When I was 10, I told my mother I would like to own a motorcycle when I was old enough. So the next day, she took me along to the casualty unit of a state hospital, where she worked as a nurse.
"Look at this stupid man," she said, ushering me to the bedside of a burly, tattooed fellow, who appeared to be missing a leg. "See what happens to silly men who ride motorbikes?"
My mother continued like this for the next few minutes, ignoring the glares of the wounded biker, who wisely said nothing as she used him as an object lesson. Later, she would be back with a large needle for his medication.
Her show-and-tell session did have an effect on me, though. I resolved that when I did get a bike, I would also make sure that if I ended up in hospital, it would be the private kind, where nurses came around with tea and biscuits, instead of cringing 10-year-old boys.
Today, of course, I know the word for this kind of disaster provision: insurance. This is one of life's less pleasing expenses, but, when you need it, you sure need it. Today, short-term insurance is available for pretty much any eventuality. Some of them are worth considering.
Car insurance, especially in the UAE, is a must. Anyone who has had to pay a visit to a body repair shop in Musaffah will confirm this. So is a general household insurance. Although most UAE expats live in rented buildings, furnished by the gentlemen from Ikea, it might be worth tallying up what is valuable and what is not.
Computers, TVs and other electronic devices add up to a surprising amount of money. Covering them for fire, flood and theft is a basic provision that you could well be thankful for down the line.
Travel insurance is another often overlooked necessity - one that many expats forget about. The UAE is a great place to use as a base for exploring the Middle East and Asia, and many of us do just that. And with travel, comes the risk of injury or loss of personal items such as money and passports.
Travel insurance is probably one of the easiest types of risk packages to acquire - banks such as HSBC offer it. Lately, I've used a product called World Nomads, which will underwrite a travel package online and saves a lot of hassle.
Ultimately, insurance is a card against fate. It can't exactly prevent disaster, but it can help with the financial burdens that come with it. It was this principle that lead to insurance in the first place.
Romans would take out ransom policies so if they were captured by pirates, they would be returned home and not spend their days rowing a galley around the Mediterranean.
During the 17th century, merchants gambled fortunes to send leaky ships to the Far East, which they hoped would return laden with spices and textiles. If a vessel failed to return - and many ended up in Davy Jones's locker - the investors faced ruin. As a result, Lloyds of London was established.
Hardly surprising then, that shadier investors quickly realised they could make more from insurance payouts than from actual cargo.
Dodgier merchants began signing up rotting old hulks, crewed them with a few dispensable lads from the farm and sent them on their way. As losses of ships began to climb, the insurance industry invented loss assessors to inspect ships and crews before they would underwrite them.
Today, insurance has become so ubiquitous that even the companies that provide it take out insurance policies themselves. The kind of household risks - a house fire, burglary and more - that unexpectedly complicate our lives are a part of everyday business for insurers.
But wholesale disaster, such as the tornados that recently destroyed the town of Joplin in the US, are less easy to plan for. Too many claims at once can wipe an insurer out. Lloyds, for instance, was almost destroyed by a wave of unexpected asbestos-related claims in the 1980s.
So a good insurer usually signs up with a reinsurer, a kind of big brother that helps the smaller company spread the risk. Reinsurance is the primary reason catastrophes, such as the tsunami and earthquake that struck Japan, did not wipe out that country's insurance industry.
Spreading the risk is what insurance companies do best. You can't stop the heavy hand of fate from landing on your unwilling head from time to time. But if it has value to you, it is worth insuring.
Gavin du Venage is a business writer and entrepreneur based in South Africa.
pf@thenational.ae
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
Company%20Profile
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Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
The%20specs
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World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Suggested picnic spots
Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Company%20profile
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
UAE currency: the story behind the money in your pockets
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.”
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort: