Tag Archives: lifestyle
Why the rich are eyeing Dubai real estate
Why the rich are eyeing Dubai real estate Issac John (issacjohn@khaleejtimes.com) / 8 October 2013 Dubai has replaced Singapore to claim the second rank behind London as the most sought-after global real estate investment destination for the world’s high networth individuals (HNWI), a survey revealed. The security and lifestyle that Dubai offers top the list of attractions for investors, while capital value growth and the emirate’s perceived safe haven status top the list of factors influencing the HNWI investments into Dubai, Cluttons, the global real estate company, observed. The observation was based on the findings of Cluttons International Private Capital Survey of nine of its global offices, which represent the 461 HNWIs. Last year’s results suggested that global HNWI would seek out investment locations closer to home markets as the world economy began its journey back towards a meaningful recovery. Cluttons has seen this come through in the results of this year’s survey, with Dubai in particular rising sharply in the minds of the region’s HNWI. According to the survey, those from the Middle East now prefer Dubai to London, with Cluttons’ offices in Manama and Muscat reporting capital value growth, the emirate’s perceived status as a safe haven and relatively high yielding residential property as the top three pull factors influencing the HNWI. Among Dubai’s top three factors drawing the attention of the HNWI, the lifestyle on offer in Dubai through the ownership of a second home and the security offered through real estate investments in the Gulf city rank behind the emirate’s lure as a place to expand investment portfolios. The study considers the drivers of these investors’ intentions as an indicator of future trends in international capital allocation, both geographically and at a sector level. “It was unsurprising to see Dubai re-emerge as the region’s top investment pick given the current economic resurgence; however we expect the IMF estimate to be bettered, particularly as Dubai’s real estate sector continues to recover, adding further momentum to overall growth,” said Steven Morgan, Head of Cluttons Middle East. Dubai, capitalising on its pillars of strength of trade, tourism and financial services, is once more drawing in the region’s wealth, which is honing in on Dubai’s bricks and mortar, said Cluttons. “The resulting impact on the residential market has been a 30.6 per cent surge in average capital values, aided also in part by cheaper debt financing and those looking to avoid escalating rents.” The survey identified an upturn in cross border investment amongst HNWI, consistent with broader trends in international capital flows. According to the United Nations Conference on Trade and Development (UNCTAD) forecast foreign direct investment (FDI) levels in 2013 would be in the region of $1.45 trillion, which, if achieved, would be comparable to the average level of global FDI flows achieved between 2005 and 2007. “There is a global reach for the planned investments, with London, Dubai and Singapore noted as the top three ranked HNWI targets in our offices. London received the most consistent mention in terms of investment plans; however there was a notable increase in the level of interest in Dubai compared to that reported last year. As a result of this, Singapore was edged into third place, although there have been no fundamental changes to the city-state’s overall HNWI appeal,” Cluttons said. The report said an improved global economic outlook is translating into a greater level of investment activity by HNWI closer to their home markets. “This is illustrated by the rise of Dubai among favoured investment destinations, particularly by HNWI investors from Manama and Muscat, following a widespread exodus as a result of the property market correction in 2009.” Cluttons expects to see this trend gain further traction over the course of the next 12 months across the Middle East and Asia Pacific, as HNWI investors pay greater attention to local investment destinations, in line with improved economic prospects in the emerging markets in particular. This is aided by the rising appetite for risk in investment decision-making, expected to continue over the next year, it said. Continue reading
World not ready to deal with aging populations
World not ready to deal with aging populations (AP) / 4 October 2013 The world is aging so fast that most countries are not prepared to support their swelling numbers of elderly people, according to a global study by the United Nations and an elder rights group. The report ranks the social and economic well-being of elders in 91 countries, with Sweden coming out on top and Afghanistan at the bottom. It reflects what advocates for the old have been warning, with increasing urgency, for years: Nations are simply not working quickly enough to cope with a population graying faster than ever before. By the year 2050, for the first time in history, seniors over the age of 60 will outnumber children under the age of 15. Truong Tien Thao, who runs a small tea shop on the sidewalk near his home in Hanoi, Vietnam, is 65 and acutely aware that he, like millions of others, is plunging into old age without a safety net. He wishes he could retire, but he and his 61-year-old wife depend on the $50 a month they earn from the tea shop. And so every day, Thao rises early to open the stall at 6am and works until 2pm, when his wife takes over until closing. An elderly man listens to a speaker at a political rally in New Delhi, India. — AP “People at my age should have a rest, but I still have to work to make our ends meet,” he says, while waiting for customers at the shop, which sells green tea, cigarettes and chewing gum. “My wife and I have no pension, no health insurance. I’m scared of thinking of being sick — I don’t know how I can pay for the medical care.” Thao’s story reflects a key point in the report, which was released early to The Associated Press: Aging is an issue across the world. Perhaps surprisingly, the report shows that the fastest aging countries are developing ones, such as Jordan, Laos, Mongolia, Nicaragua and Vietnam, where the number of older people will more than triple by 2050. All ranked in the bottom half of the index. The Global AgeWatch Index (www.globalagewatch.org) was created by elder advocacy group HelpAge International and the UN Population Fund in part to address a lack of international data on the extent and impact of global aging. The index, released on the UN’s International Day of Older Persons, compiles data from the UN, World Health Organisation, World Bank and other global agencies, and analyzes income, health, education, employment and age-friendly environment in each country. The index was welcomed by elder rights advocates, who have long complained that a lack of data has thwarted their attempts to raise the issue on government agendas. “Unless you measure something, it doesn’t really exist in the minds of decision-makers,” said John Beard, Director of Ageing and Life Course for the World Health Organization. “One of the challenges for population aging is that we don’t even collect the data, let alone start to analyse it. … For example, we’ve been talking about how people are living longer, but I can’t tell you people are living longer and sicker, or longer in good health.” The report fits into an increasingly complex picture of aging and what it means to the world. On the one hand, the fact that people are living longer is a testament to advances in health care and nutrition, and advocates emphasise that the elderly should be seen not as a burden but as a resource. On the other, many countries still lack a basic social protection floor that provides income, health care and housing for their senior citizens. Elderly people take shelter from the rain at a subway station in Taipei, Taiwan. — AP Afghanistan, for example, offers no pension to those not in the government. Life expectancy is 59 years for men and 61 for women, compared to a global average of 68 for men and 72 for women, according to UN data. That leaves Abdul Wasay struggling to survive. At 75, the former cook and blacksmith spends most of his day trying to sell toothbrushes and toothpaste on a busy street corner in Kabul’s main market. The job nets him just $6 a day — barely enough to support his wife. He can only afford to buy meat twice a month; the family relies mainly on potatoes and curried vegetables. “It’s difficult because my knees are weak and I can’t really stand for a long time,” he says. “But what can I do? It’s even harder in winter, but I can’t afford treatment.” Although government hospitals are free, Wasay complains that they provide little treatment and hardly any medicine. He wants to stop working in three years, but is not sure his children can support him. He says many older people cannot find work because they are not strong enough to do day labor, and some resort to begging. “You have to keep working no matter how old you are — no one is rich enough to stop,” he says. “Life is very difficult.” Many governments have resisted tackling the issue partly because it is viewed as hugely complicated, negative and costly — which is not necessarily true, says Silvia Stefanoni, chief executive of HelpAge International. Japan and Germany, she says, have among the highest proportions of elders in the world, but also boast steady economies. “There’s no evidence that an aging population is a population that is economically damaged,” she says. Prosperity in itself does not guarantee protection for the old. The world’s rising economic powers — the so-called BRICS nations of Brazil, Russia, India, China and South Africa — rank lower in the index than some poorer countries such as Uruguay and Panama. However, the report found, wealthy nations are in general better prepared for aging than poorer ones. Sweden, where the pension system is now 100 years old, makes the top of the list because of its social support, education and health coverage, followed by Norway, Germany, the Netherlands and Canada. The United States comes in eighth. Sweden’s health system earns praise from Marianne Blomberg, an 80-year-old Stockholm resident. “The health care system, for me, has worked extraordinarily well,” she says. “I suffer from atrial fibrillation and from the minute I call emergency until I am discharged, it is absolutely amazing. I can’t complain about anything — even the food is good.” Still, even in an elder-friendly country like Sweden, aging is not without its challenges. The Swedish government has suggested people continue working beyond 65, a prospect Blomberg cautiously welcomes but warns should not be a requirement. Continue reading
It’s raining smartphones in Dubai!
It’s raining smartphones in Dubai! 3 October 2013 It was a gift from the heavens, literally. Nokia Middle East launched its anticipated smartphone, the Nokia Lumia 1020, with a sensational marketing gimmick on Tuesday that saw its vice-president Tom Farrell skydive down at The Palm Jumeirah with the sleek model attached to his helmet. T om Farrell and other team members at the event. — Supplied photo “The sky is literally the limit for imaging enthusiasts with the Nokia Lumia 1020,” Farrell told the media and imaging enthusiasts after the breath-taking air drop. “[It] will bring a new dimension to the art of capturing life’s moments.” The smartphone hits the shelves for the first time in the Middle East at Dubai’s Gitex Shopper on October 5. — news@khaleejtimes.com Continue reading




