The Al Tayers are taking on Mohamed Alabbar as the Bloomingdale’s licensee launches an luxury e-commerce platform to rival Yoox Net A Porter.
The Dubai-based conglomerate, which is currently the largest luxury retailer in the Middle East, said it will launch its first online retail business on Friday, a luxury e-commerce brand called Ounass. It will serve the UAE, Saudi Arabia and Qatar.
Ounass.com, a dual language Arabic and English site, will sell a selection of women’s clothing, footwear, handbags, jewellery, cosmetics and home merchandise from designer brands around the world, including Gucci, Roland Mouret, Rami Al Ali and Ayesha Depala.
The company said it would deliver goods for free. It said that Dubai residents would be able to receive their orders in less than two hours, with same-day delivery for anyone based elsewhere in the UAE. GCC residents outside the UAE will receive their purchases within 48 hours.
The company also said it would offer the option for consumers to pay by cash on delivery as well as an in-home personal styling service, and easy exchanges and returns.
The news comes as more and more UAE businesses are looking to position themselves in the Middle East’s underserved e-commerce market, as improvements in technology and growing acceptance among consumers builds demand.
The move comes as the Emaar Properties chairman and prominent Dubai businessman, Mohamed Alabbar, has also been announcing ambitious e-commerce plans for the region.
Last month, Mr Alabbar announced not one but two new online ventures aimed at the Middle Eastern market, including a Dh505.5 million joint venture with Italian luxury online retailer Yoox Net A Porter and e-commerce firm Noon.
And according to media reports, Amazon, the world’s biggest e-commerce retailer, is currently in talks to buy a stake in the Mena region’s biggest e-commerce site, Souq.com.
“Ounass.com offers the Middle Eastern customer relevant merchandise, and content shot locally and created specifically for her lifestyle, together with a service promise unparalleled by any other regional e-retailer,” said Khalid Al Tayer, the chief executive of Al Tayer Insignia, the retail business of Al Tayer Group.
lbarnard@thenational.ae
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
ARABIAN GULF LEAGUE FIXTURES
Thursday, September 21
Al Dahfra v Sharjah (kick-off 5.35pm)
Al Wasl v Emirates (8.30pm)
Friday, September 22
Dibba v Al Jazira (5.25pm)
Al Nasr v Al Wahda (8.30pm)
Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Company+Profile
Name:+Thndr
Started:+2019
Co-founders:+Ahmad+Hammouda+and+Seif+Amr
Sector:+FinTech
Headquarters:+Egypt
UAE+base:+Hub71,+Abu+Dhabi
Current+number+of+staff:+More+than+150
Funds+raised:+$22+million+
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
UK record temperature
38.7C (101.7F) set in Cambridge in 2019
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
COMPANY PROFILE
Name: Shaffra
Started: 2023
Based: DIFC Innovation Hub
Sector: metaverse-as-a-Service (MaaS)
Investment: currently closing $1.5 million seed round
Investment stage: pre-seed
Investors: Flat6Labs Abu Dhabi and different PCs and angel investors from Saudi Arabia
Number of staff: nine
UPI+facts
More+than+2.2+million+Indian+tourists+arrived+in+UAE+in+2023
More+than+3.5+million+Indians+reside+in+UAE
Indian+tourists+can+make+purchases+in+UAE+using+rupee+accounts+in+India+through+QR-code-based+UPI+real-time+payment+systems
Indian+residents+in+UAE+can+use+their+non-resident+NRO+and+NRE+accounts+held+in+Indian+banks+linked+to+a+UAE+mobile+number+for+UPI+transactions