Damac chairman, Hussain Sajwani, says the UAE's reputation for safety and stability is a significant factor in its continued success. The National
Damac chairman, Hussain Sajwani, says the UAE's reputation for safety and stability is a significant factor in its continued success. The National

'Dubai always benefits from good and bad news of the region'



Turmoil in the wider Middle East has benefited the UAE as wealthy individuals flee crisis-hit countries to the Emirates, a leading Dubai businessman said.

Hussain Sajwani, the chairman of Damac Properties, said the country’s reputation for safety and stability, compared with that of its neighbours, was a significant factor in its continued success.

He cited the Iraq-Iran war during the 1980s, Iraq’s invasion of Kuwait in the early 1990s and the collapse of Somalia as events that had led to positive outcomes for the UAE.

Mr Sajwani said that, while other countries in the Middle East had been hit by unrest and war, Dubai’s growth as a global tourism and transport hub remained on track.

“Dubai always benefits from good and bad news of the region because it is a hub,” he told CNBC, the US business news network which has just opened new studios in Dubai.

"It's a free trade centre. So I'm not worried, I'm not concerned about things. I wish the region can be better you know and [have] lower risk, but the region has been volatile for the last 50 years since I've seen it.

“Dubai always benefited from the instability. I remember eight years of Iraq-Iran war and Dubai benefit from that.

“The trade with Iran increased and then we saw the Iraqi invasion of Kuwait, and Dubai benefited from a lot of Kuwaitis [that] came here and stayed here," said Mr Sajwani.

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When Iraq invaded Kuwait in 1990, Sheikh Zayed, the Founding Father, offered protection, shelter and even a monthly stipend to Kuwaitis fleeing the country. Around 70,000 arrived in the UAE.

Abu Dhabi was recently ranked as the safest city in the world by a website that collates crime data from across the world. Dubai also performed well, coming 11th of more than 300 cities, according to Numbeo.

Mr Sajwani, whose company was the first real estate business to be listed on the London Stock Exchange in 2013, said: “Dubai is one of the most unique cities in the world … [it’s] very safe, [has] the largest number of hotels in the world, fourth or fifth tourist destination globally, the largest airport. Dubai ticks all the boxes.

“[It has] extremely good leadership … they take decisions quickly and they move fast. I don’t see any other city that can compete with Dubai for another 10 years.”

Speaking about the current property market in the UAE, he said investors from China, India and beyond continued to look to the country for new business opportunities.

“We have more people coming from China, people coming from India, Syria, Africa, Europe, Middle East,” Mr Sajwani said.

“The buying mix hasn’t changed. Yes, there are more Chinese, maybe less Saudis, maybe less Iranians, but the mix remains.

“You live in a part of the world surrounded by a lot of political, economic problems.

“So a lot of those countries’ nationals want to take money … to a safe place, and Dubai is very safe. The currency is pegged to the dollar.

“That’s a major advantage. All the components are there for Dubai to be growing and attracting more and more foreign investors,” he said.

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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
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  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.

Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km

SPECS%3A%20Polestar%203
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Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
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London Spirit: Kieron Pollard, Riley Meredith 

Welsh Fire: Adam Zampa, David Miller, Naseem Shah 

Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott

Northern Superchargers: Dwayne Bravo, Wahab Riaz

Oval Invincibles: Sunil Narine, Rilee Rossouw

Trent Rockets: Colin Munro

Birmingham Phoenix: Matthew Wade, Kane Richardson

Southern Brave: Quinton de Kock

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The%20specs%3A%20Panamera%20Turbo%20E-Hybrid
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The%20specs%3A%202024%20Panamera
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.9-litre%20twin-turbo%20V6%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E353hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E500Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh408%2C200%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
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Tests 27, Wickets 87, Average 37.59, Best 5-40

ODIs 53, Wickets 75, Average 33.44, Best 6-55

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%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
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League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands

League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey

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Hungary, Romania, Scotland, Slovenia, Greece, Serbia, Albania, Norway, Montenegro, Israel, Bulgaria, Finland, Cyprus, Estonia, Lithuania

League D:
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Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

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%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
The specs

Engine: 5.0-litre V8

Power: 480hp at 7,250rpm

Torque: 566Nm at 4,600rpm

Transmission: 10-speed auto

Fuel consumption: L/100km

Price: Dh306,495

On sale: now