Gary Clement for The National
Gary Clement for The National

On the Money: Motorist sees the light after year of fine-free driving



Eureka moments come at the most unexpected of times, but I guess that's why they're called eureka moments.

Take the Greek scholar Archi-medes, who is believed to have shouted "eureka" after stepping into his bath and noticing that the level of the water rose. This, according to Wikipedia, apparently caused something to click and he suddenly realised that the "volume of water displaced must be equal to the volume of the part of his body he had submerged".

An exciting discovery I am sure, but each to their own. The story continues with Archimedes leaping out of the bathtub and running naked through the streets of Syracuse, so eager was he to share his news.

We've all had our share of eureka moments, although probably not as important as that of Archimedes or even the gold prospectors of the 1800s, who were known to shout "eureka" whenever they stumbled on a fist-sized nugget of the precious metal. And who wouldn't.

Some eureka moments can make us rich, some can make us wiser, while some people have been known to undergo a massive sea change and turn their lives upside down because of them.

That sea change can also be known as the mid-life crisis, when men turn 50, spend their children's inheritance on clothes that should only be seen in Saturday Night Fever, hang some serious bling around their necks, undo the top three or four buttons of their shirts to show it off, buy a racy red sports car or a Harley-Davidson, start working out and do lots of other idiotic things that I won't be going into here. So perhaps that type of eureka moment doesn't really apply here. Instead, we'll call it a lapse in focus. A serious one.

I had a rare eureka moment last week, but, unlike Archimedes, I didn't celebrate by running naked through the streets of Abu Dhabi. That would get me arrested - or at the very least, be accused of going through a mid-life crisis. It's a good thing I'm not old enough for that. And that I'm a woman - and we all know that women don't experience mid-life crises, except through the eyes of their 50-plus husbands.

No, mine was a much quieter affair and nobody celebrated it - although for a moment there, I expected the big band to strike up and confetti to fall from the ceiling. To receive a set of steak knives, perhaps, or at least to see a light bulb go on above my head. I did get the light bulb, but I was the only one who saw it. And that's because it was my eureka moment.

So there I was, sitting in the very uninspiring Traffic and Licensing Department in Abu Dhabi, patiently waiting my turn to register my car and pay my annual traffic fines.

Last year, it cost me about Dh900 in fines, on top of the extremely reasonable Dh100 to renew my registration and Dh5 for that little sticker that goes on the licence plate at the back of the car.

Compared with some drivers in the UAE, Dh900 is a small price to pay for slightly breaking the speed limit a few times over the course of a year. And perhaps to go through an amber light here and there, although I don't really remember doing that.I got off pretty lightly, but I've known some people who have faced tens of thousands of dirhams in fines simply because they couldn't slow down or didn't want to wait at the lights for the next change.

This year? This is where it gets exciting (OK, I live a pretty boring life). Over the past year, I failed (the first time I'm happy to use that word in connection with myself) to incur any traffic fines. Seriously. I even asked the woman at the counter to repeat it. Twice.

And that's when I looked around, expecting the big band to strike up, the set of steak knives to be handed over, the manager to shake my hand and the confetti to fall from the ceiling.

Handing over the Dh100 to pay for my registration, that's when it hit me: why don't all drivers in the UAE drive safely?

I know that protecting our loved ones and saving lives on the roads by driving safely should be motivation enough. Clearly, it's not that way for many.

But the thought of saving some serious money may help some drivers to slow down, buckle up, strap their children in, put an end to that infuriating passive-aggressive bullying, stop running amber - and red - lights and giving way to pedestrians, just to name a few of the infractions I've witnessed on the roads here.

It's a no-brainer - and surely I can't be the only one who's realised this. Think what you could do with the money you save in traffic fines. Use it to pay next year's car insurance, take a holiday, invest it or put it towards your children's education. Even use it to pay for some driving lessons to learn the rules of the road. The options are limitless.

It's a novel idea, I know, but perhaps it will get through - eventually.

COMPANY%20PROFILE%20
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What is graphene?

Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Company%20Profile
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ADCC AFC Women’s Champions League Group A fixtures

October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA

ACL Elite (West) - fixtures

Monday, Sept 30

Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)

Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
 
 
 
 
 
 
 

All or Nothing

Amazon Prime

Four stars

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How to increase your savings
  • Have a plan for your savings.
  • Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
  • Decide on a financial goal that is important to you and put your savings to work for you.
  • It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings. 

- Carol Glynn, founder of Conscious Finance Coaching

 

 

if you go

The flights

Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com

Seeing the games

Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com

 

Staying there

Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com

 

How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor 

Tuesday results:

  • Singapore bt Malaysia by 29 runs
  • UAE bt Oman by 13 runs
  • Hong Kong bt Nepal by 3 wickets

Final:
Thursday, UAE v Hong Kong

The biog

Born: near Sialkot, Pakistan, 1981

Profession: Driver

Family: wife, son (11), daughter (8)

Favourite drink: chai karak

Favourite place in Dubai: The neighbourhood of Khawaneej. “When I see the old houses over there, near the date palms, I can be reminded of my old times. If I don’t go down I cannot recall my old times.”

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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Titan Sports Academy:

Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps

Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE

Telephone:  971 50 220 0326

 


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