The Monocle Minute

Whether they’re for coffee growers or the makers of adult entertainment, trade fairs are always fascinating because they give you a snapshot not only of an industry but also of the economy, of sentiment and of shifting tastes in anything from latte art to revealing lingerie. That’s why Mipim, the world’s leading property trade fair, which concludes today in Cannes, has been so interesting. When people booked their tickets for it some weeks ago, they were feeling perky: interest rates had fallen and money was getting cheaper, so what could possibly go wrong? Well, the change of administration in the US has ensured not calm but the continuation of an annoying theme: the certainty of uncertainty. It has also changed how some attendees talk about what they do.

After an interview at the Monocle Radio booth, one green-tech investor told us that his company had scrubbed its website to remove any mention of ESG (environmental, social and governance) commitments, let alone climate change or emissions. “If we are trying to raise money from institutional investors – a pension fund in New York, say – they won’t touch you if they see such words,” he said. “We are green-hushing.” Faisal Butt, the founder of Pi Labs, a prop-tech venture-capital business, said that even the clean-energy-focused start-ups that he is investing in are now favouring language that highlights returns on investment.

The spectre of Donald Trump was everywhere (perhaps finding it hard to locate the exit in the labyrinthine Palais des Festivals). How many building projects would be delayed in the US if the steel price were to shoot up? Would there be a property boom for car-plant builders? Would people have to use materials in more innovative and resourceful ways?

Yet people were still optimistic. European players and leaders will carry on regardless. Our Saudi radio guests were still happy to talk about their ESG commitments. We also interviewed members of a team connected to a new city being built west of Kyiv, Vlasne Misto, who were equally unfazed by the headlines and believed that their country would be booming within a year. (They had found investors who thought the same too.)

Property people got through the coronavirus pandemic thanks to their ability to look to the horizon, hold tight and regroup. It’s a lesson for anyone rattled by a few weeks of turmoil. Build for the long term and things will be OK.

Andrew Tuck is Monocle’s editor in chief. For more opinion, analysis and insight, subscribe to Monocle today.

Across the Arab world, TV dramas known as musalsalat have become almost as much a part of Ramadan as the tradition of breaking the daily fast with a succulent date (writes Mary Fitzgerald). Every year, new series are released and served up as a nightly digestif after iftar. The most popular shows have included heady romances, period dramas and slapstick comedy, and these remain stalwart genres. However, a recent wave of groundbreaking programmes has shown that series dealing with more sensitive topics – including marital breakdown, social inequality and women’s role in society – can also be popular. This year, Um 44, a drama about women in their forties, has been a big hit.

Controversy, of course, comes with the territory – as does the ire of conservative clerics and governments. This year there has been heated debate over Muawiya, the most expensive Arabic-language soap ever produced, with a budget that was reportedly as high as €92m. Broadcast by Saudi Arabia-owned network MBC, it’s a swashbuckling epic about the founder of the seventh-century Umayyad dynasty, a polarising figure among Shia Muslims. It has been banned in Iraq over fears that it could stoke sectarian tensions, while clerics at Al-Azhar University in Cairo have criticised it for depicting companions of Muhammad. Despite all of this, advertisers have been scrambling for the best slots, knowing that they can reach a captive audience. Meanwhile, though there are still two weeks of Ramadan to go, film-makers and producers are already starting to cook up next year’s frothy romances and scandalous dramas.

The fashion industry’s big executive reshuffle continues (writes Natalie Theodosi). On Thursday, Donatella Versace announced that she will step down from the brand that her brother founded in the 1970s and pass the baton to Miu Miu veteran Dario Vitale. Later that day, Gucci made even bigger headlines by naming Demna – the mononymic designer who has been at the creative helm of Balenciaga for the past decade – as its new creative director. This came as a surprise to most people in the fashion industry, who had expected former Celine designer Hedi Slimane to take the reins at the Italian house.

“Demna’s creative power is exactly what Gucci needs,” said François-Henri Pinault, the CEO and chairman of Kering, which owns the brand. The Georgian-born designer is widely known as an industry provocateur, with a flair for irony, distorting silhouettes and questioning conventional beauty standards. Following a controversial holiday campaign for Balenciaga, he has become a somewhat divisive figure but his new post at Gucci offers an opportunity to start afresh – provided that he is ready to take a step back from the now-familiar styling tricks that he often resorted to at Balenciaga and start working in a new design language.

French railway operator SNCF and train manufacturer Alstom have unveiled the redesigned interiors of the TGV M, which is set for a 2026 debut (writes Simon Bouvier). The most significant addition is its double-decker café car, with a lower level stacked with self-service fridges and a 28-seat dining car above. For all the pride that SNCF takes in this new “convivial” set-up, however, is there really any appeal in the prospect of microwaving your own croque-monsieur – especially when you consider the precarious climb up the narrow stairs that follows, platter in hand?

Fortunately, SNCF has listened to its customers when it comes to the glaring overhead lights onboard. The train’s lighting now automatically dims to 50 per cent of its full intensity while on the move. There’s good news too for those who have a penchant for TGV’s classic table lamps, which rightly have a cult following: they have been given a sunny lick of yellow paint by Japanese design firm AREP. We’re on board with that.

We live in a crowded world but in property and construction there’s still room to reimagine things from the ground up. For Monocle’s March Issue, we asked 25 professionals from across the sector – from architects to asset managers and property developers – about where they think the big opportunities lie this year. Here are a few of their responses.

1. Tosin Oshinowo, architect and founder, Oshinowo Studio, Lagos
   “Growing up in Lagos, I’ve seen a growing property market that is maturing but doesn’t yet use data enough to understand the needs of its residents. Lagos has a saturated luxury industry. These exceptional-looking properties are incredible but there isn’t enough spending power in the market for this sort of product. What the data shows is that there’s a need to develop appropriate housing for the burgeoning middle class. There are lots of people moving to Lagos who aren’t just looking for a standard two- or three-bedroom apartment. They want to live together and benefit from sharing communal spaces. Lagos has the potential to be a blueprint for urbanism that doesn’t just copy the Global North.”

2. Fang Low, CEO of Figment, Singapore
   “The demand for co-living will continue to climb. The rise of remote and transnational working arrangements has deepened people’s desire to connect with like-minded individuals while still feeling at home. Incorporating art, design and culture into co-living spaces can help residents to feel rooted and inspired. They are no longer just looking for a place to live – they want to belong.”

3. Rana Amirtahmasebi, founder, Eparque Urban Strategies, New York
   “I’m concerned about sites of cultural production disappearing from our cities. The first thing we need to do is integrate the arts into mixed-use developments: warehouses, factories and shops that can be repurposed as cultural hubs, including for use as galleries or performance spaces. Developing flexible, multifunctional spaces such as these can attract artists as well as the broader community.”

For more insights, opinions and analysis, pick up a copy of Monocle’s March issue today.

We are on the ground in Cannes for the global urban festival Mipim, where we speak with mayors from around the world who are looking to stoke interest in their cities.