Dubai Municipality has released a video showing construction work on Dubai Safari, which says it will open "soon."

The video released on Instagram shows the first glimpse of the safari and its various zones.

Hussain Nasser Lootah, Director General of Dubai Municipality: “The new Dubai Safari will be home to almost 1,000 animals from around the world, and out of those, there will be more than 350 species of rare and endangered animals."

The Safari is being constructed opposite Dragon Mart on a 119 hectare plot of land. It will consist of a Safari village, Arabian Village, Asian Village and African Village, Butterfly Park, botanical garden, resort besides educational and veterinary facilities.

Dubai Municipality officials could not be reached for more information.

 Ticket prices have yet not been disclosed.

Other attractions opening this year are Dubai Frame, theme parks and Dubai Opera.

Read: Which are 4 top attractions to watch out for in Dubai in 2016?

Read: Iconic Dubai Opera set for completion in March 2016

Emaar Properties has awarded the construction contract for its Dubai Creek Residences project in Dubai Creek Harbour to Al Basti & Muktha (ABM), a Dubai-based construction firm.

Ahmad Al Matrooshi, Managing Director of Emaar Properties, with Tushar Pathak, Chairman of ABM and MD Narayan, Executive Director of ABM.

Dubai Creek Residences comprises a complex of six residential towers that form part of The Island District, a vibrant lifestyle hub in Dubai Creek Harbour, a six square kilometre modern development.

Located along the creek near the Dubai International Airport, the master-planned community is three times the size of Downtown Dubai.

Scheduled for handover in 2018, the towers are located in the heart of the city and in close proximity to a retail and lifestyle district that will be highlighted by an iconic development. The Island District will have over 1,000 hotel rooms and over 600 luxury retail shops and cultural amenities.

The six 30- to 40-storey residential towers have received strong investor response, Emaar said.

Ahmad Al Matrooshi, Managing Director of Emaar Properties, said: "Dubai Creek Residences forms the first residential complex in Dubai Creek Harbour and brings an unmatched value proposition for investors and end-use home-owners. With the construction contract awarded to ABM, we are underlining our commitment to deliver the homes as per schedule in 2018."

Tushar Pathak, Chairman of ABM, said: "We will construct the project as per Emaar's high specifications using the latest technological know-how and ensuring the highest quality finishes."

The opening of the new Sheikh Zayed Road flyover and an announcement of a federal road that will link the emirate with Abu Dhabi and the northern emirates spells relief for the rush hour commuter.

Emirates 24|7 steers through the mega projects that will put the brakes on traffic in the upcoming years:

Dubai-Abu Dhabi-Northern Emirates link

Earlier this week, the UAE’s Ministry of Public Works announced it is studying laying a new federal road parallel to Emirates Road (former Bypass Road), which will connect the northern emirates to Abu Dhabi and Dubai.

The ministry is also planning to build a bridge on Emirates Road to ease traffic between Dubai and Sharjah, along with considering an expansion of E611 to seven lanes from three in Sharjah and six in Dubai.

The ministry said there would be five basic lanes out of seven of the proposed parallel road linking the northern emirates by Dubai and Abu Dhabi, besides the lateral lanes.

When: Not yet determined

Dubai-Abu Dhabi Link

Commuters between Dubai and Abu Dhabi will have reason to rejoice as more than 60 per cent of the construction has been completed on the new 62km highway that will extend the current Sheikh Mohammed bin Zayed Road.

The road spanning from Seih Shuaib to Sweihan Interchange, was expected to complete by year-end 2015; no new date has been revealed but it is expected to be functional this year.

Faisal Ahmed Al Suwaidi, Director-General of Highways, said at the time: “The 62-kilometre four-lane highway will relieve traffic pressure on the current Abu Dhabi-Dubai E11, bring down the number of accidents and connect Khalifa Port and Industrial Zone with current and future road network east E11.

“The project, once fully complete, will be a further strategic road linking the Abu Dhabi with Dubai and Northern Emirates."

The Dh2.1 billion project will be a four-lane highway, passing through Al Maha Forest, Kizad, Al Ajban Road and Zayed Military City to Sweihan Road.

The project includes six bridges and six underground passes, boosting safety by reducing the likelihood of crashes with local animals.

When: In 2016

Business Bay District

Last year, the RTA commenced works on the Parallel Roads Improvement Project at the Business Bay District (Godolphin), comprising the construction of roads, bridges and underpasses to ease traffic flow on the parallel roads of the area, which will reduce traffic snarl-ups in neighbouring and surrounding roads.

In a statement, Maitha bin Udai, CEO of RTA Traffic and Roads Agency, said at the time: “The project encompasses the construction of a flyover of three lanes in each direction stretching 3.5 km across the Dubai Water Canal before widening to a five-lane motorway passing over Godolphin Stables, crossing over Al Meydan Street, and extending further to Al Quoz Industrial Area.”

The makeover is touted to bring improvement in traffic flow at the existing junction of Al Meydan and Al Khail Roads through the construction of flyovers ensuring free leftward turns, thus effectively terminating the current overlap and tailbacks during peak hours.

The project involves the addition of a new two-lane free traffic corridor serving vehicular movement inbound from Al Khail Road heading towards Sharjah through Al Asayel Road, stretching up to the junction with Oud Metha Road.

When: The RTA has stated these roadworks will be accomplished during the final quarter of 2017.

Al Ittihad Bridge

Expected to spell a much welcome relief for Sharjah-based commuters battling the daily gridlock on Sheikh Mohammed bin Zayed Road during rush hour, Al Ittihad Bridge will replace the iconic Floating Bridge in all its 12-lane glory.

Designed to ferry 24,000 vehicles daily, the new bridge will span Dubai Creek, rising 15 metres above the water and bearing 61-metres in width; a 100-metre-high arch will add to its splendour.

As the work commences, Floating Bridge will be moved to Sheraton Gateway, connecting Sheikh Khalifa Bin Zayed Street in Bur Dubai and Omar Bin Al Khattab Road in Deira.

This will help reduce traffic congestion and ensure smooth flow of vehicles until the new bridge is completed, RTA announced.

When: The RTA has stated Al Ittihad Bridge will be completed in three years.

Al Shindagah Bridge

While we wait for an official detail of the much-touted Al Shindagah Tunnel facelift into a bridge, a tender floated late last year hints it is in the pipeline.

For Deira and Sharjah commuters, a confirmation of this project would certainly spell relief at the Falcon Junction rush hour gridlock, with tailbacks on Mina Road and the Deira Corniche Road.

According to the tender, which was published on November 9, the bridge should be 300 metres long and 22 meres wide, while it has an underpass that is 15 metres high.

Constructed in 1975, Al Shindagha Tunnel is the second oldest crossing of the five creek crossings connecting Bur Dubai and Deira.

It comprises two lanes in each direction, has a height clearance of 5 metres and speed limit of 60 km/h.

A sixth crossing may be realised with the construction of Al Ittihad Bridge, for which a tender was published on November 1 last year.

When: Yet to be confirmed

Jumeirah Street-Al Khail Link

The roadworks are not limited to key highways alone.

Last year, the RTA awarded a Dh482 million contract for road improvements in other major arteries, which included a link between Jumeirah Street with Al Khail Road, along with parallel roads (Al Asayel, First Al Khail Road) by constructing two-level bridges and roads.

RTA head Mattar Al Tayer said at the time: “The project comprises the construction of a flyover on Latifa bint Hamdan Street intersecting the First Al Khail Road, a signalised at-grade junction underneath the bridge, and the improvement of the intersection of Umm Al Sheif Street with Al Wasl Street.

This is expected to provide smooth and free traffic movement from Umm Al Sheif Street in the direction of Sheikh Zayed Road up to Latifa bint Hamdan Street (D67), and from Al Zomorrud Street to the east up E11.

The new bridges will be constructed up and down the Red Line of the Dubai Metro without affecting the operation of the metro itself, the RTA confirmed.

The two bridges will be linked with Sheikh Zayed Road through ramps enabling free exit points.

When: The project is expected to be completed in the first quarter of 2018.

A senior official at the UAE’s Ministry of Finance (MoF) has confirmed that Value-Added Tax (VAT) will be introduced across the UAE and the GCC in 2018.

Younis Haji Al Khoori, Undersecretary at the MoF, said that the GCC countries have agreed to unify their tax policies before the introduction of the VAT.

Al Khoori reckoned that the UAE stands to earn estimated VAT revenues of between Dh10 billion and Dh12 billion in the first year of its application. He reiterated that this amount is after exempting sectors such as healthcare and education in addition to several food items of the new tax.

Al Khoori made these comments at the sidelines of the first meeting of the Under-Secretaries of the Arab Ministries of Finance, organised by the UAE MoF in cooperation with the Arab Monetary Fund.

He affirmed that committees and taskforces had been formed to study the anticipated socio-economic impact of the imposition of VAT and the proposed percentages. He noted that such committees have suggested a VAT rate of between 3 and 5 per cent for the various sectors, with the exception of healthcare, education and 94 food items on which there will be no VAT.

The UAE Undersecretary ruled out any disagreements among the GCC countries on other sectors that are subject to VAT, stressing that there was complete agreement and added that each country would need to put in place a domestic tax laws structure before the GCC-wide implementation of VAT.

He noted that, in the UAE, the tax law is in preparation stage and that the draft law has been approved by local authorities. The draft law has been sent to the Technical Committee for Legislation at the Ministry of Justice, he added. 

“The VAT can be introduced once any two of the GCC countries are ready with their tax laws and present the same to the GCC Secretariat,” Al Khoori said.

However, he noted that the UAE needed two years for the adoption of the law, and therefore he sees VAT being implemented in 2018.

In an interview with the Economist magazine published last week, Saudi Deputy Crown Prince, Mohammed bin Salman bin Abdulaziz, Second Deputy Prime Minister and Minister of Defence, confirmed that Saudi Arabia was gearing up for the introduction of VAT but ruled out the imposition of any income tax in the country. 

“There are going to be no income taxes, and no wealth taxes,” he said. “We’re talking about taxes or fees that are supported by the citizen, including the VAT and the sin tax,” Prince Mohammed bin Salman said. 

The UAE MoF Undersecretary noted that the issue regarding taxing workers’ remittances is a state issue and not a GCC-wide issue, with each country having the right to define the appropriate tax policy regarding a tax on remittances.

He added that the UAE is still considering a corporate tax. He pointed out that taxes are imposed by most countries in the world, barring a few such as the Gulf countries.

Oil prices 

Regarding the impact of falling oil prices on the UAE’s finances, Al Khoori emphasised that the UAE is accustomed to fluctuations in oil prices right from the 1970s until 2008.

He added that the UAE government follows a policy of economic diversification and does not rely on any one source of income, adding that the contribution of oil revenues has already shrunk from about 90 per cent of GDP to much low rates, ruling out any concerns of the real estate sector being affected by a decline in oil prices. 

Al Khoori said the UAE last year succeeded in fuel price liberalisation in addition to reducing subsidies for electricity and water without any difficulties. 

He asserted that the fuel price deregulation leaves ample scope for the development of clean energy projects and ensure a better life for future generations. 

(Image via Shutterstock)

About 30 million passengers traveled through King Abdulaziz International Airport (KAIA) in Jeddah in 2015, which is an increase of 6.6 per cent over the previous year.

"This is the largest number of passengers in all the Kingdom’s airports," the airport’s director Abdullah Al  Rimi said.

He said since its inception, the airport has been witnessing an increasing number of air traffic movement which is three times its actual capacity.

Rimi referred the large number of passengers using the airport to the increasing number of Haj and Umrah pilgrims, tourism and economic activities.

"The air transport companies operating to and from the airport have gone up from 64 to 80 last year. They reach 100 companies during the Haj and Umrah seasons," he said.

The director said the continuous rise in the air traffic and the increasing number of passengers represent a grave challenge to the airport in its transitional period before the shift to the new airport.

"We have a big responsibility to provide excellent services to the passengers and to all airline companies using the airport," he said. Rimi said, when it is formally opened, the new airport will satisfy the needs of the air transport market in the Kingdom.

"The new airport will be a quantum leap in air travel industry in the region and will enable the Kingdom to compete with the world in the domain of airport and passenger service," he said.

The General Authority for Civil Aviation (GACA) has said the upgraded airport will become fully operational by the middle of 2017.

 

When it comes to online savvy, a new survey by a cybersecurity firm says younger equals brasher, but older doesn’t equal safer.

Confused?

Consumers aged 45 and over are more cautious than younger Internet users about sharing information, according to recent consumer surveys from Kaspersky Lab.

However, the firm, says that even as those aged 24 and under are more willing to reveal information about themselves online and take fewer steps to protect themselves, they understand potential threats better and can recognise them more easily.

On the other hand, despite not revealing too much about themselves, the older ones (45 and above) can lack the knowledge to spot a damaging scam or imminent threat.

The research found that for younger people, sharing data online is an everyday occurrence, with 8 out of 10 (83 per cent) undertaking private messaging online, compared to just half (53 per cent) of the over-45s.

Three times as many young people admit to sharing explicit content online at least once: 23 per cent compared to 7 per cent.

Check your own level of cyber-savviness here: https://blog.kaspersky.com/cyber-savvy-quiz/

According to the cybersecurity firm, the younger generation is more impatient when it comes to installing software and downloading files.

Who reads the fineprint

More than a quarter (26 per cent) say they skip through the details of terms and conditions when installing software. This could mean that they don’t know what kind of data they have just granted access to, what additional programs they might have installed or how their OS settings could have been changed.

On the other hand, just 12 per cent of the over-45s ignore the small print.

Younger people also exhibit less care when downloading files, with one in three (31 per cent) downloading files from different sources, compared to 10 per cent of more mature users.

One in four (24 per cent) of those aged 24 or younger would disable their security solution if it tried to prevent them installing a piece software; something only 13 per cent of the older respondents would do.

Advantage digital natives

According to the Kaspersky Lab research, when presented with a potential threat, younger people are more experienced at spotting malware. When asked to download a song from four samples, one in three young people (30 per cent) chose the most dangerous ‘.exe’ file, compared to almost half (42 per cent) of those aged over 45. The safe, ‘.wma’ option was selected by just one in five of the older users, but 29 per cent of the younger ones.

It is not surprising that in the light of their less restrained online behaviour, younger people are more likely to find themselves hit by a malware infection.

More than half (57 per cent) of under 24s were affected in 2015, compared to one-third (34 per cent) of older users.

Due to their lack of experience with online risk, older victims of malware were more likely to say they didn’t understand how they had become infected: 17 per cent compared to just 10 per cent of the under 24s.

“While it is clear that more mature Internet users are likely to take fewer risks with their personal information online; when confronted with a cyber-threat they are less cyber-savvy about identifying and dealing with it,” said David Emm, Principal Security Researcher at Kaspersky Lab.

“There is no substitute for having a strong digital protection instinct. It is important that users of all ages are cautious and vigilant online and aware of the potential threats, regardless of how often they use the Internet and what they use it for. People should also have a security solution in place that provides them with total protection when downloading and installing files and communicating online,” he said.
 

Oil prices plummeted to $29 a barrel on Friday on the impending resumption of Iranian oil exports into an already flooded market as international sanctions against the country are lifted, dragging equity indexes around the world sharply lower.

Crude tumbled on a further decline in the Chinese stock market and as the prospect of an imminent rise in Iran's crude exports deepened fears of a prolonged supply glut.

US crude futures settled down 5.7 per cent at $29.42 a barrel after sliding to a low of $29.13. The March Brent contract settled 6.3 per cent lower at $28.94.

Skittish investors snapped up gold and other safe-haven assets amid fears of a global economic slowdown, coupled with concerns about a potential credit default as lower commodity prices make payments by creditors in emerging markets difficult.

Major stock indexes in Europe and on Wall Street closed down more than 2 per cent, while global crude oil benchmark Brent slumped more than 6 per cent to settle below $29 a barrel, capping a 13 per cent decline for the week.

"We're seeing the final capitulation," said Tina Byles Williams, chief investment officer at FIS Group in Philadelphia, which oversees about $4.4 billion in assets.

Williams said crude could hit $20 a barrel, a price analysts at Goldman Sachs have said may be needed to accelerate a slowdown in drilling and return global oil inventories to a supply-demand balance that would allow prices to rise.

The risk is that a creditor faced with declining revenues and higher payment costs because of a stronger dollar on its dollar-denominated debt sparks a default, Williams said.

“If that dollar-denominated debt went to finance commodity projects, then that's obviously quite a toxic brew,” she said.

Yields on the benchmark 10-year US Treasury note briefly fell below 2 per cent for the first time since October as retreating oil and stock prices underpinned demand for assets perceived as safer. Bond yields and prices move inversely.

US gold futures for February delivery settled up 1.6 per cent at $1,090.70 an ounce.

The December futures contract on the federal funds rate surged to its highest since October, implying the Federal Reserve will raise benchmark US interest rates only one more time this year.

The Fed raised rates for the first time in nearly a decade in December and signalled they expected four rate hikes in 2016.

In Europe, yields on euro zone debt fell as slumping oil prices eroded inflation expectations and raised the prospect that the European Central Bank will again ease monetary policy.

Minutes from the ECB's December meeting released on Thursday showed the bank sees scope for further cuts to its deposit rate as inflation risks missing already lowered forecasts.

German 10-year yields fell 4 basis points to 0.48 per cent, back to levels seen before the ECB meeting on December 3 when it cut rates and extended its bond-buying scheme.

The yield on the benchmark US 10-year Treasury note fell to 2.0347 per cent.

The Australian, New Zealand and Canadian dollars all sank against the US dollar on the back of another slide in Chinese stock markets and the slide in oil. But the dollar fell against both the euro and yen.

World stock markets posted their third week of losses. European shares fell to their lowest since December 2014, hit by losses in commodity-related stocks after BHP Billiton announced a $7.2 billion write-down on its US shale assets.

BHP shed 6.4 per cent, one of the biggest decliners on the pan-European FTSEurofirst 300 index, which closed down 2.8 per cent. MSCI's all-country world stock index fell 1.8 per cent to levels last seen in July 2013.

Broad Selloff

On Wall Street, the selloff was broad, with all 10 major S&P 500 sectors in the red and all 30 components of the Dow industrials lower. The beaten-down energy sector fell 2.9 per cent, the second-biggest declining sector on the S&P 500.

More than one-fifth of S&P 500 stocks touched 52-week lows as the benchmark index slid to lows last seen in October 2014.

"Investors are scared to death," said Phil Orlando, chief equity strategist at Federated Investors in New York.

Topping investor concerns is a possible hard landing in China, the world's second-largest economy, that drags the rest of the world into recession, Orlando said.

Other concerns include the dollar's strength, the pace of rate increases planned this year by the Fed and a manufacturing recession, besides plunging oil prices, he said.

"It's not giving anyone any confidence because to me at least it resembles a bad reality show on television," he said.

The Dow Jones industrial average fell 390.97 points, or 2.39 per cent, to 15,988.08. The S&P 500 slid 41.55 points, or 2.16 per cent, to 1,880.33 and the Nasdaq Composite lost 126.59 points, or 2.74 per cent, to 4,488.42.

Both of China's major stock indexes shed more than 3 per cent, raising questions about Beijing's ability to halt a sell-off that has now reached 18 percent since the beginning of the year.


 

Gold rose nearly 2 per cent on Friday (last global trading day of the week), after dropping for four of the past five sessions, as a weaker dollar and falling equity markets underpinned demand for assets perceived as safer.

European shares dropped, following losses in Asian markets, to 3-1/2-year lows on renewed oil price weakness and disappointing Chinese data.

Spot gold rose to a session high of $1,097.20 an ounce and was up 1.2 per cent at $1,090.76 by 1519 GMT (7.19pm UAE time), while US gold futures gained 1.9 per cent to $1,094.10.

"
Gold rates for Saturday, January 16, 2016

Bullion hit a two-month high of $1,112 last week as volatility in Chinese stocks raised concerns about the state of the global economy, leaving investors looking for a refuge in gold and other safe havens.

The metal was assisted by a weaker dollar, which fell 0.5 per cent against a basket of leading currencies, extending losses after weaker than expected US data and making gold cheaper for foreign currency holders.

US retail sales and industrial production fell in December, the latest indication that economic growth braked sharply in the fourth quarter.

Weak producer prices suggest that an anticipated rise in inflation will probably fall short of the Fed's 2 per cent target. The inflation outlook will likely determine the timing of further interest rate increases.

In addition, the drop in oil prices and a strong dollar have also raised the risk of U.S. inflation expectations heading lower, New York Fed President William Dudley said on Friday.
 

DD/TT RATES AT - 3.45 PM - 14 Jan

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The Foreign Exchange Rates are being supplied by UAE Exchange.

Kochi has been named among the 10 affordable property markets in India where apartments are available within the budget of Rs3 million (Dh166,667) to Rs5 million (Dh277,777), according to property consultant JLL India.

“Gone are the days when the city's builders focused only on affluent buyers. Today, the Kochi residential real estate market is dominated by affordable housing segment, which accounts to about 60 per cent of the total housing projects in the city,” the consultancy said in a new report.

The other cities are Hyderabad, Pune, Navi Mumbai, Ahmedabad, Ghaziabad, Jaipur, Nagpur, Surat and Coimbatore.

The consultancy added: "These towns and cities offer a wide spectrum of investable options in real estate with relatively lower property price levels, providing the incentives for future capital appreciation and healthy returns.”

On Hyderabad, JLL India Chairman and Country Head Anuj Puri said it is perhaps one of the most affordable cities among all Tier-1 cities of India. Even the well-developed residential localities in Hyderabad, such as Manikonda, Kukatpally, Miyapur and Sainikpuri offer housing properties in the budget range of Rs3-5 million.

The report found that Hyderabad's property market was now set for an upswing after a prolonged slump due to the global recession followed by political turmoil.

About Pune, the consultancy said the city has recorded good growth in the affordable housing segment over the last couple of years. Such projects are located on the periphery of the city and offer small one to two bed apartments with basic, no-frills amenities.

"While property prices have increasingly become unaffordable in Mumbai, Navi Mumbai still provides numerous options for residential housing within the budget of Rs3-5 million," Puri said.

The proposed special economic zones at Dronagiri, Ulwe and Kalamboli, and the upcoming international airport at Panvel are expected to help generate employment and boost demand for commercial and residential developments.

On Ghaziabad, JLL said the city is an emerging residential neighbourhood of National Capital Region and has major supply of units in the budget of Rs3-5 million.

iPhone customers seem to be the most common smartphone enthusiasts, as Apple Watch has once again overtaken other brands in terms of sales.

According to the latest study published by Juniper Research, Apple Watch claimed 52 per cent of global smartwatch shipments in 2015.

Apple Watch, which is only compatible with iOS devices, was launched in April 2015 and has still managed to get past rival smartphone makers.

According to Juniper, Apple's popularity far eclipsed that of rival vendors, with Android Wear shipments comprising less than 10 per cent of sales for the year.

Meanwhile, Samsung which launched its Gear S 2 at the IFA and the smartwatch with Tizen-based OS has not come anywhere close to Apple in terms of sales.

"Samsung’s Tizen-based Gear S2 has not achieved strong sales volumes since it launched in November despite being well received. Most other smartwatch sales are currently coming from cheaper, simpler devices from a range of smaller players, such as Martian, X and Razer, the latter with the recently-announced Nabu Watch," the note said.

According to it, the smartwatch ecosystem is growing rapidly, with dedicated software companies emerging to supply both games and productivity-based apps.

It also argues that while many smartwatch vendors have produced ranges of watches, allowing for customisation and price segmentation, there have been no great leaps forward that have revolutionised the category.

"The smartwatch is now a category waiting for a market,’ remarked research author James Moar. ‘Newer devices have offered more polished looks and subtly different functions, but no large changes in device capabilities or usage. With smartwatch functions established, it is now up to consumers to decide if they want them, rather than technology companies providing more reasons.’

Juniper is not the only firm that gave Apple Watch a lead in terms of sales.

Last month International Data Corporation (IDC) said Apple Watch might have eaten up 61.3 per cent of the global smartwatch sales in 2015. The company, it said, could have shipped about 13 million units in 2015.

The IDC figures also point to a growing Android share with Android Wear up from 15.2 per cent to 38.8 per cent. Samsung's Tizen registered a downward slide from 8.2 to 2.8 per cent.

IDC is also predicting a much better year for wearables in 2016.

According to IDC, worldwide shipments of wearable devices is expected to rise to 111.1 million this year, a massive 44 per cent increase. Shipments are expected to rise to 214.6 million by 2019.

IDC also expects Apple's Watch OS to dominate with 47.4 per cent market share in 2019 while it puts Android or Android Wear to remain at 38.4 per cent, Pebble OS at 3.1 per cent and Tizen at 2.2 per cent.

 

A smartphone that turns the screen into a magic window that can overlay digital information and objects onto the real world – science fiction?

No more.

Come summer 2016, and you will be able to get your hands on just such a smartphone, promises Lenovo, which has announced the development of the first consumer mobile device with Project Tango in collaboration with Google.

Making the announcement recently at the 2016 Consumer Electronics Show (CES) in Vegas, Chinese manufacturer Lenovo is also calling developers to submit a Project Tango app proposal for the chance to have app funded and featured on upcoming Lenovo Project Tango-enabled smartphone.

Available in summer 2016, the new smartphone will be powered by the Qualcomm Snapdragon processor, and will boast the ability to turn the screen into a magic window that can overlay digital information and objects onto the real world.

Lenovo, Google, and Qualcomm Technologies are working closely together to optimise the software and hardware to ensure consumers get the most out of the Project Tango platform, Lenovo said in a media statement.

“To break new ground in today’s hypercompetitive smartphone and tablet industries, we must take innovation risks – it’s the only way to truly change the way people use mobile technology,” says Chen Xudong, senior vice president and president, Mobile Business Group, Lenovo. “Together with Google we’re breaking down silos by working across mobile hardware and software. Turning our shared vision into reality will create a more holistic product experience that captures the imagination of today’s consumer.”

What is Project Tango and what can it do?

Google’s Project Tango is a technology platform that uses advanced computer vision, depth sensing, and motion tracking to create on-screen 3D experiences, allowing users to explore their physical environments via their device.

Specialised hardware and software combine to let the device react to every movement of the user, when they step forward, backward, or lean side to side. App developers can transform your home into a game level, or create a magic window into virtual and augmented environments. Project Tango-enabled devices can recognise places they’ve been before, like your living room, the office, or public spaces.

Unlike GPS, Project Tango motion tracking works indoors, allowing users to navigate precisely through a shopping mall, or even find a specific item at the store where that information is available. Using the sensor in the device, Project Tango devices can also capture the 3D dimensions of the room, giving measurements that can be used to help you when shopping for furniture or decorations.

“With Project Tango, the smartphone becomes a magic window into the physical world by enabling it to perceive space and motion that goes beyond the boundaries of a touch screen,” said Johnny Lee, Project Tango Lead, Google. “By working with Lenovo, we’ll be able to make Project Tango more accessible to users and developers all over the world to both enjoy and create new experiences that blends the virtual and real world.”

“Qualcomm Technologies is very pleased that Lenovo and Google are bringing a Project Tango-enabled device to the mainstream so that consumers can experience a whole new level of advanced connected mobile computing apps and services across video, imaging and graphics,” said Seshu Madhavapeddy, vice president, product management, Qualcomm Technologies.  “Qualcomm Technologies has a rich and long history with working with the developer community to ensure that all of the experiences that Project Tango and Lenovo are set to deliver are optimized for the Snapdragon processor.”

As part of the partnership, Lenovo is also inviting developers to help grow the budding Project Tango app ecosystem. Project Tango’s advanced technology capabilities let developers create apps they couldn’t have before. Developers can submit their Project Tango app proposals for a chance to win funding and the chance to have their app featured on Lenovo’s upcoming smartphone. The submission period closes on February 15, 2016.

High net worth investors have revealed the top investment mistakes they made before they sought financial advice in a new international poll.

In the survey carried out by deVere Group, a financial advisory organisations, the number one cited mistake (27 per cent) was a failure to properly diversify portfolios.

The other errors were not having started to invest earlier (23 per cent); focusing on the short-term (20 per cent); being emotional over investments (15 per cent); and not having kept enough cash in reserve (8 per cent).  A mere 7 per cent did not know or did not respond.

A sample of 652 deVere clients in the UAE, the UK, Asia, Africa, and the US who have investable assets of more than Dh5 million (or the equivalent) were polled.

DeVere Group CEO and founder, Nigel Green comments: “All serious investors have made previous investment mistakes that could have been easily avoided.

“This could make it sound like investing is somewhat perilous. Yet nothing could be further from the truth – not investing is probably more dangerous over the longer-term. This is evidenced by the fact that most of the world’s wealthiest people are themselves dedicated investors. It is just a question of being sensible, taking proper advice and, where possible, learning lessons from others to avoid the obvious mistakes.”

Of the poll’s results, he says: “Ensuring your portfolio is properly diversified is one of the fundamentals of successful investing.  Yet it is surprising how many people fail to do this.  Having a well-diversified portfolio across asset classes, sectors and regions means you are best-placed to mitigate risks and best-placed to take advantage of important opportunities.

“All too often even experienced investors focus on the short term heavily and there are many disadvantages to this. Typically, a short-term investment strategy involves considerably higher risks, compared to investing over a longer period.

“Other pitfalls of a short horizon include that investors can often sell a quality investment too early due to over focusing on short-term valuation metrics. Alternatively, they may sell an investment if it drops in the short term, meaning that they would then miss out on it potentially growing steadily in the longer term with increasing returns.”

He continues: “Stock market performance is fairly predictable over the longer-term – they usually go up. For this reason, investing in equities is recognised globally as one of the optimum ways to accumulate wealth over long periods. If you put off investing you are likely to miss out on the long-term benefits you could have been gaining.”

Making decisions based on heartfelt emotions and loyalty are admirable traits in most parts of life – but not when it comes to investing. Investment decisions based on pure emotions, such as fear, greed, or the desire to follow the crowd, amongst others, can be disastrous. Objectivity is key.

Finally, not having kept some powder dry is another common error highlighted by many investors. It is always advisable to have some cash ready and be prepared to use it should a clear trend and/or opportunity present it itself.
 

Azizi Developments, a Dubai-based developer, will deliver eight new residential buildings in Al Furjan before end-2016.

The developer, which owns 24 plots in the master development, has commenced work on two new projects - Roy-Mediterranean and Montrell - comprising 493 serviced apartments in Al Furjan.  Dubai-based Keilani Construction Company has been awarded a Dh200 million contract for the projects.

The Dh510 million worth projects, which are already under construction, will be delivered by the end of 2017.

Roy-Mediterranean will feature 271 units including 224 studios and 47 one bedroom apartments, while Montrell consists of 222 units (168 studios and 54 one bedroom units).  The company plans to launch over 2,000 units of serviced residences by December.

"Over a few short years, we have has earned a reputation as a solution provider and a smart developer. We just don't build buildings, we take into account all the needs and wants of our clients and cater to them," says company CEO Farhad Azizi.

The company has adopted a strategy with emphasis on starting construction of the projects ahead of its launch and sales process takes place.

"We are in a very healthy phase of the property cycle, the next few months of market stabilisation and then economy is going to recover very fast by mid-2017 and these are good times for buyers to invest in a good location and good property to make a profit and capitalise on quick price appreciation," Azizi said.

The developer is currently working on Royal Bay Residence, a fully-serviced project, in Palm Jumeirah. The company registered sales of around Dh800 million in 2015, and plans to invest Dh1.8 billion in future projects in Dubai Healthcare City, Palm Jumeirah and Al Furjan.

Scoring high on factors such as reputation and quality of life, the UAE has moved up in a global residence and citizenship programs (GRCP) 2016 report.

Released by Henley & Partners, a company into residence and citizenship planning, shows the UAE continues to lead the region in residence attractiveness, ranking 13 out of 19 in this year’s GRCP. This represents an increase of two positions from last year, up from number 15 in the 2015 report.

“Globally and particularly in the Mena region, the UAE continues to be a leading and preferred destination for residence and ranks very highly in our annual indexes. This year, the UAE has been able to move up two spots from last year’s ranking, especially because it scores well on some of the residence benchmark indicators including reputation, quality of life, tax, processing time and quality of processing.”

Why do expatriates find the UAE attractive to reside in?

1. A safe environment

For any expat safety of a place is one of the most important factors that can make a place attractive or not. The UAE scores high on this account.

Past reports have highlighted that UAE scores well on several factors that make it a preferred destination to live in.

A previous global Social Progress Index ranked the UAE as number one for the lowest level of violent crime, the lowest homicide rate, the lowest undernourishment rate, and the highest rate of enrolment in secondary education.

The country also ranked number one in the world for treating women with respect. This study was based on reports of 132 countries around the world.

2. Economic and social freedom

The UAE also tops list of Arab countries in Legatum Prosperity Index for Social Prosperity issued by the Legatum Institute in London.

The country is first in the Arab world in the State of World Liberty Index, which is a ranking of countries according to the degree of economic and personal freedoms that their citizens enjoy.

3. Job opportunities

The UAE has been ranked the ninth best place globally to set up a home because of the high salaries, generous benefits packages, and a greater quality of life in the country.

According to HSBC’s Expat Explorer 2015 survey, the UAE is a bright spot despite global employment growth stalling at 1.4 per cent according to the International Labour Organisation.

The survey states that expats continue to flock to the country due to the better job prospects and higher salaries on offer. Over half (53 per cent) say that the country is a good place to advance a career – compared to the global average of 41 per cent - while a large number also believe it is a good place to acquire new skills (47 per cent).

A previous LinkedIn study, which covers more than 380 million members around the world, also showed that the UAE remains the most popular destination for professionals beating other job markets like Canada, Australia and Singapore.

Shoppers at the Apple store in Mall Of The Emirates, Dubai, were in for a pleasant surprise Saturday when Apple CEO Tim Cook paid a surprise visit to the store.

Cook was in the store for a very short time, interacting with the Apple team and happily posing for selfies with stunned customers.

The Apple Inc chief tweeted about his visit: "A quick visit with customers and our fantastic team at the Apple Store, Mall of the Emirates. Thanks Dubai!"

Tim Cook/Twitter

Word of his visit quickly spread on social media along with the pictures.

This is Cook's second visit to the UAE, since 2014, when he had met the UAE rulers as well as top officials from telecom giant Etisalat.

Cook was on his way back to the US after his trip to China and India.

Tim Cook/Twitter

In India

He concluded a four-day trip to India, where the American even watched a cricket match. His India visit could set the stage for Apple's expansion plans in one of the world's fastest-growing smartphone markets.

Apple is looking to expand its retail presence in India and is pursuing a license to set up its own stores, which could open as early as next year.

The Apple boss has spent several days in India after jetting in from China, in a visit seen as an extended Asia charm offensive.

الرئيس التنفيذي لشركة أبل تيم كوك يقوم بزيارة مفاجئة لمحل الشركة في مول الإمارات pic.twitter.com/2Czw0VEtrX

— Snyar (@snyarnet) May 21, 2016

He has announced investments including an app design centre in the southern technology hub of Bangalore and a mapping development office in Hyderabad.

In China

During his trip to China, Cook announced Apple had invested $1 billion in Chinese ride-hailing app Didi Chuxing, rival of US-based Uber.

Cook met with China's main Internet and telecommunications regulator this week during his visit to Beijing.

Apple has been at the centre of a debate on the role technology companies play in protecting data that led to a much-publicised dispute between Apple and the FBI over a phone linked to a shooting in San Bernardino, California.

In April, Apple reported its first drop in global iPhone sales since launching the smartphone in 2007.

Gold edged lower on Friday for the third straight session and notched its biggest weekly slide in nearly two months on growing expectations for an increase in US interest rates as soon as next month.     

Spot gold closed the week at $1,251.95 an ounce, down 1.6 percent on the week in its third straight week of losses.

US gold futures for June delivery settled down $1.90 at $1,252.90.

New York Fed President William Dudley said on Thursday there was a strong sense among central bank officials that markets were underestimating the probability of policy tightening.       

That came a day after the minutes of the Fed's April meeting revealed that most policymakers felt a rate increase might be appropriate as early as next month, sending gold to a three-week low of $1,244. It has since bounced back, as ultra-low yields and concerns over economic growth lent support.     

“Those minutes from the last FOMC meeting I think really gave quite a bit of light to the possibility for that June rate hike," said Phillip Streible, senior commodities broker at R.J. O'Brien in Chicago.    

"I think that the Fed is now challenged and the market is getting more confident that it's going to happen, provided that the data supports it."    

Gold is highly sensitive to interest rates, gains in which lift the opportunity cost of holding non-yielding bullion. The metal has rallied 18 per cent this year as investors bet the Fed would hold off from further increases.      

The dollar retreated from its highest in nearly two months against a currency basket, but cruised to its third week of gains, keeping up pressure on gold.     

"The gold environment now is substantially different from what was apparent several weeks ago, when a weaker dollar and a benign rate environment were providing an element of support," INTL FCStone said in a report. "This is no longer the case."    

Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Shares, rose by 4.5 tonnes on Thursday to their highest since November 2013.     

Streible also said if there was some foul play discovered in the disappearance of an EgyptAir jet this week, that could lead to gold prices rising, spurred by safe-haven buying.      

Gold demand in Asia was subdued this week by a firmer dollar and weak seasonal demand in major trading centres.

Gold rates for Saturday, May 21, 2016

DD/TT RATES AT 03.45 PM - 05 May 2016

Weekly Gold Rates

   
Get retail Gold and Forex rates with Emirates 24|7 

 Rates will be updated twice daily

Emirates 24|7 brings you the daily Dubai gold rate (22k, 24k, 21k and 18k), as well as currency exchange rates, including the Indian rupee, Pakistani rupee, Philippine peso, Sri Lankan rupee, sterling pound, euro and may more against the UAE dirham (US dollar).

The rates for 24 carat, 22 carat, 21 carat, 18 carat and Ten Tola (TT) Bar (11.6638038 gram) will be updated four times a day to keep them fresh and relevant for buyers of gold bars and gold jewellery in the UAE.

The update times for Retail Gold Rate in Dubai will be at 9.30am, 2.30pm, 5pm and 8pm (unless there is drastic fall or rise in the international rate).

On Saturdays, the gold rates will be updated at 9.30am and this rate will stay static through Saturday and Sunday until the international market reopens on Monday.

Please note that the retailers add making charges separately to the quoted rate of gold.

The Retail Gold Rate in Dubai is being supplied by the Dubai Gold and Jewellery Group.

Foreign Exchange Rates

The Foreign Exchange Rates of major currencies will be updated twice each working day at around 8:30am and 3:30pm.

These will cover both the Remittance Rates [for sending money] and the Currency Notes Rates [for buying and selling of currency notes].

The Foreign Exchange Rates are being supplied by UAE Exchange.

Dubai Municipality, along with Dubai’s Community Development Authority (CDA), launched community initiative ‘Kaseb’ to provide low-income citizens of Dubai and those registered with CDA with sustainable livelihood by offering investment opportunities for small projects.

Beneficiaries will acquire skills for enhancing their livelihood and self-sufficiency without government aid.

Hussain Nasser Lootah, Director General of Dubai Municipality, explained that ‘Kaseb’ aims to help address the concerns and relieve the difficulties of citizens.

He said DM will be in charge of the program and cooperate with the CDA on implementation as well as the adoption of the appropriate standards and systems to ensure desired outcomes for targeted groups.

‘Kaseb’ hopes to turn empty or unused land plots provided by the Dubai Municipality per agreed-upon standards into parking lots; developing the skills of Dubai’s citizens to take advantage of opportunities offered by the Dubai market, particularly in support of small projects.

The CDA will follow up on the program’s progress and ensure that the beneficiaries implement the program’s plan in line with the relevant standards and conditions.

Beneficiaries will also provide donors with regular periodic feedback, while the CDA and the Dubai Municipality will conduct field visits to check on the program’s implementation.

Khaled Al Kamda, Director General of CDA, emphasized that the ‘Kaseb’ initiative tends to improve the individual’s life in the community, allowing them to live in dignity and independence.

“We work on creating opportunities and conditions for empowering households that deserve social aid to make them active community members who are able to contribute to national development.”

In order to ensure the successful implementation of the initiative, the concerned parties shall adhere to appropriate conditions and standards as follows:

- Beneficiaries shall be UAE citizens with low-income, registered with CDA as financial beneficiaries.

- Beneficiaries shall be able to manage parking lots on their own and obtain commercial licenses under their names. They should not relinquish lands granted to them or transfer parking lot management to others.

- Beneficiaries shall obtain approvals and permits from relevant authorities, and shall equip the land following conditions laid out by the Roads and Transport Authority (RTA) and in cooperation with DM.

- Beneficiaries shall be in charge of project budget management in order to cover expenses and reinvest profit.

In accordance with the approval of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, Dubai Municipality has announced that it awarded the Dubai Conference Centre (Arena) project at a cost of Dh1.8 billion.

The announcement was made during a press conference organised by the department and attended by Hussain Nasser Lootah, Director-General of Dubai Municipality, and Mohammed Al-Mashrom, the Director of the General Projects Department, along with a number of officials in the department.

The Director-General of Dubai Municipality stressed the undivided attention paid by the department to the establishment of tourism and services projects that will serve the Emirate of Dubai by providing an advanced infrastructure, utilities and projects to meet the needs of the tourism sector, considering the considerable international reputation and fame which Dubai has gained as a major tourist attraction, and given that it is working at hosting the World Expo 2020, for which it competed with other cities around the world.

He also added that the Dubai Conference Centre (Arena) project is one of the most important tourism projects to be carried out in the emirate. It is one of the large projects that will be carried out by the department to host World Expo 2020. The project will provide three hotel and office buildings as well as a huge conference hall, to cater for the fact that fairs and conferences tourism is a main area of tourist attraction.

Lootah added that the project will directly contribute to improving the status of Dubai as the best city to live in at a global level and pointed out the great role that will be played by the centre in promoting the cultural and educational dimensions of the Emirate of Dubai, given that it will have a great opportunity to host major world events.  

He also pointed out that the project is characterised by having "a magical location with a distinctive panoramic view over Dubai Creek, considered a perfect destination for business people and tourists". The latest technologies and techniques will be used in the project, creating a special architectural icon that will be added to the list of the huge touristic projects in the Emirate of Dubai.

The project is located in Al Jaddaf, and is spread over an area of 55,000 square meters, facing Dubai Festival City.

The main elements of the project are: the building of Sheikh Rashid Hall for conferences, to cater for 10,000 people inside, with a height of 30m and an area of 190,000 square feet, with seating designed like a theatre, perfect for international conferences, seminars, meetings, music concerts and theatrical shows.

The hall is divided into three levels. It includes the best and latest technologies in display and audio devices as well as cinema screens which provide multiple services, such as video conferencing and movie displays. It has been boosted with five sub-halls (sub-conference halls + multi-purpose halls) with a total area of 10,500 square feet. Each hall can accommodate up to 1,000 persons.

The main hall and the sub-hall have been linked to the hotel buildings and offices through the Concourse Building. This is a covered and air-conditioned glass corridor, designed like a Boulevard, that contains shops and restaurants. It will be 25 meters high, 150 meters long, and have an area of 50,000 square feet.

There will be two hotels: A three-star hotel on thirty three floors with an area of 250,000 square feet, and a four-star hotel comprising forty-eight floors, with an area of 410,000 square feet.

There will be a building dedicated for offices composed of thirty-six floors, with an area of 310,000 square feet, while the ground floor of the hotels will be dedicated for commercial use. Parking lots are located in the basement, with an area of 700,000 square feet, able to accommodate 1,800 cars.

As Dubai begins its preparation to host Expo 2020, the Shaikhani Group of Companies has unveiled its 2025 development plan that aims to roll out at least four new projects in the coming year and more thereafter.

The Dubai-based company on Sunday launched its Dh220-million Gardenia Residency 1 in Jumeirah Village Circle, with investors being offered a post-completion payment plan of up to 10 years by banks.

Work has started on the project, comprising 133 serviced apartments, and is expected to be completed in June 2018.

“The investors in the project will have to pay 50 per cent during the construction phase and can avail of 10 to 15 year payment plan from banks,” company Managing Director Mahmood Shaikhani told Emirates 24|7.

The company is in talks with three banks - Mashreq, Noor Bank and Commercial Bank of Dubai for home financing.

Shaikhani Group of Companies, which has just commenced handover of Dh338 million Frankfurt Sports Tower I in Dubai Sports City, will be launching four new projects in Jumeirah Village Circle.

Mahmood Shaikhani

“Two of the three projects in JVC will be the next two phases of Gardenia Residency and one will be a high-rise tower. The fourth project will come up in Arjan in Dubailand,” Shaikhani said.

The new projects are planned to be completed and handed over by 2020.

The total investment in the new projects will stand at Dh2 billion, which is in addition to the Dh1.5 billion worth of existing projects, spread in Dubai Sports City (DSC) and Dubai Silicon Oasis (DSO).

“We will deliver three residential towers in DSC and Cambridge Business Centre in DSO in the coming months and will use the funds from these projects to finance our new projects,” he revealed.

In March 2016, Dubai announced winners of the three theme pavilions of Expo 2020.  The Opportunity Pavilion is being designed by Bjarke Ingels Group; the Mobility Pavilion by Foster + Partners and the Sustainability Pavilion by Grimshaw Architects.

Read: Global architects to design Dubai Expo 2020 theme pavilions

Raed Safadi, Chief Economic Advisor, DED, participating in a panel discussion at DED Talks, a knowledge exchange platform being organised by the Department of Economic Development (DED) said: "We have seen development here since late 60s. But the diversification started back then. It’s a past, present and future phenomenon. Back in the early eighties 55 per cent of Dubai's economy was oil based. Today it is less than 2 per cent. It emphasises the role of the government in helping the sectors to diversify," he said.

He further added that a new company law, commercial law, a new public-private partnership (PPP) law and a bankruptcy law is going to add incentives to the private sector.

Inaugurating the event Sami Al Qamzi, Director General of DED said Dubai has today achieved a position where only 2 per cent of its economy today depends on oil and how the Emirate has been marching ahead following  guidelines set and developing as knowledge based economy.

Giving details of various sectors that have successfully emerged following continuous investments in the field of infrastructure and technology he said, "His Highness has articulated his decision and strategy on the post oil economy. This strategy has succeeded in diversification of the economy. We have witnessed increased productivity, the growth of the retail and wholesale sector, the tourism sector, transportation and technology. We are also going to be the leaders of Islamic economy. The total value of Islamic Sukuk is Dh121 billion. IMF has described UAE as the most diverse and competitive market in the region," he said.

Dubai is a perfect example for all GCC economies to follow as they travel the path of diversification, a senior official of the International Monetary Fund (IMF) said.

Osama Kanaan, Director, IMF Centre for Economics and Finance, who was speaking during the first DED Talks, a knowledge exchange platform being organised by the Department of Economic Development (DED) in Dubai, to discuss economic trends, indicators and updates bringing together experts, investors, entrepreneurs and businessmen from various sectors.

The discussion point during the first event was Post Oil Economy, and the Gulf Countries journey towards diversification.

Inaugurating the book ‘Breaking the Oil Spell, The Gulf Falcons' Path to Diversification’, Kanaan said, "Dubai has been a perfect example of diversification."  

Raed Safadi added: “the ultimate aim is to more productivity. The 2021 vision of the UAE government he said has laid the groundwork for the future course but the journey towards achieving the goals is a continuous job.

"Just take the example of the education policies that we have set up. The tertiary education is to shift to a STEM like system. In doing so you change the composition of a private public sector. The results will be coming online and would continue to bear fruit," he said.

Hatem Samman, Chief Economist, Saudi Arabian General Investment Authority who was one of the participant in the panel discussion said Saudi Arabia has rich endowments, be it tourism or mining.

It has not been tapped….. We did not concentrate on economics and instead concentrated on political aspects.  But that is changing. The vision 2030 of the government has clearly spelled out the journey forward," he said.

Stating that the road ahead is challenging he emphasised, "it is imperative that we face these challenges. About 80 per cent of households in the Kingdom get their revenue from government spending. The 2030 vision has been clearly spelled out," he added.

Kanaan also emphasised that one of the key factors is institutional development. "In different countries it has progressed at different levels," but added that there is a lot still that needs to be done in terms of institutional development in public sector.

"A lot has been done in terms of infrastructure growth. But we also need to remove impediments.  A level playing field needs to be created. Progress has been done on education but more needs to be achieved with an emphasis on vocational training.”