What a week and weekend it has been! Annabelle was fantastic on stage at Dubai Opera on Sunday, and I had a tear in my eyes again knowing that she loves what she does so much. The show which was run by DPA was outstanding extravaganza of music and musicals. From Matilda to Mama Mia, Les Mis to Hamilton, Rent and more. Annabelle wasn’t the lead in anything, but it has made her more determined to improve and push herself to start auditioning for those roles. Unfortunately, with good news sometimes comes bad and the day after in School she fell over and sprained her ankle. This is worse for her now as she has a competition with Step Up Academy in the Global Dance Finals in Holland, so we are crossing our fingers that the doctor is right in saying she should be back on her feet within 5 days. The competition starts in one week from yesterday, so it is cutting it fine.
I am excited for something very new that is coming to the fold for all my clients, and I am hoping to be able to share with everyone within the next 4-5 weeks.
It’s that time for pest control and I would suggest anyone with a villa check out the drains in this hot weather as we found an army of cockroaches there and luckily for us Healthy Home were there to clean up and get rid of all of them, I wouldn’t be surprised if there were over 400 of the little buggers down there. So, watch out and clean up.
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As traditional investments grow more correlated, wealthy investors are exploring unconventional assets. This interesting article from the Financial Times explores the fascinating realm of truly alternative investments, such as alligators and concrete. Would you consider diversifying your portfolio with unique assets?
Dubai: Now, rent or own floating villas that will sail on Arabian Gulf
A two-bedroom villa will come for Dh29 million while a four-bedroom will cost Dh46 million
Dubai, which is renowned for its uber-luxurious living, is set to offer another marvel — mobile or floating villas that will cruise the turquoise waters of the Arabian Gulf.
To build these floating villas that will resemble houseboats in terms of flexibility, as many as 48 aquatic vessels are being repurposed by a marine construction group. The villas will be completely manufactured in the UAE.
A two-bedroom villa will come for Dh29 million; a three-bedroom for Dh 32 million while a four-bedroom villa will cost Dh46 million.
On Monday, Khaleej Times had the exclusive opportunity to tour the first villa, which is ready and anchored at Dubai Palm Marina. Eight out of a total of forty-eight Neptune villas are currently in the final stages of completion.
Claudia Gomes, Commercial Director for El Bahrawy Group, said, “’Neptune’, the first floating and mobile villa, is part of the Kempinski Floating Palace resort project. The plan features a floating hotel surrounded by 48 luxury mobile villas that will have an estimated market value of Dh1.6 billion upon completion. It is the first of its kind in the world. There are a lot of floating villas, in the Maldives for example, but they are all docked.”
6-day vs 4-day work week: UAE residents back longer weekends
Some expats said they would not reside in a nation that requires its residents to work six days a week
Various groups in the UAE are voicing their support for the country’s four to five-day work week, calling it a ‘progressive strategy’ and highlighting that it is crucial to move beyond the outdated idea that longer hours equate to increased productivity.
The discussions are triggered by Greece’s announcement of a six-day work week that kicks off on July 1.
HR professionals, wellness experts, and residents alike emphasise that today’s generation values authenticity, mental health, and the intelligent use of technology to boost productivity and personal well-being.
Will more nations follow suit?
Lately, radio shows and social media platforms in the country have been rife with such conversations, with people deliberating if more nations could adopt shorter work weeks.
Zaid Alhiali, Co-Founder at Marc Ellis, told Khaleej Times: “The recent shift to a six-day work week in Greece stands out when compared to places like the UAE’s four-day week in Sharjah and Germany’s trial of a four-day week. Whether Greece’s model will catch on globally or not is uncertain as different cultural and economic factors are at play.”
He stressed that it is important to realise that different places have different work habits. So, what works in one country might not work in another. “I believe shorter work weeks can improve well-being, focus, and job satisfaction. The biggest concern will, however, be about maintaining productivity.”
In June 2022, a Gallup study found that individuals working six days a week experienced the highest rates of burnout, the lowest levels of overall well-being, and the highest levels of active disengagement. Conversely, those working five days a week showed the highest levels of engagement and the lowest rates of burnout.
Post-pandemic revenge spending is still continuing, but in one part of the world there’s something starkly opposite happening — revenge saving.
Rather than splurging on impulsive purchases, China’s young are saving ferociously as the world’s second-largest economy remains in the doldrums.
Revenge saving has become a trend on Chinese social media websites, with Chinese youth setting extreme monthly saving targets.
A 26-year-old with username ‘Little Zhai Zhai’ is detailing her attempt to cap her monthly spending at just 300 Chinese yuan ($41.28) a month, with a recent video showing how she curtailed her daily meal expenses to just 10 yuan ($1.38).
Others are finding “savings partners” on social media. These partners form a savings circle that ensures its members stick with their goals. Savings measures also include dining at community canteens usually for the elderly, where fresh meals are sold at relatively cheap prices.
“Chinese youth have a revenge savings mentality,” said China Market Research Group’s Managing Director Shaun Rein. “Unlike youths in the 2010s who often spent more than they earned and borrowed money to buy fancy items like Gucci handbags and Apple iPhone, young Chinese have started saving more,” he told CNBC.
Other telltale signs of younger Chinese tightening their purse strings are trending buzzwords such as “reverse consumption” and a “stingy economy.” The former refers to making a more conscious effort to cut spending, while the latter connotes actively seeking out discounts and deals when shopping.
This is in stark contrast to a wider trend among the youth, particularly Gen Zers — those born between 1997 and 2012 — who are reportedly financing their expenditures such as travel via debt. According to a Prosperity Index report by Intuit, rather than cutting expenses to boost savings, 73% of Gen Zers in the U.S. said they would rather have a better quality of life than extra money in a bank.
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The Fidelity Weekly Market Review
Monday 1st July 2024
The benchmark S&P 500 index in the United States closed the first half of the year up over 14%, with 60% of the gain driven by five ‘mega-cap’ companies – Nvidia, Microsoft, Amazon, Meta, and Apple – all of which have been boosted by an investor frenzy over the potential of generative artificial intelligence.
The rally in markets has narrowed further in recent months with Nvidia, Apple and Microsoft accounting for more than 90% of the growth in the second quarter. These three companies are now valued at over $3 trillion each while Amazon joined the battle to be the world’s most valuable company when its market capitalisation reached $2 trillion for the first time during the week.
The equal-weighted version of the S&P 500 is up only 4% year-to-date and fell in the second quarter.
The Federal Reserve released the results of its annual stress tests, which assess how banks would cope with a severe global recession and meltdown in the property market. All 31 of the banks passed the central bank’s baseline scenario, meeting their minimum capital ratios. The aggregate ratio, a cushion against losses, fell from 12.7% to 9.9%. Soon after, America’s biggest banks said they would increase dividends for shareholders; the largest of them, JPMorgan Chase, announced dividends would rise by 9%. It also said it would buy back $30 billion worth of shares.
The personal consumption expenditures index – the Federal Reserve’s preferred measure of inflation – slowed to 2.6% from a year ago in May, its lowest annual rate in more than three years. Personal income rose 0.5% on the month, more than expected, while consumer spending increased by 0.2%.
The yen fell to more than ¥160 against the dollar, its weakest level in almost 40 years. Despite the finance ministry intervening to the tune of billions of dollars, the currency has been falling because of the gulf in interest rates between Japan and America.
From next week, Indian government bonds will appear in the JPMorgan Government Bond Index (Emerging Markets) for the first time. Their inclusion will be staggered over 10 months, with an initial weighting of 1% rising to a maximum of 10% in April 2025. Inflows of up to $40 billion are expected during the scale-in period.
