Sharjah counts cost of pulling the plug



SHARJAH // Though it has been only a week since the latest power cuts began in Sharjah, businesses are already counting their losses in tens of thousands of dirhams due to spoiled food and postponed events. Restaurants in particular are bearing the brunt. Farhat Yaqoub, the general manager of the Asian Palace Restaurant in the Rolla area, said he has lost about Dh80,000 (US$21,750).

"I have had to cancel 17 functions, including weddings and other parties, in the last five days worth Dh65,000 and lost about Dh15,000 in individual food purchases and dining at the restaurant," he said. "Four of my customers were stuck in a lift on Monday when the power went. They were without a mobile phone signal and couldn't raise the alarm until they were rescued by the building security personnel.

"After this incident they couldn't even eat because it was so hot inside and decided to go elsewhere." Mr Yaqoub said he had contacted the authorities to enlist their assistance, but his efforts were in vain. He spoke with the Department of Economic Development before moving on to the Sharjah Electricity and Water Authority, Sharjah Municipality and the Sharjah Chamber of Commerce. He considered buying a generator to provide power for his business. However, he found that would not help as the central air conditioner for the whole building could be compromised.

He was not the only one who suffered. Ihsan al Mahmoud, the owner of the Noor al Rayan restaurant on Al Wahda Street, said the loss of power cost his business Dh30,000 after it lost about 30 food orders during the weekend. "Even the food we cooked on Sunday was from our Dubai branch. Work had completely stopped on the weekends and we had to devise options for Sunday." Qassim Abdullah, who owns the Tazzaj Lubnan eatery, said he lost Dh125,000 in last year's summer power crisis and was already half way to that figure this year. "It's only one week, but we have lost about Dh60,000. If this problem continues until the end of summer, like it did last year, my losses would go to many thousands. Who knows, I may even lose the business."

Concern over possible sales of spoilt foods has led Sharjah Municipality officials to warn they would be conducting surprise inspections in grocery stores, butcher shops, fruit and vegetable markets and other food outlets this week. Sultan al Mualla, the director general of Sharjah Municipality, said that inspectors were not only being guided by expiry dates on food items, but were also taking steps to ensure the products were safe, stressing that some could go bad before their expiry dates because of the power cuts.

"Our team of inspectors has today been in Abu Shagara, Rolla, al Majaz and al Qassimiya," he said. "Tomorrow we may return to some areas or go to others." Mr al Mualla declined to say if the inspections had uncovered any offences or bad food on the shelves. While the supply of power was stable yesterday in most residential areas, some business in industrial areas experienced brief cuts in the morning.

@Email:ykakande@thenational.ae

World Cup final

Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region

Singham Again

Director: Rohit Shetty

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

Rating: 3/5

Company%20Profile
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Company%20Profile
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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
Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

How much of your income do you need to save?

The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.

In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)

Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.

 

A%20QUIET%20PLACE
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The five pillars of Islam
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Ultra processed foods

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;

- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,

- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.

The%20specs
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Company%20Profile
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Building boom turning to bust as Turkey's economy slows

Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.

Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.

The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.

After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.

The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.

The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.

But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.

It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.

Brief scores:

Juventus 3

Dybala 6', Bonucci 17', Ronaldo 63'

Frosinone 0

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

SPECS
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The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding

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