Dubai proves again and again that the sky is the limit for its ambitions. As The National reported yesterday, Sheikh Mohammed bin Rashid, the Vice President and Ruler of Dubai, broke ground on the world's tallest tower at Dubai Creek on Monday ahead of its completion date, which is set for 2020.
The structure, designed by Spanish-Swiss architect Santiago Calatrava Valls, has a futuristic concept that, as he said, will define Expo 2020 just as the Eiffel Tower defined Paris for its 1889 World Fair. When complete, it will be taller than the 828-metre Burj Khalifa, currently the world’s highest building.
By aiming higher again, Dubai is making another architectural statement. The emirate is proving that it is ready to take on the challenge of hosting an expo and presenting to the world unique and innovative ideas that can “connect minds and create the future”, as its slogan suggests. The groundbreaking ceremony was also a reminder that Expo 2020 is only four years away.
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
