Dance teacher Vaishali Mhaisalkar appreciates what the UAE has to offer. Reem Mohammed / The National
Dance teacher Vaishali Mhaisalkar appreciates what the UAE has to offer. Reem Mohammed / The National

Emotional bond binds Indians to UAE



DUBAI // Beyond the opportunity to earn higher wages, the decision to live in the UAE, for most Indians, is directly linked to a sense of belonging and an emotional connection.

Indian expatriates see cultural similarities in their adopted country – such as the focus on family, an appreciation of the arts, music and poetry – that encourage them to raise their families in the UAE.

“I firmly believe that you have to belong to a place or it will not give you anything back,” said Vaishali Mhaisalkar, who teaches “kathak”, a classical dance.

Respect for the arts encouraged her to promote the tradition in the UAE. “I love it because you can pursue your passion. Learning a classical form is like learning the alphabet, then words, then sentences, so you concentrate to get happiness within,” she said.

“My daughter will be 5 in a few months and will grow up in a country that gives you the best of everything. We can rely on great infrastructure, education, a safe environment and we are close to our home country.”

Indians anticipate a deepening of ties with the state visit of Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

Sheikh Mohammed will preside as the chief guest at India’s 68th Republic Day celebrations on January 26 and an Armed Forces contingent will march with Indian troops at the main parade.

In the UAE, a poetry group that has hosted a recitation event every Republic Day for the past 15 years will also commemorate the event.

The cover of Kavi Sammelan Mushaira (Gathering of Poets) pulls together a collage of past years in which the Red Fort in New Delhi is encircled with photographs of UAE landmarks such as the Burj Khalifa and Etihad Towers.

“Our language is common and with poetry the people to people contact is achieved,” said Syed Salahuddin, the group’s founder.

About 2,000 Indian poetry lovers attend the yearly event that extends invitations to Emiratis and Arabs.

“For us the UAE is like a part of India. Culturally we share respect of our elders and love of the arts,” said Mr Salahuddin.

“When I arrived in the UAE in 1979, I came for better opportunities so that my family status would improve. But I’ve stayed for 38 years because of the UAE’s beauty and my affection for the country, a safe place for my children.”

In the UAE, the balance between work and life fosters creativity, according to Jogiraj Sikidar, who launched the Malhaar ensemble that teaches classical Indian performing arts such as music and dance.

“When I was in India, I always wanted to pursue music but time was a constraint, and this is the biggest satisfaction that this country [the UAE] has given me,” said Mr Sikidar, a producer with a television network.

“People talk about the swanky lifestyle but for us it goes beyond that to connections with ethnicity, cuisine, music, a cultural bonding of Arabic, Hindi and Urdu languages.

“When people from both countries tell a story, we tell it with emotion and that is what connects us. We can build on that emotional sentiment we share.”

Pansy Lobo, a grandmother of two who manages charity and social events for the popular India Club, said she could not think of another place that her family would rather live in.

Like many expats, her children studied in universities abroad and returned to the UAE for work.

“Sheikh Mohammed’s Republic Day visit makes me very happy because it shows that our bonds go very deep. The visit is a proud moment for us all,” said Mrs Lobo.

rtalwar@thenational.ae

Scotland's team:

15-Sean Maitland, 14-Darcy Graham, 13-Nick Grigg, 12-Sam Johnson, 11-Byron McGuigan, 10-Finn Russell, 9-Ali Price, 8-Magnus Bradbury, 7-Hamish Watson, 6-Sam Skinner, 5-Grant Gilchrist, 4-Ben Toolis, 3-Willem Nel, 2-Stuart McInally (captain), 1-Allan Dell

Replacements: 16-Fraser Brown, 17-Gordon Reid, 18-Simon Berghan, 19-Jonny Gray, 20-Josh Strauss, 21-Greig Laidlaw, 22-Adam Hastings, 23-Chris Harris

Have you been targeted?

Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:

1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.

2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.

3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.

4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.

5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.

Brief scoreline:

Wales 1

James 5'

Slovakia 0

Man of the Match: Dan James (Wales)

Ain Issa camp:
  • Established in 2016
  • Houses 13,309 people, 2,092 families, 62 per cent children
  • Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
  • Most from Deir Ezzor and Raqqa
  • 950 foreigners linked to ISIS and their families
  • NGO Blumont runs camp management for the UN
  • One of the nine official (UN recognised) camps in the region
Married Malala

Malala Yousafzai is enjoying married life, her father said.

The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.

Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.

How to donate

Text the following numbers:

2289 - Dh10

6025 - Dh 20

2252 - Dh 50

2208 - Dh 100

6020 - Dh 200

*numbers work for both Etisalat and du

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 2.5/5

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

Our Time Has Come
Alyssa Ayres, Oxford University Press

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5


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