Coca-Cola has long been the one of the best bargains in the UAE, resilient in the face of 20 years of change and growth in the country, as well as the company - until this week.
1988
The price of a 330ml can of Coca-Cola and Pepsi is fixed at Dh1. Emirates Golf Club is in the final stages of construction on desert land near Dubai. Parts of the historic Bastakiya are threatened with demolition. The Iran-Iraq War ends with 1.5 million dead. The average house price in London is £125,000 (Dh724,000). Crude oil is US$15 a barrel. A gallon of petrol in the United States is 91 cents. Sugar is trading in New York at US$0.15 a pound.
1991
The Arab League officially ends a boycott of Coca-Cola and Pepsi imposed because the companies did business with Israel. The boycott had been largely ignored for two years, with bottling plants opening in a number of Gulf nations and Coke sponsoring a World Youth Soccer Tournament in Saudi Arabia. Syria, however, does not end its boycott until 2005.
1993
Coca-Cola re-enters the Indian market after an absence of 16 years caused by the company's refusal to sell a share of its Indian operations to a local company. In its place, two brothers, Ramesh and Prakash Chauhan, launch Thums Up with the slogan "Happy days are here again". In 1993, Coke buys Thums Up for US$60m and the brand largely disappears from the market. Two years later it is relaunched with a more macho and youthful image designed to weaken Pepsi's market share and is so successful that Thums Up is now the most popular cola drink in the country; it has been sold in the UAE since 2007.
1995
First introduced in the early 1970s, the one-dirham coin shrinks to its current size, although the dallah, or coffee pot, design remains unchanged. The 50 fils coin also shrinks and becomes seven-sided. Vending machines across the nation have to be changed.
2002
Mecca Cola is launched in France by Tawfik Mathlouthian, a businessman, as an alternative for Muslims who do not want to consume an American-owned product. A percentage of profits is given to Palestinian and Islamic charities. Using the slogan "No more drinking stupid, drink with commitment", the drink is sold across the Middle East and the company eventually relocates to Dubai. Its initial popularity - and lower price than either Coke or Pepsi - led to an ambitious plan to open a major production plant in Dubai Industrial City in 2007. Mecca Cola does not seem to be currently available in the UAE, though; the company's website is under maintenance and its phones are inactive.
2004
Dubai Refreshments Co completes a major refurbishment of its plant on Sheikh Zayed Road, a local landmark since the 1960s. DRC has been the sole franchisee and distributor for Pepsi, which first arrived in the region in the early 1950s. It has always outsold Coke, at one stage capturing 95 per cent of the local market. In Saudi Arabia, Coke is even known as "Red Pepsi". But a more aggressive marketing strategy is closing the gap almost to parity. Sales of carbonated drinks in the region are said to have doubled in the past 10 years and are now worth more than US$830m annually.
2005
Coca-Cola signs a 16-year extension of its official sponsorship deal with Fifa. The agreement will cover the Fifa Club World Cup in Abu Dhabi in 2009 and 2010 and the 2022 World Cup, which is eventually awarded to Qatar.
2007
Coca-Cola announces a major water-conservation programme to compensate for the estimated 346 billion litres it uses to produce soft drinks worldwide. The company pledges to "return every, every drop we use back to nature". Researchers for WWF estimate that the amount of water needed to produce the sugar alone for a litre of Coke is between 175 and 250 litres. The average yearly rainfall for the coastal region of the UAE is less than 120mm.
2008
Coke creates a special can for Ramadan decorated with a crescent moon and a star for Muslim countries. The company has long been the victim of unfounded rumours in the region, including one in Egypt that claimed that the label contained hidden anti-Islamic phrases. Among those refuting the allegations is the grand mufti in Cairo, who notes that he drinks a can of Coke a day and that the drink "does not injure Islam or Muslims".
January 2011
The price of a 330ml can of Coca-Cola and Pepsi Cola rises to Dh1.50. A can of Coke contains 10.6 grams of sugar. The price of sugar is 32 cents a pound. Crude oil is pushing US$100 a barrel. The average price of house in London is £430,000 (Dh2.4 million). A gallon of petrol in the US is $3.10. A spokesman for Coke in the UAE says: "For more than 20 years, Coca-Cola products were sold for the same price; there are no other consumer products which kept the same price for more than two decades."
jlangton@thenational.ae
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
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.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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Korean Film Festival 2019 line-up
Innocent Witness, June 26 at 7pm
On Your Wedding Day, June 27 at 7pm
The Great Battle, June 27 at 9pm
The Witch: Part 1. The Subversion, June 28 at 4pm
Romang, June 28 at 6pm
Mal Mo E: The Secret Mission, June 28 at 8pm
Underdog, June 29 at 2pm
Nearby Sky, June 29 at 4pm
A Resistance, June 29 at 6pm
UAE currency: the story behind the money in your pockets
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
Pathaan
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
Read more from Aya Iskandarani
Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30:
- UAE bt Nepal by 78 runs
- Hong Kong bt Singapore by 5 wickets
- Oman bt Malaysia by 2 wickets
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
Points about the fast fashion industry Celine Hajjar wants everyone to know
- Fast fashion is responsible for up to 10 per cent of global carbon emissions
- Fast fashion is responsible for 24 per cent of the world's insecticides
- Synthetic fibres that make up the average garment can take hundreds of years to biodegrade
- Fast fashion labour workers make 80 per cent less than the required salary to live
- 27 million fast fashion workers worldwide suffer from work-related illnesses and diseases
- Hundreds of thousands of fast fashion labourers work without rights or protection and 80 per cent of them are women
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The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
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