Somewhere along the way, A Small World (ASW) stopped being quite small enough. The exclusive, invitation-only social networking site, one of the first to launch back in 2004, started out as a tight-knit community where the world's movers and shakers could connect with similarly privileged and influential individuals.
"In the beginning it was more of a social register - a who's who list," says Sabine Heller, ASW's president and CEO. If you were looking for investment opportunities in the Far East, a place to stay in Rio or a club in Saint Tropez, this is where you came - a poke- and spam-free "Facebook for the few" where you could have trusted interactions with people you didn't know. You could only join if you were invited to do so by a "valued" member and once you were in, you were in. "It's this idea that you are never alone anywhere and you are at home everywhere. We played with the tagline: 'It's no longer a lonely planet'."
But the site grew exponentially and, somewhere along the line, lost its way. The number of members spiralled to 850,000, with talk of taking that figure up to a million - hardly an intimate, close-knit community. Revenues were driven by advertising and the site became more and more beholden to advertiser demands. "We over-serviced our advertiser. It was a robust business and we made a lot of money, but it wasn't about building member value," says Heller, who has worked with the company since 2006.
So she masterminded a radical rehaul, which culminated in a relaunch of the site during a star-studded party in Marrakech last month. As a result, membership numbers are being culled from 850,000 to a maximum of 250,000 and there has been a shift away from an ad-based business model to a subscription-based one. You still have to be invited by an existing member to join but you also have to pay a nominal fee of US$105 (DH385) to become part of the clan.
In exchange, members receive access to a revamped website; a membership card that provides access to various privileges and ASW events worldwide; an extensive privileges programme that offers deals and discounts on travel, lifestyle and luxury goods; membership to The World's Finest Clubs, a global concierge nightlife service guaranteeing entry to 120 premier nightclubs (a service that would ordinarily cost €2,000 or Dh9,600); a mobile app and trip planner, as well as ASW city guides; complimentary workspaces in New York and Berlin; complimentary airport pickup in Milan, London, New York and Paris; and, best of all, a complimentary one-week stay for two people at Kittitian Hill in the Caribbean. If you were looking for a definition of value for money, this might just be it.
What the site is today is "an international, members-only travel and lifestyle club". The social networking is only one aspect of the ASW experience - there's also a foundation, the 50-plus events that are held around the world each month, the membership card and the rewards programme. "These are all aspects of a members-only club where the website is a kind of a clubhouse in the sky, if you will, more than anything else," says Heller.
"We're not a browsing platform. You have to come in with an agenda and a need. Your need might be that you are going on a trip and you need to meet people, or you need to get a job in New Delhi, or you need to get an intern or an apartment, or you need to raise capital for a film. If you have a need in mind, ASW can cater to it in extraordinary ways," she explains.
Members are now defined less by their double-barrelled surnames and more by the fact that they are "citizens of the world", Heller says. In this way, the UAE, which has traditionally been under-represented on the site, is an ideal source of potential members. "The UAE is truly international, brimming with expats, predominantly English-speaking, very central, style-focused and travel is an important part of the culture," says Heller.
A complicated algorithm, based on a number of variables, is currently working out who gets to stay on the revamped site and who has to go. Those who have been using ASW purely for commercial gain are unlikely to get invited back. So who is making the final cut? "We love our originals. And we love our active users and our interesting users; we love people that have extraordinary lives and are happy to share them."
If you're already a member and haven't heard anything from ASW in a while, do not despair. All is not lost, just yet. "We're inviting in waves," says Heller. "So you may get invited back in the next couple of months."
And for those unfortunates who have never been members? "You can apply for membership online and occasionally we'll have events where we'll have non-members attend where you can meet a member and then get invited in like that. You can take action. You don't have to just sit and wait. If you apply for membership, you'll eventually be invited to something, and if somebody likes you …"
sdenman@thenational.ae
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The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
The figures behind the event
1) More than 300 in-house cleaning crew
2) 165 staff assigned to sanitise public areas throughout the show
3) 1,000 social distancing stickers
4) 809 hand sanitiser dispensers placed throughout the venue
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
PREMIER LEAGUE FIXTURES
All times UAE ( 4 GMT)
Saturday
West Ham United v Tottenham Hotspur (3.30pm)
Burnley v Huddersfield Town (7pm)
Everton v Bournemouth (7pm)
Manchester City v Crystal Palace (7pm)
Southampton v Manchester United (7pm)
Stoke City v Chelsea (7pm)
Swansea City v Watford (7pm)
Leicester City v Liverpool (8.30pm)
Sunday
Brighton and Hove Albion v Newcastle United (7pm)
Monday
Arsenal v West Bromwich Albion (11pm)
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.”
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
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
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
