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HOW TO BE A WINNER It’s not about talent; it’s about mastering stress.


The varied monetary values placed on human life.


From gold-tipped shoe laces to dinosaur bone cufflinks

THE GENTLEMEN’S CLUB 17th Century coffee houses to private business clubs


How billionaires party The Abu Dhabi Formula One Grand Prix is a magnet for the billionaire party boys

AED 40

Chartis Insurance is a proud sponsor of WEALTH

Dubai Technology and Media Free Zone Authority

• 9 ‘must knows’about India’s stock market • When to currency hedge • Private equity in the GCC



WHERE YOUR SUCCESS WORKS FOR YOUR SUCCESSORS. OFFSHORE BANKING Security for the future. It’s what all ambitious people aspire to. With ADCB, you’re now able to ensure that your hard-earned wealth is protected in a way that gives you greater control of your financial resources. Our Offshore Banking Jersey branch offers attractive interest rates of up to 2.9% p.a on Offshore GBP fixed deposits* and is accessible via our award winning online banking facility or in branches and ATMs throughout the UAE. To find out more about the peace of mind it offers, visit, call 800 2030 or SMS OFFSHORE to 2626.

Abu Dhabi Commercial Bank PJSC, Jersey Branch (“ADCB Jersey”), is regulated by the Jersey Financial Services Commission. Its principal place of business in Jersey is at: 25 Esplanade, St Helier, JE1 2AB. Abu Dhabi Commercial Bank’s latest financial statements may be viewed at ADCB Jersey is a participant in the Jersey Bank Depositors Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website: or on request. * Terms and Conditions apply.




bout 20 years ago I was a Very Angry Young Feminist who would be apoplectic with rage at the notion of exclusive clubs for gentlemen where women were forbidden entry. I’d have been outraged on so many levels I’d not have known where to begin with the venting of my spleen. Today, I’m more your Mildly Annoyed If I’m Not Too Tired Feminist who finds Gentlemen’s Clubs kind of quaint and amusing – it’s like, ‘I know I should mind terribly but I can’t be bothered’. By the way, I’m referring to the traditional Gent’s Club – not the vulgar and unsavoury establishments that have usurped the moniker in recent years, a la Monsieur Stringfellow et al. No, the traditional and increasingly rare brand of Gentlemen’s Club is the type where coming to dinner without full regimental uniform would be shocking in the extreme. They are a dying breed and the history is fascinating, emerging as they did from the coffee and chocolate houses of the 17th Century that were breeding grounds for revolutionaries. Today, the Gentlemen’s Club is giving way to the private business club – like Core in the US – where powerful men and women sit side by side, surrounded by iPhones, laptops, Blackberrys and iPads, changing the world over Gunpowder Green tea before a Tai Chi session at the Club’s Wellness Spa. Fascinated? For more on ‘The Evolution of the Gentlemen’s Club’ see page 40. Follow CPI Financial on Twitter at @cpifinancial

06 08 12


The case for litigation funding.

ABSOLUTE BEGINNERS How to be a winner What gives a man the winning edge? Mastering the mind. The price of a life A look at the varied monetary values of a human life.




Million-dollar dream homes

From the ultimate Los Angeles Pied-à-Terre to London’s luxury living.



16 18

Currency hedging Currency hedging can level out exchange rate fluctuations.

Private equity in the GCC

Private equity doesn’t have much traction in this region, is that looking to change?


Editor, Tamara Pitelen


20 22

28 30

Objects of desire Lust haves for the über rich from gold-tipped shoe laces to dinosaur bone cufflinks.

The history of the Tiffany Diamond

One of the world’s largest yellow diamonds is visiting Dubai.


India’s stock market Nine things you need to know about India’s stock market. Trading summary Gold glows thanks to QE3.

3 w ww. c p ifin a n c ia l. n et



44 46

Published by

Out and about

with Tim

WEALTH columnist Tim Elliott from Dubai Eye 103.8 ponders the legends of Formula One.


32 36

How billionaires party The world’s richest come out to play at the Abu Dhabi Grand Prix.

MOTORING The spirit of


Robin Amlôt is in high spirits with a pair of Phantoms.

Reading matter The newest business titles to hit a bookshop near you. This month, The Trouble with Markets; Show Stress Who’s Boss, and The Economist Guide to Better Decision Making.

48 50

Events calendar The ‘you need to know’ of what’s on in October and November. That’s a wrap Recent news from the world of money. This issue, the rich on being rich and a Dubai VIP clocks up AED 9.4 million in traffic fines.


38 40

Gentlemen’s Club

Managing Editor ROBIN AMLÔT Tel: +971 4 391 3723 Editor TAMARA PITELEN Tel: +971 4 391 3728 Contributors FADY MICHAEL ABOUCHALACHE NIGEL MURDOCH TIM ELLIOTT Sales Director FAREED DUBERY +971 4 391 3717 Business Development Manager NICOLE BLAUER Tel.: +971 4 391 3726 European Consultant JEAN-PHILIPPE MOULIN Tel: +44 19633 4445

Senior Designer NEIL VICENTE C. CASTILLO +971 4 391 3724


The road from 17th Century coffee houses to 21st Century private business clubs for both genders.

Chief Operating Officer ADAM BROOM Tel: +971 4 391 4681

Chief Designer BUENAVENTURA R. JALUAG JR. Tel: +971 4 391 3719

Ultimate Eid escapes Dream destinations to inspire escape this Eid al Adha.

The evolution of the


38 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.

Subscriptions DEBORAH BELTRAN 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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Laying down the law Investing in other people’s court cases - aka litigation funding - is not for the risk averse, writes Robin Amlôt.

Robin Amlôt

Managing Editor


o doubt you are familiar with the old saw which tells us that ‘dogs chase cars, lawyers chase ambulances...’ This came to my mind recently when a particular ‘alternative’ investment class was brought to my attention – litigation funding also known as legal financing or third party funding. How this works is quite simple: a third party [investor] provides funds to a litigant to allow them to pursue their legal action in exchange for a share of the successful settlement. If the litigant loses, the third party loses their money. So far so straight forward and, on the face of it, so risky; actually it should not be a high-risk strategy at all although, as with all investments, I would not describe it as a no-risk strategy. It has been suggested that the availability of such third party funding encourages frivolous law suits but I am not sure this is the case since the providers of the initial funds will only be prepared to take on cases that have a strong prospect of winning. And that’s the key point about investing in litigation funding. The funder’s interest in the litigation is the potential profit from its investment thus those cases that attract litigation funding are those with a high chance of success at trial and (this is also important) where the amount in dispute is large enough to warrant the litigation fund’s interest. The ‘ideal’ defendant is obviously one with money – insurance companies, large listed companies and governments fulfil this criterion. You may say that litigants with a high chance of success should not need third party funding but this is just not true – many individuals and small businesses cannot afford to pursue otherwise worthy legal cases simply because of the cost. You may also say that

the prospect of having to hand over between 25-50 per cent of any financial award (which is what litigation funders may require) is also unpalatable to a litigant. On the other hand I would point out that the prospect of receiving 50-75 per cent of something is, from the litigant’s point of view, much more attractive than receiving 100 per cent of nothing! Most litigation funds, and there are several – notably in the US, UK and South Africa – are run by hedge fund managers as alternative investment strategies given that there is no correlation between litigation and the performance of financial assets such as property, bonds, shares, etc. What’s more, there is indeed no correlation between legal cases themselves. The rewards can be substantial, with returns on the order of three to four times the initial investment in winning cases. What does this translate to for an investor overall? I am told that litigation fund investors may expect returns of around 20 per cent per annum. Although there are no guarantees in litigation I am also told by some fund managers that they can offer the opportunity of investing in litigation funding with your capital protected by a relatively complex structure of insurance and hedging strategies – this obviously takes a bite out of the potential return but should offer comfort to the investor. Nevertheless this is not an investment strategy for the faint of heart or indeed for those with only a small amount of money to invest – entry levels to litigation funds can run from the tens to hundreds of thousands of dollars with limited liquidity – meaning you may not be able to access investment committed to a litigation fund if you need to do so.


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How to be a winner What gives one man the winning edge over another of equal – even greater – talent? It’s all about winning the mind game and the same lessons apply whether you’re on a sports field or in the boardroom. Here’s how…


hat makes one man successful over another man? Particularly when the two men have equal levels of the relevant talent or skill? It comes down to the mind game, says Kris Morton of Gazing Arabia, a human performance management company. The winner on the sports field or in the board room is the man who does not lose his head under pressure and stress, says Morton, someone who can recognise and process his emotions. Easily said but how can someone master mind control? Even the world’s best athletes can succumb to the intense pressure-cooker stress of a championship final. Like Mike Tyson who, in the heat of the moment, ruined his life and career comeback in a ‘red mist rage’ moment that saw him bite Evander Holyfield’s

ear. Or when Michael Schumacher almost killed himself and Damon Hill on the Formula 1 track as Hill went to overtake him and potentially take the championship. Then there was the ongoing All Blacks World Cup choking curse… finally broken in 2011 but not without a great deal of effort. Morton should know; the All Blacks team hired his company to train them in mental strength to overcome the ‘choke’ curse. It paid off. That final game against France was probably the worst show of rugby from the All Blacks throughout the whole tournament but still they won and this came down to their dogged, steely-focused, ‘never say die, just grind out the basics and keep a cool head’ mental attitude. Such mental strength under such extreme pressure doesn’t happen by chance, you need to train yourself in this, says Morton.

Mental strength is a major key to success - but it doesn't happen by chance, you need to train yourself to keep cool under pressure.


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When it comes to success, what separates two people of equal talent, or two sportspeople of equal physical strength, is the mind game – knowing how to quiet the brain chatter that stops you performing, says Morton “When you’re executing a gold shot on the final green on the final day of the tournament, your mind is either going back and forth with negative and positive self talk or there is complete trust. The back and forth self talk is, ‘oh heck, I missed one of these the other day… no, come on you can do it, you know what you’re doing…’ but if you have complete trust in the process based on countless hours of practice, you’re in that space of intuition, trust and quiet mind that allows you to execute under pressure as opposed to the guy who’s trying to talk himself into it or talk himself out of it.” Morton says. “In a sportsperson, the effect of the mind on the body is much more obvious. For example, in putting it’s called the Yips when the golfer can’t control the putter head. You’ll either see the putter shaking or he’s got a stiff elbow so he can’t naturalise the movement, it becomes mechanical or jittery. The impact of stress is clear and immediate but it works in a similar way in business. “If you look at people like Tiger Woods, certainly for the majority of his career, what differentiates him from the rest of his field is not so much having more talent or a better swing, but his mental strength. His ability to perform under pressure, trust his intuition and shut out the distractions to focus on the execution. His ability to do that has meant that he can make more of his talent that most of his competitors.”


It’s all about brainwave patterns, says Morton. As we’re going about our day, our brains are active and in beta wave state. This refers to the frequency range of human brain activity between 12 and 30 hertz per second, in other words 12 to 30 cycles per second. Compare this to delta brain wave, which the brain is in during deep sleep or coma where it’s cycling at zero to four hertz per second.

Attack of the red mist rage: The winner on the sportsfield or in the boardroom is the one who doesn't lose his head under pressure.

“Beta is where most of us are, most of the time while we’re awake,” Morton says, “but if you’re a high performance sportsman on that final putt, you want to be in the alpha state, one level below beta at eight to 12 hertz per second. When your brain is in alpha, your mind is quiet. “It’s like when you first learn to drive a car and you’re concentrating hard and thinking, ‘ok, now I have to signal, now I have to look in the side mirror…’ but when you’ve driven for years, you don’t need to think about it, you rely on your intuition so you can free up your mind and think about other things on your drive, you can be in that intuitive alpha state and other perceptive doorways open up.

I think most men, “ when they’re being honest and taking their CEO armour off, would admit they don’t process emotions well. With men you get more of a biological response, this aggressive, ape behaviour

“What’s misleading for a lot of people is the belief it’s all about trying really hard. Yes, you must put in the effort and the hard yards and the training but when it comes to executing in the moment, you can try too hard.” Cont. overleaf...

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...cont. from page 9

At the crucial moment, you need to be in the zone or flow, says Morton. However, in order to execute something automatically in a flowing way, you need to have it repeated it countless times to carve those neural pathways deep into the brain.


The biggest killer of a man’s presence of mind, says Morton, is stress. Men’s brains are not genetically wired up to deal well with the long, ongoing levels of stress that modern life can bring. Their hunter-gatherer cavemen brains are more suited to short, sharp bursts of the ‘oh no, a dinosaur is chasing me’ variety aka the ‘fight or flight’ stress response. From an evolutionary perspective, there was a good reason for this, says Morton. “If you electromagnetically scan a man’s brain and a woman’s brain, the piece in the middle that joins the right and the left

a man’s going out hunting and his life is in danger, his emotions are going to be ones like fear and desperation. What he needs to be able to do is cut those off, focus on analysing the situation and be task orientated.” The modern man though needs to be able to process their emotions, says Morton. “It’s not about denying your feelings because that just builds up,” Morton says. “It’s about recognising them, acknowledging them then letting them go so you can get back to focusing on the task at hand. “I think most men, when they’re being honest and taking their CEO armour off, would admit they don’t process emotions well. With men you get more of a biological response, this aggressive, ape behaviour. Anger is a very easy emotion to understand and process, it doesn’t make us feel vulnerable. Although what’s behind anger is usually a very vulnerable emotion, someone’s said something that’s made me feel like I’m

A good question for a man to “ ask himself is, ‘am I enjoying

the journey?’ if the answer is no, something needs to change

hemispheres is much larger and more lit up, more active on a female. In men, the left hemisphere tends to be more dominant and that’s where you’ve got analysis and pure language. The right brain is more to do with pattern, perception, perspective and language from an emotional perspective. That’s where your emotional centres are; your amygdalas. One of the reasons women appear better at communication and talking about their emotions is because the left brain deals with language and the right brain deals with emotions. A woman can link those two, tap into her emotions, process them and understand them in a logical way using language in her left brain. Men find that more difficult and we think it’s down to our evolutionary path. When

not good enough, or not worthy and all this goes back to childhood conditioning.” Part of the problem, says Morton, is that most men don’t even realise they’re not coping with stress. This is due to the ‘normalisation’ of ongoing, low grade stress that’s often part and parcel of modern life but the results eventually manifest as physical issues. “An ongoing stressful work situation will impact your physiology. Your energy, clarity and posture will suffer, your heartbeat will raise, your digestive system won’t function properly, you’ll suffer insomnia and so on. “If you look at the proliferation of chronic fatigue, of bowel and digestive illnesses, Crohn’s disease, Irritable Bowel Syndrome, high blood pressure… these things are often the result of a mentally stressful lifestyle.”


So the million dollar question is, how can a man best deal with stress that is impacting his performance? The answer is loads of things but is there an all encompassing, integrated solution? No. One size does not fit all. While one man might be open to ‘touchy feely’ practices like meditation or psychoanalysis to talk through childhood traumas, other men shudder at the thought and prefer behavioural modification techniques. Others might find daily exercise helps. “Meditation is a great thing to do. For someone like me who can find it hard to switch off, I find meditation great for getting into those alpha and theta brainwave states. The question is, how do you integrate that into your daily life? Yeah, I can meditate every day and feel calmer but when I’m back in my office, or on the sports field, but how do I integrate that into my job?” It’s about focusing on the process and the bigger picture – not focusing on the outcome, says Morton.

Alpha male: High performance happens when your brain is in alpha wave state.


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Last man standing: Winning is about having a steely-focused, ‘never say die, just grind out the basics and keep a cool head’ mental attitude.

Beta is where most “ of us are, most of the

time while we’re awake but if you’re a high performance sportsman on that final putt, you want to be in the alpha state, one level below beta at eight to 12 hertz per second

“By focusing more on the process and being better at what you’re trying to do, rather than being overly fixated on the outcome. Instead of ‘how much money did I make?’ the focus is ‘how can we serve our customers better, or make better products this year, or engage our employees better this year?” “That, I would suggest, is going to lead to higher performance than being overly focused on outcomes that we can’t always control. What we can control is the input, the things that we do to get there. Higher performers have much more focus on the things they can control, the processes, the skills, the behaviours, the mindsets, the feelings... Those people who have equal talent but are more stressed and very outcome focused are less successful than those who process their emotions and enjoy the journey, not just the destination.

“A good question for a man to ask himself is, ‘am I enjoying the journey?’ if the answer is no, something needs to change.” Gazing Arabia is part of Gazing Performance International, a business that works with clients worldwide to deliver sustainable improvements in performance.

Excerpts from the poem ‘If’ by Rudyard Kipling "If you can keep your head when all about you Are losing theirs and blaming it on you… Yours is the Earth and everything that’s in it, And - which is more - you’ll be a Man my son!’

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The price of a life A look at the varied monetary values of a human life WHAT THEY’LL SPEND TO SAVE A LIFE The maximum that governments will spend to save a life through improvements in public safety.

South Korea


New Zealand


United Kingdom




United States





$14 Million $12 Million $10 Million $8 Million $6 Million $4 Million $2 Million 0

1 Public safety

A value of statistical life (VSL) is the amount a group of people will pay for fatal risk reduction in the expectation of saving one life.


2 The Hussein brothers

$30 million

was the amount given to the informant whose information led to the capture of Uday and Qusay Hussein, the sons of Iraqi dictator Sadam Hussein. Valued at $15m each, the brothers were killed in a villa in Mosul on 22 July 2003.


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3 Bounty on Osama

$27 million

for Osama Bin Laden, offered by the US government, the highest bounty ever placed on the head of a terrorist. In 2004, then-Senator Hillary Clinton of New York led the effort to pass a bill that would give the secretary of state the discretion to raise that total to $50 million. At the time of his capture though, the Bin Laden bounty was $27 million. No one was eligible to claim it however.

4 Lebanese singer Suzanne Tamim

$2 million

In 2008, Hisham Talaat Moustafa, an MP of Egypt’s then-ruling National Democratic Party, paid Mohsen al-Sukkari $2 million (AED 7.3 million) to kill popstar Suzanne Tamim after she apparently turned down his marriage proposal. Tamim was found with her throat slit in a Dubai hotel in July 2008.


6 A labourer in the UAE

AED 432,000 5 Hire a hitman

AED 50,000

is the average amount paid to a hit man in Australia to have someone killed. In 2004, the Australian Institute of Criminology and South Australia’s major crime-investigation branch studied 163 attempted and actual contract killings between 1989 and 2002. The average rate received was AUD 12,700 Australian dollars, or about AED 50,000. The lowest was 380 AUD (about AED 1,500), and the highest was 76,000 AUD (about AED 300,000).

Workmen’s Compensation Insurance is designed to protect the employer against their liabilities to employees in respect of injuries suffered by them in the course of their employment as per Labour Law/ Workmen’s Compensation Ordinance. In the UAE, compensation is governed by Chapter 8 of Federal Law No. 1980. For Occupational Death, the pay-out equates to 24 months of the worker’s last remuneration before the death subject to a minimum of AED18,000 and maximum of AED 35,000. Cont. overleaf...

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...cont. from page 13

7 UAE Blood money

11 Suicide bombers

AED 200,000.

was The money was paid to the family after the attack had been carried out.

In the UAE, the payment of diyyah, or blood money, in cases of accidental death is

In 2009, the going rate paid to Iraqi suicide bombers


Under federal law, compensation, which remains fixed irrespective of nationality, religion or employment, is intended to redress the emotional pain and financial loss of the victim’s family, and varies according to the individual.

8 Afghan war victim

12 Slow death


The families of Afghans killed or injured during the American occupation received $200 (AED 735) per injury and $2,000 (AED 7,345) per death from the US government. The UK government paid Afghan families between $1,000 and $8,000 in compensation for killing their family members.

9 Sept 11 families

The average amount paid to families for each life lost during the 9/11 terrorist attack on the Twin Towers in New York was

$1.8 million


10 Fallen US soldiers The families of fallen US soldiers receive a maximum of


upon death from the US government.

AED 160,000

is how much the tobacco company earns from you over 30 years. Based on the average of 5772 cigarettes per year at a cost of about 25 cents (AED 0.9) equals $43,290 (AED 160,000)

INFORMATION SOURCES 1. The Value of a Statistical Life: http://neumann.hec. ca/gestiondesrisques/06-12.pdf and http://www.bath. 2. 3. 4. 5. 6. DirectProductId/6/InsId/1/ProductId/0/Default.aspx 7. 8. story?id=15998288 afghan-life-nato 9. 10. 11. 12


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Peering through the

a look at currency hedging Currency hedging could help level out the effect of exchange rate fluctuations on total returns, writes Nigel Murdoch, Managing Director for global investors BlackRock Middle East.


n important aspect of investing in non-domestic assets or markets is the role that foreign exchange plays in the implementation of a strategy and the value of total returns that are generated. Exchange rate fluctuations increase the risk associated with foreign currency denominated investments. High levels of volatility over the past couple of years, coupled with a rising interest among investors in economies with stronger growth prospects (including emerging markets), have raised awareness of the impact that exchange rate movements can have on the total return of foreign assets once returns are converted in the domestic currency.


In an international portfolio, the reduction in risk from hedging foreign currency exposure should be considered from the perspective of the entire portfolio, rather than just evaluating the international portion in isolation. The factors to consider when designing a hedging strategy for a portfolio include:  The proportion of international exposure within a portfolio (and the characteristics of those assets);  Transaction costs;  The investment horizon;  An estimate of the historical correlation of all of the assets in the portfolio,  The investor’s risk tolerance.

The cost of “ currency hedging is a key factor in determining whether it is used, what proportion is hedged and even how the hedge is implemented


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Currency hedging can play a vital role in reducing risk, smoothing returns, reducing exchange rate volatility and increasing the predictability of the value of returns


There has been some debate about whether currencies yield a long-term return. Academic evidence is mixed but it is generally accepted that, in the long run, currency changes are offset by interest rate differentials – one of the cornerstones for forward pricing, swaps and derivatives. However, even if long-run currency returns are zero, short-run returns are volatile and could dominate the returns from an underlying asset. Over short investment horizons, market sentiment can drive asset or market moves, which may contribute towards driving asset performance correlations. Over a longer period, however, fundamental factors play a more prominent role in determining asset performance and correlations. For this reason, currency hedging may play a more important role over shorter rather than longer time horizons. International fixed income portfolios are likely to include a greater degree of currency hedging than equity portfolios due to the different characteristics of the two asset classes. Currency returns over the longer term tend to be driven by fundamentals such as expected interest rate differentials and purchasing power parity, while corporate earnings drive equity markets. Although macroeconomic conditions are certainly a key

factor in earnings growth over a longer timer period, the correlation between currency and bond returns is higher than that between currencies and equities, as currencies and bonds tend to react to the same fundamentals such as inflation expectations. For example, between 1988-2006, assuming the US dollar is the local currency base, currency hedging significantly reduced the volatility of bonds, while the impact on equity markets was both less significant and not always beneficial. The cost of currency hedging is a key factor in determining whether it is used, what proportion is hedged and even how the hedge is implemented. It seems fairly obvious that when transaction costs are low, the optimal hedge ratio will be higher. Even for investors seeking to minimise risk (volatility), hedging entails some limitations. Full or even partial hedging eliminates or reduces the potential shortterm gains from tactical trading by fund managers. Furthermore, it can also impose substantial cash flow requirements during periods of extreme market stress. For example, in 2008 some investors were forced to liquidate underlying assets to fund the cash flow obligations of a currency hedging programme.

CURRENCY HEDGING IN A NUTSHELL Here is the gist of what currency hedging is all about…  Movements in exchange rates can have a significant impact on the value of an investment that is denominated in a foreign currency.  Currency hedging aims to reduce the risk that exchange rate fluctuations could pose to the domestic currency value of foreign currency denominated assets.  Hedging the currency risk associated with an investment will limit the negative impact of an adverse move in exchange rates, but would also usually limit the positive impact of a beneficial move in currency rates.  A range of different methods can be used to hedge the currency exposure of an investment or portfolio.


Currency hedging can play a vital role in reducing risk, smoothing returns, reducing exchange rate volatility and increasing the predictability of the value of returns. However, the tradeoffs for these benefits include the transaction costs associated with hedging, the opportunity cost in not using that money for other investment purposes and the diminution of the potential gains from a favourable movement in the exchange rate. Investors, therefore, face a decision whether or not to hedge their foreign currency exposure and, if so, how much of the exposure they should hedge.

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The status of private equity in the GCC Private equity has long been the black sheep for investors in this region – is that looking to change? CEO of Quilvest Group Fady Michel Abouchalache weighs in.


rivate equity (PE) in the Middle East has and is likely to continue to underperform global PE in the short to medium term. Regulatory, capital markets, availability of managerial talent and PE sector liquidity are among the challenges the industry has to live with. However, given the positive and promising macro-economic backdrop, one can expect a natural maturity life cycle that will take the industry to better days. As far as private equity opportunities in the Middle East in the next 12 to 24 months, I see Turkey as the most promising in the region followed by the Kingdom of Saudi Arabia. Turkey offers great investment opportunities coupled with a vibrant economy and now several General Partners with a tangible track record of investments and exits.


Is now the time to invest in private equity in the GCC or MENA? No one can say for sure unless they have a crystal ball. We believe, assuming a global economic recovery in two or three years, the next three years will be great years to invest. However, please note I said ‘assuming’. Since we have not yet found a crystal ball at Quilvest, we invest year in year out but we adjust our sub allocations according to short term trends. For example, we did secondary funds in 2002/ 2003 and 2009 and 2010 but did not do much in between. So far data shows those were the best years. Another example was leverage loan funds. We did them in mid 2009. We knew the window was going to be short.

Of course though, we recommend a commitment today. Our 40 years of experience in this asset class shows that private equity remains one of the asset classes with the best risk adjusted and absolute returns. It is an equity asset class. It is correlated to equities. But going into it with the right expectations (liquidity, returns) can add an essential pillar to any wealth preservation portfolio. Most investors cut their commitments to this asset class when they should not.


Of course access to great investment opportunities is key and GCC investors love direct investments. They often prefer those to well-built fund of funds. A solid portfolio must include direct investments as much as funds and a diversified global portfolio of funds offers a rewarding risk-adjusted return. None of our fund of funds are expected to return less than double digit net returns to our investors, even those vintages that suffered most during the crisis. The High Net Worth Individual wanting exposure to PE opportunities should partner with a firm that tackles this complicated asset class as investors and not asset managers. Find a firm that significantly co-invests real monies alongside its investors and that makes a living from performance fees rather than management fees. Quilvest is a global independent wealth and private equity manager focused on wealth preservation and generation. Its 11 offices worldwide include Dubai, Luxembourg, New York, Paris, London, Zurich, Montevideo, Hong Kong, and Singapore.


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Things You Need to Know About India’s Stock Market Some not so well-known facts on the Indian markets revealed.

1 Equity averse

: Indians are hugely equity averse. Only 1.2 per cent of the Indian household financial savings is directly invested in shares (2010-2011). This amounts to just $2.5 billion for the entire Indian household population.

2 Low participation

: In a country of 1.2 billion, there are just 20 million Demat accounts, that is, dematerialised accounts for individual Indian citizens to trade in listed stocks or debentures in electronic form rather than paper, as required for investors by the Securities and Exchange Board of India (SEBI) and 248 portfolio managers.

3 Foreigners vs locals

: Foreign Institutional Investors (FIIs) hold a larger stake in listed Indian companies (10.45

per cent) than the combined stake of Indian Mutual Funds (2.68 per cent) and Indian Financial Institutions/Insurance Companies (5.32 per cent)

4 What FIIs invest in

: January-March of 2012, FIIs i invested $ 8.7 billion in Indian equities. FIIs put $ 3.3 billion into buying banking and financial services shares, $1 billion in IT services and $975 million in capital goods shares. About $700 million was invested in oil, gas and petrochemicals sector.

open to direct foreign 5 Doors investors

: Until this year, foreign citizens were prohibited from trading directly in the Indian stock markets but since January 2012, most of these restrictions were withdrawn and now foreigners can invest freely.


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The Indian stock exchanges offer exposure to a colourful and diverse range of companies for all kinds of individual and institutional investors.

8 Exchanges 6 Pakistani investors also welcome

: On 1 August 2012, India overturned its ban on foreign investment from Pakistan amidst a renewed push for a peace settlement on various issues. Formal trade between the countries is worth $2.7 billion a year, while informal trade (smuggling) is believed to be three times that.

7 Total Market Cap to GDP

: The current (2011) Market Cap to GDP ratio is around 86. In the last 19 years, the ratio ranged from a low of 25.1 in 1992-93 to a high of 101 in 2007-2008.

: The two main stock exchanges for Equity Trading in India are the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). BSE is the oldest stock exchange in Asia and claims to have the largest number of listed companies in the world. However, of the 8,900 stocks listed, only about a third (3,000) are traded every day.

9 Volume

: The daily turnover in the Equity Cash segment of National Stock Exchange (NSE) is around $3 billion and that of Bombay Stock Exchange (BSE) is half a billion dollars. Three fourths (75 per cent) of the turnover can be attributed to the top 100 stocks.

USEFUL WEBSITES FOR KEEPING UP WITH THE INDIAN MARKETS ■ Alpha Ideas The site of Indian markets blogger Nitin Rao. ■ Invest India Invest India is the vehicle to guide investments into the country. ■ NRI Invest India A company offering opportunities to Indian expatriates to invest money in India.

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Trading summary Gold ($/oz) 1,760 1,720 1,680 1,640 1,600 1,560 2012

1,520 Jul



Source: Zawya/Dow Jones

Oil Opec Basket ($/bbl)

116 112 108 104 100 96 92





Source: OPEC

Currencies - INR/$ 57 56 55 54 Jul



Source: Thompson Reuters

Currencies - $/GBP 1.62 1.60 1.58 1.56 1.54 Jul


Source: Thompson Reuters


Gold glows thanks to QE3 but Robin Amlôt glowers... GOLD

The announcement in September by the US central bank, the Federal Reserve, of an unspecified, open-ended quantitative easing programme (QE3), pumping more dollars into the economy together with an extension of the rate guidance for the near-zero interest rate policy until mid-2015 had the kind of effect you would expect. Add in illegal strikes in South Africa’s mines and the gold price decisively moved up out of its summer range. At the time of writing, gold is just off its high for 2012 in dollars and has already set a new record high in Euro terms. There is ‘technical momentum’ behind the rally in the short term with the sighting of a positive ‘golden cross’ – this is when the short-term moving average price rises above the long-term moving average price in heavy trading volume – a sign of a bull market to come. Gold, it would seem, has further to go.


The oil price has now rallied from it summer lows. Mario Draghi’s pledge to do whatever it takes to save the Euro helped – as did Ben Bernanke’s decision to unbutton the Fed’s wallet with QE3, the sequel to the sequel. Balancing this we have the news that Saudi Arabia will turn on the taps a little to offer more oil to the market – that’s what took the steam out of the oil price in September. We are now heading into the northern hemisphere’s winter when demand traditionally rises. Saudi remains the key player as far as medium-term price prospects are concerned. The usual suspects also remain in play: the Chinese economy; Iran and associated geopolitical jitters; and uncertainty in the US ahead of the Presidential election.


Alongside the dollar’s slide you may set the Indian Federal Government’s package of tax cuts and tax reliefs. Tax on overseas loans has been cut and plans approved to offer tax relief to retail equity investors (that was also good news for the Sensex). The effect was to see the INR back to flirting with levels against the dollar that it hadn’t been near for best part of the last five months. Inflation is still an issue but while cutting the required cash reserve ratio for lenders, it looks as though the Reserve Bank of India will hold the line on interest rates. I’ve spent the last couple of issues commenting on the EUR, now I’m back to the GBP. On a personal note, a big shout-out to Ben Bernanke for QE3, helping to make my GBP-denominated mortgage back in the UK more expensive as the dollar falls; what I won’t tell you is exactly what I am shouting! However, the UK economy still looks fragile and it is not impossible that the Bank of England will announce more QE measures of its own. It seems unlikely the GBP will add significantly to its September gains against the dollar.


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Million dollar dream homes From the ultimate Los Angeles Pied-à-Terre to the latest in London’s luxury living, these are the dreams that money can buy…

N AED 115 MILLIO TOWER VIEW, LONDON Luxury fit for modern-day monarchy Lounge about in luxury.

With a price tag of £20 million (AED 115 million), Tower View is London’s only Tower Bridge-facing, single dwelling with floor to ceiling windows and jaw-dropping views over the River Thames. Offering seven bathrooms and six ensuite double bedrooms within 10,000 square feet of luxury living space spread over six floors; this rarely available freehold property includes innovations such as a car turntable, cinema, state-of-the-art gym, private pontoon and a roof top terrace with a hot tub. The property offers views across London’s skyline including

Tower Bridge, The Shard and St Paul’s Cathedral. The location also enables residents to enjoy the lavish lifestyle amongst the luxury yachts of St Katharine Docks. Marketed by Cluttons UK, Tower View can be reserved with a 20 per cent deposit of £4 million (AED 23 million). For more information, go to www., call +44 20 7488 9494 or email


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NTHOUSE E P N IO L IL M 4 3 AED RITZ-CARLTON RESIDENCES, LOS ANGELES The New High-Rise Luxury Living The 224 luxury homes of The Ritz-Carlton Residences at L.A. LIVE are the most exclusive residences in Los Angeles. Located on the top floors above The Ritz-Carlton Hotel, in the heart of L.A. LIVE, the ‘Residences’ feature expansive views of the downtown Los Angeles skyline, San Gabriel Mountains, Pacific Ocean and Hollywood Hills. Inside, the Residences offer 24-hour valet parking, a 7,000-square-foot spa; the exclusive 26th floor pool and fitness centre with city and mountain views; the residents’ private The Daniel Seung-designed living room.

Master bedroom. Room with a view.

lobby with concierge service, boardroom and screening room. One, two, and three-bedroom Residences are available from $800,000 to $4,500,000 (AED 2.9 million to AED 16.5 million). Located on the 50th and 51st floors are the single and two-storey penthouses ranging from $3.6 million to $9.3 million (AED 13 million to AED 34 million) for the largest two-storey penthouse. For more information, visit, email or call +1 213 622 4242.

Night time view of the exterior of the Ritz-Carlton Residences at L.A. LIVE

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Living the dream in La La Land.

AED 18 MILLION BEVERLY WEST, LOS ANGELES The Ultimate LA Pied-à -Terre With only 35 of these prestigious apartments available, the exclusive Beverly West high-rise condo in Los Angeles has spectacular 360 degree views and a different designer for each apartment including Armani Casa and Ralph Lauren. The first entry into the US market by Emaar Properties, buyers get to custom build their condos, something that’s unheard of in the luxury high-rise market of Los Angeles. The first Beverly West apartment sold recently for $5 million (AED 18 million), the remaining 34 apartments range in price from $1.5 million to $22.4 million (AED 5.5 million to AED 82 million).

For information, go to, email Donna Currie on, or call +1 310 550 0581.


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THE BUSINESS OF BANKING Banker Middle East is the MENA region’s most prestigious financial title. Read by senior bankers & financiers across the Middle East, for more than a decade it has been the most informative source of news, developments and strategic thought from within the financial community.

Banker Middle East is a controlled circulation publication. You may apply to subscribe via our website or by emailing

CPI Financial FZ LLC • PO Box 502491 Al Shatha Tower, Office 3306 Dubai Media City, Dubai, U.A.E. Tel: +971 (0) 4 391 4681 • Fax: +971 (0) 4 390 9576 •


A gift guide for the über rich From gold-tipped shoe laces to dinosaur bone cufflinks, a look at some objects of desire for when money really is no object… AED 25,000 GOLD-TIPPED SHOE LACES That’s right, shoe laces with gold tips… the full name for these pricey lace tips is the ‘Fou Lace Mechanically Performing Shoe Tips’ and they’re made in Geneva by men’s accessories designer Roland Iten. The Fou Lace is based on a patented ‘threading’ system which glides the shoe string through the pieces so that it grips into place and stays put without screws, clips or any additional fastening mechanism. Happily, these clever bits of gold are removable so you can use them on other shoes. Where to buy: Available at Rivoli Prestige in the Burj Al Arab, tel: +971 4 348 7281.

AED 150,000 GUN-INSPIRED BELT BUCKLE More ‘mechanical luxury for gentlemen’ from Roland Iten is this white gold belt buckle nicknamed Goldfinger. Its official name is the Calibre R81 Gibson, a mechanically performing belt buckle that’s been created together with custom gun makers Purdey for the launch of the limited edition of the R8 Mark I. Iten was inspired by the gun to create a springloaded belt deployed in eight positions via a patented trigger mechanism. Made using solid gold and titanium. Where to buy: Available at Rivoli Prestige in the Burj Al Arab, tel: +971 4 348 7281.


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AED 6,000 DINOSAUR CUFFLINKS BY TATEOSSIAN Tateossian has launched a limited edition luxury range of extremely rare stone and sterling silver hand-crafted cufflinks. Materials include dinosaur bone, brain coral and meteorite. Only 25 of each pair are available and each set is engraved with its unique number. No two pieces are alike and all the materials have a back story, for example, the dinosaur bone originated from Moab in Utah. Where to buy: UAE stockists of the Spazio collection are Bloomingdales, Harvey Nichols, Tanagra and Saks


Clockwise from the top: Brain coral, titanium, and dinosaur bone cufflinks by Tateossian.


A one-off piece that was inspired by the motif of a tie designed by Henri d’Origny, the Arceau Pocket Amazones by the House of Hermès features centuries-old hand-crafted expertise in grand feu enamelling, miniature painting and paillonné (spangled) techniques. Where to buy it: Place your order at a Hermès boutique in Dubai Mall (tel: +971 4 330 8589) or Burjuman (tel: +971 4 351 1190).

Redefining luxury for the modern sports car buyer, Fisker Automotive is an American car company that’s designing and developing the world’s first line of premium electric plug-in hybrids under the premise that environmentally conscious cars need not sacrifice passion, style, or performance. Its first Fisker model - the Fisker Karma Sedan has already picked a number of global awards in its debut sales year, including Top Gear’s Luxury Car of the Year. Where to buy: Al-Futtaim Group is representing Fisker Automotive across the GCC and MENA as exclusive distributors of the luxury plug-in hybrid brand. Orders for the Fisker Karma Sedan are being taken from 1 November, call Trading Enterprises on +971 4 228 2101.

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The Tiffany Diamond One of the largest yellow diamonds in the world, the Tiffany Diamond is on a global tour and will soon be stopping in Dubai, which means a rare opportunity to see this legendary gem. The timeline below shows some of the highlights of the diamond’s history.


– The Diamond highlights Tiffany’s exhibit at the Chicago World’s Columbian Exposition.


- A rough diamond of 287.42 carats is discovered in the Kimberley mines of South Africa.


- Charles Lewis Tiffany purchases the stone for $18,000 and sends it to Paris where Tiffany’s chief gemologist, Dr. George Frederick Kunz, supervises the cutting of the diamond into a cushionshape brilliant weighing 128.54 carats with 82 facets - 24 more facets than the traditional 58-facet brilliant cut. Officially named the Tiffany Diamond, it is deemed one of the world’s largest and finest fancy yellow diamonds and earns Mr Tiffany the moniker ‘King of Diamonds’.


– The Tiffany Diamond receives a gold medal at the Pan-American Exposition, a World Fair held in Buffalo, New York. The Fair was open for six months and covered 350 acres of land. About eight million people attended. It was the same fair that saw then-US President William McKinley assassinated as well as the first display of the new x-ray machine. Ironically, even though McKinley was shot, doctors wouldn’t use the x-ray machine to find the bullet for fear of side effects. McKinley died eight days later (no, nothing to do with the diamond but interesting isn’t it!).


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- Company founder Charles Lewis Tiffany dies.


– A Jean Schlumberger retrospective at the Musée des Arts Décoratifs in Paris features the diamond in his ‘Bird on a rock’ setting. Charles Lewis Tiffany in his Union Square store at the age of 87, with Charles T. Cook, who assumed the reins of leadership after Tiffany’s death.


– Tiffany place a tongue-in-cheek ad in the New York Times announcing that its legendary diamond is on sale for 24 hours only at a price of $5 million (equivalent to about $25.8 million today). The ad was poking fun at the proliferation of ‘exclusive’ and ‘limited offers’ in the press. The ad read: “This season seems to be replete with offers of so-called collector’s items issued in “Limited Editions” often represented as Great Art but too often of questionable artistic merit…” The ad goes on to compare such offers to snake-oil salesman of the 19th Century. Nobody came forward with the $5 million.


– For the 175th anniversary of Tiffany’s founding, the diamond is reset in a necklace of white diamonds, totaling over 120 carats. After appearing at anniversary celebrations around the world, namely Tokyo, Beijing and Dubai, the diamond returns to its home on the main floor of the Tiffany’s Fifth Avenue store in New York.


– The diamond is set into an elaborate Ribbon Rosette necklace by French jewellery designer Jean Michel Schlumberger, which is worn by Audrey Hepburn in publicity shots for the film Breakfast at Tiffany’s. Hepburn later wrote of the gem in a letter to Tiffany and Co. borrowing the words of John Keats, “A thing of beauty is a joy forever.”

Tiffany Diamond World Tour The Tiffany Diamond will be on display at the Tiffany & Co. store in Dubai Mall for a month starting in mid-December.

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How billionaires like to party The Grand Prix is back… you know what that means? Excesses and hedonism as the über rich and famous come out to play in Abu Dhabi. WEALTH reveals what millionaire mayhem usually involves…


ike moths to a flame, nothing gets the world’s wealthiest all in one place faster than a Formula One Grand Prix. It’s a seductive and head-spinning cocktail of testosterone, petrol fumes and adrenalin that has the world’s bazillionaires and celebrities jetting in on their mega yachts, private planes and limousines in order to party like rock stars on steroids (which, in fact, many of them probably are). So, when the likes of Jensen Button and Lewis Hamilton come to wage war on the race track, Abu Dhabi is going to be the scene of millionaire mayhem once again. With Yas Island and the Yas Marina Circuit being at the eye of the storm, much of the action takes place at the various bars and clubs on the island. Cipriani bar and restaurant as well as Allure nightclub upstairs, both located in the Yas Yacht Club provide no end of opportunities to spend vast amounts of money and every year race goers seem happy to oblige.


At the F1 after-party held there last year, one frivolous gentleman spent AED 300,000 on three bottles of bubbly – barely finishing one before ordering another. Other bills for an evening’s entertainment came to AED 500,000 while famous faces in the crowd included Paul McCartney, Steven Seagal, Adrian Brophy and Mark Ronson, as well of course Giuseppe Cipriani himself, the man at the helm of the global Cipriani empire who counts people like Naomi Campbell and Bernie Ecclestone as close personal friends.


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What can we expect at the Abu Dhabi Formula One Grand Prix this year? One new feature of the festivities at Yas Island is the Flash VIP lounge at Yas Marina, hosted by Cipriani. This will be place where the VVVIPs will be hanging out, including the F1 drivers, Eminem, Kylie Minogue and Nickelback, international celebrities, as well as a Who’s Who of local and global very VIPs. The lounge is where the glitterati will be hosted and given gifts such as spa services, cosmetics, fashion and accessories, and of course food and beverage. There will also be Middle Eastern brands and designers who will provide the visitors with regional products. ‘Normal people’ won’t be able to get into the Flash VIP lounge but they will be able to

It’s a seductive “ and head-

spinning cocktail of testosterone, petrol fumes and adrenalin that has the world’s bazillionaires and celebrities jetting in to party like rock stars on steroids

Party scenes from last year’s Formula One Grand Prix after-party held at Cipriani and Allure nightclub in the Yas Marina Yacht Club.

hang out in the Mumm Champagne Lounge, which will be set up outside the Yacht Club, as well as in the eatery Stars ‘n’ Bars. Special events will also be held nightly in the new and improved Yas Viceroy Hotel at the Rush Bar and Skylite Lounge. Party plans are also underway at Cipriani and Allure which will involve international DJs, the world’s biggest stars; entertainment from dancers and acrobats in elaborate costume and of course no shortage of expensive bubbly. Cont. overleaf...

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CONSUMING PASSIONS ...cont. from page 33


How do the really rich celebrate? Here’s an idea… Andrey Melnichenko, 40, Russian minerals and private banking billionaire Net worth $10 billion To celebrate his wife Aleksandra’s 30th birthday, Melnichenko spent a reported $2 million to fly J.Lo, one of his wife’s favourite singers, to perform at her birthday party at their home in Berkshire, England. Christina Aguilera performed at their wedding two years earlier while other Melnichenko parties have included performances from Whitney Houston, Mark Anthony and Enrique Iglesias. Aleksandra herself was once part of the Yugoslavian band, Models. Lakshmi Mittal, 62, Indian steel magnate Net worth $20.7 billion When Mittal married off his daughter Vanisha in 2005, the family sent out 20-page invitations contained in silver boxes. Mittal paid for 1,000 guests to stay for five days in five-star Paris hotels. The reception was held at the Palace of Versailles and concluded with a celebratory fireworks display at the Eiffel Tower. Total cost: $60 million

Philip Green, 60, British retail billionaire Net worth $5.3 billion For his 50th birthday he flew 200 guests in a chartered Airbus A300 to a hotel in Cyprus for a three-day toga party, where they were serenaded by Tom Jones and Rod Stewart. For his 55th birthday, Green flew 100 guests by private jets to a five-day all-inclusive jaunt at an exclusive Maldives resort on a private Indian Ocean island. Guests were told to pack bathing suits and instructed to arrive at England’s Stansted airport from where they were flown to the island. There, the 100 lucky revelers were serenaded by George Michael and Jennifer Lopez.

Ron Perelman, 69, American Net worth $12 million Born on 1 January, this billionaire businessman’s annual New Year’s Eve–birthday party in St. Barts is one of the world’s most exclusive social events. The billionaire takeover artist hosts the gathering on Ultima III, his multi-million-dollar, 188foot yacht with 200 of his closest friends. Past guests include Microsoft Co-Founder Paul Allen, former Miramax chief Harvey Weinstein, Denzel Washington, Natalie Portman, Eddie Murphy, Jon Bon Jovi, Francis Ford Coppola, George Lucas, and Jerry Bruckheimer, Owen Wilson, Usher… and more. Roustam Tariko, 50, Russian liquor and banking baron Net worth $2 billion The man who launched Russia’s first domestic premium vodka ferried guests from Manhattan to New York City’s Liberty Island for a 2005 bash to celebrate the launch of his newest vodka brand, Imperia. Guests got private tours inside the Statue of Liberty. Duran Duran performed for partygoers including supermodel Natalia Vodianova and hip-hop impresario Damon Dash.

… yet topping them all is the Sultan of Brunei Hassanal Bolkiah’s 1996 bash for his 50th birthday on which he splashed out $27.2 million. Guests were treated to a $16 million Michael Jackson concert, the world’s most exquisite caviar and finest champagne.


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Magic carpet ride Robin Amlôt spends a spirited night out with a pair of Phantoms


olls-Royce is not a company that likes change for the sake of change. That goes for names as much as anything else. This is not the first Phantom II – a model with that name was originally introduced back in 1929. Nor does Rolls-Royce rush out new models every year. The 2012 Phantom Series II family, consisting of the Phantom Saloon, Phantom Extended Wheelbase, Phantom Drophead Coupé and Phantom Coupé, is

the first new model range from the company since the Phantom launch in 2003. What we have here is an ‘incremental’ update, making what the company claims, admittedly with a fair chunk of justification, to be the best car in the world even better. So what’s new? Perhaps the key element is the new eight-speed automatic transmission and new differential, resolving the nearest thing to a complaint some drivers had about the previous Phantom. But that’s not all by any means. There

are new electronics and a few cabin changes. The coachwork has been tweaked but not so the old Phantom looks, well, old (the customers wouldn’t like that!). The Phantom II may be the new kid on the block but it doesn’t shout the fact from the rooftops. However, put the two models together and you would notice the softer lines of the Phantom II; walk around and maybe you would also note the new rear bumper and rear window surround.


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The big differences that you would spot straight away are the new rectangular LED headlamp clusters, indicator strip and new front bumper design. In fact, Rolls-Royce is the first car manufacturer to offer full LED headlamps as standard, incorporating curve light functionality and adaptive headlamps for enhanced road illumination – headlights, in other words, that can ‘see round the corner’ as you turn. I realise I haven’t talked much about the interior. Well it is all you could expect and more – described by the company as ‘an oasis

ROLLS-ROYCE PHANTOM II Price Engine 0-100 km/h Top speed Torque

: : : : :

AED 1.85 m (approx.) 6 ¾ litre V12 5.9 seconds 240 km/h (governed) 720 Nm at 3500 rpm

of calm’ (until you crank up the Harman speakers, that is). It is lush, plush, comfortable and, of course, quiet – if you want it to be. Otherwise, turn up the sound and you could be in the front row, next to the orchestra, making this a Phantom of the Opera! Driving the Phantom II Saloon is little different to the model’s previous incarnation but smoother thanks to the new gearbox and the ride quality continues to offer the ‘waftability’ the company believes it should albeit this is a fairly heavy magic carpet at more than 2.5 tonnes. But the Phantom II offers more than

With thanks to AGMC, authorised Rolls-Royce Motor Cars dealer in Dubai, Sharjah and the Northern Emirates. Dubai: Tel. +971 4 339 1555 Sharjah: Tel. +971 6 544 1111

just stately progress; you may, should you wish, ‘put the pedal to the shagpile’ and, with the barest hint of delay, the car will respond – a magic carpet with ‘go-faster’ stripes, perhaps. The Phantom Coupé, built on the same chassis, is slightly shorter and slightly faster. It is more of a driver’s car and the cockpit layout and seating reinforces that impression. Yet I can’t help feeling that it is a little like watching an older relative dance at a disco – the Saloon remains my preference. Even Rolls-Royce have described the Phantom as a car ‘designed to lower the pulse’ rather than raise it!

Robin Amlôt takes the wheel of the new Rolls-Royce Phantom.

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Ultimate Escapes for Haven’t booked your Eid holiday yet? Here are some dream destinations to get you inspired…

The very best of Moroccan design, cuisine and service is all yours at the Royal Mansour Marrakech.



Nestled inside the ancient walls of Marrakech, Royal Mansour is like your own Moroccan palace of exquisite design and luxury - so it's no surprise it's owned by the King of Morocco himself and is the most expensive hotel in Morocco. There are no rooms at Royal Mansour, instead there are 53 riads - which are traditional three-storey Moroccan villas where peace and privacy are paramount. The riads are decorated to showcase the best of Moroccan design and craftsmanship: walls lined with glazed honey, blue, green or terracotta tiles – aka zelliges – and smooth, shiny Tadelakt-

painted walls; Mashrabiya screens; ceilings of sculpted plaster and painted wooden panels. Each riad comes with its own 24 hour personal butler and private pool and an underground city of tunnels means service is discrete and 100 per cent privacy and seclusion guaranteed if that's what you want. The hotel has the best restaurants in Morocco - supervised by a three-star Michelin chef - so enjoy dinner in the private dining room with its embossed leather-lined walls. Wind down after dinner with a cigar in the Cigar Lounge or retire to the library and commandeer the telescope

EID Royal Man OFFER! deals for E sour has generous 4-bed riad id al Adha, eg, book a and pay instead of M MAD 275,000 valid till 27 AD 400,000, December. for a stargazing session through the retractable roof. Take afternoon tea at La Loggia, an open-air terrace with views over Koutoubia Mosque and the Atlas Mountains beyond or opt for a pickme-up in the Spa’s Wellness Lounge - the Chanel suite might be what you're after. Contacts: Email Tel. + 212 5 29 80 80 80


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this Eid Al Adha

For the ultimate in romance and seclusion, Baros in the Maldives is the place to rebalance mind, body and spirit.


BAROS MALDIVES An exclusive, five-star boutique resort nestled in a lush, tropical island set in shimmering waters. Just a 25-minute boat trip from Male Airport but a world away from your hectic everyday life. At Baros, personal attention is the order of the day. Choose laze around in the luxury of your secluded villa, just seconds away from turquoise seas seconds bursting

with marine life. Snorkel on the resort’s own reef, get pampered at the spa, take a sunset dinner or dolphin cruise, explore nearby diving sites or enjoy a private dinner under the stars arranged for you on the resort’s natural sandbank. Eid Al Adha offer for GCC residents For new bookings of four or more consecutive nights, get a free upgrade and

complimentary airport return transfers and daily snorkelling. The offer applies between 20 October and 15 November 2012 in selected room categories. Room rates start from $745++ (AED 2,750)per night. Contacts: Email:

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The evolution of the Gentlemen’s Club H From coffee houses in the 17th Century to aristocratonly bastions of male power in the 19th Century, which have evolved into exclusive private membership clubs for both genders in the 21st Century… the evolution of the gentlemen’s club has been a colourful journey dotted with controversy.

istorically, the gentlemen’s club was a members-only private club frequented by upper class British men in the 18th Century. The original clubs were established in London’s West End and reached the height of their influence in the late 19th Century. In part, they were an offshoot of the coffee and chocolate houses, which had mushroomed as places to meet, do business and discuss politics. The first coffee shop opened in London in 1652 and by 1739 there were 551 coffee houses in London and 3,000 throughout England. Each attracted a certain type of clientele based on occupation or attitude, for example, Tories and Whigs, merchants and lawyers, booksellers and authors, or men of fashion like the well-known Dandy Beau Brummell. Chocolate and coffee houses like these were seen as hotbeds of dissent by King Charles II (1630 to 1685) who tried to suppress them as “places where the disaffected met, and spread scandalous reports concerning the conduct of His Majesty and his Ministers”. It didn’t work, people flocked to them and the emergence of the gentleman’s club was an aristocratic twist on the coffee house premise. Many coffee houses converted into fashionable and respectable gentlemen’s clubs, for example,


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White’s, which continues today. White’s was established in 1693 by Italian immigrant Francesco Bianco (AKA ‘Francis White’). Originally it sold hot chocolate, a rare and expensive commodity at the time and was called, ‘Mrs. White’s Chocolate House’.


The first clubs, such as White’s and Boodle’s, were for upper-class men and provided a place to gamble, which was illegal outside of members-only establishments. Today, White’s is a highly respectable and powerful gentlemen’s club, in fact one former club chairman was Ian Cameron, the father of the current British Prime Minister, David Cameron. In the early 18th Century though, White’s was an infamous gambling house and the scene of many outlandish wagers, one of which was when Lord Alvanley (a member of the socially influential ‘Dandy Club’ along with Beau Brummell) bet a friend £3,000 over which of two raindrops would first reach the bottom of a pane of the club’s bow window. For many men, their club was a second home and sanctuary where they could relax in the company of other men, spend time with friends, play parlour games, get a meal and stay overnight. They provided a retreat from everyday life and a respite from female relations. Although, it wasn’t long before women also saw the advantages Cont. overleaf...

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...cont. from page 41

of a traditional gentlemen’s club still quietly thrives in certain quarters, particularly in the UK but also in the US and South America as well as Commonwealth countries like Australia, New Zealand and South Africa.


The traditional gentlemen's club had its hey day in the 19th Century.

of a club and ladies’ clubs started opening in the late 19th Century. Only one of these remains a single-sex establishment today, the University Women’s Club. Today, the term ‘gentlemen’s club’ is sometimes used as a euphemism for a seedier, unsavory establishment but the true notion

Although some stalwarts of tradition still have their heels dug in re a refusal to move with the times when it comes to widening the remit for membership, for example opening the doors to women and middle classes. Most modern clubs have evolved out of these parameters and are now more private membership clubs for people with a common interest, which could be anything from business owners to golf lovers, travel buffs or university alumni. Overseas, this new breed of businessoriented private members’ clubs includes clubs such as One Alfred Place and Eight in London or the Gild in Barcelona, where the style, food and drink of a modern private members’ club is combined with the business facilities of an office. Membership is by invitation; select corporations and individuals are introduced through personal introduction. Here in the UAE, the most established private business club is the Capital Club Dubai, located in Gate Village of the Dubai

WORLD’S MOST EXCLUSIVE CLUBS From Los Angeles to London, private membership clubs abound across the globe where membership-by-invitation-only is based on large fees, personal referrals or both. Here are some of the most prestigious clubs in the world... The Metropolitan Club, New York J.P. Morgan (along with a member of each of the Vanderbilt and Whitney families) founded New York City’s Metropolitan Club in 1891 in reaction to the old-money gentlemen’s clubs of the time. When one of his friends was denied membership from another association, Morgan opened The Metropolitan Club for the emerging new-money crowd. There’s a strict dress code and members have included US presidents such as Ronald Reagan, Richard Nixon and Bill Clinton. The club now accepts women.

Bohemian Club, San Francisco Founded in 1872 by professional men involved in literature, art, music and drama, today it also includes businessmen, political leaders and other entrepreneurs (but still no women). The membership and its activities are kept secret, inspiring speculation on its powerful members’ intentions and the club’s implications on class divisions. In response, a group of women created a women-only club called Belizean Grove. Members include Supreme Court Justice Sonia


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International Financial Centre. It was officially opened in April 2008 by HH Sheikh Ahmed Bin Saeed Al Maktoum, the Club’s Honorary Chairman. The Capital Club caters to individuals from the top echelons of business, finance and government and offers an events programme designed to foster the exchange of ideas, global business and social interaction. The facilities include lounges, dining rooms, terraces, snooker tables, private meeting rooms, a fitness centre and bedrooms ( Definitely one of the new breed of exclusive business clubs for private members, the Capital Club Dubai most definitely does not position itself as a gentlemen’s club.

Lord Alvanley “ bet a friend £3,000

over which of two raindrops would first reach the bottom of a pane of the club’s bow window

Sotomayor and former Goldman Sachs partner Ann Kaplan. The University Women’s Club, London Founded in 1883 by Gertrude Jackson because the popular gentlemen’s clubs of the day did not accept women members, this is a club for “graduate and professional women of varied backgrounds and interests”. Members include lawyers, scientists, writers and musicians, as well as businesswomen. One Alfred Place, London A London membership club renowned for providing solace to the business elite who are looking for a quiet place to get some work done. At $2,400 per year, membership provides “an environment that merges business and leisure.”

As to the future evolution of the private club, time will tell what form and shape they will take but human nature being what it is, people will always seek havens where they can mix with those of a similar mindset and put the world to rights... often from the wellupholstered seat of a leather armchair with a glass of social lubricant at hand.

The Groucho Club, London Formed in 1985, Groucho is a private members club open to men and women started by a group of publishers as an alternative to stuffy gentleman’s clubs who wanted somewhere to meet and relax. Named after Groucho Marx’s famous quip, “I don’t care to belong to any club that will have me for a member,” the club is known for being rowdy and less well behaved than other clubs. Core, New York Opened in 2005, Core is already a big hitter. One of the powerful new breed of clubs intended to have a heart and soul as well as men and women, the club caters to the ultra-rich – the top 0.1 per cent of Americans – and membership costs $50,000 to join

The new breed of club remains 'exclusive' and 'business-focused' but is shedding other traditions of the historic gentlemen's club, such as men-only.

and $15,000 annually. A club for the 21st Century, Core offers a modern luxury hotspot for the rich and powerful who are looking to network in a chic, art-oriented environment. This is where you’ll find tables filled with people working on laptops and iPads, talking on their smartphones or video chatting via Skype – if they let you through the door of course. Boodle’s, London Founded in 1762 by the Earl of Shelburne, later the Marquess of Lansdowne and Prime Minister. Based at 28 St. James’s Street, the Club was named after its Head Waiter, Edward Boodle. 2012 marks the 250th anniversary of the club. Members tend to be aristocrats and Tories. Women are still not admitted.

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Health and Safety First Tim Elliott considers the legend - and the legends - of one of the sporting world’s safest bets... Formula One.


irst, the entertainment. Kylie Minogue with her own particular brand of pretty, pouty pop music, Nickelback for those among us who prefer a rock ballad with a healthy dose of chest hair. And Eminem shouting at us rhythmically, too. I’m having trouble getting my head around the slightly disturbing thought of F1 attendees putting their hands in the air and waving ‘em like they just don’t care for Eminem. But music taste aside, Formula One is big news. Wherever and whenever the F1 circus rolls into town, it’s a big deal... for both motorsport and political reasons in this region. From a sporting perspective, this year the F1 blunderbus has seen the dominance of Red Bull recede and podium positions for more drivers this season. F1 is a safe bet these days. It’s supremely popular; it gets people talking and gets a country noticed in international sporting circles. As the UAE continues its baby steps towards economic recovery, the Grand Prix is now a firmly entrenched social sporting event. How things have changed, though. Growing up, in the days when the mobile device of choice was a Walkman (if you could afford one), Formula One was all about the Hawaiian Tropic girls. They were there at every Grand Prix, whatever the weather, bikini-clad with all the Factor 4 you could ever wish for. Back then, when I was a 15-year-old schoolboy concerned mainly with music and how to speak to the fairer sex, priorities were different. The cars, the drivers, the teams, the circuits were all secondary but being friends with

Thrills, spills and glamour: It's Abu Dhabi Formula One Grand Prix time again.

a few die hard F1-heads at school, guys who lived and breathed the sport, it was hard not to accumulate a working knowledge of F1. It just never occurred to me to ask why the Hawaiian Tropic personnel were in bikinis in the drizzle of Hochenheim. I was vaguely aware of 1970s-era F1, a decade when sideburns were mandatory and when Fittipaldi, Scheckter and Hunt ruled. That was when Bernie Ecclestone bought Brabham (1971), became President of the Formula One Constructors’ Association and rearranged the management of Formula One’s commercial rights. Plus transformed the sport into the billion-dollar business it is today. While I spent many an hour musing over what it’d be like to be a Formula driver, the deaths of Gilles Villeneuve and Ricardo Paletti in 1982 made me reconsider my career path.

It was the first time I’d considered the possibility of death in the pursuit of glory. How would I balance the speed, the risk, the glory, the thrills, the spills, the glamour? The realisation that here were highly skilled sportsmen who could die for their sport was a concept that took some time to fathom. It’s something I still wrestle with, if I’m honest. The dominance of McLaren and Williams in the 1980s and 1990s stands out... as does the rivalry between McLarenHonda drivers Ayrton Senna and Alain Prost - when Senna won the title in 1988. It was a sporting rivalry that survived Prost’s retirement in 1993 and, ultimately, it survived the death of perhaps Formula One’s greatest ever driver in 1994 at San Marino. Since then safety in the sport has been transformed - not least through the efforts of a man who sadly died recently. Professor Sid Watkins was the sport’s medical delegate from 1978 until 2004. He was instrumental in introducing many of the safety improvements in the sport during that period. As trackside doctor, he helped save the lives of several Grand Prix drivers after heavy crashes. He was also a close friend of Ayrton Senna. The story goes that he once tried to persuade him to retire, telling him he had nothing left to prove. “Give it up and let’s go fishing,” he advised the three-time world champion. Senna replied: “Sid, there are certain things over which we have no control. I cannot quit. I have to go on.” A day later, Watkins attended to Senna himself after the Brazilian’s fatal crash. Ayrton Senna was the last driver to die at an F1 World Championship Grand Prix. Years later, the Hawaiian Tropic girls are no more, Formula One is wrapped in the tightest of safety regulations and is a truly global sport. And rightly so. It’s a technological spectacle and a marketing marvel. It’s a sexy, racy mix of adrenalin and speed remains, in essence, unchanged. It’s the safest bet in sport, still has the edge and is still the sport of teenage dreams.

Get all the latest sporting news and more, weeknights on Dubai Eye 103.8FM’s Tonight Show with Richard Dean and Tim Elliott.


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Generate, Preserve, Grow, Spend... The The UAE’s UAE’s only onlly authoritative authoritative magazine magazine for for the the High High Net Net Worth Worth Individual Individual

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Reading matter A look at some of the newest business and finance titles to hit a book shelf near you. The Trouble with Markets

By Roger Bootle / AED 91 One of Britain’s top economists, Roger Bootle has a record of forecasting major market events. His 2003 book, Money for Nothing, correctly anticipated the financial crisis. His latest book, The Trouble with Markets, includes a new chapter on The Trouble with the Euro based on his winning entry in the Wolfson Economics Prize in July 2012. Bootle’s prize-winning essay looked at a hypothetical break-up of the Euro zone and its potential ramifications. Bootle argues that the EU would benefit from an orderly break-up in the long term and it may be the only thing capable of lifting the world out of the current economic crisis. In The Trouble with Markets, Bootle analyses the current sovereign debt crisis, the intensity of the squeeze on public spending and consumer incomes, and the boom in commodity prices and gold. He also lays out a plan for reform of the financial system to get us out of the current mess, namely much tighter regulation of banks, reform of corporate boardrooms and changes affecting institutional investors.

The Economist’s Guide to Better Decision Making

By Helga Drummond / AED 92 A guide to making better business decisions. We make decisions, and these decisions make us and our organisations. In theory, decisionmaking should be easy: a problem is identified, the decision-makers generate solutions, and choose the optimal one - and powerful mathematical tools are available to facilitate the task. Yet if it is all so simple why do organisations, both private and public sector, keep making mistakes - the results of which are borne by shareholders, employees, taxpayers and ultimately society at large? This guide to decisionmaking by leading decision science academic Helga Drummond, aims to improve decisionmaking in organisations. It explores how and why decisions go awry in the first place and offers practical advice on what decisionmakers can do to counter the psychological, social and other forces that can undermine individual judgment and pull organisations off course. Full of examples of good and bad decision-making from around the world, it will make readers think more clearly about decisions big and small.

Show Stress Who’s Boss

By Carole Spiers / AED 98 At best, stress will diminish your performance and cause you to make mistakes; at worst it will kill you. In her easy-to-follow insider’s guide, Carole Spiers shows readers how to equip themselves with all the skills, tools and techniques needed to help reduce stress. The book gives practical answers to the many questions about how to manage stress to achieve a healthy work-life balance. Readers will find simple techniques to release tension, easy ways to build resilience to pressure, practical methods to toughen up mind and body, proven steps to help sleep soundly, healthy eating tips to maintain energy levels, effective time management techniques, key strategies to achieve a healthy work-life balance, interventions to increase personal performance. This book is for individuals who need to effectively manage their own stress, to a manager, supervisor or team leader who has to deal quickly with any stress-related problems in the workplace. The tools presented are based on Spiers’ experience over 25 years in managing workplace stress as she shares tips on overcoming its damaging effects, whether at home or at work.

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


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Put it in your diary... 21 October to 30 March 2013


Travel the world in a day! Featuring live performances, mouth-watering cuisine, and authentic handicrafts and merchandise from different countries as well as rides, games and fireworks displays, the outdoor culture, shopping and entertainment extravaganza that is Global Village will open its gates early this year to cover the period of Eid Al Adha. For the upcoming 2012-2013 season, the Village will be open for 161 days until 30 March 2013. Venue: Emirates Road, Dubai 23-24 October


11-20 October


A Christie’s auction of work from renowned artists including Mahmoud Said (the father of Modern Egyptian art), Paul Guiragossian and Chafic Abboud. Venue: Godolphin Ballroom at the Emirates Towers hotel

A feast of exceptional films to engage the local community, inspire filmmakers and nurture the growth of the region’s film industry. Venue: Emirates Palace VOX Cinemas, Marina Mall, Abu Dhabi 14 October to 13 November


Tropfest Arabia, the world’s largest short film festival, is part of this year’s Yasalam programme.

City-wide entertainment including major international musicans, Cinema by the Sea, Beats on the Beach, and the Yasalam Parade as well as Tropfest Arabia, the world’s largest short film festival. Venue: Live Across the City, Live On the Corniche, Live on Yas Island 14-18 October


One of the largest trade events on Dubai’s calendar, GITEX focuses on the ICT market and is just the place for picking up the latest gadgets. Venue: Dubai International Convention & Exhibition Centre 21-23 October


The 12th Forbes Global CEO conference will be held in Dubai. The first time this event will take place in the Middle East, it is attended by 400 global CEOs, tycoons, entrepreneurs, up-and-comers, capitalists and thought leaders. Venue: Madinat Jumeirah (to be confirmed)

Art on sale at this month’s Christie’s auction.

26 October


Gather friends and family to celebrate Eid with an Oriental brunch in Corniche All Day Dining. From 12:30pm until 4pm, feast on traditional delicacies including Ouzi and Shawarma for mains and Arabic sweets, Baklawa and Um Ali for dessert. A saxophonist will entertain with jazz and blues. AED 240 to AED 440 depending on beverage choice. For reservations, email or call 02 813 7777 Venue: Sofitel Abu Dhabi Corniche 30 October - 2 November


This year’s International Fine Food Festival focuses on gourmet fine food, high-quality ingredients, new products and flavours from the UAE and beyond. Timings 10am to 9pm. Telephone: +971 4 455 8653 Venue: Meydan Grand Stand


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NOVEMBER 2012 1-4 November

11-14 November


On track excitement as F1 drivers prove their mettle on one of the world’s most technologically advanced circuits. Off track buzz with entertainment, food and beverage, and driver autograph signings and Pit Lane walks. All F1 ticket holders have access to the three After Race Concerts at Yas Arena. Inject some F1 action into your calendar and book your Grand Prix tickets online at or call 800 YAS (927). Venue: Yas Marina Circuit, Abu Dhabi 1-4 November


Eminem and Kylie Minogue are going to rock Abu Dhabi this F1 season. The Aussie pop princess will perform on the first night of the Yasalam AfterRace Concerts, Friday 2 November. Canadian rockers Nickelback play Saturday 3 November while Eminem finishes up on Sunday 4 November. Venue: du Arena, Yas Island


The largest exhibition for the Middle East oil and gas industry, ADIPEC hosts over 1,500 exhibitions and attracts more than 45,000 oil and gas industry professionals to discuss and debate core industry issues. The theme for 2012 is ‘Meeting the Increasing Oil and Gas Demand through Innovation. Venue: Abu Dhabi National Exhibition Centre (ADNEC) 26-28 November


By 2013, 50 million people will be living in the GCC which makes tackling waste management a vital priority. Experts will gather to discuss sustainable waste management strategies for safeguarding economic development and protecting the environment. Venue: To be confirmed. 29 November to 1 December


Rugby action from 160 international teams and a ‘Rugby Rock’ concert to finish off. Tickets available from 1 October, priced from AED 240 to AED 33,000 for a corporate table for 10. Venue: The Sevens Stadium 6 November


The Middle East’s only elite trade exhibition for key players in the helicopter industry. The Helishow is the industry’s third largest exhibition in the world after Heli Expo-USA, and Helitech-UK. Exhibitors will display latest product offerings and developed technological solutions for use within the Commercial, Military, Air Medical and Rescue and Civil Defence sectors. Venue: The Grand Stand, Meydan Hotel, Meydan Racecourse, Dubai November


The first Polo Cup to ever be played in Abu Dhabi is taking place in the Emirates Palace Gardens in November. The Coutts team Abu Dhabi is looking to take on the cream of international polo talent representing London, Milan, and Buenos Aires in the new tournament. Venue: Emirates Palace Gardens, Abu Dhabi



The second Eid celebration for 2012 is expected to begin on Friday, 26 October, pending official sighting of the new moon. 15 November


Islamic New Year marks the migration of Prophet Mohammad (PBUH) and his followers from Mecca to Medina. 2 December


Celebrate the UAE’s National Day. The UAE was formed on 2 December, 1971, when the UK’s treaty expired and the separate sheikdoms formed an independent union. At first the UAE was a federation of six emirates - Abu Dhabi, Dubai, Umm Al Quwain, Sharjah, Fujairah and Ajman. The emirate of Ras Al Khaimah joined a year later.

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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… DUBAI VIP RACKS UP AED 9.4 MILLION IN TRAFFIC FINES

In just 18 months, a Dubai VIP piled up 12,740 traffic offences, a mounting to a staggering AED 9.39 million in fines. The VIP, whose identity was not revealed, racked up the fines in a range of his own vehicles. The information was released in September by Dubai’s traffic police. This gent was one of 33 VIPs who had committed a total of 21,148 offences and accumulated AED 14.3 million in fines. Dubai’s Chief of Traffic Police, Major General Mohammed Al Zafin, said, “No one, whoever he is, is exempt from paying traffic fines unless there is a rightful objection.”


The release of iPhone 5 in September and the announcement that Facebook will have an app built into the operating system of Apple’s latest iPhone model, saw Facebook’s stock price close at $20.93. This resulted in Mark Zuckerberg’s net worth rising by 7.7 per cent to reach $10.7 billion. Zuckerberg’s net worth increased by an estimated $1.79 million per minute during the trading session for 12 September 2012.


Arguably the world’s most famous rally, attracting the world’s most desirable, expensive and unique cars, the Gumball rally is coming to the Middle East for the first time ever and the UAE has been chosen to host the first global series of Luxury Tours (LUX). The UAE’s LUX Tour will be launched at the Burj Khalifa on 1 November. The next day participants will embark on a two-day tour across the Emirates, ending on 4 November at the 2012 Formula 1 Etihad Airways Abu Dhabi Grand Prix.

ABOUT THE RICH BY THE RICH What rich people themselves say about being rich.


One of the most important motor car finds of the past decade, this 1928 Mercedes-Benz ‘S’ Type Sports Tourer, sold for £2,801,500 (AED 16.6 million) to an anonymous bidder at the recent Bonhams Goodwood Revival in September. The extraordinary unrestored ‘S’ Type Mercedes had lay hidden in a garage for six decades. Almost without precedent for motor cars of its age and type, the dark battleship grey ‘S’ Type was owned by the same family from new and had never been restored, retaining its original blue leather upholstery in its entirety.

“There are people who have money and people who are rich.” Coco Chanel, French fashion designer and founder of the Chanel brand.

“Being the richest man in the cemetery doesn’t matter to me… going to bed at night saying we have done something wonderful… that’s what matters to me.” Steve Jobs, Cofounder of Apple

“Riches do not exhilarate us so much with their possession as they torment us with their loss.” Epicurus, an ancient Greek philosopher from 300BC

“The rich are always going to say, ‘just give us more money and we’ll go out and spend more then it will all trickle down to the rest of you’. But that has not worked the last 10 years and I hope the American public is catching on.” Investor Warren Buffett, second richest person in the world behind Bill Gates.


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WEALTH Oct-Nov 2012  

In this issue of Wealth: How to be a winner - It’s not about talent; it’s about mastering stress. A life's worth - the varied monetary value...