Here’s what you need to know in UAE business and globally on this Monday morning:
• US Federal Reserve meets
Fed policymakers meet on March 15-16, and are expected to hold interest rates steady as global markets seek some semblance of calm after a volatile start to the year. The S&P 500 dropped almost 10 per cent from January through mid-February on fears over China’s rebalancing, a global growth slowdown and low oil prices. Concerns, however, are fading.
• Retailers feel the pinch
Emaar Malls has increased rents for retailers already tackling a slowdown in economic activity in Dubai. The company raised base rents at its properties, which include "trophy asset" The Dubai Mall, by 25 per cent for renewals in 2015, it said. Read the full story here.
• New iPhone imminent?
Apple has announced a launch event for March 21 when it is widely expected to unveil a new iPhone. It won’t be a follow up to the iPhone 6S, however. Instead, a smaller, cheaper version, more like the iPhone 4 and 5, is expected to be showcased.
• Oil steadies at $40
Brent crude swung between gains and losses near $40 a barrel this morning as a dwindling rig count in the US countered Iran's plans to expand production. Iran plans to boost output to 4 million barrels a day before it will consider joining other suppliers in seeking to rebalance the market, oil minister Bijan Namdar Zanganeh said yesterday.
• Optimism in the UAE
A Bayt and YouGov survey found that 51 per cent of respondents expect improvements to their personal finances within the next six months, despite negative economic projections. Read the full story here.
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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.
Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
