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HOW THE ‘RICH KIDS’ OF DUBAI ARE SPENDING THEIR FORTUNES

Dubai: In today’s era of Instagram, Facebook and social media, there’s an endless stream of posts flaunting wealth. But there’s at least one social media account that’s growing in popularity, and letting the underprivileged – those who can’t afford a Dh1,000-per-person afternoon tea at the world’s tallest tower – only swoon with envy. The ‘Rich Kids of Dubai’ on Instagram gives a glimpse into the glamourous lives of youngsters living in the UAE, who are flush with cash and parading their fortunes via Loubutins, Chanels, Ferraris or Lamborghinis, and exotic pets. “We feature Dubai’s most fabulous people! Dubai cars, Dubai fashion, Dubai property. The Dubai dream,” reads the brief description of the account. These privileged elite love to spend their day hanging out on a yacht or by the pool with a bottle of bubbly, shopping for the latest Chanel handbag or Loubutin heels, or sipping Versace tea at a posh restaurant. They could be driving their Lamborghini to a beach in Dubai, smoking a cigar at their balcony and marvelling the views of Burj Khalifa and Downtown Dubai.

PHILIPPINE CARRIER RESUMES FLIGHTS BETWEEN ABU DHABI, MANILA

Dubai: Philippine Airlines is resuming its nonstop flights between Abu Dhabi and Manila before the end of the year, the carrier confirmed recently. The flagship carrier said that effective October 31, its direct thrice weekly service will return in order to cope with increased demand. This after the airline announced in May 2017 the temporary suspension of its service on the route to pave way for “route assessment initiatives.” “Effective October 31, Philippine Airlines shall resume its nonstop thrice weekly service between Manila and Abu Dhabi after experiencing demand for flights on the route,” the airline said in a statement. The airline said it continues to operate flights every Tuesday, Thursday and Saturday: PR 656, which departs Manila at 11.45am and arrives in Abu Dhabi at 5.45pm and PR 657, which departs Abu Dhabi at 7.30pm and arrives in Manila t 8.50am the next day. The largest Filipino carrier serving the UAE market also announced that by the end of the year, passengers will enjoy business class seats. The bi-class service (business and economy) will be available across all the Middle East routes, “providing passengers on board amenities, free baggage allowance, comfort, convenience and inflight entertainment.”

VIDEO: FIRST REAL-WORLD TEST OF HYPERLOOP ONE

Dubai: Hyperloop One, the new mode of transport that is supposed to cut travel time between Dubai and Abu Dhabi is getting closer to reality. The company who is bringing the technology to the UAE announced on Wednesday that it has just completed the first full scale real-world test run. “We’re proud to announce the completion of the world’s first successful Hyperloop full systems test,” the transportation start-up said on Twitter. During the test that lasted a few seconds, the vehicle blast through a track at 70 miles per hour. The speed may still be slow compared to what has been advertised (more than 700 miles per hour), the company said the ground-breaking trial is still considered a milestone. “The sled shot off down the track, chased by the electromagnetic force from the stator. The wheel mounts rumbled along for a second, and then the rumbling stopped as the pod lifted off the track and glided for three seconds before coming to a halt on its own,” wrote Josh Giegel and Shervin Pishevar, co-founders of Hyperloop One in a blog post. The company completed the first test run in mid-May but only announced it this week. The trial was carried out in a vacuum environment at the company’s test track in Nevada.

EMIRATES BRUSHES ASIDE REPORTS OF ‘DOZENS’ OF LAYOFFS

Dubai: Emirates Airline continues to hire new employees and has no immediate plans of cutting back on its existing workforce, a spokesperson has said. The Dubai-based carrier, which operates flights to more than 150 destinations and 83 countries worldwide, also brushed aside reports on Tuesday that it is laying off “dozens” of its staff to streamline its operations. The airline, however, confirmed that it has cut back on recruitment of additional personnel, as it utilises existing human resources to maintain its operations. According to a report quoting unnamed sources, the Gulf carrier is letting go of “dozens” of its workers, including cabin crew, administration and IT personnel. The job cuts were reportedly implemented in the last few weeks and affected workers holding middle and upper-level positions. The career section of the airline’s website, however, showed a number of vacancies opening up in different departments in UAE. Newly opened roles include global contact centre manager, sous chef, stores and inventory control manager, IT senior support engineer, regional catering manager and technical manager, among others. “There is no change in staff turnover rates in the past weeks, and no programme to reduce headcount,” the airline said in a statement. “We continuously review all areas of our operations as part of good business practice, including department structures and roles. This is no different from previous years.” A spokesperson for Emirates said that as the airline prides itself in having a 103,000-strong workforce, the “dozens of employees” reported to be leaving the company over a few weeks is “nothing unusual.”

UAE’S INDUSTRIAL SECTOR NEEDS TO CATCH THEM YOUNG

UAE: Nearly every corner of the world is engaged in a long-standing debate over our young people: how do we ensure that our children are equipped to compete, contribute and thrive in the future? This is a perennial challenge, but one that is particularly acute as the global economy moves through the fourth industrial revolution. To have fruitful careers later on, children must find their niches in the global economy; they must train for the jobs of the future right now. Integrating industrials and manufacturing into today’s curricula is one way to give our children a leg-up. Just last year, the UAE announced a plan to attract $70 billion in industrial investments by 2025 and increase the share of the industrial sector to the GDP to 25 per cent, up from 16 per cent in 2016. As oil reserves dry up, industrials will represent an avenue of security and productivity for new generations, and we must retool our curricula to take advantage of every opportunity. The government of Abu Dhabi is already moving in this direction. Abu Dhabi Vision 2030 is a comprehensive agenda motivated by the desire to diversify the emirate’s economy, and in the process, create a workforce that will “move the economy up the value chain”, to increase economic competitiveness. Ensuring the future labour force is equipped for the market seems like a no-brainer, but the impact of having the right skills can have a major impact on national economic resilience. According to the International Labour Office (ILO), the well-being of a country significantly improves when the labour force makes even just small improvements in their skills. In a report entitled “G20 Training Strategy”, the ILO found that stronger, more relevant skills translate to greater innovation. This leads to investment in fixed capital and higher productivity across the country.

DUBAI LANDLORDS OFFER ‘FREE’ RENT, MULTI CHEQUES

Dubai: Landlords in Dubai aren’t just open to accepting multiple cheques and reducing lease rates, they are also offering rent-free periods just to attract tenants. Despite claims that the property sector is bottoming out or showing signs of recovery, overall rents across the emirate are still on decline. A slowdown in hiring and a sustained rise in the number of new apartments and villas continue to impact demand, prompting landlords to sweeten the deal. With fewer jobs, there are fewer people with money to pay for rent. Compounding the decline in demand is the increase in supply of new properties. Just this year alone, some 30,000 units are expected to be turned over to investors. So far, about a tenth of the number has already been delivered. As a result, according to Propertyfinder Group’s UAE Real Estate Trends 2017 report, Dubai residents have gained more negotiating power when it comes to dealing with landlords. “New tenants and their brokers have been able to negotiate concessions that were previously dismissed or largely unheard of in the Dubai market, such as rent-free periods.” A quick look at various property listings in Dubai shows owners enticing potential tenants with “free” rents, especially for flats that have recently been delivered. “Brand new, one-month free [rent], with appliances,” reads one listing.

“There are a number of elements at play: high levels of construction in the lead up to 2020 increasing supply and competition for buyers and renters; a new reality of oil prices at $50 per barrel; a historically low GBP and Euro encouraging British and European owners to liquidate their UAE property holdings to realise currency profits,” Hajje said. And it looks like the situation will remain the same for the rest of the year, unless more jobs come in and more expats move to Dubai. Until job numbers, population growth and economic growth enter their next positive phase, which we anticipate seeing in mid-to-late 2018 in response to spending from both government and private sector in the lead up to Expo2020, expect to see further weakening of the rental market, noted Jochinke.

BUY THESE CARS FOR LESS THAN DH50,000 IN DUBAI

Dubai: Buying a new car can be a costly option, that’s why a lot of people often end up with a huge loan and struggle to pay it off. Brand-new vehicles can cost upwards of Dh100,00, with several luxury brands in the range of between Dh440,000 and Dh500,000 in Dubai. But buyers who do a bit of research before parting with their cash — or signing on the dotted line — don’t need to create a whole in their bank account just to get a new ride. Researchers at CarSwitch.com has scoured through dozens of cars and compiled a list of top five sedans in the UAE that are perfect for budget savers. The recommended vehicles “combine space with affordability” and if the price is still outside your budget, you might consider taking a look at second-hand options. This car is popular among residents in the UAE, or those who are used to commuting around the city. It has a 1.5-litre, 4-cylinder engine that whips out 99 horsepower and 134 Newton metre (Nm) torque, not bad for a four-wheel drive. The Korean-built vehicle is also popular among budget-conscious drivers. Its sleek and stylish design makes it stand out from its peers on the road. With a 1.4-litre, 4-cylinder engine, the Hyundai Accent produces 97 horsepower, as well as a peak torque at 132 Nm and a top speed of 185 kilometres per hour. “It makes for an efficient city ride complete with good fuel economy and plenty or interior space, it is said. Also from Korea, the Kia Rio vehicle produces 107 horsepower, 135 Nm torque and a top speed of 183 kilometres per hour. “The performance specs for this one are also good,” the site said. It has a “decent” look and a “nicely designed” cabin.

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