Times are becoming increasingly tough for those deemed non-essential businesses. For many, it has meant an almost or complete redefining of business models, as activities conducted almost exclusively in person must now take place online.
Cafes and restaurants are having to focus on delivery instead of dining in, including many high-end restaurants that had never offered the former option before. Even weekend brunches have gone virtual, as have quiz nights, once held at packed hangouts such as Publique and McGettigan’s.
Now is the perfect time to begin laying the foundations for moving our work online and exploring virtual methods of therapy
Films are being released straight to digital platforms, while libraries are launching online catalogues. And for many, it could mean permanent virtual offerings, even after the pandemic has passed us by.
Many bridal businesses in the UAE have risen to the social-distancing challenge, with virtual appointments to meet would-be brides. House of Moirai Bridal is offering clients a free online consultation over Zoom, where they can discuss having a dress custom-made for their big day, or check out the shop’s ready-to-wear collections.
Ginger & Poppy boutique has also adapted to virtual sessions to show brides their creations. Owner May Martin even tries on the dresses for some to discuss sizes and customisation options. Ensembles are then sent to clients’ homes to be tried on for size.
In the art world, too, virtual collections have become an accepted concept. Alserkal Avenue has launched a platform with virtual tours of its contemporary art galleries. On the website, visitors can take a 360-degree walk through the current exhibitions at the galleries and click on tags to read artwork details. They are also directed to the Artsy website, where collectors can purchase pieces online.
"This historic moment posits us with an opportunity to rethink our own situation, and to give back," Vilma Jurkute, director of Alserkal, tells The National. "Now more than ever, we will need to support and encourage each other to find the collective strength to come through these challenging times together, something that we have witnessed already."
Dubai art and design organisation Tashkeel has also brought together artists and designers for a weekly online workshop, in which they will discuss techniques and practices during self-isolation. Entitled Taskheel Talks, it will be broadcast on the organisation’s social media channels.
The wellness sector, too, has become creative. While spas and clinics do not have the luxury of offering their skills through an electronic device, other aspects of the industry have begun to make the transition to online.
Meditation courses are being offered virtually, as well as fitness classes and well-being workshops. The Hundred Wellness Centre in Jumeirah has gone as far as offering psychology, psychotherapy and homoeopathic treatment online.
One-on-one sessions with the centre’s specialists are designed to provide clients with the “tools to structure their daily lives and achieve balance in the face of adversity”.
The centre’s founder, Asma Lootah, believes the Covid-19 crisis has created a “unique opportunity that will strengthen our offerings and help us in the future”.
“Now is the perfect time to begin laying the foundations for moving our work online and exploring virtual methods of therapy,” she says. “Providing sessions online will be so beneficial to our patients, especially when it comes to mental health or treatment plans that we would like our clients to continue at home.”
In the next few weeks, the centre will trial different offerings and adjust online services to see what can be retained as permanent once restrictions are lifted.
“This is an uncertain time for the whole industry, and I really do hope that the pandemic is resolved quickly in order to reduce the risk for wellness and spa organisations in the region. I believe we have two choices: we can either see ourselves as the victims of circumstance, or we can decide to become the solution.”
But an easy pivot to digital operations has not been possible for everyone. North Point Academy, a professional coaching company with offices in the UK and the UAE, has introduced free weekly virtual group coaching for those affected by the coronavirus. It runs a mix of face-to-face workshops and online sessions, which have all been put on hold indefinitely.
The company’s co-founder, Matt Trenchard, says this has “effectively turned off the tap of our revenue”, which has led his organisation to offer free online courses to help other businesses in the same position. He has been quick to recognise the “silver lining” in the ongoing crisis and accelerated his online services to expand the company’s geographic reach.
The price of services will come down. This will lead to the need for greater levels of efficiency and scale. Companies that cannot make the needed shifts will suffer
“Due to ease of access, reduced costs and increased competition, the price of services will come down,” Trenchard says. “This will lead to the need for greater levels of efficiency and scale. Companies that cannot make the needed shifts will suffer.”
But while NPA offers expert advice to other businesses, it is also having to look at its own operations. This has meant major adjustments for the company. “Until now, we have predominantly focused on the in-person experience. We are now needing to repurpose our work for interactions where we engage together with others through the mediums of screens and headphones,” Trenchard says.
“This situation has caused us to give greater focus to bringing our work into the virtual space.”
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
Killing of Qassem Suleimani
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
The%20specs%20
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
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.”
More from Armen Sarkissian
Living in...
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.
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
RESULTS
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UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Hunger and Fury: The Crisis of Democracy in the Balkans
Jasmin Mujanović, Hurst Publishers
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
BUNDESLIGA FIXTURES
Friday Stuttgart v Cologne (Kick-off 10.30pm UAE)
Saturday RB Leipzig v Hertha Berlin (5.30pm)
Mainz v Borussia Monchengladbach (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Union Berlin v SC Freiburg (5.30pm)
Borussia Dortmund v Schalke (5.30pm)
Sunday Wolfsburg v Arminia (6.30pm)
Werder Bremen v Hoffenheim (9pm)
Bayer Leverkusen v Augsburg (11.30pm)
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059