The Asian property market is known for it extreme peaks and troughs. Talk about bursting bubbles is nothing new.
1996
Regional governments move to slow speculation and increase the supply of housing after home prices hit record levels, spurred in large part by investors looking for quick profits. Hong Kong prices hit US$1,000 (Dh3,673) a square foot; values in Singapore are up 440 per cent from 1986.
1997
Asian economic markets collapse, an event brought on by bad bank loans and rampant speculative currency trading.
1998
Hong Kong home prices fall more than 44 per cent from 1997 levels.
1998
"Maybe the lessons we learn from this crisis will help us avoid, or at least cope better, with the next one,"the economist Paul Krugman says in Fortune magazine
2000
After billions are invested in a slew of internet companies, the dot-com bubble bursts, sending ripples through the global economy. Home prices in Asia continue to slide.
2003
An outbreak of the serious strain of pneumonia known as SARS devastates Asian tourism and sends regional economies reeling. Hong Kong home prices are down 70 per cent from peak.
2006
With interest rates low, investors begin buying property in Hong Kong and Singapore. But prices are still far below record levels. Singapore houses are still 37 per cent lower than in 1996.
2008
Bad bank loans and unregulated speculative trading by investors looking for quick profits lead to the collapse of the US housing sector.
2009
Investors start to buy up property in Hong Kong and Singapore, sending prices soaring. Many of the buyers are from mainland China looking to move their money out of the country.
2010
Asian governments move to restrict speculation and increase supplies of property as fears mount that property bubbles are forming in many cities. The measures have little effect as prices continue to rise.
* Kevin Brass
UAE currency: the story behind the money in your pockets
UK - UAE Trade
Total trade in goods and services (exports plus imports) between the UK and the UAE in 2022 was £21.6 billion (Dh98 billion).
This is an increase of 63.0 per cent or £8.3 billion in current prices from the four quarters to the end of 2021.
The UAE was the UK’s 19th largest trading partner in the four quarters to the end of Q4 2022 accounting for 1.3 per cent of total UK trade.
UAE currency: the story behind the money in your pockets
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
RESULTS
2pm: Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: Najem Al Rwasi, Fabrice Veron (jockey), Ahmed Al Shemaili (trainer)
2.30pm: Handicap (PA) Dh40,000 (D) 2,000m
Winner: Fandim, Fernando Jara, Majed Al Jahouri
3pm: Maiden (PA) Dh40,000 (D) 1,700m
Winner: Harbh, Pat Cosgrave, Ahmed Al Mehairbi
3.30pm: Maiden (PA) Dh40,000 (D) 1,700m
Winner: Wakeel W’Rsan, Richard Mullen, Jaci Wickham
4pm: Crown Prince of Sharjah Cup Prestige (PA) Dh200,000 (D) 1,200m
Winner: Jawaal, Fernando Jara, Majed Al Jahouri
4.30pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh200,000 (D) 2,000m
Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer
Signs of heat stroke
- The loss of sodium chloride in our sweat can lead to confusion and an altered mental status and slurred speech
- Body temperature above 39°C
- Hot, dry and red or damp skin can indicate heatstroke
- A faster pulse than usual
- Dizziness, nausea and headaches are also signs of overheating
- In extreme cases, victims can lose consciousness and require immediate medical attention
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5