A so-called “millennial” as defined by non-partisan US-based think tank the Pew Research Centre is someone born between 1981 and 1996. Illustration by Nick Donaldson
A so-called “millennial” as defined by non-partisan US-based think tank the Pew Research Centre is someone born between 1981 and 1996. Illustration by Nick Donaldson
A so-called “millennial” as defined by non-partisan US-based think tank the Pew Research Centre is someone born between 1981 and 1996. Illustration by Nick Donaldson
A so-called “millennial” as defined by non-partisan US-based think tank the Pew Research Centre is someone born between 1981 and 1996. Illustration by Nick Donaldson

A closer look at the new power generation: Millennials


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  • Arabic

If the standard image commonly bestowed on the world's millennials is to be believed, then the generation is easy to spot.

They are the young men and women sitting in cafes, bars and malls, streaming the latest films and box sets on their mobile phones and tablets or casually chatting to their friends and family in far-off lands for free via their laptops and headsets. They are the idealistic 20-somethings speaking passionately at the next restaurant table about their hopes and dreams, caught up in their own idealistic vision of a better tomorrow, while digging into the latest food craze, intermittently WhatsApping when the opportunity presents.

What ismillennial?

If this hyper-stereotyped depiction sounds anything like you then you were probably born between 1981 and 1996 – a so-called "millennial" as defined by non-partisan US-based think tank the Pew Research Centre. According to a recent Pew report, the United States will next year contain more millennials than members of any other generation. The likes of the Baby Boomers (those born following the Second World War) or generation X (those born between 1965 and 1980, using the Pew definition) will soon play second fiddle to a millennial generation that is expected to hit 73 million in the US by next year.

"This cohort generational analysis started with the [1929-39] Great Depression [generation] – and they've been naming these generations ever since then," says Barbara Kahn, a marketing professor at the Wharton School of the University of Pennsylvania.

Kahn says that such generational analysis can be split into two corresponding parts: that which separated the generations according to marketing demographics; and the more organic concept of how world events have shaped individuals as they came of age.

"These are the things that happened to you when you were somewhere between 14 and 22, and they are different for each generation," Kahn says of the latter point. "And those are the things that fundamentally change you."

For millennials, the American academic says, the greatest change to hit much of the world was the Great Recession, which in the US officially lasted from December 2007 to June 2009. It began with the bursting of an eight-trillion-dollar American housing bubble and went on to become the nation's longest economic downturn since the Second World War. It crippled global financial markets as well as the banking and real-estate industries in Europe, Asia and elsewhere.

"Millennials came of age during the Great Recession and that characterised their behaviour," Kahn notes. "There's a lot of economic data to show that they were forever changed by that – it affected their first job and other things along those lines.

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“With the cohort analysis, that was the original idea behind the Great Depression generation – that depression babies were going to be fundamentally different from everybody else because they came of age during the depression. And millennials are the same.”

Other than not enjoying the same economic prosperity or security as past generations, millennials, industry experts say, are perhaps best known for their highly tuned digital fluency. They are the digital natives who grew up with the World Wide Web as opposed to the digital immigrants of Generation X and those generations before who, it is said, will forever be playing catch up.

Writing in Forbes magazine in 2015, internationally renowned thought leader, speaker, writer and Fortune 200 HR executive Louis Efron said: "Millennials don't want jobs. They want lives… They don't buy into the concept of sitting at a cluttered desk 10 hours a day trying to look busy for a boss. They see a bigger picture, leveraged by technology."

Abeer Najjar could well fit into that category. The Arab-American millennial was born to Palestinian immigrants in Chicago, where she is a self-taught chef and runs her own food blog. "Technology has played a huge role in how confident I was in being able to take that step in my career and pursue food," the 31-year-old tells me, via a WhatsApp call. "Social media introduced me to a whole new world of being able to share my food and my passion and my art with other people."

Abeer Najjar is a millennial was born to Palestinian immigrants in Chicago. Kholood Eid
Abeer Najjar is a millennial was born to Palestinian immigrants in Chicago. Kholood Eid

While the US may be on the verge of millennial domination, this generation has also been making waves in the Middle East, according to industry insiders. There's no better example than the Arab uprising, which saw a groundswell of millennials take to social media, as Tunisia, Egypt and Libya dramatically overthrew their respective dictators. While the years following the Arab uprising have not been kind to Libya in particular, young Tunisian, Egyptian and Libyan men and women were the catalyst for rebellion – the generation that lit the spark that caused historic political tremors across the region.

Nicole Grove is an assistant professor of political science at the University of Hawaii at Manoa. Having taught and researched in different parts of the Middle East, she has been "incredibly inspired by the ways in which young [Arabs] are articulating new political energies through art, photography, game design and other creative projects".

“Sometimes the political messages are more and less overt, but I find that spaces for artistic expression and play can often be less regulated, and provide environments where politics is imagined and experimented with in new ways outside the more traditional measurement of political change, like participation in elections or mass protests.”

Juan Cole, author of The New Arabs: How the Millennial Generation is Changing the Middle East, told Public Radio International in 2014 that millennials made up some 40 per cent of the population of the Arab world. According to a 2017 report by HSBC Private Bank, the Middle East has the highest proportion of millennial entrepreneurs in the world. The 2016 Asda'a Burson-Marsteller Arab Youth Survey found that 53 per cent of millennials in the region viewed stability as more important than democracy.

Emirati millennials

Grove is currently conducting fieldwork in the UAE. The academic says that "many of my encounters with younger [Emiratis] have happened at gaming conventions, national festivals, museums, book fairs, amusement parks, and events like the Middle East Film and Comic Con".

"I had far more opportunities to speak with younger Emiratis at these types of events than I did in other contexts, and they were quite willing to share their thoughts with me on a number of topics, from urban development to religion to political leadership to the economy," she says. "I think this says something about how play and fun change the stakes of political thinking in the UAE."

But do we put too much emphasis on generational notions, such as those which commonly describe – even stereotype – millennials? And, whether in the US or the Middle East, "what is left of the millennial generation, once the empty stereotypes are stripped away?", as the Financial Times pondered in April. Najjar, for one, is well aware of her differing life experience as a 30-something millennial, compared to a millennial who is 22 (the youngest people in the generation) – not least from the standpoint of an Arab-American Muslim woman. From a technological perspective, the food blogger says that she retains an empathy for her parents, who are not part of this tech-heavy generation.

"Being at the older end of the millennial spectrum, I wasn't born right into technology and I have seen that [technological] shift," Najjar says. "So I do remember a time when I didn't have that and I think I'm still able to stay in touch through that real-life communication."

Kahn accepts the "heterogeneity" within the millennial generation – but as far as technology is concerned, millennials are "digitally native", which "affects their decision-making", she says. Kahn flags the importance of consumer reviews and GPS technology to millennials. She adds that young adults are more likely to use their mobile phones to find locations than to bring out a physical map.

Grove said the term millennial can answer important questions about how young adults are impacting the world around them, but concedes that "young people today are inheriting a very different world from previous generations, and this deserves significant reflection". 

As such, she is not certain the term millennial “captures the complexity of these challenges, in part because the term itself is linked primarily to economic and consumer dynamics”.

"While those are significant sites of change, they are not the whole picture," Grove says. "We also have to consider the short-and long-term impacts of climate change, which will affect this generation of young people in their lifetime in ways we cannot predict."

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Notable Yas events in 2017/18

October 13-14 KartZone (complimentary trials)

December 14-16 The Gulf 12 Hours Endurance race

March 5 Yas Marina Circuit Karting Enduro event

March 8-9 UAE Rotax Max Challenge

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

Top 10 in the F1 drivers' standings

1. Sebastian Vettel, Ferrari 202 points

2. Lewis Hamilton, Mercedes-GP 188

3. Valtteri Bottas, Mercedes-GP 169

4. Daniel Ricciardo, Red Bull Racing 117

5. Kimi Raikkonen, Ferrari 116

6. Max Verstappen, Red Bull Racing 67

7. Sergio Perez, Force India 56

8. Esteban Ocon, Force India 45

9. Carlos Sainz Jr, Toro Rosso 35

10. Nico Hulkenberg, Renault 26

Persuasion
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Our Time Has Come
Alyssa Ayres, Oxford University Press

Types of bank fraud

1) Phishing

Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

2) Smishing

The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

3) Vishing

The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

4) SIM swap

Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

5) Identity theft

Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

6) Prize scams

Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

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

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Three tips from La Perle's performers

1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.

2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.

3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Mercedes-AMG GT 63 S E Performance: the specs

Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor

Power: 843hp at N/A rpm

Torque: 1470Nm N/A rpm

Transmission: 9-speed auto

Fuel consumption: 8.6L/100km

On sale: October to December

Price: From Dh875,000 (estimate)

Winners

Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)

Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)

Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)

Best Young Women’s Player
Vicky López (Barcelona / Spain)

Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)

Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)

Women’s Coach of the Year
Sarina Wiegman (England)

Gran Gala del Calcio 2019 winners

Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta​​​​​​​
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)

The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

UAE currency: the story behind the money in your pockets
In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
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
Greatest Royal Rumble results

John Cena pinned Triple H in a singles match

Cedric Alexander retained the WWE Cruiserweight title against Kalisto

Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus

Jeff Hardy retained the United States title against Jinder Mahal

Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos

Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe

AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out

The Undertaker beats Rusev in a casket match

Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match

Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Profile of Tarabut Gateway

Founder: Abdulla Almoayed

Based: UAE

Founded: 2017

Number of employees: 35

Sector: FinTech

Raised: $13 million

Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.

Tips to stay safe during hot weather
  • Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
  • Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
  • Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
  • Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
  • Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
  • Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
  • Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
COMPANY%20PROFILE%20
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