Khamis Juma Buamim, the Drydocks chairman, had a jaunty air about him. Satish Kumar / The National
Khamis Juma Buamim, the Drydocks chairman, had a jaunty air about him. Satish Kumar / The National

From the desk of Frank Kane: mugging for investors



It really was a first. In 30 years or so of financial journalism, I've covered lots of bankruptcies, receiverships and liquidations, but never have I reported on one as light-hearted, even as celebratory, as the Drydocks World affair this week.

From the moment he bounced into the room at the Grand Hyatt, Khamis Juma Buamim, the Drydocks chairman, had a jaunty air.

"Are we allowed to smoke?" he quipped, before passing some complimentary remarks about the floral arrangement on the podium. It was all quite jolly.

The event was an hour late beginning because of proceedings in court at the Dubai International Financial Centre, but he was undaunted. "It's nice to keep the world waiting," he joked.

Although it struck a discordant note with the gravity of the events we were there to discuss, it appeared to be a coordinated strategy by Drydocks to see the glass as half-full rather than as half-empty.

The journalists waiting for the event to begin were warmed up in advance with the gift of freebie bags bearing the Drydocks logos. This was another first, in my experience, at a "voluntary arrangement proposal" event.

The contents of the bags seemed especially well chosen.

There was a Balmain credit card wallet, I guess designed to hold all your IOUs; a rather nice pen, which would be useful for any potential write-downs; and a pointy object I was told was a letter opener but which looked sharp enough for a haircut.

There was also a chunky drinking receptacle with Drydocks logos. The assembled hacks spent a few minutes trying to work out who the mugs were in the whole process.

---

What is happening at the Sheraton Jumeirah hotel? The little fun palace at the extreme end of the Jumeirah beach "strip" used to be one of my Friday favourites: a lovely sheltered beach and big open lawns with palm trees where you could sunbathe and listen to the birds tweeting in the trees.

(I mean singing, of course, although the idea of a blackbird with his wings wrapped around an iPhone sending messages to all his friends via micro-blog is rather amusing.)

Last Friday, my first visit for a few months, all was changed. The beach was being dug up by an excavator. Mountains of sand were being removed, exposing bare pipes and other groundwork.

The security man explained that the beach had been quite badly damaged by big waves in the recent storms, and it was being "restabilised". Fair enough, I suppose. There's no accounting for nature.

But what the Sheraton management has done to the lawns is nothing short of unnatural. Bang in the middle of the grass, a monstrosity of a "beach club" called Bliss has been built. Where once you had birdsong and the whistle of the wind in the palms, now you have blaring techno music and the screams of revellers.

It's anything but blissful.

Many of the beach hotels have gone this way recently. I suppose they all saw the business going to Barasti, and had to follow suit. The worst, in my view, is the Habtoor Grand, where the grotesque XL club ruins what used to be the best beach in Dubai.

Please, Sheraton, think again.

---

At a posh dinner party in Arabian Ranches recently, the conversation among the men in the mixed Arab and western gathering turned, inevitably, to football.

I often have to watch football in the UAE with an Arabic commentary. I'm always impressed by the Arab commentators' ability to talk non-stop for 90 minutes without apparently taking a breath.

Equally, I've often wondered why they can't pause sometimes, just for reflection.

A Syrian guest at the dinner offered an intriguing explanation: "They used to all work as radio commentators, where you aren't allowed any silence time at all, and can't get out of the habit."

Is this true?

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Farasan Boat: 128km Away from Anchorage

Director: Mowaffaq Alobaid 

Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani

Rating: 4/5

Tips for taking the metro

- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

- don't carry too much luggage and tuck it under a seat to make room for fellow passengers

Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

The specs
Engine: 2.4-litre 4-cylinder

Transmission: CVT auto

Power: 181bhp

Torque: 244Nm

Price: Dh122,900 

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
Ticket prices
  • Golden circle - Dh995
  • Floor Standing - Dh495
  • Lower Bowl Platinum - Dh95
  • Lower Bowl premium - Dh795
  • Lower Bowl Plus - Dh695
  • Lower Bowl Standard- Dh595
  • Upper Bowl Premium - Dh395
  • Upper Bowl standard - Dh295
Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

UPI facts

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

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Abu Dhabi traffic facts

Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road

The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.

Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.

The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.

The highest levels of traffic were found on Sunday, November 10.

Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019

 

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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Three trading apps to try

Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
  • If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

The specs

Engine: 2.0-litre four-cylinder turbo

Power: 268hp at 5,600rpm

Torque: 380Nm at 4,800rpm

Transmission: CVT auto

Fuel consumption: 9.5L/100km

On sale: now

Price: from Dh195,000 

MATCH INFO

Barcelona 2
Suarez (10'), Messi (52')

Real Madrid 2
Ronaldo (14'), Bale (72')

Tell-tale signs of burnout

- loss of confidence and appetite

- irritability and emotional outbursts

- sadness

- persistent physical ailments such as headaches, frequent infections and fatigue

- substance abuse, such as smoking or drinking more

- impaired judgement

- excessive and continuous worrying

- irregular sleep patterns

 

Tips to help overcome burnout

Acknowledge how you are feeling by listening to your warning signs. Set boundaries and learn to say ‘no’

Do activities that you want to do as well as things you have to do

Undertake at least 30 minutes of exercise per day. It releases an abundance of feel-good hormones

Find your form of relaxation and make time for it each day e.g. soothing music, reading or mindful meditation

Sleep and wake at the same time every day, even if your sleep pattern was disrupted. Without enough sleep condition such as stress, anxiety and depression can thrive.

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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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
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now