A bespoke UAE-based cane manufacturer was commissioned to make its most extravagant piece yet to celebrate this week’s 43rd National Day – a diamond-encrusted carbon fibre assaya worth more than Dh1 million.
The cane, known as 43, has an Arabic pattern and is capped in platinum with a two-carat diamond. Even the hand-made box it comes in is worth a small fortune, featuring camel leather from a tannery in Al Ain.
The person who commissioned it – and Royal Assaya, the Dubai-based manufacturer, does not know who they are as it was ordered via an agent – wanted something that was “out of this world, one of one, never to be repeated no matter how much money we get offered to make it”, says the British founder of the company, Russell Howes.
“They wanted something traditionally Arabic with platinum, and they wanted the design to feature quite a few diamonds. It had to be top end. There were about three or four rounds of design with them. We hadn’t added the two-carat diamond on the cap. They asked for that.”
It took three months to design and make the assaya, which cost Dh1.1 million, from start to finish.
“We have done a couple of pieces worth Dh320,000. They had quite a few different coloured diamonds on them and some of Sheikh Mohammed’s poems engraved on them as well,” says Mr Howes.
Once used by Bedouins to keep camels in check, the assaya is still used in a traditional dance, the Raqs Al Assaya, and in ceremonies.
Royal Assaya, which makes the assayas out of carbon fibre in a factory in England, was set up in 2011.
Its first customer was the king of Bahrain and it has sold around 320 so far. More often than not, the company does not know the identity of the customer, but they tend to be VIPs and sheikhs.
“It’s like an atelier service. We spend the time in getting the network and developing a brand that isn’t in anyone’s face but is known in the majlis,” says Mr Howes.
q&a it has to be very special
Set up in 2011, Royal Assaya counts VIPs, sheikhs and some of the Gulf’s wealthiest families among its customers. The founder, Russell Howes, reveals more about the company:
What gave you the idea for the company?
We realised that there wasn’t a lot of point of differentiation for locals when they went to certain events or weddings or ceremonies. There was possibly a watch or pen, if it was relevant, or a car. We had seen them with the assayas a lot and no one had made a special one.
Why do you make them from carbon fibre?
We were carbon-fibre manufacturers before this so we decided that it would be a great idea. The cane represents a tradition and culture, and the carbon fibre represents this new futuristic, modern version that the country has. We put those two ideas together and came up with this. Most of my European friends can’t understand how it is a viable business. But to an Emirati male it is received unbelievably well.
How much does a standard assaya cost?
We don’t have a standard one. At the outset we thought we would, but those ones tend not to sell because someone will come to you and say “yes I see you have that, but mine needs to be different”. So what we did was to try to get a standard one, but you number each one and do limited batches. The next one we have coming up is limited to seven pieces. It will be the pearl diver edition and will cost around Dh65,000.
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
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.
Company%20Profile
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
RESULTS
Cagliari 5-2 Fiorentina
Udinese 0-0 SPAL
Sampdoria 0-0 Atalanta
Lazio 4-2 Lecce
Parma 2-0 Roma
Juventus 1-0 AC Milan
New schools in Dubai
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Company%20Profile
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