MONDAY, JUNE 8, 2015 BUSINESS

KUWAIT: Ravallela Carnivalli speaks as General Manager of Peroia Design Co Basil Ashqar looks on. : The leading decor contracting company in Kuwait Peroia Design officials announcing its rep- — Photos by Joseph Shagra resentation of Modou Milan in Kuwait at a press conference yesterday. Peroia Design to represent Modou Milan in Kuwait ‘Kuwait the fastest growing market in GCC for interior design

KUWAIT: The leading decor contracting compa- value to any work handled in different engineer- forward to further expansion within the promis- ny in Kuwait - Peroia Design -yesterday ing fields. ing local market to which all indicators point a announced its representation of Modou Milan in “The interior design market in Kuwait - one prospective growth. Proof of this lies within the Modou Milan to reflect Kuwait, by far the most prestigious company in of the most promising markets for the next five heart of the capital, which is considered the engineering and interior design located in Italy, years - presses a major challenge for competi- most attractive regions of the State of Kuwait a blend of Arab-Italian with head offices in both and Abu Dhabi tors to generate the greatest possible profits, for interior design with a total sales space of and now in Kuwait. with an estimated total area in the market of approximately 24 percent of the total Kuwaiti culture: Carnivalli Modou Milan company is one of the compa- about 3.1 million square meters distributed market. This also confirms the Kuwaiti govern- nies that made a quantum leap in the field of between all kinds of interior design market sec- ment’s direction towards transforming Kuwait By Faten Omar my Italian touch to every project I commit luxurious interior design, as it was able in recent tors such as offices , restaurants, schools, retail into a pivotal important financial center in the to and blend it with the tradition of their years to leave an outstanding imprint in interior stores, clinics, hospitals, sports and health clubs, region by 2030. KUWAIT: Dr Ravallela Carnivalli is an country to make them comfortable,” she design in the UAE. The firm is credited for under- etc ... in total, that space represents a total sales Ashqar concluded by stating that the interior entrepreneur who believed in the UAE’s said. taking most of the prominent projects in the value of nearly 290 million Kuwaiti dinars in the design market is one of the markets that are vision and invested in it. She is an art col- Modou Milan is set to open an office in Emirates, such as the Hilton hotel designs in dominated by technical elements, which gives it lector and the Chief PR Officer of Arab , and develop in . As the Masdar city in Abu Dhabi, as well as branches of the competitive advantage of distinguishing the Council (AFC). She holds an Managing Partner of her family-owned the Gucci brand, in addition to other projects in marks between different companies, and this is Economics and Business Administration businesses in Italy (Milan), UAE (Dubai the Behar market and Jumeirah Beach what Peroia Design Company seeks in its part- degree from the Statale University of and Abu Dhabi) and now Kuwait, Dr Residence, as well as some of the projects in the nership with a group of international companies. Milan as well as a degree in fashion from Al-Hamra Tower in Kuwait. Managing Partner at Modou Milan, Ravallela Mangoni Institute of Milan. General Manager of Peroia Design Co Basil Carnivalli said: “We believe in Modou Milano In conversation with the Kuwait Times Ashqar commented:”We are delighted to company that our partnership with the Peroia on the sidelines of the conference, announce this partnership that complements Design Co. will bring us the widespread expan- Carnivalli said that she began working in our expertise and services with that of Modou sion we require within the Kuwaiti market. It will the family business 15 years ago. “I started Milan company, with its large presence in the also contribute to strengthening our network by doing very normal things like cooking GCC. With Peroia Design’s pursuit to gain a with a wide range of clients, in light of the a meal for the people at office or making a greater share in the interior design market in expected growth of the enterprise market in the coffee before making it to management. Kuwait, which is the fastest growing in compari- GCC countries to $172 billion during the current In Italy, we believe we have to start from son with its neighboring countries, figures show year 2015.” scratch. Modou Milan is a family-owned that the value of interior design market in the KUWAIT: Basil Ashqar speaks during the Carnivalli also noted that Modou Milan com- company and the strategy was to shift GCC amounted to 7.35 billion dollars, Saudi press conference. pany has managed during the past years to from Milan to expand our business in the Arabia acquires 43 percent, and the UAE to 31 build their own elite reputation through the GCC countries. As a result, it began in KUWAIT: Ravallela Carnivalli during percent. next five years. “ Ashqar added. He explained implementation of projects exceeding customer Dubai about eight years ago,” she said. the interview. Ashqar pointed that Peroia Design has under- that the interior design market within the retail expectations on time and with such quality that “We do have some contracts as well for taken a number of different projects, fore-front- sector in the State of Kuwait accounts for about adheres to that of the seven stars criteria, assur- very prestigious projects like hotels. Carnivalli is the driving force behind ed by Al-Mutawa tourism and travel agencies, in 20 percent of total activity and sales for the ing that all the projects that have been imple- Kuwait has always been a place that I have Modou Milan, a premier Italian addition to a series of affiliated health and cos- coming period. mented vary between private and public sectors considered but as everybody can under- Architecture, Interior Design and procure- metic sector projects, yet most notably its Ashqar also noted that Peroia Designs and works have been executed by the Italian stand, you really cannot find a proper ment company and its joinery/fit-out restaurants projects. Ashqar highlighted the attracts many companies seeking innovative team of Modou Milan at the company’s head partner who is knowledgeable and pas- company, Modo Luxury. keenness of the Peroia Designs to provide added design with international standards, and looks office in the Emirate of Dubai. sionate enough to enter this kind of busi- The companies have a portfolio of ness, and it is very difficult to do so. The exclusive, prestigious and luxurious proj- first time I ventured into Kuwait’s market ects in Europe and all of GCC, namely: was via our office in Dubai when we hotels (currently working on Hilton India govt needs to act on designed restaurants and villas where we Masdar in Abu Dhabi), residential towers, worked either individually or with clients royal palaces, villas, corporate offices, pri- who came to visit us in Milan or Dubai.” vate resorts, commercial projects, luxury “We never really wanted to partner retail and F&B (both private and govern- reforms amid low inflation with any local company in order to devel- mental). op our business, but then I had the Modou Milan is the Design Consultant chance to meet Peroia Design, and we and Project Manager of Gucci (corporate started talking and now we are targeting office in Boulevard Tower, flagship bou- Asiya Capital Investments Report government projects, hotels, and the pri- tiques in HN and Bloomingdale in Dubai vate sector. Peroia Design knows what Mall and Mall of the Emirates); Bice By Camille Accad imports, credit and auto sales, receiv- than other products, a key indication dropped sharply - fueling annual they are doing since they have a lot of International, Meraas Holding, Marka ing a great deal of criticism, including that structural issues have not been inflation. Food prices will also face experience and I believe they will protect Group, Lababidi Holdings in Nigeria, etc. ast week’s developments from RBI Governor Raghuram Rajan. resolved. The Indian economy lacks upside pressure during the same my reputation when I give them my name Dr Carnivalli is a member of the Higher showed an Indian economy in Furthermore, statistical discrepancy adequate infrastructure, such as period, as India’s meteorological and my work,” she explained. Management of Arab Fashion Council Lgood shape with a positive out- has added 1.8 percentage points to roads and product storing facilities, department projects a second year Dr Carnivalli considers the Gulf her (AFC) a Dubai-based, London-registered look. The gross domestic product GDP growth in the first quarter. In causing supply constraints in the of weak rainfall. Finally, the US second home, “I feel really good here, non-profit organization that is: represent- (GDP) figure was released for the first terms of prices, the data is inconsis- food market and adding upward Federal Reserve is expected to hike maybe because I come from a family ing 22 Arab countries’ highest values in quarter of 2015, depicting a strength- tent between the wholesale (WPI) pressure to prices. rates sometime this year. This could which taught me the importance of fashion and style; positioning the Arab ening economy. Real GDP grew at a trigger outflows from emerging mar- knowing other cultures, religions, and tra- world on the international map of the robust rate of 7.5 percent YoY, a pick- kets like India, hurting the Indian ditions. This made me flexible enough to fashion industry; enlisting it in the worlds’ up from the previous quarter’s 6.6 rupee and creating another source live in Dubai and now Kuwait. In Dubai, fashion calendar; and letting fashion percent. In the same week, the of inflation. they call me “Our little Arab”. I always lend speak . Reserve Bank of India (RBI), the coun- Prime Minister Modi’s administra- try’s central bank, decided to cut tion faces a tough second half of rates by 25 basis points to 7.25 per- 2015. Sentiment was strong when cent. High inflation had been a long- the Bharatiya Janata Party (BJP) won, Thrifty consumers put brakes standing issue in India, but recent leading to a more than 30 percent data has shown a sharp moderation rally in the stock market. However, on Indonesia’s economy in price growth. It appears like the confidence fell this year, reflected in South Asian economy is one of the the Nifty’s -0.5 percent year-to-date JAKARTA: The Muslim fasting month is tradi- market, who are waiting impatiently for their few bright spots in today’s gloomy return as of June 2nd. Investments tionally a time of plenty in Indonesia: shoppers seasonal sales boom. “Last year was way better,” environment. need to take off, and this must be throng Jakarta’s markets snapping up gifts to says Meta, a chatty middle-aged woman who India’s GDP is one of the fastest facilitated by the government. Lower exchange at extravagant fast-breaking celebra- peers over a jumble of prayer mats and religious growing in the world, ranking in the inflation has allowed monetary poli- tions. But this year, Ramadan - which runs from robes in her basement stall, scanning the mar- top ten and outpacing China. cy to be loosened, setting the right mid-June - will be a more abstemious affair ket for customers. Her best hope now is that However, the data is misleading. In and consumer price (CPI) indices. WPI In the next few months, various environment for private investments. because widespread job losses, a spike in infla- business will pick up ahead of the Lebaran holi- January, India revised its GDP calcula- is in deflation while CPI is rising at a factors will contribute to a rise in However the authorities need to fast tion and lower earnings from commodities that day, which follows Ramadan. tion methodology, which pushed the stable pace. Furthermore, the decline inflation. Energy inflation is expected track some of the reforms, such as Indonesia sells to the world have crimped con- 2013-14 fiscal year growth rate from in WPI is mainly led by a fall in energy to pick up following the recent gains the streamlining of approval require- sumers’ purchasing power. CAUTIOUS SHOPPERS 4.7 percent to 6.9 percent and added prices, while energy prices are not in global oil prices. Furthermore, ments for projects. There is little time The unseasonable thriftiness of Indonesia’s But there is an abundance of evidence that 1.9 percentage points over the 2012- falling for consumers. The key com- compared to twelve months ago, left for the government to act before 250 million inhabitants - who between them shoppers in Southeast Asia’s largest economy 13 growth rate. These figures do not mon trend in wholesale and con- energy prices will look much higher the central bank is forced to halt the spend $500 billion a year on goods and services, remain cautious. Consumer lending has recov- match the trend of other indicators sumer prices is food. In both cases, in the second half of this year - the loosening process due to increasing about the same as Thais, Malaysians and ered a little after sinking to an eight-year low such as industrial output, CAPEX, food prices continued to grow faster period last year when the price of oil price pressures. Singaporeans combined - is another obstacle in last September, but is still only growing slowly. the way of President Joko Widodo’s promise to Sales of cars and motorbikes dropped by lift economic growth to 7 percent. 16.3 percent and 21.5 percent, respectively, in UK to unveil plans to clean up Because private consumption accounts for January-April from a year earlier, and in the first more than half of gross domestic product, even five months of 2015, sales-tax collection was a slight slowdown in spending has a big impact down 6.1 percent. Consumer prices rose by 7.15 markets hit by rigging scandals on overall growth. percent in May, the highest this year, as the cost Already growth has slipped to its most slug- of food staples such as rice and chilli leapt. This LONDON: Britain’s regulators will unveil plans that aim review, told Reuters. The review will focus on how to already working on. Wheatley said, for example, there gish pace since 2009, and consumption lan- means households have less to spend on other to clean up behavior in the financial markets, where raise standards of behavior among traders at banks, rec- was a need to determine more clearly when legitimate guished at a four-year low of 5 percent in the things. banks have been fined billions of pounds for trying to rig ommend tougher sanctions and give markets more hedging in markets becomes abusive “front-running,” first quarter as disposable incomes were “Overall this year, the trend for sales has currencies and interest rate benchmarks. detailed guidance on what are acceptable trading prac- where banks use information to trade on their own squeezed. To stimulate demand, the govern- been down,” said Fetty Kwartati, corporate sec- The Bank of England, Treasury and the Financial tices. Finance industry officials expect the review to take account ahead of customers. ment is considering raising the income tax retary of retail giant PT Mitra Adiperkasa Tbk, Conduct Authority will publish recommendations from on board some of their ideas, such as cracking down on Guidance is also expected on when it is acceptable to threshold and the central bank plans to relax which oversees big brands such as Zara, Marks their Fair and Effective Markets Review into conduct and traders known as “rolling bad apples,” making it harder pull out of a trade at the last minute in the currency mar- rules on lending, including mortgages and auto & Spencer and Starbucks. Satria Hamid, secre- operation of currency, bond and commodity markets. “It for a rogue trader to get a job unchallenged at another kets, a practice known as “last look.” loans. But, with inflation rising and the rupiah at tary-general of the national retailers’ associa- is going to say some quite significant things about what bank. Given the global nature of forex, commodity and a 17-year low versus the dollar, cutting interest tion, said sales during the holiday period usual- the scope of regulation should be for asset classes that Some expect a new independent body to help with bond markets, Wheatley said international backing rates isn’t an obvious remedy. ly account for 60-70 percent of the group’s historically have not been heavily regulated,” Martin providing guidelines on market practices and enforce a would be needed to make the review’s recommenda- Such measures would come too late anyway annual target, but this year retailers will do well Wheatley, FCA Chief Executive and co-chair of the new global code of conduct that central bankers are tions effective in practice. —Reuters for traders at Jakarta’s sprawling Tanah Abang to hit 40 percent. —Reuters