SRK in Dubai to launch special Forbes Middle East edition
Shah Rukh Khan is on the cover of a special edition of Forbes Middle East, and he will be in Dubai today to launch the magazine. Forbes has put the Bollywood actor at the top of its Indian Leaders in the Arab World list. “Forbes Middle East made me feel special with their special edition cover story on my work in entertainment. Off to Dubai for the launch. Thank you all,” Shah Rukh Khan posted on Twitter earlier today. The event will include a gala dinner and awards ceremony in the Godolphin Ballroom, Jumeirah Emirates Towers. – The National staff
Porsche sued over crash that killed Paul Walker
The widow of the man who was driving a Porsche sports car that crashed and killed Fast & Furious actor Paul Walker sued the automaker on Monday, claiming design flaws caused both men to die in a fiery crash in November. The wrongful death lawsuit by Kristine M Rodas says her husband was driving at 55mph (88.5 kph) – not at unsafe speeds as law enforcement investigators determined – before it crashed last year. Roger W Rodas was driving a 2005 Porsche Carrera GT capable of speeds more than 200mph (320 kph), but his wife’s lawsuit says the vehicle lacked a proper crash cage and safety features in the gas tank that would have saved both men’s lives. The lawsuit also contends that a failure in the car’s suspension system forced it to careen out of control and strike three trees while driving down a street in Santa Clarita, California.
“The Carrera GT was unsafe for its intended use by reason of defects in its manufacture, design, testing, component and constituents, so that it would not safely serve its purpose,” the lawsuit states. The lawsuit seeks unspecified damages from Porsche Cars North America, which did not immediately return email messages seeking comment. – AP
Eminem releases new video on Mother’s Day
Eminem gave his estranged mom quite the Mother’s Day gift, releasing a music video for an apologetic song that depicts her struggles raising the rebellious rapper. The Detroit rapper released the video for Headlights featuring Fun.’s Nate Ruess on Sunday. The song, released on Eminem’s 2013 album The Marshall Mathers LP 2, is an extended apology to his mother, Debbie, for the difficulties he caused her over the years. Eminem has had a very public feud with his mother since early in his career, disparaging her in song and blaming her for a tough childhood. The reflective Headlights signals a different direction for the rapper, at least in song, as he apologises for the trouble he caused and for the shots he took in his lyrics. A publicist for Eminem said on Monday there was no comment from the rapper. – AP
Lift melee between Jay Z, Solange Knowles goes viral
A hip New York hotel said Monday it’s investigating how surveillance video of Beyoncé’s sister Solange Knowles attacking her brother-in-law Jay Z in an lift wound up on an internet gossip site. The fuzzy, silent black-and-white video posted on TMZ.com shows Solange kicking and hitting Jay Z at the Standard hotel, site of an after-party following the glamorous Met Gala in New York on May 5. A bodyguard is seen trying to restrain the clearly agitated 27-year-old singer, whose 32-year-old megastar sister stood largely in the corner alongside her 44-year-old husband of six years. The trio can be recognised by the outfits they wore earlier that night at the Metropolitan Museum fashion gala — Solange in a pink Phillip Lim dress, Beyoncé in a sheer black Givenchy Haute Couture gown and Jay Z in a white tuxedo jacket. In an email to AFP, the Standard hotel in lower Manhattan expressed outrage that the three-and-a-half-minute video had gone viral, and it threatened disciplinary and legal action once it finds who made it public. “We are shocked and disappointed that there was a clear breach of our security system and the confidentiality that we count on providing our guests,” it said. – AFP
ABC News building in New York named for Walters
The ABC News headquarters in New York has been named in honour of Barbara Walters, who’s retiring after a storied television reporting career that has spanned five decades. ABC News says the 84-year-old Walters was honoured on Monday in a ceremony dedicating The Barbara Walters Building in Manhattan. Walters announced in 2013 she would be retiring this year from regular TV appearances. She’s scheduled to say goodbye as co-host of The View on Friday. The network says she’ll remain an executive producer with the New York-based series and will make special ABC News appearances as events warrant. – AP
Details emerge about new Harry Potter ride
The centrepiece of the new Harry Potter-themed area at Universal Orlando Resort will take visitors into Gringotts bank to help retrieve a magical object and re-create a scene from the wildly popular book and movie series. Universal executives announced on Tuesday that the ride will be called “Harry Potter and the Escape from Gringotts”. The ride and the themed area will open in the summer. Among the features of the new ride: a 60-foot (18-metre) dragon atop Gringotts Wizarding Bank, a labyrinth of Gringotts vaults and a marble hall with goblins. The ride will use 360-degree themed sets, digital high-definition animation, 3-D projection systems and live special effects. The new themed area will be located at Universal Studios Park. – AP
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
COMPANY%20PROFILE
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
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Tickets
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
