I will be in the USA for another due diligence trip with one of our partners. Looking forward to the trip as I have never been to Dallas or Charlotte before so will be good to check it out. I will miss Annabelle in yet another show which I’m excited for her as it’s at the new Real Madrid world this coming weekend. We did however have a good weekend just past with Jax getting more and more into basketball so we got him a little net and ball to help keep his practicing up, safe to safe he loves playing it nearly as much as football. Some of you have asked how Cookie our dog is and unfortunately he is getting a little worse with his eyesight nearly completely gone and no hearing at all left, but he is a fighter so continues to bark lots and eat lots and gets lots of snuggles.
I will be around 9 hours behind Dubai time so my team can help with the day to day operations but I will continue to check my emails and make sure I get back to everyone. I’m available on email and WhatsApp still.
+971 56 130 7899
info@tonihugheswealth.com
https://www.linkedin.com/company/svncap/posts/?feedView=all
As the allure of high-value timepieces continues to captivate collectors and enthusiasts, the Swiss watch industry is experiencing an interesting revival. A new report from the Federation of the Swiss Watch Industry reveals encouraging trends across major markets like the United States, China, Japan, Singapore and the United Kingdom. This stabilisation in exports is a promising sign for an industry that has faced challenges in recent years. You can read the full Forbes article here: https://lnkd.in/d-PCsT-h
Written by Mario Volpi, Head of Brokerage at Novvi Properties
The growth of the Dubai real estate market continues unabated and this is due to the population growth, the changes to the visas, the fact that it’s safe and has a secure business environment, etc., but the data has shown that the secondary market last year accounted for 41% of all transactions with the highest number of transactions being in areas such as business bay, downtown and JVC and these were mainly bought via cash as opposed to any financing with the demand for affordable villas and townhouses driving this segment.
The 41% is a very healthy percentage given that the other 59% will be for Off Plan purchases so it’s a good mix is what I mean.
looking forward to future growth, I think buyers should focus on areas such as Dubai south, Dubai Maritime city, Mohammed bin Rashed city and Palm Jumeirah for capital appreciation.
The UAE has emerged as a hub of business, with entrepreneurs from all nationalities flocking to the city to practice their trade.
To set up a business in the UAE, one needs to be atleast 18 years of age, according to the Commercial Transactions Law in 2023.
There are a few steps to follow to start a business in the UAE mainland, as per the Ministry of Economy. Here is a look at the approvals, documents required and steps to start your own business.
You can apply online through the unified Basher platform, or the website of the concerned emirate’s economic department. You can also apply in person through government service centres, Tasheel offices, legal services offices, OnTime offices for government services, or customer happiness centers of the emirate’s Department of Economic Development.
According to the Ministry of Economy’s website, these are the steps to set up your business in the UAE mainland.
Banks in the UAE are willing to work with customers and provide a “lifeline” to those who were impacted by the unprecedented rains last month, said Abdulaziz Al-Ghurair, chairman of UAE Banks Federation in a media briefing on Tuesday.
“For individuals, banks are willing to work together with customers if they have a genuine reason, be it mortgage, auto finance or personal loans. It could also be some companies whose businesses have been damaged and unfortunately, they don’t have insurance,” he said during a media briefing.
He added that the banks are part of the economy, and they will assist and provide a “lifeline” so that individuals and businesses can bounce back.
“We are part of the economy and our interest is to stand by such customers in difficulty and support them. They also have to approach banks. It is an opportunity for people to take advantage of it. If they are genuine (victims) and have proof, our interest is to work together with clients – be it in individual or small or large businesses.”
“Banks have shown maturity for this and they were tested during the Covid-19 time. Banks rescheduled loans when there was a genuine reason because there was just no income for some firms,” Al-Ghurair said during the media briefing.
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The Fidelity Weekly Market Review
Monday 3rd June 2024
The International Monetary Fund upgraded its forecast for China’s economic growth over the next two years but warned that consumer-friendly reforms were needed to sustain strong high-quality growth. It now expects GDP to grow 5% in 2024 and 4.6% in 2025, both estimates being 0.5% higher than its previous forecast. The fund suggested that Beijing should scale back subsidies and other “distortive” policies that support manufacturing at the expense of the service industry.
Li Qiang, China’s prime minister, hailed a “restart” in relations with Japan and South Korea at the first trilateral summit between the countries in four years. Talks over a free-trade agreement stalled in 2019.
China’s factory activity fell unexpectedly in May. The manufacturing purchasing managers’ index dropped to 49.5, down from 50.4 in April.
Japan cemented its position as the world’s largest creditor. The country’s net external assets hit ¥471.3 trillion ($3 trillion) in 2023, up 12% on the year before, helped by the weak yen.
In South Africa, the governing African National Congress lost its parliamentary majority after gaining only 40% of the vote in the national election, down from 57.5% in 2019. Investors will be watching how this changes the course for South Africa’s economic growth, pegged at 0.9% this year by the International Monetary Fund. With inflation in May of 5.2%, the central bank kept interest rates at 8.25% at their meeting last week.
In the United States, the personal consumption expenditures price index excluding food and energy costs increased 0.2% from a month ago, in line with expectations. On an annual basis, core prices rose 2.8%. Personal income increased 0.3% on the month, whilst spending rose just 0.2% following a revised fall of 0.7% in March. Markets continue to rein in their expectations for rate reductions this year, with pricing indicating that the first move may not come until November, after he presidential election.
Saudi Arabia announced plans to sell a second sliver of stock in its state-owned oil company, Aramco, worth $12 billion. Proceeds from the sale of 0.64% of Aramco’s shares will help the country to fund its economic diversification plans, which include investments in artificial intelligence, tourism, and sports.
Orange juice futures reached an all-time high last week. Prices soared after groves in Brazil, the world’s largest producer, were battered by bad weather and disease. Expectations of a poor harvest follow two years of reduced yields in America; as orange stocks run low, juice-makers are looking to more resilient mandarins.
