Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai described Expo 2020 Dubai as 100% ready. Courtesy, WAM
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai described Expo 2020 Dubai as 100% ready. Courtesy, WAM
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai described Expo 2020 Dubai as 100% ready. Courtesy, WAM
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai described Expo 2020 Dubai as 100% ready. Courtesy, WAM

Sheikh Mohammed: UAE 100 per cent ready for Expo 2020 Dubai


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The UAE is fully ready to host the Expo 2020 Dubai this year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said in a brief statement on social media.

Preparations for the six-month event have been gradually building this year, with more than 100,000 visitors getting an early glimpse of Terra - the Sustainability Pavilion during a three-month showcase for residents.

The event itself will open to the public on October 1 and is expected to attract millions of visitors from more than 190 nations over six months.

Sheikh Mohammed said the event is ready to receive visitors.

"As part of the preparations for Expo 2020, 72 working teams from federal and local authorities completed a joint strategic exercise to simulate Expo in October. We can say that the UAE is 100 per cent prepared for the largest cultural event in the world," he wrote on Twitter.

His comments came as Dubai Police General HQ and Expo 2020 Dubai Office carried out a large drill to test their response to emergencies on Monday.

The exercise, which included the participation of 72 teams from various local and federal security sectors, focused on the force’s rapid response capabilities.

It was attended by Deputy Prime Minister and Minister of Interior Sheikh Saif bin Zayed, and Reem Al Hashemy, Minister of State for International Cooperation and director-general of the Expo 2020 Dubai Office.

Sheikh Saif thanked the participants for their efforts and said the drills are "aimed at leveraging team performance and boosting their emergency response".

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, recently visited the site to inspect its progress.

Sheikh Hamdan said Expo 2020 is set to be “the most exceptional edition of the show in the mega global event’s 168-year history".

“Thanks to the directives of our wise leadership and their diligent follow-up on the event with great precision, we aim to dazzle the world through this international platform, displaying the world’s culture, heritage, history and top innovations,” he added.

Sheikh Hamdan tours Expo 2020 site - in pictures

How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

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.

Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press

Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

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UAE currency: the story behind the money in your pockets
Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia

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