Yeah, I know, everyone loves his iPhone. Or his Blackberry. Or his Treo. Or whatever his thing-that-can-do-anything-except-print-money contraption might be called. But while there are plenty of upsides to plugging in with this übercool gadgetry, there are downsides, too. Yes, you can check stock prices wherever you go. You can set up meetings - or cancel them - on the fly. You can even tweak your portfolio or pay bills anytime. At the same time, there's a case to be made that you might find yourself a little saner (and perhaps even a little wealthier) if you eschew the newest tech-baubles and opt for a plain-vanilla mobile instead.
So here's why getting an iPhone may not be your best investment, presented as a listicle (because boy, do we love lists!).
Oh, and if you're wondering why there are only seven reasons not to get
an iPhone, it's because there are exactly seven. Not six, not eight.
Seven.
1. Because it drives you crazy
. I remember a few
years back, when the sight of someone yammering away on a portable
phone was anathema to people who justified their inability to afford a
mobile by looking askance at those who could. Now that mobile ownership
is pretty much universal, of course, the best way to set yourself apart
from the crowd is to buy the fanciest and most expensive one. Thing is,
those expensive phones (are they sprinkled with gold dust? Probably)
often qualify as some of the most dementedly sanity-destroying objects
ever invented. A constantly vibrating, pulsating and bleeping phone may
make you seem in-demand, but is the nervous tic you feel whenever
something beeps worth it?
2. Because it puts you in touch with your friends.
Umm...who doesn't want to be in touch with his friends? Me. I love you
guys, but somehow I'd rather not be reading about Rex's trip to the vet
when my phone vibrates at 2 a.m. 'Nuff said.
3. Because it has poor battery life.
More features eat up more power. If you're constantly taking pictures,
texting, chatting, e-mailing and browsing the web, your batteries are
naturally going to feel it, and battery technology hasn't been
advancing at as rapid a rate as all the new functionality being built
into new-generation phones. Forget to plug in at the end of a long day,
and you're running on fumes tomorrow. A low-end phone, by contrast, can
run for a few days on a single charge.
4. Because it makes you less social.
Owning a high-tech phone ironically entails some degree of solipsism.
There you are, sitting in your chair, your friends or coworkers next to
you, staring at a lit screen and communicating with other people.
There's something weird about that.
5. Because it costs too much money
. As I
pointed out in a recent column
,
owning an iPhone or a Blackberry ain't cheap in the UAE. Depending on
which service plan you choose, you could easily end up spending upwards
of Dh5,000 more than what you'd pay with a standard-issue phone in your
first year. That's not small change.
6. Because you might lose it.
A friend of mine and his roommate together have three braindead iPhones
sitting around in their house. One took a dip in a pool, frying its
insides. Others were dropped, perhaps, or just stopped working. Owning
expensive stuff is an equally expensive liability: if you leave your
iPhone at a restaurant, forking over for a replacement won't be fun.
7. Because you can wait.
Early adopters, as the people who buy new technology first are called,
are often dupes. They're the guys who have to deal with buggy software,
poor design and lacklustre battery life before all the kinks get worked
out. The technology sweet spot seems to be the second-to-latest
generation, where prices are cheaper and companies have had ample time
to perfect their products. That's where I think it's worth plopping
down your technology dollar (or dirham, as the case may be).
[Brief response from Tom: You can't hide, Asa. Not from the Sickness that's inside you]
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
more from Janine di Giovanni
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.”
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
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MWTC info
Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.
Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
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
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28