Latest from Khaleej Times
Khaleej Times
14 minutes ago
- Business
- Khaleej Times
'Now I know how to plan': Sharjah women learn budgeting, saving through new initiative
NAMA Women Advancement has launched a financial literacy programme across Sharjah to help women build essential money management skills and take greater control of their financial futures. Nearly 200 women from Sharjah city, Kalba, Dibba Al Hisn, and Al Madam took part in the initiative, which provided practical training in budgeting, saving, and spending. Led by financial consultant Salah Al Halyan, the sessions aimed to equip women with tools to apply financial concepts to daily life such as creating monthly budgets or evaluating the risks of borrowing. Mariam Al Naqbi, a participant from Al Madam, began discussing savings habits with her children at the dinner table after completing the course. 'Money used to feel stressful,' she said. 'Now it feels like something I can plan and manage.' In Kalba, Latifa Al Mulla said the programme gave her a clearer picture of her monthly expenses. 'I used to feel overwhelmed. Now I know where the money goes, and I can make better choices.' For some, the programme opened new doors. One participant from Dibba Al Hisn said she had long put off starting a small business due to financial uncertainty. 'I used to think finance was too complex. But now I know how to plan and begin with what I already have.' The programme targets women at different stages of their professional and family lives and reflects NAMA's broader efforts to build long-term economic resilience through financial understanding. While focused on individual experiences, the initiative also aligns with national goals. According to the UAE Ministry of Finance, women now make up 54.7 per cent of federal financial sector employees and hold 42.8 per cent of leadership roles. Emirati women also account for over 75 per cent of the overall workforce in finance, with young women representing 78.12 per cent of youth in the sector. Under the leadership of Sheikha Jawaher bint Mohammed Al Qasimi, Chairperson of NAMA, the organisation continues to invest in initiatives that build women's capacity to actively participate in and lead the UAE's economic development. Participants have already begun applying what they've learned, drafting savings plans and managing their household budgets more carefully. For many, the programme has marked a turning point in how they think about and use money.
Khaleej Times
21 minutes ago
- Entertainment
- Khaleej Times
Inside UAE's luxury resale boom: How secondhand buying is redefining fashion
Tucked inside a high-rise in Al Barsha, a world away from Dubai's mega malls, The Luxury Closet's showroom sits quietly on the ninth floor of the API Trio Tower. No velvet ropes, no flash. Just soft lighting, mirrored displays, and rows of glass shelves holding thousands of dirhams' worth of pre-owned designer pieces — all waiting for a second life. Fresh arrivals include a blue Prada Saffiano Lux Boston bag listed at Dh 3,739 and a pair of yellow Prada crystal-embellished satin slides (size 37) for Dh 2,852 — both in near-pristine condition. For collectors on the higher end of fine jewellery, there's a pair of Tiffany & Co. platinum diamond drop earrings going for Dh 107,994. Every piece is authenticated in-house by experts — no outsourcing. That includes checking serial numbers, materials, and even hardware under magnification. It's a multi-step process backed by a lifetime authenticity guarantee, part of what has made the platform a go-to for serious resale buyers across the UAE. These pieces don't just sit on shelves — they flood social feeds. TikTok is full of young Dubai-based shoppers obsessing over resale hauls, viral 'celebrity closet' drops, and flash pop-ups at Dubai Mall. The hype isn't limited to The Luxury Closet: Vestiaire Collective is building serious traction among regional shoppers with its digital-only model, and Grand Prestige Dubai — a favourite among tourists — regularly features rare Birkins and collectible timepieces. Among them: a Hermès Birkin 30 Matte Niloticus Blanc Himalaya, once listed for Dh616,000 and now sold out — a flex even by Dubai standards. Globally, luxury isn't slowing down — it's just evolving. The 23rd edition of Bain & Company's Luxury Study released with Fondazione Altagamma, an Italian trade group representing fashion, jewellery, design, food, autos, and hospitality, estimates global luxury spending hit a record €1.48 trillion in 2024. But the real momentum is in resale. According to the Luxury in Transition report, the second-hand market reached €48 billion last year, outpacing the growth of new luxury for the first time. It's no longer just for vintage obsessives — brands like Gucci and Valentino now offer buy-back programmes and collaborate with resale platforms to meet shifting demand. Bain also notes that second-hand is increasingly a gateway to luxury for aspirational consumers. And that gateway is widening. The consultancy projects total luxury spend, which includes goods and experiences, will grow to €2–2.5 trillion by 2030. The GCC is outpacing the global curve. Chalhoub Group's 2024 GCC Personal Luxury Report found the regional luxury market hit $12.8 billion last year, growing 6 per cent — despite a 2 per cent global dip. The UAE alone accounts for 56 per cent of that spend, fuelled by high local demand, tourism, and early digital adoption. Dubai remains the luxury capital of the region, fuelled by robust tourism. Since 2023, Dubai Mall has held the title of the most visited place on earth. The UAE ranks No. 1 across all luxury categories and saw growth across the board, according to Chalhoub Group. Despite its clear dominance in the luxury market, there's no official resale figure for the UAE, a conservative estimate puts it around $341 million in 2025 — based on KD Market Insights' 2024 GCC resale valuation of $618.5 million. If the UAE maintains its 56 per cent luxury share and grows at 10 per cent annually, the math holds. Transparency Market Research expects the wider Middle East resale market to hit $3.5 billion by 2035. 'The luxury sector in our region continues to demonstrate resilience and adaptability despite global economic challenges,' said Mo Shadman, director of intelligence at Chalhoub Group. That momentum isn't just boosting new store openings; it's also giving resale room to thrive. As shoppers seek pieces with a story and rarity, the line between new and second-hand is starting to blur. Nowhere is that shift more visible than among younger buyers. For Gen Z and millennials, luxury isn't just about logos — it's about meaning. A bag with history. A pair of shoes with a past. TikTok has turned resale into both a hunt and a status symbol, where every piece comes with backstory and bragging rights. It's not just about saving money — it's about buying smarter. There is a growing appetite for high-value purchases that feel personal, expressive, and emotionally resonant. Sustainability is part of that story. In a recent campaign with Dubai-based resale platform Gemaee, crypto influencer Kamila Zakirova called fashion 'one of the most important places to give second chances'. That sentiment echoes a broader shift in consumer values: buy better, buy less, and keep things in circulation. If retailers produced one fewer item for every second-hand purchase, global apparel production could drop nearly eight per cent by 2027, according to a ThredUp report. Few tap into the spirit of this resale renaissance better than Emily Abraham, the so-called 'Birkin Queen' and co-founder of Love Luxury. Operating between Dubai and London, Abraham and her husband, Adam, have built a high-trust resale brand driven by sharp authentication, blunt expertise, and viral social reach — with 3.8 million followers and more than 149 million likes on TikTok. In a pinned video filmed in Dubai, Abraham calmly appraises a client's Himalayan Salt Birkin with diamond hardware, quoting it at Dh1.6 million with the kind of quick authority that keeps viewers hooked. It's luxury with context, backed by proof — and exactly what today's second-hand shoppers are after. 'This next phase will be driven by rising consumer expectations, generational shifts, and a stronger desire for emotional connection, storytelling, and curated experiences,' said Shadman. That helps explain why minimalist, niche brands like Jil Sander and Maison Margiela — both of which recently opened flagships in Mall of the Emirates — are winning over younger shoppers. Their aesthetic is quiet, conceptual, and logo-light — a sharp contrast to legacy flash. For younger buyers, these labels — like resale — offer identity over status. Changing shopper habits are also being reflected in how luxury is delivered — not just what's being sold, but how it's discovered. As shoppers demand more curated, convenient shopping experiences, both resale platforms and brands are adapting. Denis Yurchenko, founder and CEO of AI and R&D Dubai-based company MTLAB, noted in his Q1 2025 retail outlook that challenges such as returns and real-time inventory are prompting brands to reassess how physical retail operates in the Gulf. His team's AI-powered system, DAVE, utilises virtual try-ons, in-store chatbots, and proximity-based offers to make luxury feel both personal and seamless — tools that could easily be extended to resale pop-ups. ' We are creating a new way to shop,' he said. ' You usually spend around two or three hours just to find your size, your colour, your budget, and guess if it fits or not, and so on,' Yurchenko said about MTLAB, which is set to launch in September. He explained, you can ask the AI chat for an outfit for a specific occasion, with your preferred colour and size and it will list you all relevant options. ' You can buy it in the chat. So, basically instead of two hours, you could buy it in less than one minute.' Using virtual try-ons to improve sizing accuracy, Yurchenko says his team has managed to cut return rates in half — a big deal for an industry where fit issues drive most returns. But what really sets them apart is conversion. 'Usual conversion for the marketplace is around 3 per cent,' he said. 'Ours is 18 per cent… we don't just show you the product — we talk about it, create content around it,' he added. ' We make business a lot of businesses.' Yurchenko, who tracks regional fashion trends, estimates the UAE's resale fashion market is now worth around $830 million — and growing at 20 per cent annually through 2025. Resale platforms and consignment boutiques are making high-end pieces more accessible to younger shoppers, while nudging the industry toward circular fashion. 'The new generation doesn't see reselling as shameful or reserved for big budgets anymore,' he said. 'Gen-Z and young millennials will control up to 60 per cent of all e-commerce shopping in two years. So you could call 60 per cent a niche, but I think it's a trend,' Yurchenko said. That shift in generational buying power is happening alongside a broader economic tailwind. In Q4 2024, consumer confidence across the GCC surged — with 97 per cent of shoppers saying they planned to maintain or increase their spending, according to Chalhoub Group. Over 6,700 high-net-worth individuals moved to the UAE last year, drawn by safety, tax advantages, and economic stability. Russians remained the top luxury spenders, and online platforms like Ounass and Farfetch saw sales climb 13 per cent year-on-year — far outpacing the global average. According to Chalhoub Group, the GCC's outlook remains bullish... beating the global average. And yet, in a city built on spectacle and the allure of the new, it's not the flashiest item turning heads — it's a slightly worn Birkin with a backstory. In quiet showrooms and endless scrolls, Gulf luxury is shifting — not just getting louder, but more layered.
Khaleej Times
21 minutes ago
- Business
- Khaleej Times
Smart tips, must-buy deals: How to shop at Dubai Summer Surprises like a pro
Sales shopping is absolutely on trend this season. Not only does the Dubai Summer Surprises (DSS) mascot Modesh dress exclusively in this season's hottest hue, yellow, but years of price increases at luxury brands have started to result in consumers laying down their credit cards and refusing to kowtow to escalating price tags. Last month, Chanel announced a 4.3 per cent fall in sales, its first decline since 2020, a period that also the saw the price of its iconic Classic Flap Bag almost double in price. A Medium Chanel Classic Flap Bag now costs approximately Dh42,720, up from around Dhs18,000 in 2016. Similar revenue declines have been seen across legacy luxury brands, with Louis Vuitton and Dior owner LVMH reporting a five per cent drop in sales of fashion and leather goods in the first quarter of 2025. Admittedly, Dubai and the wider GCC are bucking this trend. Chalhoub Group reported luxury fashion sales across the region have increased 11 per cent in the first three months of 2025, far outpacing global performance. But in a region where shopping is a national sport, particularly in the summer months when airconditioned malls offer welcome respite from the heat, we are wired to hunt down the best bargains, not at any cost, but at the chicest cost. However, with discounts of up to 90 per cent promised across DSS, which kicks off next weekend on June 27, it can be tempting to snap up ill-considered styles, just because the price drop is so steep. So, because girl math can quickly spiral when faced with a slashed-to-the-navel price tag, here are my rules for a successful DSS shopping spree. PREP YOUR WISH LIST If you wouldn't pay full price, it's not a bargain. Create wish lists in your favourite stores' websites throughout the season, adding only pieces you would pay full price for (were it not for school fees, rent, kids' activities etc devouring your budget). Then, when discounts are applied, you can easily identify the styles that deserve a share of your wallet. You'll also be alerted if a sold-out piece in your size comes back into stock. It might be 80 per cent off. Likewise, become WhatsApp friends with shop floor sales associates. Dubai's high-end stores offer exemplary customer service and staff will often be happy to send you a message when items you love go on sale. BUY BETTER… Buy less, buy better is a mantra often repeated, yet hard to stick to in the proliferation of disposable fast fashion, tempting social media ads, and price polarisation as the cheap gets cheaper — even in the face of tariffs — and the expensive gets even more out of reach (to wit, the Chanel Flap Bag mentioned above). Don't use sale periods as your chance to stock up on arm loads of already cheap clothes that won't bring you lasting joy. Instead, one or two incredible, well-made, thoughtful pieces that you'll wear, love and feel special in, from brands you wouldn't normally be able to afford, is the goal. No Labubu required. … AND BUTTER (YELLOW) One trend I will be buying into on sale is a fashion secret long known by the face of DSS. Yellow. Modesh has been wearing it since 1997. Notoriously tricky to get right, leave acid brights to cartoon characters such as Modesh, his sidekick Dana, SpongeBob et al. A soft, creamy butter shade that recalls dappled sunlight offers a contemporary take on summer pastels. If you are drawn to a bright yellow, I like it for an unexpected twist on formalwear, such as the Roksanda taffeta dress shown here. Like a magpie, I am without fail drawn to the glamorous allure of evening wear, and because of its higher starting price tag, DSS discounts appear even more tempting. Ironically, I also resent leaving the house after 7pm. A dichotomy that leaves me with a wardrobe full of (heavily discounted) gowns and little opportunity to wear them. If you too are tempted by evening wear, look for timeless silhouettes with a contemporary twist and a classic palette that will be relevant five, 10 years from now. Try Turkish brand The New Arrivals by İlkyaz Özel, and Lebanese brand Monot. And if you'd rather spend your evenings with Netflix and Deliveroo, invest in a pair of luxe Eberjey PJs instead. GOOD JEANS Denim is the trend that never dies. Pre-sale, identify your dream denim brand, fit and finish and strike when the price gets reduced. Department stores such as Harvey Nichols, Bloomingdale's and That Concept Store offer a broad range of brands under one roof to compare and contrast. Area's party jeans — with crystal-trimmed cut-outs — are brilliant, but expensive. For everyday denim, I rate Agolde and L'Agence for classic straight-leg fits, and Citizens of Humanity for a more directional horseshoe leg. A touch of stretch and a lightweight fabric is far more suited to a UAE summer than rigid, heavyweight denim. Finally, the reason celebs look so good in their jeans? Tailoring. A department store will do this for you or you can visit your local tailor. Most of my purchases are finessed by Hazel and her team at Thread Up on Wasl Road. WHAT WOULD J-LO DO? As a woman in my mid-40s I see a big divide among women my age as we approach middle age. Like our mums before us, we inexorably revert to high street heavyweights, such as Marks and Spencer and Next, with their elastic waistbands, crease-free fabrics and stain-concealing prints. I have nothing against M&S and Next, per se (the sheets and underwear are really good), but we have so much more choice than our mothers. My yardstick is 55-year-old Jennifer Lopez; if I can't imagine her wearing it, I'll pass. In the UK, disruptor brands such as Me + Em and Holland Cooper have quietly moved the dial around how women over 40 'should' dress, combining the practicality of an M&S staple with sleek styling that feels elegant and expensive. I also rate Next-owned Reiss's Atelier line, which launched two years ago and bridges high street and designer. The fabrics are unparalleled, and come with a price-tag to match. I'll be stocking up when they go on sale this summer. Race you to the 'Alex' utility jacket.
Khaleej Times
21 minutes ago
- Business
- Khaleej Times
How Bitcoin is changing from a volatile gamble to foundation for wealth-building
The crypto markets have been a bit shaky lately, thanks to even more geopolitical uncertainty. But what I haven't seen before — and what's been filling me with a new sense of pride and wonder — is Bitcoin holding steady. Really steady. In my short time exploring this space, that kind of stability is unheard of. Of course, it could crash by the time this is published, which got me thinking about one of the most common fears people who don't understand Bitcoin still cling to: 'What if it goes to zero?' However, it's a fear I no longer have. Let's rewind. I like to look up older prices of Bitcoin in times of uncertainty. But the prices can't be too old, or I start feeling sorry for myself that it took me so long to start investing. (Imagine buying Bitcoin on February 21, 2014, when it bottomed at $111.60 after the Mt Gox crypto exchange went bankrupt.) Eighteen months ago, Bitcoin was around $42,000 — up dramatically from $25,000 in September 2023. All it takes is a quick glance at the charts to see how dramatically Bitcoin has outperformed other, more traditional investing avenues like the S&P or gold, since its inception in 2009. And lately, it's starting to feel — dare I say — much less volatile, too. For those of us paying attention, that's a big deal. Because what happens when the asset once criticised for its volatility is no longer volatile — just as everyone from Pakistan to the US company GameStop wants it? Michael Saylor, co-founder of MicroStrategy, now Strategy, which is one of the world's biggest Bitcoin holders, said it plainly in a Bloomberg interview this month: 'Winter is not coming back. We're past that phase. If Bitcoin's not going to zero, it's going to $1 million.' His confidence rests on the core principles of Bitcoin, which include scarcity, immutability and resistance to inflation, along with steadily growing demand. More nations are signalling openness to Bitcoin and companies across the globe are adding it to their balance sheets. I didn't really expect this kind of shift. Like many others, I was just curious and figured I'd just sell some to capitalise if the value went up. But starting in summer 2024, I noticed the smartest-seeming people in this space started announcing: they have no plans to sell their Bitcoin. Ever. (To quote Saylor's February post on X: 'Sell a kidney if you must; but keep the Bitcoin.') But how can you use it, I wondered? The answer to that question is becoming obvious. There's an entire financial ecosystem developing around Bitcoin — one where you can benefit from ownership, and its potential growth, without ever having to let go of it. That part takes some mental rewiring, too. You have to forget everything you think you know about finance. I won't pretend to grasp all the technical stuff, but there are a few practical ways people are using their Bitcoin — and they actually make a lot of sense. One is crypto-backed loans. You use your Bitcoin as collateral to get a loan in regular money (or stablecoins), so you can cover expenses or invest while still holding on to your BTC. When you pay back the loan with interest, your Bitcoin is returned to you. It's a simple idea, and platforms like Strike and Milo in the US are already offering these tools. The interest rates will seem very high, but given BTC's forecasted growth, this is no payday loan scheme. I recently heard John Vasquez, a trusted US crypto voice, talking about borrowing at 14 per cent to fund a cash-flow business. He expected to pay it off in 10 months — and felt confident doing it. Then there are people like Mark Moss, founder of Market Disruptors, who spoke at Bitcoin Mena in Abu Dhabi last year. He's built an entire five-year retirement strategy for mere mortals around Bitcoin loans. His theory? Accumulate Bitcoin, borrow against it as it grows and skip tax events by never selling — keeping the principal intact. Some are using these loans to buy real estate or invest in other assets. Others are covering their living costs while their Bitcoin (hopefully) continues to appreciate. Of course, if the market drops, there's always the risk of liquidation, which is scary. Another method that's catching on: earning passive income by depositing Bitcoin on reputable platforms, where it functions like an interest-bearing account. These platforms lend your BTC to institutional borrowers and pay you a portion of the interest. (Just like a bank would with regular money) Sounds good in theory — but it does mean leaving your crypto on an exchange, which many in the space advise against. I'm still figuring that one out. For those who want to ease in, there are crypto-linked debit and credit cards, which let you borrow against your Bitcoin and pay off the balance monthly — just like a regular credit card. I have my eye on that option, although I don't see it yet in the UAE. One product I can see myself using: the new Bitcoin Rewards Credit Card, launching in the US this autumn. It's a partnership between Coin base and American Express, offering four per cent back in Bitcoin on every purchase. Bitcoin as the new air miles? On that one, when I can get it, I'm all in. Bitcoin might still feel fringe or futuristic, but what's clear to me is this: the ecosystem is growing, the tools are evolving, and the more I learn, the more I want to know.
Khaleej Times
21 minutes ago
- Business
- Khaleej Times
Restaurant Review: How BOCA in DIFC champions sustainable fine dining
Picture, if you will, a vision born in 2012, when DIFC's gleaming towers were still finding their culinary soul, and sustainability was more a whisper than a movement. But who would dare to plant the seeds of conscious dining in Dubai's financial heartland before it became fashionable? The answer lies in understanding Omar Shihab's extraordinary genius for seeing tomorrow's necessity in today's opportunity beyond the expectant DIFC bling. What transforms a technology research director into the Middle East's most influential sustainability champion? Perhaps it's the kind of intellectual curiosity that bridges disciplines, from analysing market intelligence at IDC to reimagining restaurant operations through environmental science. Shihab's journey from Management Information Systems graduate to The World's 50 Best Restaurants Mena Icon Award 2025 winner reads like prescient understanding of where hospitality needed to evolve. Step into BOCA today, and witness something still quite remarkable. The transformation from pioneering experiment to beloved institution feels both inevitable and miraculous. How does one maintain revolutionary edge whilst becoming the comfortable slipper that everyone loves? The answer seems to lie in Shihab's unwavering commitment to principles rather than trends. Some might think extraordinary, but honestly supremely deserved, is the MICHELIN Green Star achievement that positions BOCA as sustainability's gold standard — with 100 per cent renewable energy from Mohammed bin Rashid Al Maktoum Solar Park, as well as, local and regional sourcing mandated across the value chain. Cross-training programmes and climate emergency briefings for staff. Who else conducts the first carbon emission calculations for a restaurant in the Middle East whilst maintaining gastronomic excellence? Let me know. Chef Patricia Roig's Mediterranean cuisine achieves harmony with Shihab's sustainability vision; modern Spanish techniques meet locally-sourced UAE ingredients in combinations that shouldn't work but absolutely sing. The menu careers joyfully around the Mediterranean whilst remaining rooted in Emirati soil, somewhat a culinary paradox that somehow makes perfect sense. The 40+ team members from 18 nationalities, with 90 per cent women in top leadership roles, creates energy that transcends typical restaurant dynamics. It's rare beyond that we encounter establishments where diversity becomes strength and sustainability becomes signature rather than supplement. BOCA succeeds because it answers fundamental questions about restaurant evolution: can establishments lead industries rather than follow trends? Shihab has created something genuinely transformative, a space where environmental consciousness enhances rather than compromises culinary excellence. The comfortable slipper metaphor isn't diminishment, who throws them away ever, it's the highest praise for an institution that's become indispensable to DIFC's identity.
