This weekend saw Annabelle get her first rejection from her dance school. I was upset for her but I do actually think it’s a good thing to learn disappointment and rejection this early in life other than that it was pretty much relaxed and chilled weekend.
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Here at SVN it has been a very good year for our business, our clients are happy and my colleagues are ecstatic with all the new investments and incentives we have been offered and for what we can offer our clients. We have three new real estate investments, two of them based in the UK and one of them based in Thailand which promises very handsome returns and an awesome payment plan. Moving forward we will also have new private equity and fixed income offerings.
We pride ourselves at SVN at being able to offer clients new and exciting services which have had hefty due diligence from our team and company portfolio manager. With that being said, the biggest key take away I have had from our morning meeting run by our CEO Stefan Terry, is that; when being an adviser to our clients, we are probably the second most important people in your life (after your family of course), as we are the being responsible for not only managing your portfolio, but managing the succession and estate of your entire net worth essentially.
Our job, similarly to a doctor or a lawyer is to diagnose your current financial condition and analyse how you are going to get where you want to be – if realistic, our job then is to make sure we are doing all the in-between, which usually involves carefully investment planning and also protecting your wealth and family first and foremost. Although most of you may think “well we knew that already” – as advisers and clients relationships trust and grow, sometimes we tend to forget the words spoken by our advisers are just as important as those spoken by doctors or lawyers, whenever you are suffering from a health condition or in some sort of crisis. As advisers our main role and fiduciary duty is to make sure we advise clients with a holistic approach on all offerings presented by SVN, as we know best for your financial condition. Having said that, it is my promise to ensure all my clients that I am looking out for the best interest when it comes to wealth building and wealth preservation and with all the thrilling new investments we have coming onboard, I am sure our clients will not be bored!
Rental yields soar as owners upgrade Saudi properties
Thousands of property owners in Saudi Arabia – particularly in Riyadh – are upgrading and retrofitting their assets to take advantage of the kingdom’s growing property market, experts said.
Carrying out upgrades and modernising properties can yield an increase in rent revenue of between 25 and 50 per cent in a market that has been relatively flat outside the capital Riyadh, where 44 per cent of the kingdom’s real estate transactions took place.
With the influx of newer, modern buildings in the kingdom in recent years, rents for apartments or units in malls that were built 30 to 40 years ago are not yielding as high a rent. In addition, some residential properties are being transformed into office space to take advantage of Riyadh’s commercial market, which is at near-capacity, analysts said.
Knight Frank said villa and apartment prices in Riyadh rose by 0.5 per cent and 4.5 per cent last year, but were down 2.5 per cent and 2 per cent in the next biggest centre, Jeddah. Apartment prices in the Saudi capital have grown 57 per cent since 2020 and villa prices are 32 per cent over the same period.
Riyadh is likely to see “relatively strong price growth” in the coming year, said Taimur Khan, head of Mena research at CBRE.
Office rents are also climbing at double-digit rates in Riyadh, according to CBRE, where a government initiative to locate regional headquarters is driving up prices and leading to new builds being pre-leased before they come on the market.
The Federal Tax Authority (FTA) of the UAE has recently released the free zone persons’ guide, which greatly improves users’ understanding about the application of corporate tax on free zone businesses. This guide addresses multiple key points and incorporates a range of examples and illustrations.
Sections one, two, and three of the guide delve into the glossary, introduction, and overview, offering insights into the terms used, the guide’s objective, and its comprehensive content. Section 12 outlines the responsibilities of qualifying free zone persons (QFZPs), encompassing registration, financial statement preparation, auditing, tax return submission, payment, and the maintenance of records for seven years to prevent penalties. Section 13 is dedicated to the update and amendment history.
Section four outlines the criteria for becoming a QFZP, consisting of six specific requirements. A free zone person is considered a QFZP by default unless one of the conditions for QFZP status is not fulfilled, or if the QFZP chooses to be subject to tax.
Users were seeking clarification on the beneficial recipient criteria for transactions with other free zone persons to qualify for zero-rated status, which has been elaborated upon with detailed explanations and examples. Another key area of interest in this section is the categorization of revenue into out-of-scope, exempt, standard-rated (nine per cent), total revenue, non-qualifying revenue, and qualifying revenue, providing valuable guidance for calculating the de-minimus percentage.
Shares of embattled developer China Evergrande’s (3333.HK), opens new tab EV unit soared as much as 113% to HK$0.81, their highest since September 22, becoming the top gainer on the Hong Kong bourse, and last stood up 79%, following the May 17 trade halt.
The non-binding deal by liquidators acting for China Evergrande Group, Evergrande Health Industry and Acelin Global provides for a third-party buyer to take a stake of 29% in the unit, with an option for 29.5% more, the EV unit said on Sunday.
The three collectively hold 58.5% of the cash-strapped EV unit, whose factory in the northern city of Tianjin stopped production at the start of 2024.
The EV unit said the term sheet also mentioned that the potential purchaser would provide a line of credit to fund its operation and business development.
Last week, China Evergrande New Energy Vehicle said its unit had received a letter from local administrative bodies demanding repayment of 1.9 billion yuan ($262 million) in subsidies and incentives.
Earlier this year, China Evergrande, the world’s most indebted property developer, was ordered to be liquidated after it was unable to offer a concrete restructuring plan, more than two years after it defaulted on its offshore debt.
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The Fidelity Weekly Market Review
Monday 27th May 2024
The demand for chips to power artificial-intelligence services from the likes of Meta and Microsoft helped boost Nvidia’s revenues to $26 billion in the last quarter, a 262% year-on-year increase. Net profit soared 628% to $14.9 billion. Shares in the world’s most valuable semiconductor company, which has seen its market capitalisation double since the beginning of the year, rose by 15% during the week, helping the Nasdaq close at an all-time high on Friday.
America’s Securities and Exchange Commission approved rule changes that pave the way for the launch of exchange-traded funds tied to ethereum, the world’s second-largest cryptocurrency. Anticipation of the approval has driven up ethereum’s price by 60% this year.
The S&P Global US Composite Purchasing Managers’ Index exceeded expectations, reaching a two-year high in May. The service sector led the upturn, experiencing the largest output growth in a year, while the manufacturing sector also expanded. The report also highlighted a fresh acceleration in inflationary pressures, alongside strong demand for goods and services.
Britain’s annual inflation rate fell sharply in April to 2.3% (from 3.2%) and is now at its lowest level in three years. Separately, the International Monetary Fund upgraded its UK growth forecast and suggested that interest rates could be cut to 3.5% (from 5.25%) by the end of next year.
In Japan, the core consumer price index for April showed prices rising by around 2.2% year on year, down from 2.6% in March. Though that is still the 25th consecutive month of inflation at or above the Bank of Japan’s target rate of 2%, officials suggested that the rate-rise in March would not mark the beginning of a rapid tightening cycle.
China said it would ban some American firms – including those that sell arms to Taiwan – from making new investments in China. Companies on the “unreliable entities” list would also be banned from importing from or exporting to the country.
Janet Yellen, America’s treasury secretary, defended Joe Biden’s new tariffs on a range of Chinese imports, including duties of 100% on electric cars, as “strategic and targeted steps”. She called on the European Union to join America in restricting cheap Chinese exports in green technology, which she said undermines Western innovation and jobs.
