Five talking points from the week in UAE business

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  Reuters

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  Steve Marcus / Reuters

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  Courtesy Nakheel

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  Oscar Gutierrez / istockphoto.com

We take a look at Emirates’ signing of Jennifer Aniston and its flights to Panama, the depreciation of the Yuan, Samsung Galaxy Note 5, and Dubai property prices.

Emirates and Aniston become Friends

The Friends character Rachel Green didn't have the happiest of times inside the cabin of an aircraft. She boarded a plane to Athens thinking she was going to be joined by the newly-married/ditched Ross on his Athens honeymoon, only to take off without him. And it was Ross who became her nemesis again when he drew a moustache and beard on her while she slept on a flight to Las Vegas. But happier times in the world of aviation are afoot for Jennifer Aniston, the hugely-popular actress who played Rachel in the hit sitcom. Emirates confirmed this week that the 46-year-old has agreed to be the Dubai carrier's brand ambassador in a deal reportedly worth US$5 million, which will see her be the face of its forthcoming global advertising campaign. Like Etihad with Nicole Kidman, Emirates has chosen a celebrity at the stage in their life and career where scandal is most unlikely. Aniston has stayed in the limelight despite Friends ending more than a decade ago, and gives Emirates a further worldwide presence. Is she the right choice? Other names have been suggested, such as Angelina Jolie, but for me Aniston ticks all of the boxes for Emirates. Ian Oxborrow

Yuan direction in China

On Tuesday, the People's Bank of China, pictured, devalued the yuan by 1.9 per cent. How this works is that the central bank picks an "official midpoint" for the yuan versus the US dollar, and the yuan can only go up or down by 2 per cent from that midpoint in Chinese markets. After Tuesday's reset, the yuan fell, not surprisingly, by 1.9 per cent. On Wednesday the PBOC shaved another 1.6 per cent off the midpoint. The yuan responded by slumping nearly 2 per cent before Beijing waded into the markets in late trading to prop it back up. Looking ahead, the PBOC said it will continue to look to the markets for clues as to where to peg the yuan - but at the same time it saw "no basis for a sustained depreciation trend" for the currency. For the UAE - really, for any country not named China - this means it is cheaper to buy stuff made in the world's second-largest economy, but it will be harder to sell stuff to the Chinese. Rob McKenzie

Will the Note 5 be noted?

Does the UAE, or anywhere for that matter, need another top-end smartphone? Do the Apple iPhone 6, Samsung Galaxy S6 and LG G4, to name a few, not suffice? I ask because Samsung has announced that its Galaxy Note 5 is being launched next week. The Note 4 was a super phone and a leader in its phablet sector, but, aside from the S-Pen, not all that different from larger sized phones by its competitors. Samsung has been tight-lipped on the Note 5's new features, though somehow I don't think Apple fans will be rushing to the mall to trade in their iPhone 6 Plus. With the low-cost Chinese makers increasingly prevalent in the UAE where the majority of residents cannot afford the top end devices, Samsung will have to pull something special out of the hat when it unveils its new piece of kit in Dubai on Tuesday. Will buyers take note? There will be the usual Samsung advertising campaigns coming to a roadside near you, but I'm not convinced. Ian Oxborrow

Marina prices causing waves

Is the worst now over for the property market? Dubizzle's report this week produced the alarming headline that prices in Dubai Marina had fallen by up to 18 per cent - in just three months. Predictions earlier the year, from the likes of S&P, were for falls of between 10 and 20 per cent during the course of the year, rather than in one quarter alone. But the wider picture isn't quite so bad. Data from ReidIn showed that sale prices in Dubai were down 4 per cent during the second quarter and that prices were falling faster than rents. This rental price resilience will be tested in the second half of the year when thousands of new units are expected to be completed. All of the property brokerages are in agreement - prices and rents are falling. And all are in the same ballpark when it comes to the actual figures. But will cheaper property prices stoke a second half turnaround in transactions, which slumped so dramatically? Ian Oxborrow

Emirates tailors flights to Panama

Emirates goes to many places, but never before has it gone to Central America. The Dubai carrier announced another capacity increase this week, with its sixth daily A380 flight to Australia. And now it has said that Panama City will join its 147 destinations in 81 countries. Panama City ... why exactly? It can't just be for Pierce Brosnan fans wanting to recreate scenes from the film adaptation of John Le Carre's classic spy novel, The Tailor of Panama. The route will be served by a Boeing 777-200LR which can carry 15 tonnes of cargo, as well as 266 passengers to country where key imports are pharmaceuticals, iron and steel rods and electronics, plus as Emirates says it's a gateway to "tropical destinations". Where would you like to see next in Central America? Mexico? El Salvador? Ian Oxborrow

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