DAMASCUS // The echoes of government airstrikes and incoming rebel mortar fire rattle buildings in the distance, but inside a beauty exhibition in Damascus the shoppers try not to notice.
Surrounded by Syria’s raging civil war, some women in the bubble of regime-held Damascus are determined to keep up appearances, intent on maintaining their beauty regimes despite the horrors of the war.
The war “feels as though it has been going on for 100 years”, a customer Lubana Murshid said as she toured the exhibition featuring everything from creams to Botox injections.
“Every day there is death, shelling, mortar fire ... everything is ugly,” she said.
“Because of that, I like to take care of myself and my make up, to look after my skin, and this reflects on my internal well-being and makes me feel better.”
The effects of the conflict, Ms Murshid said, can be seen on many faces. “It ages us.”
Much of Syria has been devastated by the war against President Bashar Al Assad’s regime that started in March 2011, leaving more than 200,000 dead and half of the country’s population forced from their homes.
But pockets of seeming normality remain in regime-held areas, with some women able to indulge their love of beauty products, even items with luxury ingredients.
“The question of beauty is fundamental, and there are always those who will buy, regardless of the price,” said Nabil Murtada, a vendor hawking creams containing gold and caviar at the exhibition at an upscale Damascus hotel.
Syria’s economy had been badly hit by the war and much of the country’s infrastructure, including factories, has been destroyed.
Dangerous roads make transporting goods more difficult and international sanctions have made imports harder to come by as well. Unemployment and poverty have spiralled, with the United Nations saying more than half of the population is now living in extreme poverty.
Mohamed Mebar, sales director for a number of global cosmetics brands, said sales stalled for a while when the conflict first erupted.
“But this year sales are up, as people get used to the increase in prices,” he said.
And Iman Othman, a cosmetic specialist with a decade of experience, said business was as good as ever.
“The crisis hasn’t affected our work because women will do without many things in order to keep up their looks,” she said.
Johnny Bashur, sales director of a company specialising in silicone implants and Botox injections, was equally upbeat about the industry’s prospects despite the war.
Many women will continue seeking such treatments, he said, “no matter the crisis or the cost”.
“They want to look younger to make themselves feel better and boost their confidence,” he said.
“Those who love make up remain faithful to it,” said Leila, who runs a cosmetics shop in the central Mazraa neighbourhood of the capital.
The price of her products has gone up, she said, because of the difficulties of procuring stock in wartime, “but the demand has stayed the same”.
At the exhibition, marketing director Ehab Al Nowaqil displayed American-made supplements that promised better hair and skin.
“We decided to stay in the Syrian market because we felt the crisis would not be an obstacle, and the Syrian people are full of life,” he said.
In the suburbs of the capital, housewife Siham said she considered beauty care a form of psychological treatment in the midst of the atrocities of war.
“No matter how exhausted you are, you come out like another woman,” she said at a local beauty salon.
The conflict’s devastation “should not reach our souls”, she said.
* Agence France-Presse
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.”
ESSENTIALS
The flights
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
The trip
From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
More from Neighbourhood Watch:
THE DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
Four stars
The squad traveling to Brazil:
Faisal Al Ketbi, Ibrahim Al Hosani, Khalfan Humaid Balhol, Khalifa Saeed Al Suwaidi, Mubarak Basharhil, Obaid Salem Al Nuaimi, Saeed Juma Al Mazrouei, Saoud Abdulla Al Hammadi, Taleb Al Kirbi, Yahia Mansour Al Hammadi, Zayed Al Kaabi, Zayed Saif Al Mansoori, Saaid Haj Hamdou, Hamad Saeed Al Nuaimi. Coaches Roberto Lima and Alex Paz.
Killing of Qassem Suleimani
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
MATCH INFO
Tottenham Hotspur 0 Everton 1 (Calvert-Lewin 55')
Man of the Match Allan (Everton)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia