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class="Column__ColumnWrapper-sc-aun2rh-0 iLVKdB column-container"><div class="default__GridWrapper-sc-1t8afkf-1 eAVnJI"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZCeWu" data-identifier="media-card" type="organisms/MediaCard"><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/business/property/2024/11/24/what-is-spurring-rising-demand-for-dh100m-homes-in-the-uae/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="800" height="450" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/EDC5FOK3CRBAPLQDWKDZDSYAOE.jpg?smart=true&auth=d433198965f8ec7d09fc776f85ee2d284f495c7ee8a963a89e7bfd750d0cfd2b&width=800&height=450"/><source width="600" height="337.5" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/EDC5FOK3CRBAPLQDWKDZDSYAOE.jpg?smart=true&auth=d433198965f8ec7d09fc776f85ee2d284f495c7ee8a963a89e7bfd750d0cfd2b&width=600&height=337"/><source width="400" height="225" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/EDC5FOK3CRBAPLQDWKDZDSYAOE.jpg?smart=true&auth=d433198965f8ec7d09fc776f85ee2d284f495c7ee8a963a89e7bfd750d0cfd2b&width=400&height=225"/><img data-chromatic="ignore" alt="The ultra-luxury Como Residences project on Palm Jumeirah has recorded strong interest from wealthy buyers. Photo: Nakheel" loading="eager" fetchpriority="high" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/EDC5FOK3CRBAPLQDWKDZDSYAOE.jpg?smart=true&auth=d433198965f8ec7d09fc776f85ee2d284f495c7ee8a963a89e7bfd750d0cfd2b&width=400&height=225" width="400" height="225"/></picture></a></figure><span class="defaultstyled__StyledCardIcon-sc-1dedoj7-6 fHVZex"><svg viewBox="0 0 21 24" width="24" height="24" fill="#fff" stroke-width="1.33333" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" xml:space="preserve"><polygon points="5 3 19 12 5 21 5 3"></polygon></svg></span></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/business/property/2024/11/24/what-is-spurring-rising-demand-for-dh100m-homes-in-the-uae/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><p class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-h5 order-0" font-family="Playfair Display" font-weight="800">What is spurring rising demand for Dh100m homes in the UAE?</p></a><p font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 dHQerA margin-xs-top b-standfirst order-0">Many ultra-wealthy individuals are relocating to the country, causing a luxury property boom</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><a href="/business/property" color="var(--color-primary)" class="Link__Anchor-sc-1fg1e8z-0 defaultstyled__StyledKicker-sc-1dedoj7-3 gTSAQs dxOyZG margin-xs-right">Property</a></div></div></div><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 fBMyzs" data-identifier="media-card" type="organisms/MediaCard"><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/business/aviation/2024/11/24/german-budget-airline-eurowings-considering-new-routes-in-the-middle-east/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><p class="defaultstyled__StyledHeadline-sc-1dedoj7-8 dyVOMW b-pmed order-0" font-family="Playfair Display" font-weight="400">Eurowings considering new routes in the Middle East</p></a><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><a href="/business/aviation" color="var(--color-primary)" class="Link__Anchor-sc-1fg1e8z-0 defaultstyled__StyledKicker-sc-1dedoj7-3 gTSAQs dxOyZG margin-xs-right">Aviation</a></div></div></div><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kcAHHV" data-identifier="media-card" type="organisms/MediaCard"><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-0 margin-sm-bottom" display="block" style="position:relative;height:max-content"><figure><a href="/business/economy/2024/11/23/uae-policies-prop-up-economy-to-withstand-rising-geopolitical-headwinds-say-analysts/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="800" height="449.867374005305" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/5A3S2GW4YXAX7WYVSFVXFLSQRI.jpg?smart=true&auth=eb4bb78e5b3dd347acdc0d3382a09982db7e7ac47f54363e1a3aaf6a524719a9&width=800&height=449"/><source width="600" height="337.40053050397876" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/5A3S2GW4YXAX7WYVSFVXFLSQRI.jpg?smart=true&auth=eb4bb78e5b3dd347acdc0d3382a09982db7e7ac47f54363e1a3aaf6a524719a9&width=600&height=337"/><source width="400" height="224.9336870026525" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/5A3S2GW4YXAX7WYVSFVXFLSQRI.jpg?smart=true&auth=eb4bb78e5b3dd347acdc0d3382a09982db7e7ac47f54363e1a3aaf6a524719a9&width=400&height=224"/><img data-chromatic="ignore" alt="The UAE, along with other Gulf nations, is undergoing a significant economic transformation, moving away from a traditional dependence on oil and gas. AFP" loading="eager" fetchpriority="high" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/5A3S2GW4YXAX7WYVSFVXFLSQRI.jpg?smart=true&auth=eb4bb78e5b3dd347acdc0d3382a09982db7e7ac47f54363e1a3aaf6a524719a9&width=377&height=212" width="377" height="212"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/business/economy/2024/11/23/uae-policies-prop-up-economy-to-withstand-rising-geopolitical-headwinds-say-analysts/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><p class="defaultstyled__StyledHeadline-sc-1dedoj7-8 dyVOMW b-pmed order-0" font-family="Playfair Display" font-weight="400">UAE policies prop up economy to withstand rising geopolitical headwinds, say analysts</p></a><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><a href="/business/economy" color="var(--color-primary)" class="Link__Anchor-sc-1fg1e8z-0 defaultstyled__StyledKicker-sc-1dedoj7-3 gTSAQs dxOyZG margin-xs-right">Economy</a></div></div></div><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 biWOEN" data-identifier="media-card" type="organisms/MediaCard"><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/business/banking/2024/11/22/uae-launches-digital-kyc-platform-to-boost-financial-transparency/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><p class="defaultstyled__StyledHeadline-sc-1dedoj7-8 dyVOMW b-pmed order-0" font-family="Playfair Display" font-weight="400">UAE launches digital KYC platform to boost financial transparency</p></a><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><a href="/business/banking" color="var(--color-primary)" class="Link__Anchor-sc-1fg1e8z-0 defaultstyled__StyledKicker-sc-1dedoj7-3 gTSAQs dxOyZG margin-xs-right">Banking</a></div></div></div><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 fGDAIR" data-identifier="media-card" type="organisms/MediaCard"><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-0 margin-sm-bottom" display="block" style="position:relative;height:max-content"><figure><a href="/advertorial/2024/11/25/pioneering-developer-source-of-fate-raising-the-uaes-luxury-real-estate-bar-higher/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="800" height="449.867374005305" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/KJQO5VROCBAABDWMT5QRBGR5DA.jpg?smart=true&auth=dfd9a4dc00e53c565ddd7a6a9e902eec29b39da04cb3336af549bb9357111a22&width=800&height=449"/><source width="600" height="337.40053050397876" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/KJQO5VROCBAABDWMT5QRBGR5DA.jpg?smart=true&auth=dfd9a4dc00e53c565ddd7a6a9e902eec29b39da04cb3336af549bb9357111a22&width=600&height=337"/><source width="400" height="224.9336870026525" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/KJQO5VROCBAABDWMT5QRBGR5DA.jpg?smart=true&auth=dfd9a4dc00e53c565ddd7a6a9e902eec29b39da04cb3336af549bb9357111a22&width=400&height=224"/><img data-chromatic="ignore" alt="Pioneering developer Source of Fate raising the UAE’s luxury real estate bar higher" loading="eager" fetchpriority="high" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/KJQO5VROCBAABDWMT5QRBGR5DA.jpg?smart=true&auth=dfd9a4dc00e53c565ddd7a6a9e902eec29b39da04cb3336af549bb9357111a22&width=377&height=212" width="377" height="212"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/advertorial/2024/11/25/pioneering-developer-source-of-fate-raising-the-uaes-luxury-real-estate-bar-higher/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><p class="defaultstyled__StyledHeadline-sc-1dedoj7-8 dyVOMW b-pmed order-0" font-family="Playfair Display" font-weight="400">Pioneering developer Source of Fate raising the UAE’s luxury real estate bar higher</p></a><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><a href="" color="var(--color-primary)" class="Link__Anchor-sc-1fg1e8z-0 defaultstyled__StyledKicker-sc-1dedoj7-3 gTSAQs dxOyZG margin-xs-right">Advertorial</a></div></div></div><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 biWOEN" data-identifier="media-card" type="organisms/MediaCard"><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/business/economy/2024/11/22/middle-east-tension-seen-as-greater-risk-to-us-financial-system-than-inflation-fed-survey-shows/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><p class="defaultstyled__StyledHeadline-sc-1dedoj7-8 dyVOMW b-pmed order-0" font-family="Playfair Display" font-weight="400">Middle East tension seen as greater risk to US financial system than inflation, Fed survey shows</p></a><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><a href="/business/economy" color="var(--color-primary)" class="Link__Anchor-sc-1fg1e8z-0 defaultstyled__StyledKicker-sc-1dedoj7-3 gTSAQs dxOyZG margin-xs-right">Economy</a></div></div></div><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 jXpSDY" data-identifier="media-card" type="organisms/MediaCard"><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a 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stroke-width="0.833333"></path></mask><g mask="url(#mask0_6063_13753)"><path d="M0.253906 0.649902H16.9206V17.3166H0.253906V0.649902Z"></path></g></svg></label></span><input type="date" id="startDate"/><div class="indexstyled__StyledFieldState-sc-1bdwyo3-3 kWqgKI"></div><span class="input-suffix"></span></div></div><ul style="color:red" class="indexstyled__StyledFieldErrors-sc-1bdwyo3-5 gVwQVK"></ul><ul style="color:orange" class="indexstyled__StyledFieldErrors-sc-1bdwyo3-5 gVwQVK"></ul></div><div data-identifier="form-field" class="indexstyled__StyledFieldWrapper-sc-1bdwyo3-2 jOywzX margin-lg-bottom"><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 htXTxc container-wrapper" display="grid"><label for="endDate" class="indexstyled__StyledLabel-sc-1bdwyo3-4 ecjXuw">Last day of employment</label><div class="indexstyled__StyledInputContainer-sc-1bdwyo3-0 igzAgE"><span class="input-prefix"><label for="endDate"><svg xmlns="http://www.w3.org/2000/svg" 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class="Container__StyledContainer-sc-14lnmxl-0 htXTxc container-wrapper" display="grid"><label for="salary" class="indexstyled__StyledLabel-sc-1bdwyo3-4 ecjXuw">Basic salary (monthly)</label><div class="indexstyled__StyledInputContainer-sc-1bdwyo3-0 igzAgE"><input type="number" id="salary"/><div class="indexstyled__StyledFieldState-sc-1bdwyo3-3 kWqgKI"></div></div></div><ul style="color:red" class="indexstyled__StyledFieldErrors-sc-1bdwyo3-5 gVwQVK"></ul><ul style="color:orange" class="indexstyled__StyledFieldErrors-sc-1bdwyo3-5 gVwQVK"></ul></div><button data-identifier="gratuity-button" class="indexstyled__StyledButton-sc-147vw7d-0 kPvRjh padding-md-left padding-md-right padding-xs-top padding-xs-bottom margin-sm-bottom" type="submit">Calculate</button></form><div class="defaultstyled__StyledDisclaimer-sc-uqt4zj-0 iKiKbG margin-md-left margin-md-right margin-md-bottom">Disclaimer: The online tool to calculate gratuity pay for private sector employees is based on the UAE Labour Law and is provided for illustrative purposes only.</div><a class="Link__Anchor-sc-1fg1e8z-0 UfNXw Link__Anchor-sc-1fg1e8z-0 defaultstyled__StyledLink-sc-uqt4zj-3 UfNXw jNllgF margin-md-left margin-md-right" href="https://www.thenationalnews.com/business/gratuity-calculator/">Conditions apply</a></div></div></div></div></div></div></div><hr class="defaultstyled__StyledDivider-sc-a279n6-0 hEAzzr" data-identifier="divider" size="34" type="organisms/Divider"/><div data-identifier="tnn-footer" class="defaultstyled__StyledFooterContainer-sc-cfeop3-0 GoODP"><div data-identifier="grid-container" class="Grid__GridWrapper-sc-1uf4rv8-0 sCdeK grid-container grid-container--container"><div data-identifier="column-12" width="" widths="[object Object]" class="Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledFooter-sc-cfeop3-1 eGpnoR"><div class="defaultstyled__StyledFooterTop-sc-cfeop3-2 egbgHO"><svg width="126" height="34" version="1.1" 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But undoubtedly, the UAE aims to transition to a knowledge-based economy, one driven by digital services, including AI."},{"subtype":"newslettersignup-composer","_id":"CYPRFEIX2ZFVDNMKVCRQN3GNMA","additional_properties":{"_id":"GOWEWWD2WZH3DL6YV767TUVZOU"},"embed":{"id":"ermn6c8l32v6kjg5","config":{"listId":"6649a7edb0","contentSource":"future-beat","heading":"Future%20Beat","imageURL":"https%3A%2F%2Fwww.thenationalnews.com%2Fresizer%2Foepxdhm29c2oJk6ZjVJwJFhh3t8%3D%2Farc-photo-thenational%2Feu-central-1-prod%2Fpublic%2FD675RGM2TJGONDXACSIJ42ETGM.jpg","newsletterURL":"https%3A%2F%2Fwww.thenationalnews.com%2Fnewsletters%2Ffuture-beat%2F","interests":"d81f136d9f","desc":"Your%20weekly%20round-up%20of%20the%20stories%20shaping%20tomorrow's%20world"},"url":"https://thenational-the-national-prod.cdn.arcpublishing.com/newsletter-composer/?_website=the-national&outputType=composer_powerup&k=ermn6c8l32v6kjg5#SEARCH"},"type":"custom_embed"},{"_id":"UOKN2NTDTRF5VMEVORHCKT4FTA","additional_properties":{"_id":1724579897194},"type":"text","content":"In that transition, the nation faces competition from a number of countries, who are also pouring resources into their AI and technology sectors."},{"_id":"QKQGEEEIOVBVHLKXOQSOI7INVM","additional_properties":{"_id":1732176170770},"type":"text","content":"Saudi Arabia is planning “Project Transcendence”, an endeavour designed to make the kingdom a major AI hub."},{"_id":"ZWPNAFOX7NDM7ADQ5MVWNBZPJU","additional_properties":{"_id":1732176170771},"type":"text","content":"Backed by up to $100 billion from the powerful Public Investment Fund (PIF), the plan is to build up the infrastructure, back homegrown AI startups, and pull in global tech heavyweights to set up shop. The PIF has already struck a partnership with Google, focusing on Arabic language AI models."},{"_id":"266VRLGAAZECHE6WORQXRIWEN4","additional_properties":{"_id":1732176170772},"type":"text","content":"The kingdom's push for AI could compete with the UAE's ambitions as they both seek to attract the private capital and talent they need in a highly competitive sector."},{"_id":"C2NQ73MSINA6RJHN6XZAHYXSAM","additional_properties":{"_id":1724579897196},"type":"text","content":"To sustain growth, the UAE needs to solicit more private capital through attractive fiscal policies and a stronger capital market.<b> </b>Although the nation has a promising IPO pipeline, higher borrowing costs have contributed to a slowdown in private sector investments, with government spending expected to offset this decline."},{"_id":"FT3MFUCGWZGDXFOIXFCPX66NCQ","additional_properties":{"_id":1724579897197},"type":"text","content":"The UAE’s push towards AI is part of a broader strategy of economic diversification, but strong population growth and company formation can put pressure on a country’s infrastructure."},{"_id":"UVMZ53OL6JAWVJPVLWKUPS54KE","additional_properties":{"_id":1724579897198},"type":"text","content":"For example, Dubai’s population surged by more than 25,700 in the first quarter of 2024, bringing the total to nearly 3.7 million residents. Additionally, the city welcomed more than 34,000 new companies as members of the Dubai Chamber of Commerce in the first half of the year, reflecting a 5 per cent year-over-year growth."},{"_id":"WRSRNRCZWZFBBFLI7TSTN4KYGQ","additional_properties":{"_id":1724579897199},"type":"text","content":"This influx of talent and businesses that are helping build the country's tech and knowledge economy highlights the need for expansion and upgrades to infrastructure, particularly transportation."},{"_id":"QKGI5JLT3VFYRHTECVFMESQYHQ","additional_properties":{"_id":1732351472843},"type":"text","content":"The government has already announced a review of infrastructure capacity and investments. In March Abu Dhabi approved 144 projects across the emirate with a <a href=\"https://www.thenationalnews.com/business/economy/2024/03/11/abu-dhabi-approves-144-infrastructure-projects-worth-18bn-with-focus-on-housing/\" target=\"_blank\">budget of $17.97 billion</a> to enhance housing, education, tourism and more. This is in addition to another more than $10 billion infrastructure investment project the following month."},{"_id":"KUNC4TUQUFAPPCHWTJDBDDHRGA","additional_properties":{"_id":1732351472844},"type":"text","content":"In October, Dubai revealed its <a href=\"https://www.thenationalnews.com/business/economy/2024/10/29/dubai-unveils-largest-ever-budget-for-next-three-years-with-spending-of-74bn/\" target=\"_blank\">largest government budget at $74 billion</a>, of which half will be spent on infrastructure such as roads, bridges, transportation systems and renewable energy facilities."},{"level":2,"_id":"EHEGAT6DGJFRNB3HYAGXK6SUEQ","additional_properties":{"_id":1724579897201},"type":"header","content":"<b>Gulf’s new frontier</b>"},{"_id":"24JJK3SPJZCANEN6XFWH4SBYSI","additional_properties":{"_id":1724579897202},"type":"text","content":"If the UAE succeeds in becoming a global AI superpower, the implications for the Gulf region could be huge."},{"_id":"PQAZA32JOJAPJH7ICZ3CFR3LDY","additional_properties":{"_id":1724579897203},"type":"text","content":"It could lead to both collaboration and competition among neighbouring countries, all of which are seeking to diversify their economies through technology. Saudi Arabia, Qatar and Kuwait have all made AI an economic priority, and the UAE’s success could set a precedent for other resource-rich nations looking to lead in technology."},{"_id":"CSOUNM6ZMRBCXDKD5RNLK5HMHI","additional_properties":{"_id":1724579897204},"type":"text","content":"The UAE’s ability to create and retain AI-driven unicorns – companies valued at over $1 billion – will be a key measure of its success. The country has set a stretching target of becoming home to<a href=\"https://www.thenationalnews.com/business/2021/11/10/uae-seeks-20-unicorns-by-2031-and-launches-programme-to-back-smes/\"> 20 unicorns</a> by 2031."},{"_id":"2ALFKCJF7ZE7HAFKFT5EK6RT6I","additional_properties":{"_id":1724579897205},"type":"text","content":"Other than G42, other prominent unicorns in the UAE include Vista Global, which uses AI in the aerospace sector."},{"_id":"GLEA2UA2KVFKTDDMJIGO4HCOWQ","additional_properties":{"_id":1724579897206},"type":"text","content":"Despite the UAE’s progress in building a vibrant tech ecosystem, there are still questions about how data is collected, stored and used. To build trust with international companies and investors, countries and firms need to ensure that their data practices are transparent and secure."},{"_id":"AEPF3DNAIRFMHLUIG25LWM7E6I","additional_properties":{"_id":1724579897207},"type":"text","content":"European countries like Estonia have shown how technology can be harnessed for the public good, offering lessons for the UAE in building a digital society that is trusted. The country’s journey will be closely watched by other nations looking to diversify their economies, as the race to lead in AI heats up."}],"subheadlines":{"basic":"The Gulf country's success could set a precedent for other resource-rich nations looking to lead in 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style=\"float:left;padding-top:5px;padding-right:10px\"><img height=\"100%\" src=\"https://www.thenationalnews.com/resizer/usDfKtkBM7kvKIu9np1YqOZ1klM=/arc-photo-thenational/eu-central-1-prod/public/3UAS2HPPXBBKJMXXDRPEWDKFWE.jpg\" width=\"120\" /></div>"},{"_id":"YIN5IGAZHNFVTBUMLSLK65OQLE","additional_properties":{"_id":1731913102067},"type":"text","content":"<b>Question:</b> I don’t have the <a href=\"https://www.thenationalnews.com/business/money/2024/11/07/how-to-gather-the-down-payment-to-buy-your-first-uae-property/\" target=\"_blank\">down payment required</a> to buy a property in the UAE. However, I am keen to benefit from the price appreciation in the property market."},{"_id":"SZ6MBPQLM5HI5GLL54YCJX65FY","additional_properties":{"_id":1731913102068},"type":"text","content":"I am considering fractional ownership in UAE property. Is this a good model of property investment?"},{"_id":"O435ACP5YVBP7K4S5V3RBVFZIU","additional_properties":{"_id":1731913102069},"type":"text","content":"What are the <a href=\"https://www.thenationalnews.com/business/money/2024/10/23/common-mistakes-to-avoid-for-uaes-first-time-home-buyers/\" target=\"_blank\">risks I should be aware </a>of? What are the benefits and disadvantages of this model? <i><b>SC, Dubai</b></i>"},{"_id":"YS5EF3NJCVBPXK75GDOK3MPJOQ","additional_properties":{"_id":1731913102070},"type":"text","content":"<b>Answer:</b> <a href=\"https://www.thenationalnews.com/business/money/how-to-jump-on-the-uae-s-property-ladder-through-crowdfunding-1.1199391\" target=\"_blank\">Fractional ownership is a perfect way</a> to enter the property market and benefit from its current capital appreciation, without the need to stump up the full <a href=\"https://www.thenationalnews.com/business/money/eight-ways-to-save-for-your-first-home-down-payment-1.1092425\" target=\"_blank\">100 per cent of the funds needed</a> to buy through traditional methods. Other benefits include the sharing of additional costs associated with property ownership, such as maintenance."},{"_id":"IF436LAUDBGA5AV6DTA2K32XXM","additional_properties":{"_id":1731913102071},"type":"text","content":"Another major benefit would be the ability to diversify the investment portfolio, allowing you to invest in several properties in different areas and asset classes. This way of buying real estate is relatively flexible, as it offers an easy entry and exit compared with full ownership."},{"_id":"RSGD6GWV4VBYPHBVG5QHTIQ5KQ","additional_properties":{"_id":1731913102072},"type":"text","content":"When it comes to disadvantages, there are limited financing options should you need to avail a mortgage and securing the loan could also be challenging. All decisions regarding the property will have to be agreed on by all parties, which could lead to disagreements or delays."},{"_id":"BAKEJMZI4JDERBFN5NXLPYVQNM","additional_properties":{"_id":1731913102073},"type":"text","content":"The eventual sale of a fractional unit may come with restrictions in terms of when exactly you could exit the investment. Lastly, some fractional ownership arrangements may restrict owners from using specific property management companies, which obviously would limit flexibility and autonomy in property management decisions."},{"_id":"45QJESC7F5HNTCHQQNOXUFTPVQ","additional_properties":{"_id":"65XPEY7PWBHEFNXW2WC4XYOF2I"},"type":"raw_html","content":"<iframe title=\"The pros and cons of fractional property investing\" height=\"400\" width=\"100%\" style=\"border: none;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https://www.podbean.com/player-v2/?i=hktpx-12d1ab3-pb&from=pb6admin&pbad=0&square=1&share=1&download=1&rtl=0&fonts=Arial&skin=1&font-color=auto&logo_link=episode_page&btn-skin=3267a3&size=300\" allowfullscreen=\"\"></iframe>"},{"_id":"7Q2L7YXVINBA3E5L4JXQJEJ7K4","additional_properties":{"_id":1731913102075},"type":"text","content":"As with all real estate or financial investing, you would need to do your due diligence to calculate the risks involved. Analysing the expected financial gains is key to ensure profitable returns."},{"_id":"AYYQQ6NWLND6DI2I6TDIQRM67A","additional_properties":{"_id":1731913102076},"type":"text","content":"Looking at rental returns and potential appreciation also needs careful consideration. Remember the market is currently buoyant, but this could stabilise or indeed decline in years to come. Therefore you should make sure you get all the data available, which can be found from market studies or reports from reputable real estate companies."},{"_id":"QVVMP3PFPBB4LMNZ3NKXFAFP4Y","additional_properties":{"_id":1731913102077},"type":"text","content":"There are only a<a href=\"https://www.thenationalnews.com/business/money/2024/10/24/can-you-buy-or-rent-property-in-the-uae-without-an-estate-agent/\" target=\"_blank\"> few regulated companies in Dubai</a> that that offer fractional crowdfunded ownership to investors. With these companies you can invest as little as Dh500 ($136) and expect to currently earn in the region of 8 per cent to 12 per cent, which is a great return."},{"_id":"ECBSSS3S7ZCO5HH4SAFRWNFMPA","additional_properties":{"_id":1731913102078},"type":"text","content":"<b>Q:</b> My wife and I moved into a property as renters in 2020 and have renewed each year with the maximum allowable increase as per the Real Estate Regulatory Agency, so we are well aware the rental is below market rates. Our <a href=\"https://www.thenationalnews.com/business/money/2024/10/24/uae-property-can-my-landlord-compel-me-to-sign-an-agreement-to-vacate/\" target=\"_blank\">landlord served an eviction notice</a>, stating that he intended to sell the property, and the year's notice will come to an end in December 2024."},{"_id":"4FIY2QCV5RFBRKGTTH5ZUS5USQ","additional_properties":{"_id":1731913102080},"type":"text","content":"During the past four years, the property has had leaks, as well as air-conditioning and water heater issues, and the landlord's agent has never been consistently quick or responsive to our complaints – we have had to fix issues ourselves at times."},{"_id":"OCQWWO5UPFABZDR3RNMA7I6ULM","additional_properties":{"_id":1731913102081},"type":"text","content":"Despite all this, we've fallen in love with the property and turned the apartment into a home, while we are expecting a new baby in January 2025. We have lived in Dubai for nine years now and worked and saved hard to get to a point where we were able to start a conversation to <a href=\"https://www.thenationalnews.com/business/money/2024/10/09/uae-homeowners-use-equity-release-loans-to-buy-more-properties/\" target=\"_blank\">purchase the property</a> on September 11, 2024."},{"_id":"2WS3TJ53ZRAWRNC4TQKU5FBF2I","additional_properties":{"_id":1731913102082},"type":"text","content":"The agent said he relayed this to the landlord and came back with a value, to which we made a counter-offer on October 3. It is now almost a month from when our lease expires and the agent says he cannot get in touch with the landlord, which makes us worried that negotiations are being dragged out purposefully to leave us with very little time. The landlord is a key client for the agent."},{"_id":"MNJR7JJB35DQRF4QFYWRSQWMMM","additional_properties":{"_id":1731913102083},"type":"text","content":"I suspect the landlord either wants to re-let the property at a higher amount, or force us to purchase it at a price he determines."},{"_id":"PEKFREKLVJCRVLZGMMOXQPAT6A","additional_properties":{"_id":1731913102084},"type":"text","content":"We just want to have a home and stability to prepare for our new arrival, but we are in a bit of a quandary as to what our best course of action is. <i><b>GS, Dubai</b></i>"},{"_id":"LPTUPIT5GFBLZMNAQIKHJP3MFU","additional_properties":{"_id":1731913102085},"type":"text","content":"<b>A:</b> The first thing to point out is that a landlord cannot evict one tenant and then go on to let the property to another, as this is not allowed. In the event this does actually happen and you find out about it, you can file a case at the Rental Dispute Settlement Committee for compensation."},{"_id":"3DVLCTCODRE7DHUQAJT7NDPNYA","additional_properties":{"_id":1731913102086},"type":"text","content":"The landlord served the eviction notice for the reason of selling the property and, since you made an offer, you have entered into negotiations so it is clear you are serious about buying the property."},{"_id":"VA5LRHFYMRA5FBA322OMIXAEM4","additional_properties":{"_id":1731913102087},"type":"text","content":"What you do not mention is the asking price or your offer, but I’m sure you have done your research regarding this to give yourself a good chance of securing the property."},{"_id":"NVHT7MKGBREZVMYNL4OLT7XICU","additional_properties":{"_id":1731913102088},"type":"text","content":"When it comes to the ghosting part by the seller to the agent, I can say that, unfortunately, sometimes these things do happen but they cannot go on for ever. If the seller is an important client for the agency, as you mention, I’m sure they will have a way of getting a hold of him to understand where he is regarding your latest offer and/or if he is serious about selling the property at all."},{"_id":"WFHYZD6JZZDQLKHOO4OPPJG72U","additional_properties":{"_id":1731913102089},"type":"text","content":"As we get nearer the expiration date of the leasing contract, the landlord will have to make contact, so I’m sure you will be able to resolve this period of silence."},{"_id":"C7USJFBGCRBI3GRX6TC6QE4JZA","additional_properties":{"_id":1731913102090},"type":"text","content":"Failing all of this, if you do have to vacate the property, please keep an eye on future inhabitants so you will be able to file for compensation should the landlord unlawfully re-let to another tenant."},{"_id":"2KO5WVNWY5FNHIQU247DC4ARSI","additional_properties":{"_id":1731913102091},"type":"text","content":"<i>Mario Volpi is head of brokerage at Novvi Properties and has worked in the property sector for 40 years in London and Dubai. The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to </i><a href=\"mailto:mario@novviproperties.com\" target=\"_blank\"><i>mario@novviproperties.com</i></a>"}],"subheadlines":{"basic":"The crowd funding method of buying real estate is relatively flexible, as it offers an easy entry and exit compared with full 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style=\"float:left;padding-top:5px;padding-right:10px\"><img height=\"100%\" src=\"https://www.thenationalnews.com/resizer/ji6be_nneDIGBKkI8sd7lOt7Gjk=/arc-photo-thenational/eu-central-1-prod/public/YHRBIR3ZEZH7HGOGLVLYK3HRAY.jpg\" width=\"120\" /></div>"},{"_id":"VYVWVIXBTVEZNKFQ2FBR4MV3HQ","additional_properties":{"_id":1731338086406},"type":"text","content":"<b>Question:</b> We plan to leave Dubai next year to move back to Scotland. We own an apartment and were <a href=\"https://www.thenationalnews.com/business/money/2024/10/17/uae-property-can-i-sell-property-in-my-home-country-and-transfer-the-proceeds-to-invest-in-dubai/\" target=\"_blank\">thinking about selling it </a>but now, I think we will keep it and rent it out. My question is if we will have to pay any tax in the UK if we make any money from it."},{"_id":"63BWDRNGCJBF7CEOAAEVX56PX4","additional_properties":{"_id":1731338086407},"type":"text","content":"We thought we’d just leave the money in a bank account in the UAE and use it when we visit. Do we have to tell anyone in the UK about it? <i><b>JT, Dubai</b></i>"},{"_id":"2OYFPZ42ORDBNNDSAGRSD6KEJE","additional_properties":{"_id":1731338086408},"type":"text","content":"<b>Answer: </b><a href=\"https://www.thenationalnews.com/business/economy/2024/11/11/middle-east-tax-advisory-market-to-outpace-north-america-and-europe-growth-amid-new-gulf-taxes/\" target=\"_blank\">Tax issues are complex </a>so I can only provide a brief overview here. Personal advice should always be obtained."},{"_id":"PBXCXSAP2ZGRPMMPXVI6AWFXPA","additional_properties":{"_id":1731338086409},"type":"text","content":"Someone who is UK resident for tax purposes is subject to UK income tax on their worldwide income. That means that any rental income from a property in the UAE will be taxable in the UK, no matter where it is paid. It does not have to be sent to the UK to be subject to UK tax."},{"_id":"F5YJDQPN3ZBCFA7O7QYRAY2GLY","additional_properties":{"_id":1731338086410},"type":"text","content":"If someone has income in addition to that from employment, it must legally be disclosed to HMRC, His Majesty’s Revenue and Customs, by way of a self-assessment tax return."},{"_id":"DFREA4IAMJBRZFEAVDCYGAASXQ","additional_properties":{"_id":1731338086411},"type":"text","content":"Failure to disclose income, from any source, is tax evasion, which is a crime and subject to substantial penalties."},{"_id":"NWYLETMPKRD7FJO3HL4AUMHGEE","additional_properties":{"_id":1731426058585},"type":"text","content":"The amount of rental profit can be reduced by offsetting certain expenses such as agency and management fees and some maintenance and repairs. Proper records must be kept as evidence may be requested."},{"_id":"UHIZA56H2BD2HPD3ELRSZI3VDQ","additional_properties":{"_id":1731338086413},"type":"text","content":"In addition, JT should be aware that if the property is sold when he is resident in the UK, any profit will be subject to capital gains tax. A few expenses can be deducted and there is a small annual exemption of £3,000 ($3,845) per person. Above this, the rates of tax for capital gains are 18 per cent for basic rate taxpayers and 24 per cent for higher rate taxpayers, which also applies if the capital gain pushes a person into a higher rate tax band."},{"_id":"7GFMPJIOUNHMLB5RA4EPSD46GQ","additional_properties":{"_id":1731338086414},"type":"text","content":"There are numerous tax considerations if anyone is leaving the UAE, or the wider GCC, to move to the UK, so expert advice should always be sought."},{"subtype":"newslettersignup-composer","_id":"LNR5N6X245GSBGPLK2XQ6OTHEM","additional_properties":{"_id":"WAZG5X4RUFFIZDWPMTT6FSVA5A"},"embed":{"id":"9l4m2ipqvefuy6ub","config":{"listId":"6649a7edb0","contentSource":"on-the-money","heading":"On%20The%20Money","imageURL":"https%3A%2F%2Fwww.thenationalnews.com%2Fresizer%2FaTBLYWRZ-WlXNx2hnaE07icYi6M%3D%2Farc-photo-thenational%2Feu-central-1-prod%2Fpublic%2FGHMM6MMGKVDP3DL4F6SAPJDNLI.jpg","newsletterURL":"https%3A%2F%2Fwww.thenationalnews.com%2Fnewsletters%2Fon-the-money%2F","interests":"c84b108b00","desc":"Make%20money%20work%20for%20you%20with%20news%2C%20features%20and%20expert%20analysis"},"url":"https://thenational-the-national-prod.cdn.arcpublishing.com/newsletter-composer/?_website=the-national&outputType=composer_powerup&k=9l4m2ipqvefuy6ub#SEARCH"},"type":"custom_embed"},{"_id":"R2XAP5B7QVGJZP7JBRHXL2SAIU","additional_properties":{"_id":1731338086415},"type":"text","content":"<b>Q: </b>I have a full-time job but I have been working on my hobby and doing a bit of paid work on the side. My boss knows about this and my hobby has no connection to the company, so there is no issue with competition."},{"_id":"XA2Y4JOD3RDA5OQ6BINBWY4SOQ","additional_properties":{"_id":1731338086416},"type":"text","content":"My question is whether my bank is likely to cause a problem if I receive payments that are not through the WPS (Wages Protection System) from my employer? <i><b>LB, Dubai</b></i>"},{"_id":"QNLDAIC5LNGNJLZIZSXAKHQRIA","additional_properties":{"_id":1731338086417},"type":"text","content":"<b>A: </b>There is no reason why the bank should have a problem with the additional payments but banks will sometimes ask about the source of funds for compliance reasons."},{"_id":"JPUCY4LGU5GWRDM2FOXGYPKQEQ","additional_properties":{"_id":1731426058591},"type":"text","content":"The UAE Central Bank has procedures in relation to anti-money-laundering regulations but any questions should be simply to confirm the legality of the payments and the source. Ad hoc small payments are unlikely to raise suspicion but if questioned, it will be as part of standard checks and LB should simply answer honestly."},{"_id":"V5HYET3R5VBHDIEICTVBNALX5M","additional_properties":{"_id":1731338086418},"type":"text","content":"To run any kind of business in the UAE, a suitable trade licence is required. As LB already has a Dubai visa, and is simply selling a service or consulting, the easiest and cheapest option will be a DED (Department of Economic Development) e-trader licence. This has an annual fee of Dh1,070 ($290)."},{"_id":"D7QNJHLKD5HLFFJOJVYB333FIM","additional_properties":{"_id":1731338086419},"type":"text","content":"An application can be made online via <a href=\"https://dedcafe.ae/service/e-trader-license/\">https://dedcafe.ae/service/e-trader-license/</a>or in person at the DED cafe in Palm Strip Mall, Jumeirah Beach Road, Jumeirah 1."},{"_id":"ZEZWZVLD6FHKNI4C5FUHGIL3TY","additional_properties":{"_id":1731338086420},"type":"text","content":"Provided the total gross income is less than Dh375,000 a year, LB does not need to register for VAT or complete quarterly returns."},{"_id":"EH5SA6Z4MZCEJOXMGSJ5GGQM34","additional_properties":{"_id":1731338086421},"type":"text","content":"<b>Q: </b>Is there a <a href=\"https://www.thenationalnews.com/business/economy/2024/02/07/egypt-raises-minimum-public-sector-wage-by-50/\" target=\"_blank\">minimum salary </a>in the UAE? I heard that’s the case but can’t find any information. I worked in Qatar before and there was a minimum salary there, but now I am looking to apply for a job in the UAE. <i><b>CK, The Philippines</b></i>"},{"_id":"5OIS2DKT2VA2HJNZJA73ZNK3ZY","additional_properties":{"_id":1731338086422},"type":"text","content":"<b>A: </b>While there has been discussion about introducing a minimum salary in the UAE, labour law does not stipulate an amount. The UAE government expectation is “that salaries must cover basic needs of the employees”."},{"_id":"PTOV3J7ASJD2ZEJKTXNOZCYVNI","additional_properties":{"_id":1731338086423},"type":"text","content":"In 2013, the Ministry of Human Resources and Emiratisation set out guidelines for different types of workers."},{"_id":"VMVYMOND3FFH5LZSVMLE334FCI","additional_properties":{"_id":"Q4QUD4Z2YREEDDUSBJOO33P4JU"},"type":"raw_html","content":"<iframe title=\"How to ask for a salary rise in 2024\" height=\"400\" width=\"100%\" style=\"border: none;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https://www.podbean.com/player-v2/?from=embed&pbad=0&i=y3c4x-1533e2f-pb&square=1&share=1&download=1&fonts=Arial&skin=1&font-color=&rtl=0&logo_link=&btn-skin=3267a3&size=300\" allowfullscreen=\"\"></iframe>"},{"_id":"XQCRJUSRMNAP7NIAIMKWAC2WOM","additional_properties":{"_id":1731338086424},"type":"text","content":"These are: Dh12,000 ($3,270) for university graduates, Dh7,000 for skilled technicians and a minimum wage of Dh5,000 for skilled labourers with a secondary school certificate. These sums are not enforced but companies are expected to follow the guidelines."},{"_id":"YHXC3LEJTNAIFB5W6DGMX4JMV4","additional_properties":{"_id":1731338086425},"type":"text","content":"There are also agreements between a few foreign governments and the UAE. For example, the Filipino and UAE governments have set the minimum monthly salary for overseas foreign workers at $400."},{"_id":"UV7GUIWBVFCHHLIIA47DAL3LWY","additional_properties":{"_id":1731338086426},"type":"text","content":"Qatar has a minimum wage that, for 2024, is set at 1,000 rials ($274.72) per month plus a housing allowance of 500 rials and 300 rials for food."},{"_id":"4G45PLYTHVFULA2I3CEQQJULZE","additional_properties":{"_id":1731338086427},"type":"text","content":"<i>Keren Bobker is an independent financial adviser and senior partner with Holborn Assets in Dubai, with more than 30 years’ experience. Contact her at </i><a href=\"mailto:keren@holbornassets.com\"><i>keren@holbornassets.com</i></a><i>or at </i><a href=\"http://www.financialuae.com/\"><i>www.financialuae.com</i></a>"},{"_id":"AWRLVI5VAFEIZDGJNEFLSVBT34","additional_properties":{"_id":1731338086428},"type":"text","content":"<i>The advice provided in our columns does not constitute legal advice and is provided for information only</i>"}],"subheadlines":{"basic":"UK resident for tax purposes is subject to UK income tax on their worldwide 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Other regional countries were almost as unworried."},{"_id":"KH24ZDTAG5C2BGTAT42XFWYDXI","additional_properties":{"_id":1731822166899},"type":"text","content":"The target of restricting the average global temperature increase to no more than 1.5°C above pre-industrial levels is dead – taking the Middle East, and the world, into uncharted climes. It’s time to think and act differently."},{"_id":"AYAFXLOVZNA7NBOPGJRGC43HAQ","additional_properties":{"_id":1731817000129},"type":"text","content":"The UAE is taking the challenge seriously. April’s floods were a warning of the damage and disruption that we will suffer on a hotter planet. After the country hosted the annual UN climate conference last year, President Sheikh Mohamed attended the Cop29 talks which opened last week in Baku. The UAE’s latest Nationally Determined Contribution, the regularly updated plan for tackling climate change, was released just ahead of the Cop29 opening, proposing a much more aggressive path of emissions reductions to 2035 than last year’s."},{"_id":"OBC753EWDNDUPH7NNJAEDXH6FA","additional_properties":{"_id":1731817000131},"type":"text","content":"Yet, international action remains far too slow, despite the annual exhortations from the UN secretary general and a host of other global leaders. This isn’t the fault of the negotiators, scientists and campaigners gathering in Azerbaijan. But a cumbersome multilateral process can move only at a lumbering pace, when the race to net-zero carbon bogs down in physical and political realities."},{"_id":"W67C7B6Z4BDHDLBIK6V7B5GQTI","additional_properties":{"_id":1731817000132},"type":"text","content":"This year will almost certainly be the hottest on record, and break the 1.5°C limit, that was agreed in Paris in 2015. A one-year breach isn’t fatal to the goal in itself. This year was unusually hot because of the El Nino effect in the Pacific. But within a few years, regardless of annual fluctuations, continuing greenhouse gas emissions will take us irreversibly beyond 1.5°C."},{"owner":{"id":"thenational"},"copyright":"Chris J Ratcliffe","address":{"locality":"LONDON","country_name":"GBR"},"auth":{"1":"cc1be93f17cafe0027d530e136b0b7755e21288c2f1608135509fbec88cd608d"},"caption":"Protesters call for climate action in London on Saturday as delegates from around the world meet for Cop29 in Baku, Azerbaijan. 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But the fall will be slow, at best a few per cent annually. To keep the global temperature rise below 1.5°C, emissions would have to plummet virtually to zero by 2035. That isn’t going to happen."},{"_id":"MPXX5BTDYVC33MAK35ISBZR4V4","additional_properties":{"_id":1731817000136},"type":"text","content":"The climate movement is still emulating the unfairly maligned King Canute of England, who despite his majesty was unable to turn back the encroaching tides."},{"_id":"4Q6UJWBWAVDWDKN7NUTEEMHGKU","additional_properties":{"_id":1731817000137},"type":"text","content":"Climate orthodoxy still maintains that rapid deployment of renewable energy, batteries, electric vehicles and energy efficiency will be enough to get to net-zero in time, and that other approaches aren’t needed. While these technologies have improved enormously in cost and performance, and solar in particular is being built at breakneck pace, they aren’t enough on their own."},{"_id":"SA27DDP57RGTVMPZ3O4QIKTZLE","additional_properties":{"_id":1731817000138},"type":"text","content":"They don’t address the difficulties of matching electricity needs to supply over long periods, the near-impossibility in developed countries of building transmission grids fast enough, in Africa of financing large-scale renewables at all. And they wave away the difficulty of all the sectors that can’t switch to renewable electricity quickly, or at all – heavy industry, shipping and air transport, and agriculture."},{"_id":"QE4BJGDX2RFAFKEZMW42HJHVRM","additional_properties":{"_id":1731817000139},"type":"text","content":"They keep squandering time and political capital in petty campaigns against realistic, important parts of the climate solution, such as nuclear power, carbon capture and storage, and replacing coal consumption with natural gas in the short- and medium-term."},{"_id":"WOQDZV47URHCJKUWYP7NOOB5EY","additional_properties":{"_id":1731817000140},"type":"text","content":"And they don’t realise that the political climate has changed faster than the natural one. Donald Trump’s election in the US is the gloomiest omen for climate action. Political divisions have deepened in Europe between a left that at least takes the climate challenge seriously, but is rigidly ideological about solutions, and a right that prioritises energy costs and legacy industries."},{"_id":"FXDY4I7H2FFS7CYIKTH7Y6E27Y","additional_properties":{"_id":1731817000141},"type":"text","content":"China, India and the other big Asian countries are progressing strongly in low-carbon energy, but at their own pace, protecting business and ordinary citizens’ near-term welfare over net-zero aims. Trade wars and tariffs will make international co-operation much harder, and block off routes to the fastest and cheapest decarbonisation."},{"_id":"C5ECLJLOG5DOVOJHD7P4SHNYW4","additional_properties":{"_id":1731817000142},"type":"text","content":"Western climate orthodoxy gives little thought as to how to build durable, successful coalitions on climate progress with Asian giants or major oil and gas producers. French President Emmanuel Macron has skipped Cop29 over a political dispute, while others who have positioned themselves as climate leaders – German Chancellor Olaf Scholz, European Commission President Ursula von der Leyen, and US President Joe Biden – are absent."},{"_id":"OVWKKNZRF5F5HOWRLRHHR47NEU","additional_properties":{"_id":1731817000143},"type":"text","content":"But hope for a stable, tolerable global climate over the rest of this century and beyond isn’t lost. Once we honestly acknowledge that the goal of 1.5°C is behind us, we can think honestly about what to do next."},{"_id":"N4CUYF32W5BTJKTVWVNDVTEQPU","additional_properties":{"_id":1731817000144},"type":"text","content":"And this has three parts. First, the good parts of the approach of the last thirty-odd years should continue."},{"_id":"YZIFCMT3UFHTNNVGXMLAR2Z4HI","additional_properties":{"_id":1731817000145},"type":"text","content":"Renewable energy, batteries, electric vehicles and other low-carbon technologies are making tremendous progress. As recently as 2015, we seemed on-course for a cataclysmic 5°C of warming. Now, current policies should yield from 2.4°C to 3°C, still very bad but better. Speeding up progress in the more difficult areas or those disfavoured by climate orthodoxy, such as electricity transmission, carbon capture, hydrogen, synthetic fuels and nuclear power, can cut warming further."},{"subtype":"newslettersignup-composer","_id":"TDVWEJMQJZAXTG24DBASZ6Y6MY","additional_properties":{"_id":"FBGJP5HKN5C4RPTY3HER3N6TGU"},"embed":{"id":"1vobrj1nrxky0ung","config":{"listId":"6649a7edb0","contentSource":"energy-this-week","heading":"Energy%20This%20Week","imageURL":"https%3A%2F%2Fwww.thenationalnews.com%2Fresizer%2FUxoWIIJ8MCicLobFVB34UqW3Uh4%3D%2Farc-photo-thenational%2Feu-central-1-prod%2Fpublic%2FLNYUNALAIJAGRCBQ3JWNYEHJXM.jpg","newsletterURL":"https%3A%2F%2Fwww.thenationalnews.com%2Fnewsletters%2Fenergy-this-week%2F","interests":"a46213234c","desc":"Expert%20analysis%20on%20oil%20%26%20gas%2C%20renewables%20and%20clean%20energy"},"url":"https://thenational-the-national-prod.cdn.arcpublishing.com/newsletter-composer/?_website=the-national&outputType=composer_powerup&k=1vobrj1nrxky0ung#SEARCH"},"type":"custom_embed"},{"_id":"GXVJYIQA2BGKNMWZ6PZEXXPLSM","additional_properties":{"_id":1731817000147},"type":"text","content":"Second, we need a more intensive effort on removing carbon dioxide directly from the air, with a mix of methods: technological (machines with giant fans and solvents), biological (planting trees, mangroves, capturing carbon in soils and speeding ocean photosynthesis), geochemical (tweaking reactions in the ocean), and mineralogical (speeding up the natural weathering of suitable rocks, such as those in the UAE's Northern Emirates and Oman)."},{"_id":"HAJQJK4IP5BI5EFZL2ELVZB6UI","additional_properties":{"_id":1731817000148},"type":"text","content":"That could allow us to manage the risky situation of “overshoot” – where temperatures rise above 1.5°C briefly before coming down again."},{"_id":"3DU4WS67AFGF7IP6M2MQ5TMKT4","additional_properties":{"_id":1731817000149},"type":"text","content":"Third is a way to cool the Earth – most likely, by releasing reflective particles that stay in the upper atmosphere for months to years. Make Sunsets, a US start-up, already does this on a <a href=\"https://www.thenationalnews.com/business/comment/2023/01/30/why-it-is-time-for-the-world-to-take-geoengineering-seriously/\" target=\"_blank\">small scale using balloons</a>. This “geoengineering” attracts strong opposition from most climate scientists, who see it as risky, unproven, with dangerous side effects, and easing the pressure to cut emissions."},{"_id":"IICI7ZVD7JH4PFMTIZECRM73QQ","additional_properties":{"_id":1731817000150},"type":"text","content":"But we already have dangerous climatic side effects. We already are not cutting emissions anywhere near quickly enough. If, say, a limit of 2°C of warming is achievable but bad, 1.9°C would be better and 1.8°C better still. Every fraction of a degree reduces environmental damage, human suffering – and the risk of crossing catastrophic “tipping points” in the Earth’s climate, such as the <a href=\"https://www.thenationalnews.com/business/energy/2024/07/29/is-europe-headed-for-ice-age-as-ocean-current-nears-collapse/\" target=\"_blank\">collapse of the North Atlantic Ocean circulation</a>."},{"_id":"2WW7243AWBHFLMZLU3PQVBSLJM","additional_properties":{"_id":1731817000151},"type":"text","content":"Going past 1.5°C is a disaster but it is also a liberation. Making a new realistic plan doesn’t take the pressure off to do the right things. Quite the opposite: it gives hope and prevents fatalism. We should all worry about climate change – but we should also know that we still have a chance."}],"subheadlines":{"basic":"A cumbersome multilateral process is moving at a lumbering pace, but there's still time to limit the damage to our 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However, I will have to pay both the rent and the <a href=\"https://www.thenationalnews.com/business/buying-off-plan-property-in-the-uae-what-you-need-to-know-1.61606\" target=\"_blank\">construction-linked payment milestones </a>if I buy an off-plan property."},{"_id":"SZW73Z6MWVGFXMYBDLXS3RFTT4","additional_properties":{"_id":1730976098983},"type":"text","content":"But if I buy a unit from the secondary market, it seems to be at a premium. I also need to make arrangements to immediately pay the <a href=\"https://www.thenationalnews.com/business/money/2024/10/23/common-mistakes-to-avoid-for-uaes-first-time-home-buyers/\" target=\"_blank\">20 per cent down payment </a>plus other associated fees."},{"_id":"FLKN2JELRBF5HPO7FN3FUV2INQ","additional_properties":{"_id":1730976098984},"type":"text","content":"What factors should I keep in mind to ensure that a property has <a href=\"https://www.thenationalnews.com/news/uae/2024/10/18/home-renovation-expert-tips/\" target=\"_blank\">good resale value </a>in Dubai? Should I also inquire about the <a href=\"https://www.thenationalnews.com/business/property/2024/01/24/abu-dhabi-reduced-service-charges-by-6-on-jointly-owned-properties-in-2023/\" target=\"_blank\">service charges </a>before buying a property? Should this be paid as a lump sum or every month?"},{"_id":"GZABLEZ7SND6ZKWROONIR2676A","additional_properties":{"_id":1730976098985},"type":"text","content":"Please advise what other factors I should consider before making a decision. <i><b>MS, Dubai</b></i>"},{"subtype":"newslettersignup-composer","_id":"XG5JKGE2IJCUDAKAQRK4ZI4V2Q","additional_properties":{"_id":"AGUTFF3EIVF6VJWBYUVFBC54MU"},"embed":{"id":"5ycy1y7n4puz16ih","config":{"listId":"6649a7edb0","contentSource":"on-the-money","heading":"On%20The%20Money","imageURL":"https%3A%2F%2Fwww.thenationalnews.com%2Fresizer%2FaTBLYWRZ-WlXNx2hnaE07icYi6M%3D%2Farc-photo-thenational%2Feu-central-1-prod%2Fpublic%2FGHMM6MMGKVDP3DL4F6SAPJDNLI.jpg","newsletterURL":"https%3A%2F%2Fwww.thenationalnews.com%2Fnewsletters%2Fon-the-money%2F","interests":"c84b108b00","desc":"Make%20money%20work%20for%20you%20with%20news%2C%20features%20and%20expert%20analysis"},"url":"https://thenational-the-national-prod.cdn.arcpublishing.com/newsletter-composer/?_website=the-national&outputType=composer_powerup&k=5ycy1y7n4puz16ih#SEARCH"},"type":"custom_embed"},{"_id":"MXLJBBHCBVEIBAOTWJVHERA5S4","additional_properties":{"_id":1730976098987},"type":"text","content":"<b>Answer:</b><i><b> </b></i>Choosing to buy a property from the secondary market or off-plan is obviously a personal choice. There are several pros and cons to both, so I will outline some of them here below in order to help you to decide what is the best investment for you."},{"_id":"WMBECQTPAJFPFM2OBSJ4OLSEIQ","additional_properties":{"_id":1730976098988},"type":"text","content":"<b>For secondary market, the pros are:</b>"},{"list_type":"ordered","_id":"C63A5VLZKZDNBDDOAJRR7PYSNQ","type":"list","items":[{"_id":"FEFXOGJVUNFWHHEWGMHWOJ4Q6Y","additional_properties":{"_id":1730976098989},"block_properties":{},"type":"text","content":"You will have <a href=\"https://www.thenationalnews.com/business/money/2024/10/11/money-me-i-bought-my-first-property-at-27-and-its-value-has-now-appreciated-by-90/\" target=\"_blank\">possession of your unit </a>at the point of transfer whereby you can move in yourself or indeed rent it out straight away."},{"_id":"V4MQBJFM4RGGFCFX66EX4PTDP4","additional_properties":{"_id":1730976098990},"block_properties":{},"type":"text","content":"If you rent it out, you will benefit from earning the <a href=\"https://www.thenationalnews.com/business/money/2024/11/06/are-short-term-property-rentals-a-prudent-investment-strategy/\" target=\"_blank\">rental income </a>immediately based on the rental contract and payment terms."},{"_id":"OJXN72AH6NFYTJC4XBQOA4VQ5M","additional_properties":{"_id":1730976098991},"block_properties":{},"type":"text","content":"There will be no <a href=\"https://www.thenationalnews.com/business/money/2021/12/23/homefront-can-i-claim-compensation-for-a-delayed-property-handover/\" target=\"_blank\">delays in handover</a>, the property is ready, so you buy what you see at the point of viewing."}]},{"_id":"AVHEOORNFBFCPJJ2QOW76GTTGI","additional_properties":{"_id":1730976098992},"type":"text","content":"<b>The cons are:</b>"},{"list_type":"ordered","_id":"ZDN4HHVSHFAIHNYZ36ZBZSOJVY","type":"list","items":[{"_id":"2UI3B7JLA5C4RPMDMHE7SFLPKE","additional_properties":{"_id":1730976098993},"block_properties":{},"type":"text","content":"Capital appreciation can be slower than for units that are under construction."},{"_id":"DDVOJ2TKVZAO3PW4YQQ7T52GZA","additional_properties":{"_id":1730976098994},"block_properties":{},"type":"text","content":"The cost is 100 per cent upfront either by one’s own funds or through a mortgage."}]},{"subtype":"jwplayer","_id":"CMTQXMKOTNBM7CWEOXUW2QASA4","additional_properties":{"_id":"6CDY7HT2NJGJBDYDUMMX3MTYBQ"},"embed":{"id":"5yyyrdrxuggrh8se","config":{"embed_html":"<div style=\"position:relative;overflow:hidden;padding-bottom:56.25%\"><iframe src=\"https://cdn.jwplayer.com/players/AHG6kUhu-HxkhlA9A.html\" width=\"100%\" height=\"100%\" style=\"position:absolute\" allowfullscreen></iframe></div>","videoId":"AHG6kUhu","videoData":{"duration":406,"image":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=720","display_date":"2024-10-24T07:40:23.000Z","sources":[{"file":"https://cdn.jwplayer.com/videos/AHG6kUhu-xv27PA1r.mp4","framerate":25,"width":320,"bitrate":303832,"filesize":15419487,"label":"180p","type":"video/mp4","height":180}],"credits":{"by":[]},"subtype":"jwplayer","headlines":{"basic":"A Closer Look: Why are new houses in Dubai getting smaller?"},"_id":"AHG6kUhu","canonical_url":"https://www.thenationalnews.com/video/AHG6kUhu/","promo_items":{"lead_art":{"subtype":"jwplayer","_id":"AHG6kUhuArT","embed":{"id":"AHG6kUhuDaTaEmBeD","config":{"videoId":"AHG6kUhu","embed_markup":"<div style=\"position:relative;overflow:hidden;padding-bottom:56.25%\"><iframe title=\"A Closer Look: Why are new houses in Dubai getting smaller?\" src=\"https://cdn.jwplayer.com/players/AHG6kUhu-undefined.html\" width=\"100%\" height=\"100%\" style=\"position:absolute\" allowfullscreen></iframe></div>","videoData":{"duration":406,"image":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=480","images":[{"src":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=320","width":320,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=480","width":480,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=640","width":640,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=720","width":720,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=1280","width":1280,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=1920","width":1920,"type":"image/jpeg"}],"sources":[{"file":"https://cdn.jwplayer.com/videos/AHG6kUhu-xv27PA1r.mp4","framerate":25,"width":320,"bitrate":303832,"filesize":15419487,"label":"180p","type":"video/mp4","height":180}],"description":"In A Closer Look, The National provides an in-depth take on one of the main stories of the week\n\nDubai's population is forecast to reach five million by 2030, and the housing market is responding. There is now a record divergence between home sizes and property prices.\n\nIn 2024, the average home is more than 600 square feet smaller than it was three years ago. But what is causing Dubai’s shift towards smaller homes?\n\nHere, host Sarah Forster speaks to The National's Hala Nasar to find out more.","mediaid":"AHG6kUhu","title":"A Closer Look: Why are new houses in Dubai getting smaller?","pubdate":1729755623}}},"type":"custom_embed"},"basic":{"width":480,"type":"image","url":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=480"}},"type":"video","subheadline":{"basic":"In A Closer Look, The National provides an in-depth take on one of the main stories of the week\n\nDubai's population is forecast to reach five million by 2030, and the housing market is responding. There is now a record divergence between home sizes and property prices.\n\nIn 2024, the average home is more than 600 square feet smaller than it was three years ago. But what is causing Dubai’s shift towards smaller homes?\n\nHere, host Sarah Forster speaks to The National's Hala Nasar to find out more."}},"playerId":"Kn3ncmVY"},"url":""},"type":"custom_embed"},{"_id":"AS2JIMTK5BBHPM4OCLVYMIQS4U","additional_properties":{"_id":1730976098996},"type":"text","content":"<b>For off-plan, the pros are:</b>"},{"list_type":"ordered","_id":"WR3KS77FZRFSLJBM7Q7SQWASUE","type":"list","items":[{"_id":"2F5WF2HYSFA4PI7ADX62K7VI3A","additional_properties":{"_id":1730976098997},"block_properties":{},"type":"text","content":"Lower entry level costs. You only need the initial 10 per cent to 20 per cent down payment, then embark on the assigned payment plan."},{"_id":"PLHHTIH5ZVCT5H6VUQI2HP6OF4","additional_properties":{"_id":1730976098998},"block_properties":{},"type":"text","content":"Appreciation can be fairly rapid within a rising market, reaching its peak just before handover."},{"_id":"NHYB2NJB7FD6VHKVH4CDLLNRXM","additional_properties":{"_id":1730976098999},"block_properties":{},"type":"text","content":"The property will be new and have the latest services and equipment attached to it."}]},{"_id":"3ETHTDXBTJA6TCYGI4RVLR3QF4","additional_properties":{"_id":1730976099000},"type":"text","content":"<b>The cons for off-plan are:</b>"},{"list_type":"ordered","_id":"XI52ILKTYVCVJOC5SKI7MW5WEM","type":"list","items":[{"_id":"NNYDDJAKJJE5ZPUAB6BKU44FZM","additional_properties":{"_id":1730976099001},"block_properties":{},"type":"text","content":"There will be delays in construction. This is a certainty. A <a href=\"https://www.thenationalnews.com/business/money/2024/09/05/uae-property-will-my-money-in-escrow-be-refunded-for-a-stalled-project/\" target=\"_blank\">project can be delayed </a>by up to 12 months without a developer having to compensate a buyer."},{"_id":"SRYODEMMANFLNPKCVL62RPECWI","additional_properties":{"_id":1730976099002},"block_properties":{},"type":"text","content":"There is always a level of uncertainty attached to buying an off-plan property, surrounding not just the delivery time, but the actual size of the unit, the view, the aspect, the facilities, etc."},{"_id":"SNTGAFEPFRC7JOM7B7SIJVABSY","additional_properties":{"_id":1730976099003},"block_properties":{},"type":"text","content":"If looking to rent out at the time of handover, there will be many units hitting the market at the same time, which could impact the value of rent achieved."}]},{"_id":"HIORWLJZS5BT5OIP5HJOSW7K3U","additional_properties":{"_id":"TCJY6GWE5FG7HBNSD4OAXS2W6E"},"type":"raw_html","content":"<iframe title=\"Is it cheaper to rent or buy a home in the UAE?\" allowtransparency=\"true\" height=\"300\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:300px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https://www.podbean.com/player-v2/?from=embed&pbad=0&i=uvb94-104a8ab-pb&square=1&share=1&download=1&fonts=Arial&skin=1&font-color=&rtl=0&logo_link=&btn-skin=3267a3&size=300\" loading=\"lazy\" allowfullscreen=\"\"></iframe>"},{"_id":"6PTA6QS5FFBYXKGI5ZQLLJE7Q4","additional_properties":{"_id":1730976099005},"type":"text","content":"Having a good resale value always depends on the supply and demand as most people will want to live near water, be that a marina or beach, or close to major attractions as well as transport links such as a Metro station or good road links. The location will determine the saleability and rentability of a property."},{"_id":"P5WKGVNRYNE5BBC5DTWJOGMIOQ","additional_properties":{"_id":1730976099006},"type":"text","content":"<a href=\"https://www.thenationalnews.com/business/dubai-landlords-told-no-renewal-of-rental-contracts-allowed-if-service-charges-are-not-paid-1.1074697\" target=\"_blank\">Service charges</a> are often an afterthought with investors or end users. These can vary from Dh2 to Dh5 per square foot for villas and town houses, and between Dh15 and Dh20 per square foot on average for apartments."},{"_id":"IRIWL4O26JEHZFKC36GMLDNKBU","additional_properties":{"_id":1730976099007},"type":"text","content":"These need to be considered because they are a constant cost attached to a property and one that is also likely to go up even if we just take inflation into consideration."},{"_id":"DJWEG3GCGVD4JBB7ZQSHUJEQOA","additional_properties":{"_id":1730976099008},"type":"text","content":"Service charges are an annual charge, but I would request you to check with the <a href=\"https://www.thenationalnews.com/business/property/owners-associations-begin-taking-control-of-properties-1.475739\" target=\"_blank\">owners’ association </a>of the particular tower if it’s an apartment, or the developer if it’s a <a href=\"https://www.thenationalnews.com/business/property/dubai-villa-and-townhouse-sales-jump-more-than-three-fold-in-the-first-quarter-1.1212591\" target=\"_blank\">villa or town house</a>, to see if they require this annual charge to be paid in one go, every six months or indeed quarterly or monthly."},{"_id":"KV75HKVK7ZH6ZOGAKVX66PZO4E","additional_properties":{"_id":1730976099009},"type":"text","content":"The last thing to consider is that buying real estate should be for the long term because it’s difficult for anyone to time the market."},{"_id":"ID2THUCTJ5HJNNKBTSKKGDXPSA","additional_properties":{"_id":1730976099010},"type":"text","content":"We are presently in <a href=\"https://www.thenationalnews.com/business/money/2024/02/21/markets-to-remain-bullish-amid-hopes-of-a-june-rate-cut/\" target=\"_blank\">a bullish market </a>and one that is currently based on good fundamentals, such as population growth. All markets can be affected by other factors such as government policy, geopolitical issues or sentiment, so remember that even in real estate, the value goes up as well as down."},{"_id":"CATHUQP22FEDFA5HGTJ4PVDTDI","additional_properties":{"_id":1730976099011},"type":"text","content":"<i>Mario Volpi is head of brokerage at Novvi Properties and has worked in the property sector for 40 years in London and Dubai. The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to </i><a href=\"mailto:mario@novviproperties.com\" target=\"_blank\"><i>mario@novviproperties.com</i></a>"}],"subheadlines":{"basic":"This is a personal choice and there are several pros and cons to 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No power plants either. Little in the way of creating."},{"_id":"BE2PTXFZOFBVJGLFRAPPIYW77U","additional_properties":{"_id":1731423415327},"type":"text","content":"Nothing inspiring is in the pipeline. To think, it was not that long ago that Margaret Thatcher was agreeing with Francois Mitterrand to build a tunnel under the English Channel. A Conservative prime minister was prepared to share with a socialist president. That took courage on her part but so determined was she, so convinced of the benefits, that she went ahead."},{"_id":"5U27XFY7KNEDLOWPTREYDJHXTM","additional_properties":{"_id":1731423415328},"type":"text","content":"<a href=\"https://www.thenationalnews.com/tags/boris-johnson/\" target=\"_blank\">Boris Johnson</a> also got it. At various times, he envisaged a bridge or tunnel from Scotland to Northern Ireland, an airport on an artificial island in the Thames Estuary, a second fixed link to France. His problem was that while he talked the talk he had no means of execution. Still, he managed to aspire and to lift."},{"content_elements":[{"_id":"WNDGA7DAZRAQ7PVTWCYUOLMIIA","additional_properties":{},"type":"text","content":"It was not that long ago that Margaret Thatcher was agreeing with Francois Mitterrand to build a tunnel under the English Channel"}],"subtype_label":"pullquote","citation":{"type":"text","content":""},"subtype":"pullquote","_id":"RRDLW4R435CP7HQQCO65R7YAFU","additional_properties":{"_id":"3GIEKPW7I5BE7HQQW4DREX6DB4"},"type":"quote"},{"_id":"WGDBZ2XJ35BTXDERGN7IX6Z5OA","additional_properties":{"_id":1731423415330},"type":"text","content":"Johnson was the first politician to speak of ‘levelling up’, ending the perennial, socially and economically ruinous North-South divide. The detail and the cost typically did not detain him. Again, though, he made people believe that a problem hitherto thought to be unsolvable could be resolved."},{"_id":"OCEAGNE42RC3TP7SX6SXFXM4BY","additional_properties":{"_id":1731423415331},"type":"text","content":"His wasn’t just a signal to Britain, it was a message to the world. Today, <a href=\"https://www.thenationalnews.com/tags/keir-starmer/\" target=\"_blank\">Keir Starmer</a> likes to say ‘we’re open for business’ without apparently realising that other nations are also ‘open’ and they’re busy, constantly boosting their offering."},{"owner":{"id":"thenational"},"copyright":"AFP or licensors","address":{"locality":"Paris","country_name":"FRA"},"auth":{"1":"8cc4e9bf7af347bce57fee042d830545d8879b55e7ad01845d792d33eb3008a8"},"caption":"Britain's Prime Minister Keir Starmer has failed to raise spending on infrastructure projects. 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First, there is a genuine lack of cash. Decades of neglect mean that the bill to correct existing weaknesses is considerable. Schools are crumbling, hospitals are not equipped to cope, transport is creaking, energy security is flawed, there is a desperate shortage of affordable quality housing stock. Just putting that right demands many billions. Meanwhile, the appetite of the<a href=\"https://www.thenationalnews.com/opinion/uk/2022/11/22/crumbling-national-health-service-is-elephant-in-the-uk-waiting-room/\" target=\"_blank\"> NHS and welfare state is never sated</a>."},{"_id":"CRTGQAHWJ5E5TJD2YYAPG6NAHQ","additional_properties":{"_id":1731423415334},"type":"text","content":"That’s before attention turns to additions and improvements, extras if you will, that bear reasonable comparison to those in France and elsewhere. Here, we’ve allowed ourselves to become terrified."},{"_id":"AFTAF2M6D5E4HOW6AB2BPVJJFE","additional_properties":{"_id":1731423415335},"type":"text","content":"There’s a reluctance in government to explore shared private-public funding, which leads to the total outlay, and the risk, being borne by the taxpayer."},{"_id":"TG33MHBQANGW3CQR2QEI3B2EAQ","additional_properties":{"_id":1731423415336},"type":"text","content":"This engenders an ultra-cautious approach that slows and, ironically, only adds to the final spend. HS2 is a case in point. Originally conceived as a super-quick train service connecting London with Birmingham and the North-West, akin to France’s TGV, it’s taken decades and is still nowhere near being built. More and more consultants were hired, planning permissions were blocked or took forever to gain approval, estimates as to the level of public investment required and the time taken to completion kept on climbing. This fuelled rows that only added to the delays."},{"owner":{"id":"thenational"},"copyright":"PA Wire/PA Images","address":{"locality":"Addlestone"},"auth":{"1":"5c92dd74b3733d612accd4d8c996b08e6a65557a9435ab35fd12d4ca80a634d5"},"caption":"Traffic queues up on the M25 near in Surrey, one of Britain's busiest stretches of road. 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Yet the controversy and stalling rumbles on. Safeguarding the bats is one of 8,276 separate ‘consents’ required from public bodies, even for this truncated scheme to go ahead. At one stage, when it was heading to the cities of Manchester, Liverpool and Leeds, HS2’s estimated cost was extending beyond £130 billion. That’s come down as the project has been cutback, but it’s still put at £66 billion. Most of that will go on legal and planning expenses, poor forecasting and inflation – as the timeframe has lengthened so it’s been hit by a worldwide rise in the cost of materials such as concrete and steel."},{"_id":"QLJ23EBOBZDEJNSQSI72BSTXIM","additional_properties":{"_id":1731423415339},"type":"text","content":"An insight into the fear that grips decision-making came this week with new <a href=\"https://www.thenationalnews.com/tags/conservative-leadership/\" target=\"_blank\">Conservative Party leader</a> Kemi Badenoch’s evidence to the Post Office Horizon inquiry (now – incredibly, but perhaps not – in its fourth year). Compensation rightfully due for the sub-postmasters caught up in the scandal was held back, said Badenoch, previously trade secretary, by civil servants refusing to say anything blunt in a document. This was because they were scared in case the memo was ever made public and they were accused of being too direct. They were also, she said, afraid of the thought of having it flashed up on screen at inquiries like the very one she was addressing."},{"_id":"NYOADAFMUBGHBDYXL3S3SZ7MP4","additional_properties":{"_id":1731423415340},"type":"text","content":"That meant ministers did not see highlighted, simply understood issues – they were hidden and obscured, never to feature, as the officials wished."},{"_id":"KMFAAGVI3VGX7DQTPXJTX6Q2AA","additional_properties":{"_id":1731423415341},"type":"text","content":"Badenoch was defending her corner. Nevertheless, the picture she painted was depressing. Far from well-oiled and humming, the state machine is rusting and stalled."},{"_id":"QHUEKYC3ORE6NDWCKQ6CRUIZIY","additional_properties":{"_id":1731423415342},"type":"text","content":"Put what she said alongside Reeves’s budget and you can see why Britain is no longer attempting to forge ahead. We must raise our game."}],"subheadlines":{"basic":"Chancellor Rachel Reeves has failed to grasp importance of thinking big when it comes to 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forgets how to be inspiring as Labour offers a pipeline of 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week, let's shift our focus away from <a href=\"https://www.thenationalnews.com/business/economy/2024/10/29/uae-corporate-tax-how-to-account-for-fixed-and-depreciating-assets/\" target=\"_blank\">corporate tax</a>. As we approach the six-month mark of its second year, it has become evident there are numerous gaps in the details, many of which I have addressed <a href=\"https://www.thenationalnews.com/business/economy/2024/10/14/uae-helps-companies-focus-on-corporate-tax-compliance/\" target=\"_blank\">in this column</a> previously. With the deadline for the first returns fast approaching, we can expect a rush of legislation to fill these gaps."},{"_id":"R3HW4ABFTBD3DFKHWPOFCPOJ5M","additional_properties":{"_id":1731319156200},"type":"text","content":"As advisers, we are bracing ourselves for many late evenings of analysing these changes."},{"_id":"K63CR7HSBFBMXJ53F6OADVIJFE","additional_properties":{"_id":1731319156201},"type":"text","content":"Today, I am pleased to share some positive news. The recent Federal Decree Law No 16 of 2024 has brought about amendments to the UAE <a href=\"https://www.thenationalnews.com/business/economy/2024/10/05/uae-amends-vat-law-to-exempt-fund-management-firms-and-certain-virtual-asset-services/\" target=\"_blank\">value-added tax</a> law of 2017. One of the key changes is the introduction of e-invoicing. Before delving into the details, let us first provide some background information."},{"_id":"GSEOWXLAE5AGBKXIDQAMNUGBF4","additional_properties":{"_id":1731319156202},"type":"text","content":"When an entity wishes to reclaim <a href=\"https://www.thenationalnews.com/business/comment/2023/07/17/how-corporate-tax-differs-from-vat-in-the-uae/\" target=\"_blank\">VAT</a>, it is required to keep the originals of all documentation relating to that. No photocopies or scanned copies are permissible. Additionally, the originals must be legible."},{"_id":"XEJJM7SPJREOZDJOFKXB5PCCDY","additional_properties":{"_id":1731319156203},"type":"text","content":"This requirement poses a challenge in today's world of environmentally friendly thermal printers, as they may not produce documents that meet the necessary standards for compliance with the legislation. Business owners should be aware that, in addition to penalties, interest is also payable on any <a href=\"https://www.thenationalnews.com/business/economy/2023/05/30/explainer-difference-between-vat-and-corporate-tax/\" target=\"_blank\">input VAT</a> that needs to be repaid. The interest charges accrue from the date the funds were initially reclaimed."},{"_id":"AFXXMG4TVNFDHKAH25SBOICXM4","additional_properties":{"_id":1731319156205},"type":"text","content":"One way to ensure compliance is by following the 2017 Certification Guidelines for Tax Accounting Software. But this required the manufacturer of the accounting software used by the invoicing party to be deemed, after annual review, compliant by the Federal Tax Authority."},{"_id":"LQNSCYSTLZBXHM3B7DHXIQMU74","additional_properties":{"_id":1731319156206},"type":"text","content":"This list has never been particularly long and, given the global reach of most software providers, it was understandably not often a priority."},{"_id":"G5MFT5Y2DJF6NEPVEU27BDUWWE","additional_properties":{"_id":1731319156207},"type":"text","content":"One might imagine the move from software installed in-house solutions to cloud solutions might improve matters. However, what it has done is speed up the move from catering to national or smaller regional markets to offering homogeneous products. With internationally accepted accounting standards now the norm, software providers are left wondering what more they can do to stay competitive."},{"_id":"5WJBWCZP6VDUZKTUWIF7CVOGLA","additional_properties":{"_id":1731319156208},"type":"text","content":"Recognising that e-invoicing requires two system capable partners, this mandatory process, which begins on July 1, 2026, will apply to both business-to-business and business-to- government transactions only."},{"_id":"JQ7W3Q2LERGYBGEVCYAJV2QYNU","additional_properties":{"_id":1731320398542},"type":"text","content":"With any announcement of this nature, there are often many details that remain unknown. However, the principles and start date have been set. It is time to begin preparations."},{"_id":"74FXA6AB45ANHKRXNKXFW4PKWA","additional_properties":{"_id":1731319156210},"type":"text","content":"Some of the Gulf’s <a href=\"https://www.thenationalnews.com/business/all-in-the-details-for-value-added-tax-in-the-gcc-1.29091\" target=\"_blank\">VAT</a> framework has been borrowed from the EU, with member countries aligning their invoicing rules as an example. This will come into force once all constituent countries have implemented VAT. The original legislative deadline has passed without much discussion."},{"_id":"VQT7AYCAWJBQVGEVQUY2VXF4PE","additional_properties":{"_id":1731319156211},"type":"text","content":"To navigate this new system, individuals will need to familiarise themselves with various acronyms, including DCTCE (Decentralised Continuous Transaction Control and Exchange). This approach requires mandated users to communicate as buyers and sellers through a Peppol (Pan-European Public Procurement On-Line) network."},{"subtype":"jwplayer","_id":"6SFQ4RJ6VZECBGCZIUTWTWT4SY","additional_properties":{"_id":"LHNXI5OTGJDNLBCMFUOJCARZQM"},"embed":{"id":"u9uynfgav5ea8r3w","config":{"embed_html":"<div style=\"position:relative;overflow:hidden;padding-bottom:56.25%\"><iframe src=\"https://cdn.jwplayer.com/players/hMx4MTBD-HxkhlA9A.html\" width=\"100%\" height=\"100%\" style=\"position:absolute\" allowfullscreen></iframe></div>","videoId":"hMx4MTBD","videoData":{"duration":776,"image":"https://cdn.jwplayer.com/v2/media/hMx4MTBD/poster.jpg?width=720","display_date":"2024-06-07T17:13:07.000Z","sources":[{"file":"https://cdn.jwplayer.com/videos/hMx4MTBD-xv27PA1r.mp4","framerate":25,"width":320,"bitrate":238084,"filesize":23094238,"label":"180p","type":"video/mp4","height":180}],"credits":{"by":[]},"subtype":"jwplayer","headlines":{"basic":"The UAE's corporate tax law explained: Business Extra"},"_id":"hMx4MTBD","canonical_url":"https://www.thenationalnews.com/video/hMx4MTBD/","promo_items":{"lead_art":{"subtype":"jwplayer","_id":"hMx4MTBDArT","embed":{"id":"hMx4MTBDDaTaEmBeD","config":{"videoId":"hMx4MTBD","embed_markup":"<div style=\"position:relative;overflow:hidden;padding-bottom:56.25%\"><iframe title=\"The UAE's corporate tax law explained: Business Extra\" src=\"https://cdn.jwplayer.com/players/hMx4MTBD-undefined.html\" width=\"100%\" height=\"100%\" style=\"position:absolute\" allowfullscreen></iframe></div>","videoData":{"duration":776,"image":"https://cdn.jwplayer.com/v2/media/hMx4MTBD/poster.jpg?width=480","images":[{"src":"https://cdn.jwplayer.com/v2/media/hMx4MTBD/poster.jpg?width=320","width":320,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/hMx4MTBD/poster.jpg?width=480","width":480,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/hMx4MTBD/poster.jpg?width=640","width":640,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/hMx4MTBD/poster.jpg?width=720","width":720,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/hMx4MTBD/poster.jpg?width=1280","width":1280,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/hMx4MTBD/poster.jpg?width=1920","width":1920,"type":"image/jpeg"}],"sources":[{"file":"https://cdn.jwplayer.com/videos/hMx4MTBD-xv27PA1r.mp4","framerate":25,"width":320,"bitrate":238084,"filesize":23094238,"label":"180p","type":"video/mp4","height":180}],"description":"KPMG's Wassim Chahine answers questions on the new regime set to take effect this year","mediaid":"hMx4MTBD","title":"The UAE's corporate tax law explained: Business Extra","pubdate":1717780387}}},"type":"custom_embed"},"basic":{"width":480,"type":"image","url":"https://cdn.jwplayer.com/v2/media/hMx4MTBD/poster.jpg?width=480"}},"type":"video","subheadline":{"basic":"KPMG's Wassim Chahine answers questions on the new regime set to take effect this year"}},"playerId":"Kn3ncmVY"},"url":""},"type":"custom_embed"},{"_id":"EA7UI2HWZBBCRNVCQAH2Y7N2GQ","additional_properties":{"_id":1731319156213},"type":"text","content":"In layman’s terms, it’s an online protocol that supports cross-border transactional interoperability. Users will be able to communicate and share documents."},{"_id":"BKFR5EIZJNAOPIEI2SJ5WIGLNU","additional_properties":{"_id":1731319156214},"type":"text","content":"Think of Peppol as the programming language, which means you are going to need specific software to harness it. These software solutions will be provided by Ministry of Finance-approved platforms, known as Accredited Service Providers (ASPs). A list of these is expected by the end of 2024."},{"_id":"2C5W7P7NRBEVZEYH2FUSUCOF4U","additional_properties":{"_id":1731319156215},"type":"text","content":"While the initial reaction may be to assign the responsibility to the finance director, a multidisciplinary approach is necessary for successful integration. For organisations lacking a standard operating procedures manual, the complexity of the process is heightened. However, it is never too late to begin developing one to streamline operations and ensure compliance."},{"_id":"UNKDCAOJRFBAVCALRTA6KCPYLA","additional_properties":{"_id":1731319156216},"type":"text","content":"The greatest benefits might accrue to the largest organisations that have an imbalance between labour and capital. In our region, we tend to prioritise cheaper labour over implementing IT solutions that could enhance efficiency and reduce costs in the medium term."},{"_id":"ASW5A2UVSJGKXPL4AMEPENVIME","additional_properties":{"_id":1731319156217},"type":"text","content":"Take a moment to assess the number of people in your business who are solely responsible for processing paper. E-invoicing represents a form of automation that can greatly benefit operations. What other areas within the business could potentially benefit from similar enhancements?"},{"_id":"5BUTE6P2HBB3XPGOOH4QMZ75AE","additional_properties":{"_id":1731319156218},"type":"text","content":"More than two decades ago, I completed my first finance function transformation in London. The accounts payable department of 46 employees was streamlined down to two IT professionals who managed the previously paper-based operations. Since then, technology has advanced significantly."},{"_id":"6IMSQT2BWVC7JCOIXGIVX6TZJA","additional_properties":{"_id":1731319156219},"type":"text","content":"In the realm of financial disclosure, many entities are hesitant to share their financial information with the public and private sectors, or government."},{"_id":"ED64KCOQVJF33DWPARW446SN5A","additional_properties":{"_id":1731340278310},"type":"text","content":"VAT returns may provide some insight into an organisation's financials during audits by the Federal Tax Authority, but under the new system the relevant authorities will be automatically sent your live transactional data as it happens. 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New materials can cool by radiating heat into the sky, or changing their shape or pressure rather than relying on gases."},{"subtype":"jwplayer","_id":"5NYEV5WOVFEQBHAH2X6KMEHJL4","additional_properties":{"_id":"SCONOK6LQ5DE7H75FDNVS6H4XM"},"embed":{"id":"906y50v5cf0i4jss","config":{"embed_html":"<div style=\"position:relative;overflow:hidden;padding-bottom:56.25%\"><iframe src=\"https://cdn.jwplayer.com/players/Ods6Le4g-HxkhlA9A.html\" width=\"100%\" height=\"100%\" style=\"position:absolute\" allowfullscreen></iframe></div>","videoId":"Ods6Le4g","videoData":{"duration":83,"image":"https://cdn.jwplayer.com/v2/media/Ods6Le4g/poster.jpg?width=720","display_date":"2024-11-04T09:38:04.000Z","sources":[{"file":"https://cdn.jwplayer.com/videos/Ods6Le4g-xv27PA1r.mp4","framerate":25,"width":320,"bitrate":224025,"filesize":2324267,"label":"180p","type":"video/mp4","height":180}],"credits":{"by":[]},"subtype":"jwplayer","headlines":{"basic":"Providing sustainable energy 'more important than ever', Dr Sultan Al Jaber says"},"_id":"Ods6Le4g","canonical_url":"https://www.thenationalnews.com/video/Ods6Le4g/","promo_items":{"lead_art":{"subtype":"jwplayer","_id":"Ods6Le4gArT","embed":{"id":"Ods6Le4gDaTaEmBeD","config":{"videoId":"Ods6Le4g","embed_markup":"<div style=\"position:relative;overflow:hidden;padding-bottom:56.25%\"><iframe title=\"Providing sustainable energy 'more important than ever', Dr Sultan Al Jaber says\" src=\"https://cdn.jwplayer.com/players/Ods6Le4g-undefined.html\" width=\"100%\" height=\"100%\" style=\"position:absolute\" allowfullscreen></iframe></div>","videoData":{"duration":83,"image":"https://cdn.jwplayer.com/v2/media/Ods6Le4g/poster.jpg?width=480","images":[{"src":"https://cdn.jwplayer.com/v2/media/Ods6Le4g/poster.jpg?width=320","width":320,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/Ods6Le4g/poster.jpg?width=480","width":480,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/Ods6Le4g/poster.jpg?width=640","width":640,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/Ods6Le4g/poster.jpg?width=720","width":720,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/Ods6Le4g/poster.jpg?width=1280","width":1280,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/Ods6Le4g/poster.jpg?width=1920","width":1920,"type":"image/jpeg"}],"sources":[{"file":"https://cdn.jwplayer.com/videos/Ods6Le4g-xv27PA1r.mp4","framerate":25,"width":320,"bitrate":224025,"filesize":2324267,"label":"180p","type":"video/mp4","height":180}],"description":"AI and rise of Global South will offer 'mega opportunities' for energy industry, UAE minister tells Adipec","mediaid":"Ods6Le4g","title":"Providing sustainable energy 'more important than ever', Dr Sultan Al Jaber says","pubdate":1730713084}}},"type":"custom_embed"},"basic":{"width":480,"type":"image","url":"https://cdn.jwplayer.com/v2/media/Ods6Le4g/poster.jpg?width=480"}},"type":"video","subheadline":{"basic":"AI and rise of Global South will offer 'mega opportunities' for energy industry, UAE minister tells Adipec"}},"playerId":"Kn3ncmVY"},"url":""},"type":"custom_embed"},{"_id":"7EFGP37OXRAVDLLUXTQUGVGUXA","additional_properties":{"_id":1731224941716},"type":"text","content":"Balancing renewable energy output with demand is another crucial area for AI. Systems can combine various storage methods, with varying electricity supply to users who can be flexible – for example, cooling down buildings or making ice for thermal storage just ahead of peak demand. Electric vehicle charging can be synchronised with renewable output."},{"_id":"BC3GYRCMOFCOFFORVHCG6IF5EQ","additional_properties":{"_id":1731224941717},"type":"text","content":"Mainstream lithium-ion batteries could be supplemented or supplanted by varieties based on sodium or lithium metal, with solid electrolytes, or flow batteries with tanks of ionic chemicals. AI might also unlock currently less-favoured renewable options, such as finding good geothermal resources, which are independent of weather or time of day."},{"_id":"Y2C2A72RPBD4VPDESWS6RH4RHE","additional_properties":{"_id":1731224941718},"type":"text","content":"But it seems increasingly likely, as I’ve observed <a href=\"https://www.thenationalnews.com/business/comment/2024/01/08/energy-climate/\">previously</a>, that a world of cheap, clean and abundant energy will attract greater demand. Data centres themselves have rapidly and recently emerged as a key source of growing energy needs. AI algorithms and chips will get more efficient and faster, but that will make their use more economically attractive."},{"_id":"LEJJMMKU25CWJMPZEOADPC5ROQ","additional_properties":{"_id":1731224941719},"type":"text","content":"So, AI might take us down quite different energy paths from this current climate consensus, while still delivering much lower emissions. One of deep learning’s most famous achievements, AlphaFold, a subsidiary of Google parent Alphabet, won its inventors the Nobel Prize in Chemistry this year. It predicts the structure of proteins, a task that had proved beyond traditional models. DeepMind’s GNoME system, introduced last November, explores new chemical compounds, claiming to have found 2.2 million."},{"_id":"2VPIQ7UDZ5BU5ATL3FEHJ5X6TM","additional_properties":{"_id":1731224941720},"type":"text","content":"Similar breakthroughs might deliver an energy system centred on atoms or molecules rather than electrons."},{"_id":"H3ITRT6JFZALZM4KO7WBRV4VLE","additional_properties":{"_id":1731224941721},"type":"text","content":"The atom-based system is one centred on nuclear power. The surge in US data centre needs has already revived interest in mothballed and new reactors. Traditional reactors in the West have become too slow and costly to build. 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European companies are caught in the crossfire."},{"_id":"MPDETLX6DNB7VAK52HJTQTQPZY","additional_properties":{"_id":1730987115087},"type":"text","content":"And if the US blocks Chinese goods with high tariffs, these goods could flood European markets, pressuring the EU to either protect its industries with tariffs or brace for the economic repercussions."},{"_id":"CGPKVR7E4VAP3DUFTQLYXE7F7I","additional_properties":{"_id":1730987115088},"type":"text","content":"China, in turn, would likely retaliate, creating a cycle that could dampen economic growth globally.<b> </b>The <a href=\"https://www.thenationalnews.com/business/economy/imf-condemns-trump-s-tariffs-move-as-trade-war-escalates-everybody-loses-1.735974\" target=\"_blank\">IMF estimates that if Mr Trump’s tariffs</a> come to fruition, global economic output could decline by 0.8 per cent next year and by up to 1.3 per cent by 2026."},{"subtype":"jwplayer","_id":"T4EXH2TZIZHEJEZAGNQKF7HJFA","additional_properties":{"_id":"G3RNLDTZ4RETFFO3AJWQRFKDIA"},"embed":{"id":"e7nenoectsomugno","config":{"embed_html":"<div style=\"position:relative;overflow:hidden;padding-bottom:56.25%\"><iframe src=\"https://cdn.jwplayer.com/players/8DEuoHkf-HxkhlA9A.html\" width=\"100%\" height=\"100%\" style=\"position:absolute\" allowfullscreen></iframe></div>","videoId":"8DEuoHkf","videoData":{"duration":87,"image":"https://cdn.jwplayer.com/v2/media/8DEuoHkf/poster.jpg?width=720","display_date":"2024-11-07T13:20:04.000Z","sources":[{"file":"https://cdn.jwplayer.com/videos/8DEuoHkf-xv27PA1r.mp4","framerate":25,"width":320,"bitrate":387299,"filesize":4211880,"label":"180p","type":"video/mp4","height":180}],"credits":{"by":[]},"subtype":"jwplayer","headlines":{"basic":"The future of tech regulation under a Trump administration"},"_id":"8DEuoHkf","canonical_url":"https://www.thenationalnews.com/video/8DEuoHkf/","promo_items":{"lead_art":{"subtype":"jwplayer","_id":"8DEuoHkfArT","embed":{"id":"8DEuoHkfDaTaEmBeD","config":{"videoId":"8DEuoHkf","embed_markup":"<div style=\"position:relative;overflow:hidden;padding-bottom:56.25%\"><iframe title=\"The future of tech regulation under a Trump administration\" src=\"https://cdn.jwplayer.com/players/8DEuoHkf-undefined.html\" width=\"100%\" height=\"100%\" style=\"position:absolute\" allowfullscreen></iframe></div>","videoData":{"duration":87,"image":"https://cdn.jwplayer.com/v2/media/8DEuoHkf/poster.jpg?width=480","images":[{"src":"https://cdn.jwplayer.com/v2/media/8DEuoHkf/poster.jpg?width=320","width":320,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/8DEuoHkf/poster.jpg?width=480","width":480,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/8DEuoHkf/poster.jpg?width=640","width":640,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/8DEuoHkf/poster.jpg?width=720","width":720,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/8DEuoHkf/poster.jpg?width=1280","width":1280,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/8DEuoHkf/poster.jpg?width=1920","width":1920,"type":"image/jpeg"}],"sources":[{"file":"https://cdn.jwplayer.com/videos/8DEuoHkf-xv27PA1r.mp4","framerate":25,"width":320,"bitrate":387299,"filesize":4211880,"label":"180p","type":"video/mp4","height":180}],"description":"Donald Trump's second term as US president could significantly impact tech regulation.","mediaid":"8DEuoHkf","title":"The future of tech regulation under a Trump administration","pubdate":1730985604}}},"type":"custom_embed"},"basic":{"width":480,"type":"image","url":"https://cdn.jwplayer.com/v2/media/8DEuoHkf/poster.jpg?width=480"}},"type":"video","subheadline":{"basic":"Donald Trump's second term as US president could significantly impact tech regulation."}},"playerId":"Kn3ncmVY"},"url":""},"type":"custom_embed"},{"_id":"AH73FWZHKZE7LDQLE62ZT5NCGY","additional_properties":{"_id":1730987115089},"type":"text","content":"These economic headwinds would likely increase inflation in the US - driving up costs for American consumers and businesses - but could slow growth in Europe and Asia, where economies depend heavily on free trade."},{"_id":"22WSYHWG2FCFFCJMFEDB2JK5DY","additional_properties":{"_id":1730987115090},"type":"text","content":"For Europe, where manufacturing exports are a backbone of the economy, the implications are severe. The EU’s car and tech sectors are particularly exposed. Firms like Volkswagen and Siemens should be preparing for increased production costs if trade barriers rise."},{"_id":"HD6GSJMX5VBRBAHXH2DDJRTOFE","additional_properties":{"_id":1730987115091},"type":"text","content":"Amid Europe’s struggle with China over EV tariffs, a simultaneous tariff hike from the US could multiply these pressures, affecting Europe’s competitiveness, which already lags the US on key economic indicators like productivity."},{"_id":"TBDHJBWE5FBKJJ5ZGYINSPDVWE","additional_properties":{"_id":1730987115092},"type":"text","content":"Making matters worse, countries in Europe and Asia are expected to retaliate if Mr Trump enacts high tariffs, especially if these measures affect their exports to America, the world’s largest economy.<b> </b>Europe could form a coalition to counter US trade policies, presenting a united front alongside Asia to mitigate the damage."},{"_id":"7QXMAYJVKZFB3GSO465YXXHHYM","additional_properties":{"_id":1730987115093},"type":"text","content":"For China, already entrenched in a trade standoff with the EU, the country now faces further pressure. Mr Trump’s proposed tariffs could hit Chinese exports hard, and be potentially used as a negotiating tool in future trade talks."},{"_id":"6PZXS62AQ5GBPJ6HKCFAFHYZPQ","additional_properties":{"_id":1730987115094},"type":"text","content":"Mr Trump’s re-election comes as official data show Chinese exports rose sharply in October. But this is expected to only heighten tensions with the US."},{"_id":"VGVDS3W63FALDCW6DA4ADIU55M","additional_properties":{"_id":1730987115095},"type":"text","content":"If Mr Trump moves forward with steep tariffs, China is expected to counter with a stimulus package and possibly a depreciation of the renminbi to stay competitive. However, this tactic could prove risky if US inflation keeps interest rates higher for longer, which would limit China’s options."},{"_id":"ABPTL7KLHNBYLFUFEPVXFDHDSE","additional_properties":{"_id":1730987115096},"type":"text","content":"While China might hope for support from Europe, recent <a href=\"https://www.thenationalnews.com/business/economy/2024/07/16/will-eus-tariffs-on-china-evs-backfire-on-europeans/\" target=\"_blank\">EU tariffs on Chinese EVs</a> complicate this alliance. With countries like Germany heavily tied to both the US and China, European unity could face a stress test, as member states pursue different responses based on their economic interests."},{"_id":"XDZPF7EZVBGH7NILE2IPRQ2PH4","additional_properties":{"_id":1730987115097},"type":"text","content":"China’s strategy includes strengthening its European presence by building manufacturing facilities in countries such as Hungary and Sweden. This move allows Chinese firms to avoid tariffs while retaining access to European markets – a tactic resembling Japan’s response to American tariffs in the 1980s."},{"_id":"V27F3EWQPVCMDBDIMV5YMOBZ64","additional_properties":{"_id":1730987115098},"type":"text","content":"Still, if Mr <a href=\"https://www.thenationalnews.com/business/economy/donald-trump-announces-steep-steel-and-aluminium-tariffs-1.709453\" target=\"_blank\">Trump’s tariffs </a>are implemented, businesses and consumers will bear the burden of increased costs across major markets. Europe’s manufacturing sector, from automotive to electronics, will be hit especially hard."},{"_id":"2G25UJE76ZFMTCOFBTSIL7LKI4","additional_properties":{"_id":1730987115099},"type":"text","content":"Service sectors may not be immune, either; the indirect effects of rising costs will likely trickle down. Companies may pass on these added expenses to consumers, leading to higher prices for electronics, household goods and more."},{"_id":"IK7R5NWZRBAGVJGG7QKU7L6KUA","additional_properties":{"_id":1730987115100},"type":"text","content":"Some European companies may even scale back US operations, diverting resources to markets less affected by tariffs."},{"_id":"QF2AY5LAYVER5MLEJB422XVTRA","additional_properties":{"_id":1730987115101},"type":"text","content":"As Mr Trump’s second term unfolds, global trade is becoming more fractured, with the US, China and the EU each pursuing their own interests amid rising tensions."},{"_id":"SLAS7O4FUVBCVKF776RRXH7MEU","additional_properties":{"_id":1730987115102},"type":"text","content":"Mr Trump’s proposed tariffs, if enacted, could effectively force countries to choose alliances or seek new markets. Multinational companies caught in the crossfire may face higher costs and disrupted supply chains."},{"_id":"LUU42NIGLBF75OB7FUQ65W6SZE","additional_properties":{"_id":1730987115103},"type":"text","content":"The interplay of these policies could reshape the global economic order, testing whether strategic competition can coexist with the shared goals of stability and growth. The outcome will likely define not only the next few years but perhaps the global trade paradigm for the foreseeable future."},{"_id":"2C2YY3NES5E7PFGPRBMZKOXZG4","additional_properties":{"_id":1728829249161},"type":"text","content":"<i>Richard Baldwin is professor of International Economics at IMD</i>"}],"subheadlines":{"basic":"Europe’s export-driven economies may face rising costs and hard decisions as new tariffs loom with a Donald Trump 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What is the minimum value of property that I should buy to be eligible to <a href=\"https://www.thenationalnews.com/uae/2023/08/22/golden-visa-apply/\" target=\"_blank\">apply for a golden visa</a>? Are there any other criteria I should fulfill if I try to apply through property investment?"},{"_id":"JWFY5K6MRRAW7EA4G3IAHE4DQ4","additional_properties":{"_id":1730699433676},"type":"text","content":"Can I <a href=\"https://www.thenationalnews.com/business/money/2024/10/11/money-me-i-bought-my-first-property-at-27-and-its-value-has-now-appreciated-by-90/\" target=\"_blank\">buy a property</a> anywhere in the UAE if I want to apply for this visa?"},{"_id":"WN4632W4NNC43ICAWYOVN3QGX4","additional_properties":{"_id":1730699433677},"type":"text","content":"Also, what is the process to apply for this visa as a property owner? Should it be a <a href=\"https://www.thenationalnews.com/business/property/2024/09/29/who-does-dubais-affordable-property-cater-to/\" target=\"_blank\">ready or off-plan property</a>? Which department should I approach to apply for this visa? What documents need to be uploaded and on which website?"},{"_id":"44GHCWQFSRF2NJDX6BGKMUKBEQ","additional_properties":{"_id":1730699433678},"type":"text","content":"If I already <a href=\"https://www.thenationalnews.com/business/money/2024/09/01/money-me-my-best-investment-is-buying-uae-off-plan-properties-in-the-early-2000s/\" target=\"_blank\">own an investment property</a> with a value below Dh1 million ($272,295), does this make me eligible to be a golden visa holder? Do these rules apply to both residential and commercial properties? <i><b>SG, Dubai</b></i>"},{"_id":"ECTXMHKFBZHJFMYDBMN6JWK3HA","additional_properties":{"_id":1730699433679},"type":"text","content":"<b>Answer: </b>Obtaining the <a href=\"https://www.thenationalnews.com/opinion/editorial/golden-years-visas-will-enrich-the-whole-community-1.771230\" target=\"_blank\">10-year golden visa </a>requires you to invest in a property with a <a href=\"https://www.thenationalnews.com/business/money/2022/02/17/how-the-uaes-golden-visa-helps-residents-make-long-term-financial-plans/\" target=\"_blank\">value of at least Dh2 million</a>. This can be one property or several units that add up to at least Dh2 million, including ready or off-plan."},{"_id":"IULL5PVKGZDVFCF4RYYBU6OR4I","additional_properties":{"_id":1730699433680},"type":"text","content":"Previously, there was a need to <a href=\"https://www.thenationalnews.com/business/money/2024/01/24/golden-visa-dubai-property/\" target=\"_blank\">pay at least 50 per cent as a down payment</a> to be eligible, but this requirement has now been removed. Also, buying this property through a mortgage is now allowed, but only through specific local banks approved by the competent local entity."},{"_id":"ZLKVS3GZSRERBMCF3DZ5WUOKRI","additional_properties":{"_id":1730699433681},"type":"text","content":"Final approval of <a href=\"https://www.thenationalnews.com/uae/2022/07/19/dubai-golden-visa-holders-to-get-exclusive-esaad-privilege-card/\" target=\"_blank\">the golden visa</a> application still depends on the Dubai Land Department and is viewed on a case-by-case basis, ensuring a fair and personalised evaluation of each applicant."},{"subtype":"newslettersignup-composer","_id":"X2OUGR4MRJE6NCNW2YXOEGSLT4","additional_properties":{"_id":"CIOYCFCLWZBVJHASRUHEZCRJXY"},"embed":{"id":"ladpkpwu2blg9nef","config":{"listId":"6649a7edb0","contentSource":"on-the-money","heading":"On%20The%20Money","imageURL":"https%3A%2F%2Fwww.thenationalnews.com%2Fresizer%2FaTBLYWRZ-WlXNx2hnaE07icYi6M%3D%2Farc-photo-thenational%2Feu-central-1-prod%2Fpublic%2FGHMM6MMGKVDP3DL4F6SAPJDNLI.jpg","newsletterURL":"https%3A%2F%2Fwww.thenationalnews.com%2Fnewsletters%2Fon-the-money%2F","interests":"c84b108b00","desc":"Make%20money%20work%20for%20you%20with%20news%2C%20features%20and%20expert%20analysis"},"url":"https://thenational-the-national-prod.cdn.arcpublishing.com/newsletter-composer/?_website=the-national&outputType=composer_powerup&k=ladpkpwu2blg9nef#SEARCH"},"type":"custom_embed"},{"_id":"D34TEOFUJVE57CARUDO3W2SXVY","additional_properties":{"_id":1730699433683},"type":"text","content":"Other points of note for eligibility are that you must be a non-UAE citizen, you must have a valid passport and a clean criminal record. Lastly, the property must be in the UAE and be freehold to apply. You can approach any government offices or individuals, as well as law firms, who will assist you in this regard."},{"_id":"7P6QLRHR6FCYROK6KZ7V6ZOF6Q","additional_properties":{"_id":1730699433684},"type":"text","content":"Owning an investment property below Dh1 million will not give you <a href=\"https://www.thenationalnews.com/uae/2022/04/20/uae-targets-middle-income-earners-with-long-term-visas/\" target=\"_blank\">access to a golden visa</a>. You can either go on to purchase an additional property, where the combined values add up to at least Dh2 million, or you can apply for the <a href=\"https://www.thenationalnews.com/business/property/ras-al-khaimah-developer-offers-12-year-visa-and-business-licence-to-property-buyers-1.1128389\" target=\"_blank\">ordinary investor visa</a>, where the criteria is buying a property worth a minimum of Dh750,000."},{"_id":"UNZDVYOM3FAWPNBN5LXHYDW2Q4","additional_properties":{"_id":1730699433685},"type":"text","content":"<b>Q:</b> I am keen to buy a property in Dubai. I have done many viewings, but am <a href=\"https://www.thenationalnews.com/news/uae/2024/10/22/chart-of-the-week-dubai-homes-are-getting-smaller-while-property-prices-increase/\" target=\"_blank\">not satisfied with the property size</a>."},{"_id":"QMOC6ABYLJCALLFTJJHNGK32DE","additional_properties":{"_id":1730699433686},"type":"text","content":"It seems very rare to find spacious units. Is this a problem across all new builds? Are there any communities that offer larger properties? <i><b>MM, Dubai</b></i>"},{"_id":"47B65S3EQFCVTFDMEXQQGSGOAM","additional_properties":{"_id":1730699433687},"type":"text","content":"<b>A: </b>It’s true that despite recent years of property price increases, developers have been looking at ways of keeping costs down and the only way to do this is by <a href=\"https://www.thenationalnews.com/business/property/2024/10/20/dubais-new-homes-are-getting-smaller-thats-both-bad-and-good/\" target=\"_blank\">building smaller units</a>."},{"_id":"6WAZ2EHZWBDV5EOHCGOL7TBPWE","additional_properties":{"_id":1730699433688},"type":"text","content":"The average size of a property sold this year stands at 1,450 square feet, whereas in 2021 this figure was 2,087 square feet. The average price per square foot is now Dh1,490, up from Dh889 in 2012, and is currently the highest on record."},{"subtype":"jwplayer","_id":"SCNQWQFOYZFULPPI7PGKG3OLXI","additional_properties":{"_id":"EEEIOTLUURBX5OPQ27G6FUEMG4"},"embed":{"id":"laohdos6ugxnp1z","config":{"embed_html":"<div style=\"position:relative;overflow:hidden;padding-bottom:56.25%\"><iframe src=\"https://cdn.jwplayer.com/players/AHG6kUhu-HxkhlA9A.html\" width=\"100%\" height=\"100%\" style=\"position:absolute\" allowfullscreen></iframe></div>","videoId":"AHG6kUhu","videoData":{"duration":406,"image":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=720","display_date":"2024-10-24T07:40:23.000Z","sources":[{"file":"https://cdn.jwplayer.com/videos/AHG6kUhu-xv27PA1r.mp4","framerate":25,"width":320,"bitrate":303832,"filesize":15419487,"label":"180p","type":"video/mp4","height":180}],"credits":{"by":[]},"subtype":"jwplayer","headlines":{"basic":"A Closer Look: Why are new houses in Dubai getting smaller?"},"_id":"AHG6kUhu","canonical_url":"https://www.thenationalnews.com/video/AHG6kUhu/","promo_items":{"lead_art":{"subtype":"jwplayer","_id":"AHG6kUhuArT","embed":{"id":"AHG6kUhuDaTaEmBeD","config":{"videoId":"AHG6kUhu","embed_markup":"<div style=\"position:relative;overflow:hidden;padding-bottom:56.25%\"><iframe title=\"A Closer Look: Why are new houses in Dubai getting smaller?\" src=\"https://cdn.jwplayer.com/players/AHG6kUhu-undefined.html\" width=\"100%\" height=\"100%\" style=\"position:absolute\" allowfullscreen></iframe></div>","videoData":{"duration":406,"image":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=480","images":[{"src":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=320","width":320,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=480","width":480,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=640","width":640,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=720","width":720,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=1280","width":1280,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=1920","width":1920,"type":"image/jpeg"}],"sources":[{"file":"https://cdn.jwplayer.com/videos/AHG6kUhu-xv27PA1r.mp4","framerate":25,"width":320,"bitrate":303832,"filesize":15419487,"label":"180p","type":"video/mp4","height":180}],"description":"In A Closer Look, The National provides an in-depth take on one of the main stories of the week\n\nDubai's population is forecast to reach five million by 2030, and the housing market is responding. There is now a record divergence between home sizes and property prices.\n\nIn 2024, the average home is more than 600 square feet smaller than it was three years ago. But what is causing Dubai’s shift towards smaller homes?\n\nHere, host Sarah Forster speaks to The National's Hala Nasar to find out more.","mediaid":"AHG6kUhu","title":"A Closer Look: Why are new houses in Dubai getting smaller?","pubdate":1729755623}}},"type":"custom_embed"},"basic":{"width":480,"type":"image","url":"https://cdn.jwplayer.com/v2/media/AHG6kUhu/poster.jpg?width=480"}},"type":"video","subheadline":{"basic":"In A Closer Look, The National provides an in-depth take on one of the main stories of the week\n\nDubai's population is forecast to reach five million by 2030, and the housing market is responding. There is now a record divergence between home sizes and property prices.\n\nIn 2024, the average home is more than 600 square feet smaller than it was three years ago. But what is causing Dubai’s shift towards smaller homes?\n\nHere, host Sarah Forster speaks to The National's Hala Nasar to find out more."}},"playerId":"Kn3ncmVY"},"url":""},"type":"custom_embed"},{"_id":"NYQ4KHDYNZHOLAJLMQRU2M555M","additional_properties":{"_id":1730699433690},"type":"text","content":"This shrinking size is a real problem and I’m not sure we will ever get back to previous build sizes. When it comes to areas with <a href=\"https://www.thenationalnews.com/news/uae/2024/06/30/my-dubai-rent-doctor-enjoys-dh90000-greens-apartment-with-big-courtyard-for-the-kids/\" target=\"_blank\">spacious apartments</a>, you will still find good-size properties in older units in most projects around Dubai, but I will highlight a few here for you."},{"_id":"MYNL6HPJ65FXXNTGVNA2F5Q5HE","additional_properties":{"_id":1730699433692},"type":"text","content":"Executive Towers in Business Bay and Emirates Crown in Dubai Marina offer spacious units, but these now will have caught up in pricing as well, given the spaces they offer."},{"_id":"33X7ZMP2C5ASXERM7EZ6AAN4GM","additional_properties":{"_id":1730699433693},"type":"text","content":"For example, in Executive Towers, a three-bedroom apartment ranges from 2,048 square feet, a two-bedroom is about 1,422 square feet and a one-bedroom is about 1,155 square feet."},{"_id":"SDE66YNCNJHLPI3H2ZMWUYK3UU","additional_properties":{"_id":1730699433694},"type":"text","content":"In Emirates Crown in Dubai Marina, a three-bedroom is a whopping 3,885 square feet. A two-bedroom is 2,600 square feet and a four- to five-bedroom unit is about 7,771 square feet. But in terms of prices, they all range from Dh1,200 to Dh1,700 per square foot, so you get the sizes but you’re still paying large sums of money for the unit."},{"_id":"F6NCZLQMI5CWFMXRK3G6DBYLUQ","additional_properties":{"_id":1730699433695},"type":"text","content":"<i>Mario Volpi is head of brokerage at Novvi Properties and has worked in the property sector for 40 years in London and Dubai. The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to </i><a href=\"mailto:mario@novviproperties.com\" target=\"_blank\"><i>mario@novviproperties.com</i></a>"}],"subheadlines":{"basic":"Obtaining the 10-year permit requires investment in property with a value of at least Dh2 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of Fate is drawing a line in the sand as one of the most dynamic new real estate developers in the UAE."},{"_id":"52QPWFPKOFHNHGMLI275Q3UITY","additional_properties":{"_id":1732448753692},"type":"text","content":"Having already wowed property investors with its luxurious Sunshine Bay project on Ras Al Khaimah’s booming Al Marjan Island, the company is setting its sights on making an impact elsewhere across the country."},{"_id":"T6R6HR6P2VCDNGTAUKPOUI6J3E","additional_properties":{"_id":1732448753693},"type":"text","content":"Source of Fate, founded in 2021, is “strategically acquiring” plots around the UAE, general manager Majid Jack Hsiung said."},{"_id":"GZUM3GLT2VH6NHULGDQ6DUYE2U","additional_properties":{"_id":1732448753694},"type":"text","content":"“We wanted to find the best available land, so we carefully acquired a range of land assets and now we are starting to develop them,” he 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represented a landmark for Source of Fate - the Dh500 million development is to deliver “incredible views” of the sea, and over the emerging Wynn Al Marjan Island casino and resort to which it will be connected via a walkway reminiscent of the crescent on Dubai’s Palm Jumeirah."},{"_id":"ZGEKQLZWG5H2VFARGEOMGWG3DU","additional_properties":{"_id":1732448753699},"type":"text","content":"In fact, the project is set to be handed over in Q1 2027, in line with the opening of the Wynn and will mark the next stage of a thrilling real estate journey for Source of Fate."},{"_id":"PSOPRX37SRHRDGTNSXWTMATRX4","additional_properties":{"_id":1732448753701},"type":"text","content":"“We are committed to investing in the UAE and have a Dh10 billion pipeline of luxury real estate developments, launching within the next year,” Mr Hsiung said. “These developments are fully funded through our own private investment.”"},{"_id":"BG2FSW2GC5F7RGHKFST6LJCHFE","additional_properties":{"_id":1732448753703},"type":"text","content":"This is significant as it guarantees project delivery and supports the company’s aim to build positive, sustainable and friendly communities."},{"_id":"3CDHOAIOLNEBVJ7BUQGXTRRILA","additional_properties":{"_id":1732448753704},"type":"text","content":"Sunshine Bay sets the standard for what else is to come from Source of Fate, and defines the ethos of the independent luxury real estate developer’s projects to come."},{"_id":"Q7BLGF5VSZCQ5J5LZ5Y2MQ4KYY","additional_properties":{"_id":1732448753705},"type":"text","content":"At the heart of that is the general manager's credentials as a real estate creative; Mr Hsiung is an award-winning architect, construction and real estate leader with more than 20 years of experience spanning major residential, retail, office and leisure projects throughout the Middle East and 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has been inspired by the movements of a boat with rippling white sails - and this sense of feel-good wellness extends to the lifestyle of those who will live in Sunshine Bay."},{"_id":"ENMXASY6FZAWBA7NT6GX6J3EXQ","additional_properties":{"_id":1732448753710},"type":"text","content":"As well as a temperature-controlled infinity pool, residents will access an on-site spa with saunas, steam rooms and green spaces for meditation and relaxation, plus a dedicated gym, fitness areas and an outdoor yoga deck."},{"_id":"DKQGHUZF65DMXDNMAOK7GDB6II","additional_properties":{"_id":1732448753711},"type":"text","content":"The project also capitalises on its location through public community spaces and private residences designed to focus on mental wellness, as well as physical health. It will utilise natural light from sunrise to sunset and throughout the atrium, a tranquil green garden with water features will provide a place to unwind, while those looking for a place to ‘work from anywhere ’will find their own workplace zen within a spacious business lounge."},{"_id":"NDRHNDXJZBHC7JU2BFF3OKWI4E","additional_properties":{"_id":1732448753712},"type":"text","content":"Sunshine Bay comprises studios, one-bedroom and two-bedroom apartments based on the waterfront, while The Bay Collection features exclusive residences with a private swimming pool."},{"_id":"KAUMU3DATFFRLFFDAYJHT52EPA","additional_properties":{"_id":1732448753713},"type":"text","content":"With Sunshine Bay, Source of Fate says it is setting the template for a future roll-out of elegant communities in sought-after destinations, where sophisticated lifestyle meets luxury living."},{"_id":"7CQXLOB7WJALHECK72JE44YOAQ","additional_properties":{"_id":1732448753714},"type":"text","content":"Mr Hsiung emphasises that by utilising a roster of world-class architects, engineers and designers, it will create homes that provide harmony for everyday living, while adding lasting value for investors, calling on unmatched attention to detail to deliver beautiful living spaces inspired by design and stylish convenience."},{"_id":"H2JAQS35WZGHNF57KA26M2CHCI","additional_properties":{"_id":1732448753715},"type":"text","content":"“We are crafting elegant living communities with a focus on premium luxury, sustainability and wellness,” says the general manager. “We are deeply committed to providing lasting value and enriching the overall quality of real estate across the UAE.”"},{"_id":"UVW3VOGKWFATBI6OPLQUJOQN7A","additional_properties":{"_id":1732448753717},"type":"text","content":"Source of Fate is part of the broader Wheel of Fate group, a conglomerate of business units with operations and investments across the Mena region. It has several operations, including service centre partnerships with the UAE government, automotive trading, car rental, vehicle servicing, F&B and general trading."},{"_id":"NUOABPAH3BF45MVYHPD3EDRB3I","additional_properties":{"_id":1732448753718},"type":"text","content":"Further underlining its high-end property development credentials, Source of Fate appointed esteemed global real estate consultancy Savills, one of the world’s most respected firms, as an expert advisor."},{"_id":"HVUC6YUKVJDQHIXLLI7X7IJYJM","additional_properties":{"_id":1732448753719},"type":"text","content":"Andrew Cummings, head of residential at Savills Middle East, said he was excited about the prospects for Ras Al Khaimah and the UAE, and the developer’s role."},{"_id":"Z2T2M7TUCBBTNPSL46UMFGJFLQ","additional_properties":{"_id":1732448753720},"type":"text","content":"“Sunshine Bay raises the bar for developments on Al Marjan Island,” he said. “It will be an elegant resort-style community for residents and given the expected boom in tourism, bolstered by the development of hospitality landmarks such as the Wynn Al Marjan Island, we expect a robust return and capital appreciation for investors.”"},{"_id":"5HV2LEHWK5GSLLLOG3DJUT2YD4","additional_properties":{"_id":1732448753722},"type":"text","content":"The Savills expert says Ras Al Khaimah has proved incredibly popular with Europeans, particularly British buyers, plus Russian expatriates for whom the emirate is a popular holiday destination."},{"_id":"YURYLFOGLRF35MYQZMLW6ISVHQ","additional_properties":{"_id":1732448753723},"type":"text","content":"“Recently we’ve seen a lot of interest from Asia so we’ve been liaising with offices in China, Singapore and Hong Kong,” said Mr Cummings."},{"_id":"KEBL6RZZGFC77HDVUPQTF3P5JI","additional_properties":{"_id":1732448753724},"type":"text","content":"“At the moment, there are investors who see the benefit of capital appreciation in Ras Al Khaimah, which is still incredibly well priced compared to an area like Dubai."},{"_id":"7W32KBJ65RFEPKASKCVLD3GDJ4","additional_properties":{"_id":1732448753725},"type":"text","content":"“Sunshine Bay will also be one of the earliest developments to hand over in line with the opening of the Wynn, so it’s perfect for those who will be working on Al Marjan Island as well … well suited to both investors and end-users.”"},{"owner":{"sponsored":false,"id":"thenational"},"address":{},"syndication":{},"auth":{"1":"9fddcc318119e119fece0aa0ab51645978af6c8e73263eaf07b2312c2f368e1d"},"caption":"Andrew Cummings, head of residential at Savills Middle East","source":{"system":"photo center","edit_url":"","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":[]},"type":"image","version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/EAS2NKICKBASLB4ERNVXGW7QWM.png","licensable":false,"credits":{"affiliation":[]},"subtitle":"Andrew 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of demand” for UAE real estate, which still offers incredible value “compared to global standards”, and not least as high-end buyers continue to seek great investments in, or a move to, the country."},{"_id":"MSUPKLSRIVEDXKYOCKH74MJZVA","additional_properties":{"_id":1732448753728},"type":"text","content":"Mr Cummings said: “Now is a strategic time because we have seen the growth and want to bring the right product to the market at the right time, so there has been a lot of planning by Source of Fate to make sure this product hits the market and delivers effectively what the customer base is currently wanting.”"},{"_id":"5OBEAJ3NJFE57KOB25MHCYNM7I","additional_properties":{"_id":1732448753729},"type":"text","content":"After spending its nascent years sourcing some of the world’s best architects, designers and contractors to develop a compelling portfolio, Mr Hsiung says Sunshine Bay is only the start of Source of Fate’s journey to develop beautifully designed projects and drive further investment into the UAE."},{"_id":"UU6VI5Y4AVACNMCSV5HHXG3JLE","additional_properties":{"_id":1732448753730},"type":"text","content":"“Now is the culmination of three years of hard work to be able to bring these developments to market,” he said."},{"_id":"7QOUBEVLMBD2TITIXWPH3EKWI4","additional_properties":{"_id":1732448753731},"type":"text","content":"“It was about selecting destinations; we wanted to pick the best locations and sought-after destinations. It was not just about picking the next available plot of land."},{"_id":"RTLRXAHTERFJFIN2LO755ANEWQ","additional_properties":{"_id":1732448753732},"type":"text","content":"“It was about carefully and strategically targeting specific places, such as Al Marjan Island where the potential is massive. That’s something that is very important.”"},{"_id":"CXSVDEFIYZAGJM3IB6WQI2ZS34","additional_properties":{"_id":1732448753733},"type":"text","content":"And with a background that includes technology applications in building systems, a bachelor's degree in architecture, a master's degree in construction management, green building, contracting, engineering, and safety certifications, Mr Hsiung understands the importance of design and how to ensure luxury quality."},{"_id":"B7LAXRRHDBHVXJJSLWOA3WZKGI","additional_properties":{"_id":1732448753734},"type":"text","content":"“I know how to bring the concepts of the architect to reality, how you ensure a high-end lifestyle,” he said."},{"_id":"RUQM6WJEIJEB5CH6WDUM6EM2YM","additional_properties":{"_id":1732448753735},"type":"text","content":"“There are many iconic buildings in the UAE, so we understand the importance of crafting distinctive properties that stand out. As a business, we are keen to set new benchmarks for luxury living.”"},{"_id":"SZKTRBWBBJBRPI5PY25ACTDVJQ","additional_properties":{"_id":1732448753736},"type":"text","content":"More information about Source of Fate is available at <a href=\"http://sourceoffate.com/\" target=\"_blank\">sourceoffate.com</a> and people can discover what’s on offer at Sunshine Bay, Al Marjan Island, at <a href=\"https://www.sof-sunshinebay.com/\" target=\"_blank\">sof-sunshinebay.com</a>"}],"subheadlines":{"basic":"After its Sunshine Bay project in Ras Al Khaimah, the company plans to make an impact across the rest of the 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Sadeddin knows what it takes to be a serial entrepreneur. The Jordanian, who has a strong background in product management and <a href=\"https://www.thenationalnews.com/business/banking/2024/09/15/cyber-security-the-new-age-risk-bankers-are-struggling-to-mitigate/\" target=\"_blank\">cyber security</a>, moved to the US in 2017."},{"_id":"NOD72MEPR5AK7E7LPKPW4SASAQ","additional_properties":{"_id":1732100802258},"type":"text","content":"That decision was influenced by the successful acquisition of a start-up he founded, Riskopy, by US-based business spend management company Coupa. Riskopy was a third-party risk data provider that helped companies <a href=\"https://www.thenationalnews.com/future/technology/2024/11/13/egypt-mexico-cybersecurity-data-study/\" target=\"_blank\">assess the risks</a> associated with their business partnerships."},{"_id":"QI2O2LNTEVH4NITZQFNEY52GYA","additional_properties":{"_id":1732100802259},"type":"text","content":"Following that acquisition, Mr Sadeddin wasted no time in launching his third venture, a cyber security start-up called Corgea, specialising in <a href=\"https://www.thenationalnews.com/health/2024/11/17/robot-surgeons/\" target=\"_blank\">artificial intelligence</a>-driven vulnerability detection and remediation. Drawing on his expertise and insights gained from his previous endeavours, he identified key areas within the data and IT security segment that could benefit from innovation and improvement."},{"_id":"SEUMKYU2IBHTDDLYAEOIUQY3OA","additional_properties":{"_id":1732100802260},"type":"text","content":"“Before founding Corgea, I was motivated by the conviction that addressing traditional cyber security threats through conventional methods is insufficient. It is imperative to transition to utilising AI in order to effectively combat these threats,” Mr Sadeddin says. "},{"_id":"RS37MMFHWZFZLMQEY6RKKUQZDM","additional_properties":{"_id":1732100802261},"type":"text","content":"Corgea, which has its headquarters in San Francisco and is focused on the US and Middle East, offers an artificial intelligence-powered suite designed to address a “critical issue in modern cyber security”, he says. That includes automating the detection, triaging and remediation of vulnerabilities in source code, including complex logic bugs."},{"_id":"QFOWS5Y7DZF3LEMVVQFNVBLFO4","additional_properties":{"_id":1732100802262},"type":"text","content":"The term \"triage\" originates from the French word \"trier\", which means to select, or categorise. In cyber security, triage is a methodical process used to identify, prioritise and manage security threats according to their level of severity. This process is essential in effectively addressing and mitigating potential risks to an organisation's digital assets."},{"_id":"LJG5F46BCJGS5BXTW6DTYTDT5Y","additional_properties":{"_id":1732100802263},"type":"text","content":"By categorising threats based on their impact and urgency, cyber security professionals can efficiently allocate resources and respond promptly to the most critical issues. Logical bugs, on the other hand, are vulnerabilities that can be exploited by attackers to carry out malicious actions."},{"_id":"YHUY56DRDZBHTAX3FY44IL7I4E","additional_properties":{"_id":1732100802264},"type":"text","content":"<a href=\"https://www.thenationalnews.com/business/2024/09/19/is-your-data-ai-ready/\" target=\"_blank\">AI is revolutionising</a> industries, and cyber security is no different. The rapid growth of AI in cyber security highlights the increasing importance of leveraging advanced technologies to protect sensitive data and tackle evolving threats."},{"_id":"5DWBPQRPDJGEZI4EWSCFZIENWY","additional_properties":{"_id":1732100802265},"type":"text","content":"The global market for AI-based cyber security products is forecast to reach $134 billion by 2030, from $15 billion in 2021, growing at a compound annual growth rate of around 28 per cent between 2022 and 2030, according to a report by Acumen Research and Consulting."},{"_id":"SWWIETCNUVA43L7AEN3VXNMVPA","additional_properties":{"_id":1732100802266},"type":"text","content":"AI is used in cyber security by leveraging the software to enhance human expertise in swiftly detecting emerging forms of malware traffic or hacking attempts. Thanks to recent advancements in computing power, AI in cyber security is now a feasible solution even with relatively small datasets, the report says."},{"_id":"7TDLBBXYJBCYPLXP26DR6G5DU4","additional_properties":{"_id":1732100802267},"type":"text","content":"Due to its ability to analyse vast amounts of data and identify patterns, AI is well-suited for tasks such as accurately detecting real attacks better than humans, Morgan Stanley said in a September report."},{"_id":"YYU7QDP26FELDIYEMMHAUKYUXU","additional_properties":{"_id":1732100802268},"type":"text","content":"Having this “intelligence would provide cyber security organisations with a significant edge in preventing future attacks. Stopping breaches before they occur would not only help protect the data of individuals and companies, but also lower IT costs for businesses”, said its <i>AI and Cybersecurity: A New Era </i>report."},{"owner":{"sponsored":false,"id":"thenational"},"address":{},"syndication":{},"auth":{"1":"def57eeda59f0e913bbc73588b51b08ce47f6d9a05e0aeb9a76eca6c91775ebf"},"caption":"A screenshot shows how Corgea’s AI-driven platform detects threats. 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The application of AI and large language model (LLM) was relatively unheard of just a few years ago. However, it has now taken centerstage for organisations in the Middle East,” Mr Sadeddin explains."},{"_id":"ZBRDKB4T2RFKZH54FBJG3NZUPY","additional_properties":{"_id":1732100802271},"type":"text","content":"Corgea's platform \"utilises the latest advancements in AI to identify vulnerabilities that may have gone unnoticed in the past, such as business logic flaws and authentication vulnerabilities”, he adds."},{"_id":"ZWSBOVCP3ZFGHMFAT2RSM62SO4","additional_properties":{"_id":1732100802272},"type":"text","content":"In addition, it has the capability to minimise false positives and automatically generate the necessary code fixes to enhance the security of applications."},{"_id":"Q2U6V7TGDVDL5EU2ENVHSRH6UA","additional_properties":{"_id":1732100802273},"type":"text","content":"False positives, in simple terms, refer to alerts that inaccurately suggest the presence of a vulnerability."},{"_id":"PBEE4CG5ZJCLJCOZLC4XUO4AXE","additional_properties":{"_id":1732100802274},"type":"text","content":"Mr Sadeddin says this innovative technology enables security teams to uncover hidden risks, reduce alert fatigue, and accelerate software development processes."},{"_id":"VWWBRVVPHRCPLCV6MJMSB6MN4A","additional_properties":{"_id":1732100802275},"type":"text","content":"“The importance of this technology cannot be overstated, especially as businesses operating in regulated industries are facing heightened legal scrutiny and escalating fines for security breaches and non-compliance with cyber security regulations.”"},{"subtype":"flourish_visualisation","_id":"CCEFZ4YRENG7NH4UNEZHUETINU","additional_properties":{"_id":"SQ64BLRJDJAZFGVTVWZQNQKONQ"},"embed":{"id":"vhshrge5rzzh1v7c","config":{"visualizationNumber":"19459382"},"url":"https://thenational-the-national-prod.cdn.arcpublishing.com/flourish-composer/?_website=the-national&outputType=composer_powerup&k=vhshrge5rzzh1v7c#SEARCH"},"type":"custom_embed"},{"_id":"7KRV2XJMEJGYNCI4AISHCCMSMI","additional_properties":{"_id":1732262081690},"type":"text","content":"Corgea was founded in June last year, and “even though it is an early-stage start-up it's been successful in onboarding some local clients in Saudi Arabia, and the UAE and we are planning to set up our Development Centre in Jordan shortly,” says Mr Sadeddin."},{"_id":"BSTEQQRI6RBDPH35HMI475AHKM","additional_properties":{"_id":1732262081691},"type":"text","content":"In the region, he says, the start-up is seeing traction with enterprises in the financial services, consultancy, energy and telecom, and aims to establish a strong foothold in the Middle East while maintaining momentum in the US and Europe. “We’re focused on partnerships with regional enterprises and government entities, providing tailored solutions for their security needs,” he adds."},{"_id":"TOQV7SD5RJEELMDQ722GWUUKTI","additional_properties":{"_id":1732262081692},"type":"text","content":"Countries in the Middle Eastern are rapidly embracing digitalisation, which involves the widespread adoption of connected digital technologies and applications by consumers, businesses, and governments."},{"_id":"TYLNY7RTPJHLHBQDFENMMBOML4","additional_properties":{"_id":1732262081693},"type":"text","content":"While digitisation offers numerous benefits, it also exposes organisations to significant risks posed by cyber threats orchestrated by online criminals and hacktivists."},{"_id":"HELYXQTHP5BVJIXAB4OGMJE6OU","additional_properties":{"_id":1732262081694},"type":"text","content":"The average cost of a data breach in the Middle East rose by 8.4 per cent annually to $8.75 million in 2024, according to a study by IBM. The region is the second most expensive in the world for data breaches, after the US, where the average cost is $9.36 million."},{"_id":"VHCZIX737VDHZNWATP67WOF4HE","additional_properties":{"_id":1732262081695},"type":"text","content":"In recent years, the region has seen a notable rise in phishing and smishing attacks. According to a survey conducted by cyber security firm Proofpoint in February, 92 per cent of organisations in the UAE reported experiencing at least one successful phishing attack in 2023, up from 86 per cent in 2022."},{"_id":"ACQXDRTYTNH7TJCL6YHXXZQF2Q","additional_properties":{"_id":1732262081696},"type":"text","content":"There is a strong focus on cyber security and privacy at both executive and board levels in the Middle East, according to PwC’s <i>2025 Global Digital Trust Insights</i> report. Leadership in this region is more actively engaged in these matters compared to their global counterparts."},{"_id":"NHL4AICQ6ZEBDC3YXH3INPA5TM","additional_properties":{"_id":1732262081697},"type":"text","content":"The Middle East's cyber security market is projected to reach a value of $31 billion by 2030 as governments and enterprises take measures to protect their infrastructure, data from consultancy Frost & Sullivan showed last year."},{"_id":"AMXXJBVZ6BGVPKT3NO72K6PRLI","additional_properties":{"_id":1732262081698},"type":"text","content":"In September, the <a href=\"https://www.thenationalnews.com/news/uae/2024/09/13/uae-ranked-as-role-model-for-cybersecurity-in-global-report/\" target=\"_blank\">UAE was named as a global leader</a> on the Global Cybersecurity Index 2024, for its efforts to bolster cyber security measures. The index is compiled by the International Telecommunication Union, a specialised agency of the UN dedicated to information and communication technology."},{"_id":"ENLGCSC7FJGBRNGYAX4YDSOPDI","additional_properties":{"_id":1732262081699},"type":"text","content":"The Emirates is one of 46 countries in the top ranking, alongside fellow Gulf countries Saudi Arabia, Oman, Qatar and Bahrain, as well as the US, UK, Germany and France, according to the index."},{"_id":"NFB2G2QCYNDMHOOX6G6JLUGOTI","additional_properties":{"_id":1732262081700},"type":"text","content":"The UAE Cabinet established the <a href=\"https://www.thenationalnews.com/business/technology/2023/09/20/uae-plans-cybersecurity-vision-for-next-50-years/\" target=\"_blank\">Cybersecurity Council </a>in November 2020 amid a surge in threats and attacks on computers and the internet around the world. The council is responsible for legislation to strengthen cybersecurity, subject to Cabinet approval."},{"_id":"SFUPBEGAW5C4JGC2HEUUAFKT24","additional_properties":{"_id":1732262081701},"type":"text","content":"“The Middle East is currently undergoing rapid digital expansion, resulting in high-value targets and a rise in the complexity of cyber attacks. Many cyber security companies providing services in the Gulf and the wider Middle East are struggling to address the fundamental issue of securing data,” says Mr Sadeddin, who obtained a master’s degree in insurance and risk management at MIB School of Management in Italy."},{"_id":"S23YSSWJUJDSRHP3II3AHAE4HE","additional_properties":{"_id":1732262081702},"type":"text","content":"“Several GCC countries have implemented data localisation requirements, which mandate that data must be stored within the country's borders. Corgea's AI-driven cloud infrastructure guarantees full compliance with regional data protection laws, ensuring that data and operations remain within the country's borders. This is essential in reducing risks related to cyber security concerns.”"},{"_id":"DLQ43QZC4RAWBLZA3CRVVRX7ZE","additional_properties":{"_id":1732262081703},"type":"text","content":"He says the introduction of the Cyber Resilience Act in the EU and the establishment of the National Cybersecurity Authority in Saudi Arabia are clear indicators of the evolving regulatory landscape, compelling businesses to adopt more sophisticated security measures."},{"subtype":"flourish_visualisation","_id":"G3P2WHEQZ5FWBENVIPKJOYQPVU","additional_properties":{"_id":"J45L7OUQYVFRDHTQ22GESP577Q"},"embed":{"id":"txagzvqkm3e6vbyl","config":{"visualizationNumber":"19313705"},"url":"https://thenational-the-national-prod.cdn.arcpublishing.com/flourish-composer/?_website=the-national&outputType=composer_powerup&k=txagzvqkm3e6vbyl#SEARCH"},"type":"custom_embed"},{"_id":"N4YE4UIXJVEQBKE3LQINT6MCEQ","additional_properties":{"_id":1732262081705},"type":"text","content":"Going forward, Mr Sadeddin says his company is optimistic about the potential for growth in the region."},{"_id":"6TWSPEAEURBNBLJZ7CW37ORXBU","additional_properties":{"_id":1732262081706},"type":"text","content":"Drivers include rapid adoption of AI in solving critical security challenges, increasing volume and complexity of cyber threats, and demand from enterprises for tools that reduce alert fatigue and accelerate remediation."},{"_id":"ACYLJU4PJFDX3AUCLLQ7XSQQ7E","additional_properties":{"_id":1732262081707},"type":"text","content":"“We estimate the region could generate between $1 million to $3 million in revenue in the next 12 to 24 months. The reason we're bullish on the region is because of how underserved it is with cyber security solutions that leverage AI, the regulatory landscape that supports our business and the advanced threats putting pressure on teams,” he says."},{"_id":"V4ITSBWGXRC6ZIJOGEKQ6RBSKI","additional_properties":{"_id":1732262081708},"type":"text","content":"The start-up raised $2.6 million in seed funding earlier this month, led by the UAE-based venture capital firm Shorooq Partners, with participation from investors such as Y Combinator, Propeller, Decacorn Capital, Unbound Ventures, and various angels such as Jawed Karim, co-founder of YouTube and Y Ventures, and Sam Kassoumeh, co-founder of SecurityScoreCard."},{"_id":"2NP4XB3QYRD4BPDBD22LE4DVGQ","additional_properties":{"_id":1732262081709},"type":"text","content":"The start-up’s next goal is to secure Series A funding, which will enable it to expand its engineering and sales teams, invest in product development, and facilitate growth in high-potential regions such as the Middle East and the United States."},{"_id":"H23PHDQF5VF6TFG3ZHVYEPRFGY","additional_properties":{"_id":1732262081710},"type":"text","content":"The company is also looking to expand its team, which currently consists of four staff members."},{"_id":"2ZGHXSZ2OJAXBCEDFYC57R4ELA","additional_properties":{"_id":1732262081711},"type":"text","content":"“For the Middle East, we aim to hire a mix of technical and sales talent to support our expansion and serve customers locally. We're starting to hire in Jordan to help serve and support the region due to the size of the companies and the need to have support in their time zone,” Mr Sadeddin says."},{"level":2,"_id":"Q6J46U3YJJBURB5VU7BRLKVSXU","additional_properties":{"_id":1732262081712},"type":"header","content":"<b>Q&A with Ahmad Sadeddin, founder and chief executive, Corgea:</b>"},{"level":2,"_id":"XA2DBC4F3BDXFLBBOZ6CHYV76A","additional_properties":{"_id":1732262081713},"type":"header","content":"<b>What’s your philosophy about entrepreneurship?</b>"},{"_id":"MLGROTOH5FG5JNXMAVGQIVLZCU","additional_properties":{"_id":1732262081714},"type":"text","content":"Entrepreneurship is about solving real problems with relentless focus and perseverance. It’s a journey of continuous learning, building resilience, and surrounding yourself with a team that believes in your mission. Success comes from deeply understanding your customers’ pain points and iterating quickly to deliver value."},{"level":2,"_id":"3SS6C3J2KFCBRE2JT22H5VSJRA","additional_properties":{"_id":1732262081715},"type":"header","content":"<b>What already successful start-up do you wish you had started?</b>"},{"_id":"I2DA34W54FCDRBSJLIDLCASQ2I","additional_properties":{"_id":1732262081716},"type":"text","content":"Funny enough, Snyk. Back in 2015 I was experimenting with the public CVE list of vulnerabilities to help companies find vulnerabilities in their stack. I was discouraged by a friend."},{"level":2,"_id":"SCZW76BNPBH2XNIWB6UVMSL6YE","additional_properties":{"_id":1732262081717},"type":"header","content":"<b>What new skills have you learnt from launching your venture?</b>"},{"_id":"HUVDIV3B3ZEPTHHXPO6MV427V4","additional_properties":{"_id":1732262081718},"type":"text","content":"Leadership through uncertainty, prioritising ruthlessly, and the art of storytelling for fundraising and sales."},{"level":2,"_id":"HCTWS3OZZZFGDGD65BECMTQOEU","additional_properties":{"_id":1732262081719},"type":"header","content":"<b>If you could start all over again, what would you do differently?</b>"},{"_id":"QVSSMPBFTRAZ3HNBSUKSURZZVQ","additional_properties":{"_id":1732262081720},"type":"text","content":"Invest earlier in building a wider product. Product development and knowing where to stop is really an art."},{"level":2,"_id":"ESRIB5B5NZCXHJKRMTRTJVL2NY","additional_properties":{"_id":1732262081721},"type":"header","content":"<b>What changes in cyber security should businesses expect in the next decade?</b>"},{"_id":"7TQT3Y4GOJEORCYAGAVVEHQLNI","additional_properties":{"_id":1732262081722},"type":"text","content":"AI will dominate – both as a tool for defenders and attackers. Businesses must adopt AI-powered solutions to stay ahead."},{"level":2,"_id":"M4CGZZGN6VCKVFYI2R4RSHPEQA","additional_properties":{"_id":1732262081723},"type":"header","content":"<b>What is your next big dream to make happen?</b>"},{"_id":"NB7L2U7KGVD2NPD2P4UJ4GMJPA","additional_properties":{"_id":1732262081724},"type":"text","content":"To make Corgea the global leader in AI-powered security, empowering every developer to ship secure code effortlessly."},{"level":2,"_id":"4HGIWBXK7FA6PPOPKIWTUT5IFE","additional_properties":{"_id":1732262081725},"type":"header","content":"<b>Company Profile:</b>"},{"_id":"VK73DU4RXBEFHM5IL4G3VQSDJE","additional_properties":{"_id":1732262081726},"type":"text","content":"<b>Company Name:</b> Corgea"},{"_id":"PP6JLHCONJGDJMNUJO2SC4L2KM","additional_properties":{"_id":1732262081727},"type":"text","content":"<b>Started:</b> June 2023"},{"_id":"VBPA3UTWPRCCDD7ZH4O3AYUNGY","additional_properties":{"_id":1732262081728},"type":"text","content":"<b>Founder:</b> Ahmad Sadeddin"},{"_id":"KOA72IVS5ZCX5HXX5I3ZNINEWQ","additional_properties":{"_id":1732262081729},"type":"text","content":"<b>Based in:</b> San Francisco, with operations across UAE and Saudi Arabia"},{"_id":"2OTXDVBTUFHXHEESORFIFCTKLY","additional_properties":{"_id":1732262081730},"type":"text","content":"<b>Number of staff:</b> 4"},{"_id":"3WEA66Z2J5FUNGGYO7CJDKQVJ4","additional_properties":{"_id":1732262081731},"type":"text","content":"<b>Investment stage:</b> Seed"},{"_id":"L2ZSNTONJFCJLJFXRDHEW4ZWQY","additional_properties":{"_id":1732262081732},"type":"text","content":"<b>Amount raised so far:</b> $2.6 million"},{"_id":"DTOKNSFYLFENBBEG3U3BXNWNYI","additional_properties":{"_id":1732262081733},"type":"text","content":"<b>Investors:</b> Shorooq Partners, along with Y Combinator, Propeller, Decacorn Capital, Unbound Ventures, and angel investors such as Jawed Karim and Sam Kassoumeh"}],"subheadlines":{"basic":"Generation Start-up: With YouTube co-founder among its backers, the 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<a href=\"https://www.thenationalnews.com/uae/2023/08/18/abu-dhabi-bus-station-history/\" target=\"_blank\">Abu Dhabi Main Bus Terminal</a> is a landmark in form and function, and several works commissioned as part of the capital’s <a href=\"https://www.thenationalnews.com/arts-culture/2024/11/19/public-art-abu-dhabi-biennial-map-location-guide/\" target=\"_blank\">first public art biennial</a> reflect the structure’s history and importance."},{"_id":"ACHXL25PNNAUJFBAFQAVIJGVNI","additional_properties":{"_id":1732193298333},"type":"text","content":"Designed by architect <a href=\"https://www.thenationalnews.com/uae/heritage/al-bateen-mall-the-hidden-history-of-an-abu-dhabi-landmark-1.681940\" target=\"_blank\">Georgi Kolarov</a> and built in 1989, the terminal’s clean, modernist aesthetic stands out among the surrounding buildings in Al Wahdah."},{"_id":"UWXZH3UOJ5HWJOB67Z5TYVYJEA","additional_properties":{"_id":1732193298334},"type":"text","content":"The building remains as busy as the day it opened. Today, the terminal’s main halls are often bustling with commuters, as well as those shopping for groceries and eating at its cafes. Yet, there is one area in the terminal that is abandoned and dilapidated: the mezzanine level."},{"_id":"PFYYJRQY5ZFBVJYRNDXHYXBHXE","additional_properties":{"_id":1732193298335},"type":"text","content":"Its state of disrepair is particularly tragic considering its festive and bustling past. The mezzanine was used as a wedding hall in its heyday, an aspect of the terminal's history many may not be aware of."},{"owner":{"sponsored":false,"id":"thenational"},"address":{},"syndication":{},"auth":{"1":"2dce292176bb30d8271ecb32327b91cbab196f3a4607960f190fc573e9ee0f70"},"caption":"A render of Al Mahatta, the renovation project by Atelier Aziz Alqatami of the terminal's mezzanine level. 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Though weddings may not be part of the programming, the restoration will transform the vast abandoned level into a public space, complete with a cafe, gallery and even a film screening area."},{"_id":"F65HDRHBLJFQDINKI6S54VEM3Y","additional_properties":{"_id":1732193298338},"type":"text","content":"The project is dubbed Al Mahatta<i>, </i>or the station, and is scheduled to be completed by January. “When we were invited to participate, we were going through different parts of the city, and the bus terminal captivated us,” Alqatami, founder of the studio, says. “It has beautiful traffic, and there’s a lot of potential programmes to be developed there. We saw this abandoned mezzanine level, and we saw the potential.”"},{"_id":"7QECN74NFBHWVNAGYX5WCWBAPE","additional_properties":{"_id":1732193298340},"type":"text","content":"The original floor plan, structure and layout will be preserved. However, the space will be segmented across multiple designations. The main hall will become a reception area and cafe, whereas the kitchen will be transformed into workshops, a gallery and the film screening area."},{"owner":{"sponsored":false,"id":"thenational"},"address":{},"syndication":{},"auth":{"1":"482b0b7d677f1f031764d83a813688b75f6f22e5c715374fd06f26d7443f7913"},"caption":"Much of the original floor plan, structure and layout will be preserved in the renovation. 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We're keeping the maximum of the walls, and the tiles in the kitchen, which we’re trying not to touch, just clean.”"},{"_id":"KBNNVOOB6BDXPFB7TVL4MA4H3Q","additional_properties":{"_id":1732193298343},"type":"text","content":"The design will also accentuate the horizontal nature of the space, while mindfully blending natural and artificial light. “One of the charms of the space is that it's a bit of a low ceiling space,” Khalid al Gharaballi, a partner at Atelier Aziz Alqatami, says. “We wanted to kind of underscore the horizontal feature, but also give the space its grandness.”"},{"_id":"747ZZTEJUNDG3NUC35J63SSW4U","additional_properties":{"_id":1732193298344},"type":"text","content":"Alqatami adds: “Right now, there is a transition, different flooring in different parts, we’re thinking about unifying the floor, so you can see it as a unified space.\""},{"_id":"I4BDLJMJENGHZMAYZCBQPCKE7I","additional_properties":{"_id":1732193298345},"type":"text","content":"While the atelier is honouring the terminal's history and function, Emirati artist <a href=\"https://www.thenationalnews.com/arts-culture/art-design/2022/10/28/emirati-artist-zeinab-alhashemi-and-the-incomplete-camel-hide-obelisk-at-pyramids-of-giza/\" target=\"_blank\">Zeinab Alhashemi</a> is paying tribute to its design."},{"_id":"KZE6O23ZIZBFBDPOKRDAPBRKXU","additional_properties":{"_id":1732193298346},"type":"text","content":"Even after decades of development in the area, the terminal remains distinct in its architecture. Its rigid geometry, with its slanted roofs and angular edges, is tastefully broken with unexpected curves. Due to its hard lines, the structure is often designated as Brutalist, referencing the aesthetic that came about in the West after the Second World War. Yet, there is an undeniable local twist to the terminal's architecture, namely with its arches and, of course, its vibrant teal colour."},{"owner":{"sponsored":false,"id":"thenational"},"address":{"locality":"Abu Dhabi","country_name":"United Arab Emirates"},"syndication":{},"auth":{"1":"288c5775604c2022470dcb900e259c90cff8c34b63d2b18882fb72e439fa4dce"},"caption":"The bus terminal is a landmark in Abu Dhabi, both for its striking form and vibrant teal colour. 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Each sculpture is composed of a pair of concrete slabs that slant upward and are hoisted by a base with an arched design – a smaller facsimile of the form that looms behind it."},{"_id":"STCUWFOQURBVVHWENHNGVAFRRM","additional_properties":{"_id":1732193298349},"type":"text","content":"The terminal, Alhashemi says, has fascinated her since she was a child, seeing it “as a big green building\". As she progressed in her career as an artist, she began wondering whether the structure was actually meant to be painted, or whether it was intended to remain bare, much like the brutalist architecture it was evidently inspired by."},{"_id":"AV4EIDKP25GBNBIMJ6ZZ57P3YQ","additional_properties":{"_id":1732193298350},"type":"text","content":"“It is interesting because I think that maybe on this side of the world, we want to beautify things,” she says. “We want to give colour to things.” Nevertheless, Alhashemi says she wanted to pay tribute to the structure’s apparent Brutalist heritage. Her sculptures reflect the form of the terminal, but instead of being painted in a similar teal, Alhashemi left the concrete bare and covered its surface in grass."},{"owner":{"sponsored":false,"id":"thenational"},"address":{},"syndication":{},"auth":{"1":"ef232de78559e236a344f4d89cc39dcaffa766afc9d572dac7e4ac1e4b13e0af"},"caption":"Equilibrium by Zeinab Alhashemi. 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I think we always try to mimic nature, but in a way, we try to dominate nature.”"},{"_id":"PGI7FNUO6JDVVIYIKIMXG7AATE","additional_properties":{"_id":1732193298353},"type":"text","content":"Alhashemi was adamant about using real grass as part of the work, saying astroturf would have defied the philosophy of the work, even if it would have been easier to maintain."},{"_id":"GJCV3INMLFDT7NCROZISCK2OA4","additional_properties":{"_id":1732193298354},"type":"text","content":"“The grass is still fresh and it will grow,” she says. “There were concerns about trimming the grass, but I said let it grow. There is no problem with trimming it once every other month. It doesn’t need to be trimmed perfectly.”"},{"_id":"GSBPN5IAGRBIVLDCY2VKMMDXCY","additional_properties":{"_id":1732193298355},"type":"text","content":"The grass, she says, is also meant to obscure the function of her sculptures. In fact, she is even wary of labelling the work as a sculpture, saying it may keep people from engaging with it, sitting down on its concrete ledge or lying on its grass. “I don't want to call it art,\" Alhashemi says. \"I don't want to call it a bench. I don't want to call it a sculpture. It could be just camouflaging with the space. 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fuel is a lump of carbon. Another is a gas combining four atoms of hydrogen with just one of carbon. It should be obvious which is <a href=\"https://www.thenationalnews.com/climate/2024/11/22/global-warming-temperature-climate-target/\" target=\"_blank\">worse for the climate</a>. However, some dubious studies, and environmentalists’ enthusiasm to believe them, threaten to unleash bad policy."},{"_id":"UPODH2MKZJEMZONTAWFJQIBQHM","additional_properties":{"_id":1732424550426},"type":"text","content":"Fortunately, a paper from my colleague Robert Kleinberg, at Columbia University’s Centre on Global Energy Policy, illuminates the issue. About two-thirds of global warming is currently driven by emissions of carbon dioxide from <a href=\"https://www.thenationalnews.com/climate/cop28/2023/12/08/why-the-world-struggles-to-say-no-to-coal-and-fossil-fuels/\" target=\"_blank\">burning coal, oil, gas,</a> forests and heating limestone to make cement."},{"_id":"S6KRR53GJJBH5BFTPROFSBTJEM","additional_properties":{"_id":1732424550427},"type":"text","content":"But 20 per cent to 30 per cent of human-caused heating so far <a href=\"https://www.thenationalnews.com/climate/road-to-net-zero/2024/08/16/fighting-climate-change-one-methane-molecule-at-a-time/\" target=\"_blank\">comes from methane</a>, the main constituent of natural gas. The atmospheric concentration of carbon dioxide has now reached 421 parts per million (up from 280 ppm before the Industrial Revolution). Methane, meanwhile, is just 1.9 ppm, up from 0.7 ppm. But, molecule-for-molecule, it is a much more potent greenhouse gas."},{"_id":"42UEWX4X6FEKTK3GUJYBHGZRM4","additional_properties":{"_id":1732424550428},"type":"text","content":"<a href=\"https://www.thenationalnews.com/opinion/comment/2024/11/01/climate-change-methane-emissions-adipec-net-zero/\" target=\"_blank\">Methane breaks down</a> quickly to carbon dioxide – its average lifetime in the atmosphere is about 8-12 years. By contrast, once in the air, carbon dioxide sticks around from 300 to 1,000 years, according to Nasa. 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Flaring of unwanted gas, a by-product of oil extraction, is particularly bad, since not all of it combusts – part of the methane escapes. Some major oil producers, including Iraq, Iran, Russia – and areas of the US – have particularly bad records on flaring. Elsewhere, such as in Turkmenistan, outdated valves, wells and other parts of the system apparently leak seriously. Incidentally, coal mining also releases some methane, which escapes from the coal as it is brought to the surface."},{"_id":"IX7ZOBGRCFF5JCZBOCASCI4UDI","additional_properties":{"_id":1732424550431},"type":"text","content":"This leads to the argument, most vocally propounded by Robert Howarth, a professor at the US’s Cornell University, that the climate impact of natural gas is worse than that of coal. His research reportedly influenced the decision of President Joe Biden’s administration in January to put a moratorium on approvals of new projects to export liquefied natural gas from the US."},{"subtype":"flourish_visualisation","_id":"NQXUC4QVIBHRTADTY5CBXEAK3U","additional_properties":{"_id":"SCBXOSKTNJFXHLEE7AIZKA4PWU"},"embed":{"id":"467j6qfs3hmmbh2a","config":{"visualizationNumber":"15965548"},"url":"https://thenational-the-national-prod.cdn.arcpublishing.com/flourish-composer/?_website=the-national&outputType=composer_powerup&k=467j6qfs3hmmbh2a#SEARCH"},"type":"custom_embed"},{"_id":"ISZ3G3UKS5HEXH7PSXDYI6TMCM","additional_properties":{"_id":1732424550433},"type":"text","content":"Because of the energy-intensive liquefaction process and the lengthy supply chain via ships in which leakage may occur, liquefied natural gas production might indeed contribute more to the greenhouse effect than local use of gas transported by pipeline. But worse than coal?"},{"_id":"TFH4QPYHV5HZNBVUP5FTNP542E","additional_properties":{"_id":1732424550434},"type":"text","content":"The question has wider implications than just US LNG exports. How tightly will Europe regulate LNG, and might it end up restricting imports that do not meet its standards? Will Asia turn from its predominant coal to gas in partnership with renewables such as wind, solar and hydroelectricity as its transition mix? Could LNG from the Middle East gain an advantage?"},{"_id":"WPIMRB3MRZD67NOT7BC5HTKO5Q","additional_properties":{"_id":1732424550435},"type":"text","content":"Those betting on LNG’s success think it will help fuel Asia’s growth, clean up its skies, and reduce greenhouse gases in the medium term. Proponents include major companies with growth plans – Adnoc Gas, QatarEnergy, Oman LNG, Shell and others. In an alternative scenario, though, these methane leak concerns continue the current contradictory coal and clean energy combo."},{"_id":"QR6KDEVGNBEHDMZ7BIWN7QSPIQ","additional_properties":{"_id":1732424550436},"type":"text","content":"Enter, Professor Howarth. His latest paper, published in October in Energy Science and Engineering, concludes that US LNG delivered to China has about twice the greenhouse gas footprint of consuming local Chinese coal. This contrasts with, for example, previous US government analysis finding that the footprint of LNG was more than 30 per cent lower. He concludes that “ending the use of LNG should be a global priority”."},{"_id":"CELT744WHJDPBJHOO6LICJDEMU","additional_properties":{"_id":1732424550437},"type":"text","content":"A long-awaited US Department of Energy study is due to be released this week. Its conclusions could be important for US LNG in the long term, even if the incoming Trump administration ignores it."},{"_id":"X3ERSBDFOZFFXBMSLD7GOZYC6U","additional_properties":{"_id":1732424550438},"type":"text","content":"There is indeed major uncertainty around these estimates, particularly the amount of methane that escapes at different points in the supply chain. Better measurement, including by drones and satellites, is beginning to resolve this."},{"_id":"JHU6SAT4MND65FKTNJNZ2UIEZ4","additional_properties":{"_id":1732424550439},"type":"text","content":"However, crucial methodological choices tilt the conclusions one way or another. These crucial issues have been overlooked by most environmentalists and media reporting of the controversy. <i>The Guardian</i> newspaper, for example, ran a headline saying, “Exported gas produces far worse emissions than coal”."},{"_id":"SDQZZMXHJBAONNH26R6TP74YME","additional_properties":{"_id":1732424550440},"type":"text","content":"A more balanced appraisal needs to consider three crucial factors. First, what is the fuel used for? For modern power plants, running on coal produces 2.4 times more carbon dioxide. For thermal uses such as industry and heating, coal yield 1.8 times the carbon dioxide as gas."},{"_id":"JZPU3LHYLNCRFCW2UTQYNNI3L4","additional_properties":{},"type":"text","content":"Second, the GWP is a crude and misleading metric. If we stop leaks, the methane problem will largely resolve itself within a couple of decades. But emitted carbon dioxide has loomed overhead for centuries. While cutting methane today is a vital route to easing short-term warming, the worst problems from climate change are going to manifest in the second half of this century."},{"_id":"NINRANJFUFGSVKCYY6QSHT6A4M","additional_properties":{"_id":1732424550442},"type":"text","content":"Removing carbon dioxide from the atmosphere will be far more expensive than not putting it there in the first place. 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<a href=\"https://www.thenationalnews.com/news/uae/2024/11/16/joby-dubai-flying-taxi/\" target=\"_blank\">air taxi </a>company <a href=\"https://www.thenationalnews.com/business/aviation/2024/04/25/abu-dhabi-signs-deals-to-boost-launch-of-air-taxi-services/\" target=\"_blank\">Archer Aviation</a> said it is “on track” to begin commercial operations in Abu Dhabi before the end of 2025, after revealing it is in final stages of the licensing approval process with US authorities."},{"_id":"HTAYD46KGBEUBOOLGOO3MYZJOY","additional_properties":{"_id":1732446287347},"type":"text","content":"Nikhil Goel, chief commercial officer at Archer Aviation, told <i>The National</i> in an interview that they will begin operations in <a href=\"https://www.thenationalnews.com/business/aviation/2024/03/28/dubai-flying-car-liberty-worlds-first/\" target=\"_blank\">Abu Dhabi</a> initially, with prices being aimed at Dh300 to Dh350 for inner-city 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electric vertical take-off and landing (eVTOL) aircraft will help with traffic woes and help to reduce travel time, taking only 20 to 30 minutes to reach Dubai from Abu Dhabi, instead of an hour."},{"subtype":"flourish_visualisation","_id":"LTLPMDXK6BGVNNCZTDPOO7FIWU","additional_properties":{"_id":"KWLBVKJRMNEQLF65H5UDPVXDDY"},"embed":{"id":"h9u53btf1nrg2749","config":{"visualizationNumber":"20452934"},"url":"https://thenational-the-national-prod.cdn.arcpublishing.com/flourish-composer/?_website=the-national&outputType=composer_powerup&k=h9u53btf1nrg2749#SEARCH"},"type":"custom_embed"},{"_id":"LD66EVE44FB55LXFYTYSAT3MUM","additional_properties":{"_id":1732446287353},"type":"text","content":"Archer's Midnight aircraft can carry up to four passengers, plus the pilot, and can fly up to 161km at a maximum speed of 241 kph."},{"_id":"6UINYP4V25CYVJNELAE5MSRNEI","additional_properties":{"_id":1732446287354},"type":"text","content":"But before the air taxi can take to the skies, the company 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