Many parents will agree buying Christmas gifts for children is an evolving equation influenced by budget, fads, expectations and availability.
Each family has its own approach, taking into account factors such as practicality, fun and surprises, versus supporting existing hobbies – all nuanced by social media and peer pressure.
Then there can be sourcing issues as pandemic recovery demand disrupts global supply chains.
“I’m fortunate they don’t have expectations, but I do like to get them what is popular,” Chelsea Beeke says of her daughters, Sofia, 16, and Arabella, 14.
It is absolutely important for my children to realise how blessed they are
Chelsea Beeke,
entrepreneur and mother of two
“Whether it’s perfume, clothing or gift cards … now they are teenagers, they have very specific tastes and like to shop on their own.
“I also like to give experiences such as movie tickets or Starbucks cards.”
With UAE malls presenting so much temptation, children can compile substantial and costly festive wish lists.
Ms Beeke, an Australian who runs Tiny Bean Events, says it is “absolutely important” for her children to realise “how blessed they are”.
Generally, her Christmas shopping list has featured “a bit of everything”, with something wanted, something to wear, something to read and something needed “plus lots of stocking fillers for the fun of it”.
“When they were younger, it was easier to shop throughout the year and pick up smaller inexpensive gifts to put away for Christmas,” she adds.
Ms Beeke has, however, always faced an unusual challenge with her youngest daughter, who celebrates her birthday on Christmas Eve.
“It’s a difficult time to do back-to-back presents and not let her be over-indulged,” she says.
“But she has a very kind nature and we did charity donations in the past where friends and family gave money for her birthday and she donated it to [UAE charity] Operation Smile.
“She felt happier knowing she had paid for three cleft palate operations on children rather than adding another toy ... she remembers this feeling more than any gift she has received.”
Ms Beeke, who lives in Dubai Hills, has also seen her family dynamic change in recent times.
“Last year, we added three more people to our family when I remarried and became a bonus mum to two amazing boys, so now Christmas is about four children and we have set a budget for each of them.”
Of course, different household incomes can determine festive expenditure, be that flights home, decorating the house or sourcing gifts.
Dubai entrepreneur Kelly Hodgkin was adopted as a child and is now mum to Harry, 8, Teddy, 5, and baby Tommy.
She likes to keep them grounded where possible, including at Christmas.
“We don’t go buying their gifts with a budget in mind, but we keep it in check as much as possible,” says the Briton.
“The boys are at an age when we buy a couple of big things like iPads, phones, gaming stations, so I think this year [will be] a few big gifts, then a few little things they can open throughout the day.”
Ms Hodgkin, who lives in Jumeirah Golf Estates, finds buying Christmas presents quite tough as she likes her children to “appreciate what we buy them and not just open and discard things”.
“My husband is more ‘buy them everything that we couldn’t receive as children’, but I tend to hide a lot, so they don’t get it all at once otherwise it’s chaos … let them open a few gifts over the course of the day so it gives them time to play with each one and appreciate it.”
We don’t go buying their gifts with a budget in mind, but we keep it in check as much as possible
Kelly Hodgkin,
entrepreneur
The 36-year-old varies gift genres, depending on what her sons have requested, and ensures they wake to a Christmas Day stocking; one of her big childhood memories.
“I buy a mix of material and experiential gifts – my boys love Lego and this year we have surprised them with a trip to the Maldives just before Xmas … a great gift we can enjoy together as a family.”
“Christmas, once we were adopted, was always the most magical time growing up – we may not have had a lot of money but we always felt loved and happy, which is all you can ever want,” Ms Hodgkin adds.
“Now I always try to make the happiest of memories … as we’re fortunate to have a big house, everyone comes to us, which we love.”
As the founder of Conscious Finance Coaching and a Dubai parent, Carol Glynn watches her Christmas present spend.
“We are fortunate enough to be a little flexible,” the mother-of-three admits.
“So while I try to keep to or below the budget, I may spend a little more in certain circumstances, but never more than I can afford or more than we have cash in our account to pay for.
“We limit gifts and buying toys to birthdays and Christmas, so we make sure we make it special when we purchase gifts for our children.”
Ms Glynn, who lives in The Springs in Dubai, insists on quality over quantity and focuses on ensuring her daughter, 9, and eight-year-old twin sons are getting “what they need, want and will actually use and appreciate”.
“We talk a lot about their wish lists and ensure what goes on it is actually what they are interested in, not just the latest fad or what their friends are talking about,” she says.
“We apply spending within your values to gift requests too, make sure they are choosing items they will enjoy because they genuinely want them and are interested.”
We talk a lot about their wish lists and ensure what goes on it is actually what they are interested in, not just the latest fad or what their friends are talking about
Carol Glynn,
founder of Conscious Finance Coaching and a Dubai parent
Ms Glynn, 40, believes it is important for parents to ensure children value what they receive and getting too much can be overwhelming.
She says her youngsters are more interested in relaxed family time during Christmas after the busy run up to the holiday.
“They are definitely excited about gifts and new toys, but as they get older are asking for less but want to do more together, like skiing in Ski Dubai, a staycation, camping or hiking in the mountains.”
Ms Glynn, from Ireland, cites the importance of parents setting a budget and buying consciously. It is unwise to put your family into debt by overspending, she says.
“In my experience, in the long run, children remember family time together and experiences much more than the toy they received.
“It’s important for children to understand there are limits to what they can get as it helps them appreciate more what they get, and already have.”
For Zak Didcott, 13, and sister Summer, 11, the season build-up is when they give away items.
“The kids have a sort out of clothes, toys or books and things in good working order are given to someone that could make use of them,” mum Anna says.
“I am aware of the term ‘expat brat’ and didn’t want my kids to grow up like that, so little things like that, I hope, reinforce good qualities in them.”
Ms Didcott, from England, runs a small business called Anna D, selling ink drawings, cards and jewellery at community markets such as Arte.
She loves Christmas and is keen for her children to enjoy the same “magical” experience she did growing up – but gifting follows the rules of something needed, wanted, to wear, read or eat.
“This doesn’t necessarily mean they only get one present for each – it depends on the prices,” Ms Didcott, who lives in Liwan, Dubai, says.
The kids have a sort out of clothes, toys or books and things in good working order are given to someone that could make use of them
Anna Didcott,
entrepreneur and a Dubai parent
“I love a bargain, so pick up things during the year if I see something someone will want.”
With Zak into karting and Summer horse riding, Ms Didcott says hobbies inspire useful gifts rather than “for the sake of gifting something” – although she does seek out surprises.
“We don’t want to indulge the kids, but we do want them happy … anything to do with their hobbies brings a smile.
“We are lucky, they are pretty relaxed and happy not to have the latest device or trainers [although] our budget has probably increased as they have got older.”
The family takes advantage of opportunities available in Dubai, but doesn’t have any desire to “keep up with the Joneses”, Ms Didcott says.
She and husband James, a primary school teacher, have bought some gifts from Amazon for “convenience and better prices”, and visiting family are bringing items ordered at lower prices in the UK.
“We do speak about prices so the kids have some idea of how much things cost,” Ms Didcott adds.
As the organiser of pop-up markets such as Shopping Soiree, Ms Beeke is exposed to independent local vendors such as Desert Totes and K-Craft, providing alternative gift options.
“I’m fortunate to work with the most incredible small businesses and have purchased from them for this year,” she adds.
Meanwhile, for some parents, having their children involved in buying gifts and sharing is key.
It’s not healthy for it to be all receiving and no giving, explains Ms Glynn, who hands her trio an amount to spend and takes them shopping.
“They have to manage their budget and buy for their siblings and parents from the budget. They talk about it for weeks before and get really excited about finding things they think their siblings will like.
“They love being in charge of their own money and really work hard to get the best they can for the amount they have,” Ms Glynn adds.
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Results
Stage three:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Tom Dumoulin (NED) Jumbo-Visma, at 14s
4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
5. Joao Almeida (POR) UAE-Team Emirates, at 22s
6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s
General Classification:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s
4. Tom Dumoulin (NED) Jumbo-Visma, at 14s
5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
6. Joao Almeida (POR) UAE-Team Emirates, at 22s
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Sholto Byrnes on Myanmar politics
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
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Company%C2%A0profile
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The%20specs
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The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Company%C2%A0profile
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KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
AIDA%20RETURNS
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Normal People
Sally Rooney, Faber & Faber
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%20specs
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