Sharjah
Art exhibition
See Vantage Point Sharjah 5, the fifth iteration of the annual initiative of the Sharjah Art Foundation to support the practice of photography within the GCC by fostering the development of local and regional photographers. This edition features images with the theme Architecture and Urban Landscape and showcases works by artists who responded to an open call. Pictured: An image by Hussein Alamri
Daily until October 5, Gallery 1 & 2, Al Mureijah Square, Sharjah, www.sharjahart.org
Abu Dhabi
Yoga offer
Bodytree Studios offers new clients the September Special, featuring unlimited classes for 10 days, as well as a studio tour, taster juices from the in-house juice bar Nectar, and 20 per cent off the first class package. Everyone who purchases a class package will also be entered in a draw to win a consultation with nutritionist Suzie Terzian, as well as other prizes.
From Dh175 for classes only; Dh210 for full offer, valid for 10 consecutive days, Bodytree Studio, Abu Dhabi, 02 443 4448, info@bodytreestudio.com
Abu Dhabi
Art exhibition
Swiss Art Gate UAE presents Equus & Folium by Venezuelan artist Bernardo Nieves and Italian artist Daniela Carletti. The exhibition features Nieves's large-scale horses, spectacular floating animals that represent elegance and manhood, and Carletti's digital paintings of leaves, which convey innocence through delicate impressions of animals and insects in the cycle of life.
Daily until March 10, from 12.30pm to 7pm, Mezzaluna restaurant, Emirates Palace, Abu Dhabi, 050 225 1783, www.swissartgateuae.com
Abu Dhabi
Fitness event
Head to Yas Island for TrainYas and enjoy a walk, jog, run or bike around the 5.55km Yas Marina Circuit during the cooler evening temperatures. Bikes and helmets are available for rent from Fun Ride Sports and Cleveland Clinic Abu Dhabi provides 400 bikes available to borrow.
Tonight, 6pm to 10pm, free with registration, Yas Marina Circuit, Yas Island, Abu Dhabi, 800 927, register at www.yasmarinacircuit.com
Dubai
Art exhibition
Alliance Francaise Dubai presents Hurban Vortex, an exhibition of works by French photographer Boris Wilensky, inspired by trips to Tokyo in 2009 and 2011 and built around three series: Origins, Collapse and Post. The images reflect upon humanity, cities, modernity and future.
Daily until September 15, 9am to 8pm, Saturdays to Thursdays (closed Fridays), La Galerie, Alliance Francaise Dubai, Oud Metha, Dubai, 04 335 8712, www.afdubai.org
__________________________
Read more:
The Chemical Brothers join Party in the Park line-up
Vantage Point Sharjah 5: an urban portrait of Arabia
Marvel hits back at early Inhumans criticism
__________________________
Dubai
Concert
Get tickets now for Party in the Park, which will be headlined by former Oasis frontman Liam Gallagher performing tracks from his new album As You Were, as well as Oasis classics. Hits include Wonderwall, Don't Look Back In Anger and Supersonic. Electronica band The Chemical Brothers (Galvanize, Hey Boy Hey Girl, Block Rockin' Beats), will also perform. The event will include market stalls, food trucks and more.
November 10, from 2pm, from Dh295, Dubai Media City Amphitheatre, Dubai, www.platinumlist.net
Dubai
New movie
Marvel's Inhumans tells the story of the Royal Family of Inhumans, who escape to Hawaii following a military coup and discover that their isolated surroundings may help them not only survive, but also Earth itself. But they must find a way to reunite and return to their home before their way of life is destroyed. Sci-fi, starring Anson Mount, Iwan Rheon, Sonya Balmores, Serinda Swan, Isabelle Cornish, Ken Leung and Henry Ian Cusick.
Screening at Mall of the Emirates in Dubai. (TBA)
Dubai
Fitness event
Register now to take part in the annual Pink Is Punk Run:Swim event presented by Ignite Fitness and Wellness, to raise money for breast cancer awareness in support of the Al Jalila Foundation. Four categories of races with varying lengths offer a distance suitable for all fitness abilities, including open, sprint, junior and a fun run. Participants are encouraged to bring props and dress up as superheroes or in fancy dress for the fun run, as there will be a prize for the best-dressed.
October 6, from 6am, from Dh150 for adults; from Dh70 for juniors, Anantara The Palm Resort and Spa, Palm Jumeirah, Dubai, register at www.premieronline.com
Dubai
Literature talk
Literaturhaus at Nadi presents a mid-week discussion featuring Zaki Anwar Nusseibeh, a cultural adviser to Sheikh Zayed, who will speak about the development of the cultural scene in the UAE. He will also share stories about the importance of culture and books on his life, reflecting on his early UAE memories and the Founding Father.
Today, from 6.30pm, free, Literaturhaus at Nadi, Nadi Al Quoz, Al Quoz, Dubai, rsvp@alserkalavenue.ae
Dubai
Fitness offer
Real Pilates has a special Back on Track offer to help you get back in the swing of things after a long summer. New clients are invited to take part in up to five classes – mat or equipment-based – in a trial offer that is valid for two weeks. There are 161 classes to choose from at two studios in Dubai. Pilates classes are run by certified trainers who can guide clients in their programme.
From Dh295 for five classes, Real Pilates locations in JLT and Jumeirah, Dubai, 04 345 3228, www.real-pilates.com
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
RESULT
Manchester City 1 Sheffield United 0
Man City: Jesus (9')
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
ORDER OF PLAY ON SHOW COURTS
Centre Court - 4pm (UAE)
Gael Monfils (15) v Kyle Edmund
Karolina Pliskova (3) v Magdalena Rybarikova
Dusan Lajovic v Roger Federer (3)
Court 1 - 4pm
Adam Pavlasek v Novak Djokovic (2)
Dominic Thiem (8) v Gilles Simon
Angelique Kerber (1) v Kirsten Flipkens
Court 2 - 2.30pm
Grigor Dimitrov (13) v Marcos Baghdatis
Agnieszka Radwanska (9) v Christina McHale
Milos Raonic (6) v Mikhail Youzhny
Tsvetana Pironkova v Caroline Wozniacki (5)
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
MATCH INFO
Manchester United v Manchester City, Wednesday, 11pm (UAE)
Match is on BeIN Sports
HUNGARIAN GRAND PRIX RESULT
1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India 1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps
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.”
