and poise which is why at M7 we believe in aspiring for a classic and timeless look, making careful choices and paying rigorous attention to detail along the way. Here a few tips to ensure that you stand out from the crowd:

TIP 1: MAKE SURE IT FITS

It may sound obvious, but there is nothing worse than a baggy or ill-fitted suit. It doesn’t matter if it’s a $20,000 suit from Hugo Boss or something straight from the department store.

If the suit doesn’t fit, don’t wear it… or buy it.

A crisp and polished suit will sculpt a man’s body frame and should never make you feel constricted. To test the quality of a wellfitted jacket, one fist should fit comfortably between the chest and the jacket. The sleeves should also be cut short enough to allow half

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CONSUMING PASSIONS

Your suit is a “ natural material and

too much washing will also damage it.

A suit only needs to be dry-cleaned after every 10 wears, so regularly rotate suits to reduce the load

”

an inch of the cuff to show. Trousers should be tapered to give an elegant look and a fitted thigh-to-ankle finish. Finally, shirts should allow one finger to fit between the neck and shirt collar and should be fitted around the shoulders and chest (but not so tight that you can’t breathe… or have a good lunch!).

So make sure your tailor doesn’t leave until you’re 100 per cent confident with how the suit looks and feels.

TIP 2: STYLE AND COLOUR

Most suits should have a timeless feel and should never succumb to the trap of being ‘fashionable’. Remember, the best suit in the room or at an event will be always be the one that is classically tailored to the individual and not chasing the latest fad of the season or decade. So always choose style and colour based on your body type, skin tone and personality. A good suit adviser should be able to help.

When it comes to style, shorter men should avoid long/standard-sized suit jackets and wide lapels as these can draw attention to a shorter frame. Larger men should avoid chequered prints and single jacket vents, both of which accentuate size. Lastly, wellbuilt men should avoid peak lapels and overly padded shoulders as they could over accentuate an already toned body. This could potentially take away from the pristine cut of the suit.

A suit’s sleeves should allow half an inch of the cuff to show.

Cont. overleaf...

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In terms of colour, every man should have a classic navy suit and a charcoal grey suit (these two colours serve as staples of any timeless man’s wardrobe.) Once you have these essentials, experiment with other colours. For fairer skinned gents, darker shades such as dark grey or brown provide a nice contrast to skin tone whereas lighter shades such as light grey work well for the darker skinned.

Despite the temptation, resist the urge to choose black for daytime wear. While this colour can look sleek, it is best suited to a formal cocktail or black-tie event.

Finally, don’t forget the impact of great lining, piping or buttons to set the suit off and show some of your personality and swagger.

TIP 3: CHOOSE THE RIGHT FABRIC

In terms of fabric, stick with high quality Italian or English wool. This fabric looks and feels great, wears well and is comfortable through the year. For hot and arid climates like Dubai, lightweight Super 110s to 120s work very well. Avoid cashmere blends - while they have an irresistible feel, they insulate heat and can wear out quickly.

Equally avoid ‘polywools’ (mixture of wool and cotton); these fabrics will not retain their structure and will soon resemble a shiny coat.

The best suit in the world can be ruined by the wrong shoes.

Shirts should “ allow one finger to

fit between the neck and shirt collar and should be fitted around the shoulders and chest (but not so tight that you can’t breathe… or have a good lunch!)

”

TIP 4: SHOES - NOT JUST FOR WALKING

Never underestimate the power of proper shoes as they can make or break the suit.

Don’t make the mistake of wearing a great suit with shabby / incorrect shoes; this will destroy the whole attire. Good shoes cost a minimum of AED 800 to 1000 and are a critical investment for any serious suit wearer.

In terms of style, stick to classic dark brown or black lace-ups.

Note to remember: shoes must be kept clean and polished; dirty shoes can make even the finest suit look tacky and worn.

TIP 5: DRY CLEAN WITH CAUTION

The only thing worse than an ill-fitting suit is a dirty and creased one. So make sure you invest time looking for a good dry cleaner as bad cleaners can damage fine fabrics through over-treatment ultimately leading to the dreaded shine. What’s more, remember your suit is a natural material and too much washing will also damage it. A suit only needs to be dry-cleaned after every 10 wears, so regularly rotate suits to reduce the load.

Every man should have a classic navy suit and a charcoal grey suit as wardrobe staples.

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You may want to invest in a conventional steamer, which can be found at any appliance store and can help you avoid unnecessary trips to the cleaner. For those who don’t want the investment, hanging a suit in the steam when you take a shower is another great way to get the creases out.

TIP 6: WEAR IT CORRECTLY

Wear it well: The most important accessory for a great suit is your confidence

It may be the greatest suit, fitted to perfection but follow some simple tips to make sure you pull off the look. Ensure shoulder pads are sitting correctly on the shoulder. Tuck the shirt in neatly, straighten the collar, tie and belt, pull shirt sleeves lower than the jacket sleeves and fit any cufflinks and buttons correctly. If it’s a two-button suit, only button the top and never the bottom. And finally, whenever seated, take off the jacket and pull trousers up slightly at the knees, as this stops the fabric at the knees from wear.

TIP 7: THE FINAL INGREDIENT

Confidence - one word says it all. So straighten that spine, lift your chin and roll those shoulders back! Without a bit of swagger in your step nothing else matters.

Moni Nanda is Managing Director of M7 Bespoke, Dubai’s first premium bespoke tailoring service where tailors come to your home or office. Moni is available for personal consultations to help navigate clients through the maze of buying and wearing great suits.

She can be contacted through her website. www.m7bespoke.com

The best suit in “ the room or at an

event will be always be the one that is classically tailored to the individual and not chasing the latest fad of the season or decade

”

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MOTORING PASSIONS CONSUMING

Super speed from the future All hail the super car and super bike! Get a glimpse of the future at Big Boys Toys 2013, 31 January to 2 February at Atlantis the Palm in Dubai.

From zero to 60 mph in 3.1 seconds, the Anadi is the flagship luxury car from Italian Soleil Motors.

LUXURY ITALIAN SUPERCAR Italian carmakers Soleil Motors will be unveiling its flagship luxury supercar, the Anadi, at Big Boys Toys 2013.

Featuring the synergy of fine Italian design and craftsmanship with raw power, the Anadi has a 6.2 litre supercharged V8 engine produces 651 horsepower and torque that means it can travel from 0-60 mph in 3.1 seconds and reach a top speed of 202 mph.

Based on a Chevrolet Corvette, the Soleil Anadi made its presence felt at the 2012 Top

Marques Monaco show in April with two hand-built beauties on display.

Soleil offers buyers an array of bespoke options including Alcantara, leather and wood grain finishes, logo embossing, custom wheels and more.

Owners give their input during the construction of their car so it can fully embody their vision. Owners can also have a private tour while their vehicle is being built in Milan. www.soleilmotors.com

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CONSUMING PASSIONS MOTORING

The Ostoure is a limited edition street bike inspired by the ancient cities of Persia.

SUPER STREET BIKE A super bike of the future, the Ostoure takes its inspiration from an ancient city of Persia. See it on display at Big Boys Toys 2013.

The Ostoure is a limited-production super street bike manufactured by Shojaie Automobiles which will see the day light very soon. A super bike of the future, Ostoure (which means ‘myth’ in Persian) features a delicate body with engraved designs from Persepolis, an ancient city of Persia.

The bike has an in-line six-cylinder, turbo-

charged engine of 1,649 cc and a maximum speed of 250km/h. Made from carbon fibre, other features include keyless ignition, a seven-inch multi-touch display, and adaptive headlights.

Instrumentation is available both on board the bike and through the helmet using a heads-up display (HUD). The Ostoure helmet also features a Bluetooth connection to the bike, built-in speakers, and air-conditioning. The helmet’s controls are located on the bikes handgrip. www.ostoure.com

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TRAVEL & LEISURE

Five-star ‘staycations’ Why travel long distances when some of the world’s best resorts are on your doorstep? Avoid the jet lag and vaccinations; take a holiday close to home and make the most of the UAE’s wonderful weather.

YAS VICEROY, ABU DHABI

There’s no missing the visual spectacular of this wonderful hotel in the centre of Yas Island.

Recently renovated and now managed by the Viceroy Group, the stunning Yas Viceroy Abu Dhabi is an iconic landmark at the heart of one of the world’s most extraordinary destinations.

For guests, the hotel is a base to explore the attractions of Yas Island. The capital city’s sports and leisure centre is home to world-famous

attractions including the Yas Marina Circuit - the favoured racetrack for Formula 1 legends, the 18hole championship Yas Links Golf Course, Yas Marina & Yacht Club, the world’s largest indoor theme park Ferrari World Abu Dhabi, as well as the soon-to-be complete water park.

Of course, if relaxing and pampering is your goal, don’t leave the hotel! The Yas Viceroy has 12 innovative dining venues and lounges offering world-class cuisine from around the world, as well as Espa, a wellness sanctuary of award-winning rejuvenation where classic healing traditions blend with modern techniques.

Espa has nine treatment rooms, separate male and female facilities, plus the Viceroy Presidential Treatment Suite featuring its own hammam, steam room with a rain shower, colour therapy, and Kinesis fitness equipment.

Yas Viceroy Abu Dhabi, Yas Island Top tip: Spend an evening in the Skylite Lounge, the place for fashionistas and breath-taking vistas!

As the sun sets, the roof deck transforms into the ultimate in stylish cool, framed by the sensational canopy’s changing colours.

Getting there: The hotel is located 10 minutes from Abu Dhabi International Airport, 25 minutes from the centre of Abu Dhabi and 50 minutes from Dubai.

Contact: For reservations, tel. +971 (0)2 656 0700 or email yas.reservations@ viceroyhotelsandresorts.com www.viceroyhotelsandresorts.com/abudhabi With its innovative and futuristic design, the Yas Viceroy Hotel is one of the world's most iconic destinations.

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TRAVEL & LEISURE

EASTERN MANGROVES HOTEL & SPA BY ANANTARA An urban sanctuary in the heart of the capital, the recently opened Eastern Mangroves is the latest resort from the luxury Anantara brand.

Featuring Arabic design elements, intricate mosaics and solid timber, touches of 18-carat gold add to the luxurious feel, while carefully selected Middle Eastern artwork adorn the walls.

The spa facilities feature a traditional Turkish Hammam and VIP Hammam scrub rooms, separate entrances for men and women, Vichy Shower rooms and an LPG Room for Lipomassage and Endermologie. Styling and beauty needs are also completely catered for while, for the more active guest, the Workout Room including kinesis, a yoga, Pilates and aerobic studio, and a weights and cardio area.

For a cultural experience, the hotel staff can organise city tours of Abu Dhabi, a shopping tour of the best malls and the souks, golfing at all the golf clubs in Abu Dhabi, Liwa Desert tours, a Falcon hospital visit, or a Yas Circuit driving experience.

Eastern Mangroves Hotel & Spa by Anantara Top tip: Don’t miss the Big Brunch at Ingredients! A new Friday brunch featuring a host of international cuisines and live jazz music while overlooking the lush mangroves. Freshly baked breads, organic salads and antipasti, a live sushi station, succulent roasts at the Carvery station and five show kitchens specialising in Thai, Chinese, Arabic and Italian cuisine. Prices from AED 295++ to AED 495++.

Getting there: Set along 1.2km stretch of Abu Dhabi’s protected mangrove reserves, the hotel is 20 minutes from Abu Dhabi International Airport, seven minutes from Al Bateen Airport and 10 minutes from downtown Abu Dhabi, on the Eastern Ring Road, Salam Street.

Contact: Tel: +971 (0)2 656 1000, email: easternmangroves@anantara.com www.anantara.com A luxurious urban sanctuary in the heart of Abu Dhabi.

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ART & CULTURE

Big Boys Toys

The Subwing

Experience the sensation of flying underwater.

A sneak peek at some of the ultra luxury and mind-blowing toys for big boys on show at the upcoming Big Boys Toys show in Dubai from 31 January to 2 February

The RoboStep

An ideal personal transporter, be it at work, at the park or when going for a round of golf.

Compact, fun and easy to manoeuver, the RoboStep is a two-wheel, self-balancing robotic personal transporter by AI Dynamics.

For golfers, this is a transportation hole-in-one.

The Golf package includes low-pressure tires that barely disturb the turf, a scorecard holder, and a bag carrier that automatically positions your clubs upright after you step off.

Driven by electric motors, the RoboStep can go up to 12.5 miles per hour (20.1 km/h) and costs just AED 0.03/km per person, making the RoboStep an ideal solution for exhibitions, large warehouses and factories, mall and airport security, large college campus and hospitals, short distance commuting. Powered by a high capacity lithium ion battery with a rated life of over three years, a single charge lasts more than 30km.

BBT exhibitor: Merlin Digital, UAE. Price: AED 18,500 including a front bag, two security keys, horn and a security lock.

Contact: For enquiries, email Muhammad Abdullah Tahir on abdullah@merlin-me.com

Subwing is a new water-sport that gives you the sensation of underwater flight with virtually full freedom of movement. You can glide through the water like a dolphin, do spins and turns, or just relax on the surface.

Invented by 19-year-old Norwegian Simon Sivertsen during a sailing trip in the Mediterranean in 2010, it is two connected wings that can be rotated independently of each other, which are towed by a boat with a person holding on.

BBT Exhibitor: Subwing, Norway Price: Ranges from $490 for fibreglass to $895 for carbon fibre.

Contact: For enquiries, email Mats Westgard on mats@ subwing.net www.subwing.com

Art and sound

Sound becomes art with Bang & Olufsen – absolute power without corruption How do you fit a full symphony orchestra between the sofa and the easy chair? The BeoLab 5 by Bang & Olufsen answers the question. While larger than other Bang & Olufsen loudspeakers, its physical size is negligible when compared to the sound it delivers. This is where the 2500 watts of digital amplification comes in. Bigger, clearer, more realistic and potentially much louder sound out of something relatively small.

BBT Exhibitor: Bang & Olufsen Dubai Mall Showroom, Level 1, Fashion Avenue, Dubai Mall Contact: Tel: +97143399314 or email dubaimall@beostores.com www.bang-olufsen.com

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ART & CULTURE

Luxury Keys

!

D O N ’T M IS S IT

Individualised, luxury keys to match expensive and elegant cars, yachts, homes…

Noblekey produce unique, hand-produced one-of-a-kind articles in the finest jeweller’s quality for your car (electronic key with a blade and also keyless go), vintage car, yacht, aircraft and property.

BBT Exhibitor: Noble Key, Germany Price: From €2,800 (AED 13,000) to about €35,000 (AED 163,000) depending on the materials, eg, sterling silver, gold, diamonds, platinum, ceramics...

Contact: Email Stefan Goldberg on s.goldberg@noblekey.de http://noblekey.de

Big Boys Toys

Big Boys Toys 2013 will brings together the latest technologies and the biggest brands along with high impact entertainment features, all packed into three days of non-stop action and sheer excitement.

When: 31 January to 2 February 2013. The 31st is a VIP only day for which tickets cost AED 500.

General admission AED 100.

Where: Atlantis The Palm in Dubai Times: Open each day from 1pm to 10pm www.bigboystoysuae.com

Audio Deluxe

An audio treat for audiophiles Like instruments in an orchestra, club, or concert, the German-built MBL Radialstrahler Loudspeakersradiate sound 360 degree. No matter where you are in your living room, you have an amazingly natural and realistic aural experience, just as if the sound were live.

BBT exhibitor: Audio Deluxe, UAE Price: Range from AED 50,200 to AED 838,300 Contact: Audio Deluxe is the exclusive UAE distributor of German brand MBL. Email Daniel Niedings on mbl.audiodeluxe@gmail.com or call 050 979 0135 www.mbl-audio.com

Luxury gifts reflecting Arabic culture National souvenirs and luxurious gifts with Arabic themes.

Patrimonia's collection is dedicated to different aspects of Arabic culture.

This limited edition, 18 carat gold fountain pen called Medina is part of the pen collection dedicated to Religions of the World. Made with green and ivory resin, Medina’s colours and shape were inspired by the famous dome of the Al Masjid al-Nabawi, The Prophet’s Mosque.

BBT Exhibitor: Patrimonia LLC Trading, UAE Price: AED 14,000 for the Medina pen (discounted in bulk) Contact: Aknur Bakirova on 055 645 1640 or email info@empire-gifts.ae www.empire-gifts.ae

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ART & CULTURE

Dubai as living art Cities are works of art says one photographer whose new book aims to reveal a different side of Dubai.

Day or night, the stunning Burj Khalifa is a beacon for Dubai. It marks Downtown Dubai as a top destination for dining and shopping and its height affords incredible views over the city.

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ART & CULTURE

I

ranian photographer and businessman Pezhman Ziaian arrived in Dubai in 2004 and fell in love with the ambition and beauty of the fast-growing city.

This love has recently manifested into an art exhibition and photographic book called Dubai – A View from Above.

Since he was a child, Ziaian has been fascinated by cities as living works of art through their buildings and architecture. By taking to a helicopter and photographing cities like Dubai from above, he wants to create a sense of bird-like freedom and present views and angles residents don’t normally see.

“From the ground, buildings seem huge and make a person feel small but from above, a person can feel greater than what has been created by humans. Dubai is a huge, living piece of art,” Ziaian says.

Right: Over the years, Sheikh Zayed Road has evolved from a simple highway to a national landmark featuring some of Dubai's most famous buildings and integrated transport options.

Dubai – A View from Above is published by Explorer and can be purchased via www. askexplorer.com/shop or in bookstores across the UAE. The images are on display at Dubai Airport, along the walkway between Terminals 1 and 3, until the end of 2012..

The entire Dubai Marina, JLT and surrounding TECOM district has been built from scratch in less than a decade. The marina opened in 2003 and Dubai Marina Towers were the first completed skyscrapers.

Construction began on The Palm Jumeirah in 2001 with the first residences being handed over in 2006 and the first hotel, Atlantis The Palm, opening in 2008, complete with a 42-acre water park featuring two kilometres of rides and slides.

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ART & CULTURE

Walk… don’t run

As the UAE enters the marathon and running season, Tim Elliott sits comfortably and ponders the argument for walking.

L

ately I’ve spent less time thinking. Now, don’t get me wrong, I’m not claiming that I usually spend an inordinate amount of time considering, pondering, perusing life, the universe and everything. I’m not making a case for mental fitness, here.

Nope, it’s just that during summer, there’s more time to reflect… holidays and slightly less pressure at work. So, it’s simply seasonal variation. Right now, work’s frantic, social life’s hectic, kids are busy at school and the weekends are taken up with my new skill set... that of family taxi driver.

However, despite the chaos, I have found time to think about my personal fitness. Or lack of it. I’d like to blame middle-age spread for my expanding waistline. There’s no denying that a more relaxed trouser now takes centre stage. It’s not middle-age spread, though. It’s just inactivity.

It’s the fact that dreaming up an excuse for not getting out on the bike takes as much time as a vigorous bike ride would.

Recently, a friend of mine asked me again to take part in a charity 10km run. He even offered to be the back of the pantomime horse. I declined.

I’ve never been fascinated with running. I just don’t fancy it. I’ve long argued that walking is far more fun than running. Sitting down is obviously infinitely preferable to both but it’s hard to argue a case for complete inactivity, these health-conscious days.

I’m no stranger to a good, long walk and you may be rendered dumb with shock to learn that I’ve walked some hefty distances in my life.

At school I was lucky enough (I think it was luck) to take part in the annual Vierdaagse in Nijmegen, an annual four-day walkathon event, starting on the third Tuesday in July.

Nijmegen is the oldest city in the Netherlands. It’s in the east of the country close to the border with Germany and every year the population of around three quarters of a million people throws a big walking party.

For four days, about 40,000 people walk 30, 40 or 50 kilometres a day. At the end of the four days there’s a big party (in fact there are more than a few parties during the four days), and they also give you a medal if you complete the full distance.

It’s not Olympic walking, though... you know, the walking style performed by impossibly lithe fit athletes. No, the Vierdaagse is a slog for four days, on the trot, for those used to hiking long distance as well as those foolish enough to not have considered that the answer to the question, ‘How hard can eight to 10 hours of walking every day be?’ might be ‘very’.

Put it this way - it’s an event used by some armed forces stationed at European bases as a form of marching practice - and I guess exercise.

At school, we looked on it as a school trip and a holiday. A ‘schooliday’, if you will.

I remember well being told that it’d be a fun way to spend a week of the summer, camping down in an old sports hall with schoolmates. I remember well the nights out, no matter how tired we were.

But, looking back, it was far more than that. It was tough. Obviously, walking those kinds of distances for four days is both a physical and mental challenge. The blisters and the mental anguish of long stretches of tarmac still sting. But it was a learning experience, a mental challenge that was interesting and rewarding enough to tempt me three years in a row, building up to the 50 kilometres a day in the third year.

Mind over matter, determination and mental fortitude... the Vierdaagse was a lesson that’s still with me. That’s why, over 25 years later, I still believe it’s best not to run before you can walk.

Now where’s that pantomime horse costume?

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As one we took the journey.

As one we reached the destination.

Bab Al Bahr Rabat – Salé, Morocco

Marsa Zayed Aqaba, Jordan

The St. Regis® Amman and The Residences at The St. Regis Amman | Jordan

Al Waha Tripoli, Libya

In 2007, we at Al Maabar backed by Abu Dhabi’s leading development and investment companies saw potential in the landscapes around the region. We didn’t just see land. We saw empowerment of communities, nurturing of cultures and enrichment of heritage.

Together with like-minded partners who were committed to economic growth, environmental sustenance and harmony with locals, we laid the foundations. Today, with every brick laid and opportunity discovered, we see the vision continue to come to life in Morocco, Jordan and Libya; we shape destinations together. almaabar.com

Shaping destinations together

TRAVEL ART & CULTURE & LEISURE

Reading matter

A look at some of the newest business and finance titles to hit a book shelf near you.

Managing Business Risk: A Practical Guide to Protecting Your Business (Edition 7)

By Jonathan Reuvid / AED 304 Former economist and investment banker Jonathan Reuvid examines the key areas of risk to consider in today’s complex and competitive business market.

Drawing on expert advice from leading risk consultants, lawyers and regulatory authorities, Reuvid shows how to protect a business against a rising tide of risks. He says the effective management of risk has become an essential boardroom issue.

Companies that don’t have risk controls built into the structure, from the boardroom down, could be vulnerable to a number of threats - both internal and external. Practical business risks include branding and reputation, employment practices, product liability, health and safety, fraud, intellectual property, customer loyalty and supply chains. Problems in any of these areas can undermine prospects for creating value and delivering earnings to forecast.

Passively complying with rules and regulations is no longer an option, says Reuvid.

Effective risk management is a vital issue to consider when looking to safeguard your company’s commercial future and deal with the latest regulatory requirements.

The New CFOs

By Liz Mellon, David C Nagel, Robert Lippert, and Nigel Slack / AED 213 In a financial crisis, the spotlight is even more on the role and activities of the CFO. The winning CFOs in the coming years will be the ones who get the basics right, who prioritise their efforts, and who invest in their leadership development; and so creating the institutional capacity to achieve and sustain leading industry performance.

The New CFOs offers advice on different qualities CFOs need to accelerate in their roles: - develop dynamic and distinctive risk management capabilities - motivate and align increasingly diverse work providers - design and operate effective financial processes for internal and external customers.

The authors describe how CFOs can embrace the new challenges and opportunities created by the financial crisis by addressing topics such as risk management, strategic leadership, the necessity of control and strategic decision making. Including a self-assessment questionnaire, The New CFOs provides a fundamental road map to success in this new environment for finance officers, their teams and the organisations that employ them.

Khalaf Ahmad Al Habtoor: The Autobiography

Foreword by Jimmy Carter / AED 120 Khalaf Ahmad Al Habtoor: The Autobiography is the story of this iconic businessman’s journey from poverty to prominence, and an account of his personal involvement in the development of Dubai against the backdrop of world events.

The book recounts how Al Habtoor defied the odds and through his determination and hard work rose to become the Chairman of one of the region’s biggest business empires.

Frank, witty and sincere, Al Habtoor highlights his successes, failures and lessons learned through life experiences.

“Success doesn’t come easily. I was guided by strong principles, unflinching self-belief and a bold ability to take risks,” Al Habtoor writes.

“I drew a lot of wisdom from the founding fathers of the UAE, Sheikh Zayed bin Sultan Al Nahyan and Sheikh Rashid bin Saeed Al Maktoum. They helped me along my journey.

“My autobiography took more than two years to write; it was a very time consuming project. I am pleased to see it finally in print.”

Al Habtoor is known for his business acumen and his philanthropic endeavours as well as his support for international sports such as tennis and polo.

All these books can be purchased at Jashanmal Books, go to www.jashanmalbooks.com for more information.

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Generate, Preserve, Grow, Spend...

The The UAE’s UAE’s only onlly authoritative authoritativee magazine magazine for for the the High High Net Net Worth Worth Individual Indiviidual

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Put it in your diary...

DECEMBER 2012

28 Nov to 10 Dec 2012

WORLD PARACHUTING CHAMPIONSHIPS MONDIAL 2012

The international calendar of skydiving events is organised by the International Parachuting Commission (IPC) of the World Air Sports Federation (FAI). For the latest information, see www.fai.org/ events. WPCs are held every 2 years, alternating with the World Cup. www.wpcuae.ae 30 November to 14 December

GULF SUPER SIXES 2012

The biggest corporate cricketing tournament in Dubai with 48 teams competing to play alongside eight international cricketing legends. Timings: 3pm to 11.30pm. Free entrance.

Venue: Dubai International Stadium, Dubai Sports City www.supersixes.ae

13-15 December

DUBAI INTERNATIONAL OUTDOOR SHOW

Showcase of the outdoor activities available in Dubai, a fun-filled day for families and enthusiasts featuring BMX, Paintball, Climbing Wall, Archery, Kayaking, diving, Laser quest (target shooting), live knife making, Bedouin experience, Golf zone.

Venue: Dubai Media City Amphitheatre www.turretme.com

13 to 15 December

INDIAN PROPERTY SHOW

Meet builders and developers from across India at the Indian Property Show and find out what’s happening in the Indian market. Open 11am to 8pm daily.

Venue: Dubai World Trade Centre www.indianpropertyshow.com 17 - 28 December

THE AL DHAFRA CAMEL FESTIVAL

Features dedicated special shows for ‘Asayel’ (pedigree) and ‘Majahim’ (dark-skinned) camels, and the well-known and rare ‘camel beauty contest’. Also, a traditional souq, a camel auction and various contests for traditional handicrafts, poetry, date packaging and photography.

Venue: Madinat Zayed, Western Region http://aldhafrafestival.ae

5-6 December

AL MARMOUM CAMEL RACING

Organised to preserve Emirati and Arab culture., camel races are attended by race enthusiasts from the UAE and GCC as well as global visitors, the event is broadcast live on Dubai Racing TV channel. Race timings are 7am and 2.30pm.

Venue: Al Marmoum Camel Racetrack, Dubai Al Ain Road www.dcrc.ae 9 to 16 December

DUBAI INTERNATIONAL FILM FESTIVAL 2012

Local and international directors, film-makers, writers and celebrities from all over the world gather for the premieres of mainstream and regional films, shorts and documentaries.

Venue: Madinat Jumeirah www.dubaifilmfest.com

27 - 29 December

MUBADALA WORLD TENNIS CHAMPIONSHIP

Brings together six of the world’s top men’s players in a 3 day competition.

This year’s line-up welcomes back British #1 and World #3 Andy Murray. He is joined by World #2 and defending champion Novak Djokovic along two time champion and World #4 Rafael Nadal.

Venue: Abu Dhabi International Tennis Complex at Zayed Sports City www.mubadalawtc.com

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JANUARY 2013 3 January to 3 February

DUBAI SHOPPING FESTIVAL (DFS) 2013

The 32-day, DFS extravaganza will paint the city with a festive mood through shopping, winning and entertainment.

In addition to the shopping and prizes, hundreds of events and activities await residents and visitors. From international concerts, musicals and shows, to sports, outdoor, and fashion events.

Venue: Multiple across Dubai www.dubaievents.ae 15-17 January

INTERSEC 2013

The Middle East exhibition and conference for security, safety and fire protection. In 2012, the event featured 910 exhibitors from 50 countries featured a range of outdoor demos on tactical rescue operations, a series of conferences and workshops and the 3rd edition of the UAE International FireFit Championship. Admission free for registered trade/ professional visitors.

Venue: Dubai International Convention & Exhibition Centre www.intersecexpo.com 15-17 January

WORLD FUTURE ENERGY SUMMIT 2013

The World Future Energy Summit (WFES) 2013 gathers global leaders in policy, technology and business to discuss new ways of thinking and to shape the future of renewable energy.

January 2013 will mark the first year of the International Water Summit, held in conjunction with the WFES. Venue: Abu Dhabi National Exhibition Center www.worldfutureenergysummit.com 17-20 January

28 January to 3 February

THE OMEGA DUBAI DESERT CLASSIC

A PGA European Tour sanctioned event with a $2.5 million prize pool that attracts the biggest names in golf, eg, Tiger Woods, Ernie Els and Rory McIlroy.

Admission: AED 75 - AED 675. Play begins 7.30am.

Venue: Emirates Golf Club’s Majlis Course http://dubaidesertclassic.com 30 January to 2 February

WORLD DISCOVERY FEST 2013

Inspiration for your next holiday. A travel, holiday and lifestyle event featuring destinations for leisure, sport, education, adventure or shopping from a short weekend getaway to an annual vacation.

Venue: Dubai International Marine Club (Mina Seyahi) www.worlddiscoveryexpo.com 31 January to 2 February

BIG BOYS TOYS UAE 2013

The Middle East’s premier luxury consumer lifestyle experience, BBT gathers the latest technologies and the biggest brands along with high impact entertainment features. Product categories include adventure, aviation, digital, drive, fashion, lifestyle, marine, off road, ride, and wellness. VIP-only day on 31 January, open to general public on 1 and 2 February. AED 100 general admission.

Venue: Atantis The Palm, Palm Jumeirah, Dubai www.bigboystoysuae.com

LO OK IN G AH EA D

5-20 February

GOURMET ABU DHABI 2013

The annual culinary festival featuring a collection of the world’s leading master chefs at Abu Dhabi’s finest dining venues.

Venue: Several around Abu Dhabi www.gourmetabudhabi.ae

ABU DHABI GOLF CHAMPIONSHIP 2013

18 February to 2 March

The ‘Giants of Golf’ return to the capital! Watch the world’s best players or join the off course action at Championship Village, featuring attractions, live performances and family-friendly fun. The HSBC Interactive Zone lets visitors test their swing and putting techniques.

Venue: Abu Dhabi Golf Club www.abudhabigolfchampionship.com

DUBAI DUTY FREE TENNIS CHAMPIONSHIPS 2013

Top international tennis players take part in the Dubai Duty Free Tennis Championships.

Venue: The Aviation Club www.dubaidutyfreetennischampionships.com

24-27 January

14 March

This four-day event brings together lovers of Latin dance and culture for a long weekend of shows, parties, competitions and workshops. Includes more than 27 hours of tango, salsa, bachata and zouk workshops, the third Middle East Tango and Salsa Championship, two nights of spectacular performances, salsa parties and tango milongas.

Venue: Ibn Battuta Gate Hotel www.dubailatinfest.com

The world’s leading brands showcase exquisite jewellery and timepieces from all over the world, with the region’s most affluent consumers in mind. Entry AED 20.

Venue: Halls 6-7-8, ADNEC www.jws.ae

DUBAI LATIN FESTIVAL

INTERNATIONAL JEWELLERY &WATCH SHOW ABU DHABI

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LAST WORD

That’s a Wrap A look back at some of the recent news related to money that made you laugh, gasp, sigh, or shake your head in disbelief…

DIAMOND SETS NEW WORLD RECORD

Legendary gem sells for a jawdropping AED 79 million.

The legendary Archduke Joseph Diamond sold for $21,474,525 (AED 79 million) in November to an anonymous bidder, setting a new world record for a colourless diamond at auction and equating to $280,000 Bargain! Yours for AED 79 million, (AED 1,028,190) per carat. the Archduke Joseph Diamond.

One of the rarest and most famous diamonds in the world, the Archduke combines size of 76 carats, perfect colour and internally flawless clarity. Originating from the ancient Golconda mines in India, it was previously owned by the Archduke Joseph August of Austria (1872-1962).

It was first sold at auction in 1993 for $6.5 million ($10.1 million in today’s money), which represents a 113 per cent increase over a 19 year period.

WORLD’S MOST EXPENSIVE COFFEE

Rare Peruvian poo coffee goes on sale in Harrods Sourced from Peru and made from coffee beans that have passed through the stomachs of free-to-roam civet palm cats then collected from the ground, Terra Nera is the most expensive and rarest coffee in the world. Its exclusivity is due to the haphazard nature of its production – namely, the mood and movements of the civit palm cat.

Only 45kg of the coffee is made each year (it was 70kg but two of the three civit palm cats recently died) and Harrods is exclusively stocking the rare beverage from December 2012 under six grades of quality, grade 0 being the top tier, made from the finest hand-selected beans.

Terra Nera coffee is available to pre-order from Saturday 1 December in the Food Halls, Ground Floor at Harrods.

Prices range from £140 (AED 823) to £6,800 (AED 40,000).

Coffee buzz: The price alone will get your heart racing.

RARE QATAR AND DUBAI BANKNOTES SELL WAY ABOVE ESTIMATE

A series of rare Qatar and Dubai banknotes sold for £180,000 at the Bonhams auction of Banknotes and Coins in Knightsbridge in October.

The sale also included rare coins from a variety of countries and periods as far back as Egypt 285 BC, the rule of the Ptolemaic kings.

The uncirculated Dubai and Qatari Holding cash takes on notes are extremely rare. Issued new meaning with these by the Qatar and Dubai Currency rare banknotes.

Board, the notes were a full set of one, five, 10, 25, 50 and 100 Riyals from September 1966, all with the serial number 000009. The notes feature a vignette containing a dhow, derrick and palm tree at left.

With the exception of the 1 riyal, notes of the Qatar & Dubai Currency Board are very difficult to find in high grade and the 25 Riyal had such a low issue that it is difficult to find in any condition.

WATCH TH IS Timeless Bond The Seamaster Planet Ocean worn by Daniel Craig in the latest Bond movie, Skyfall, sold for AED 925,425 at the ‘50 years of James Bond’ Christie’s auction in London Daniel Craig as James Bond wears the in October. But the highest Seamaster Planet Ocean by Omega. sale price for a Bond watch is still held by the Omega Seamaster Planet Ocean from Casino Royale, which sold for AED 990,000 in 2007.

George Daniels’ Space Travellers Watch The Space Travellers’ Watch created by renowned horologist the late George Daniels achieved several world records when it sold at Sothebys auction recently. An 18k Yellow Gold Chronograph dated circa 1982, the Space Travellers’ Watch sold for £1,329,250 (AED 7.8 million) – establishing a new record for Daniels at auction and also a record for an English watch and for an independent watchmaker at auction. All proceeds of the sale went to the George Daniels Educational Trust.

50 ISSUE NINETEEN-DECEMBER 2012/JANUARY 2013

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