Etisalat has announced that it is scrapping the renewal charge for prepaid mobile subscriptions, in the latest move in the UAE's increasingly competitive telecoms sector.
For many expats living in the UAE, the charge has been something of an annoyance. That's because - in some markets, at least - prepaid mobile lines are available for free, and do not attract charges for annual renewal.
And so many will welcome Etisalat's 'free lifetime validity' on all new and existing Wasel connections.
To keep their Wasel connections active, customers "need only make one charged call or send an SMS from their Wasel accounts within three months," the company said in a statement.
Rival operator du already has 'lifetime validity' on its Pay as you Go subscription. However, it is only applicable to customers who recharge 20 times within four months, or spend Dh500 of phone credit in a year. Those who do not meet that criteria must pay Dh55 a year to renew.
And so Etisalat's latest offer gives it a slight edge on its competitor in terms of prepaid subscribers - although it's not inconceivable that du will respond with a similar offer.
While a charge of Dh55 a year may not seem like a big deal, Etisalat's 'lifetime validity' offer is a sign of increasing competition in the UAE's telecommunications space.
For the UAE's incumbent operator has been losing thousands of subscribers to rival du.
In the first three months of this year, du added 272,000 active mobile subscribers, while Etisalat said it lost 334,000 subscribers during the same period.
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Jigra
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Bloomsbury Academic
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
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What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
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Director: Anna Boden, Ryan Fleck
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