Author: head dubai

Technology

STC’s Tawal completes the $1.33 billion purchase of cellular towers from United Group in the Netherlands.

head dubai August 29, 2023 No Comments

The Saudi cellular Company has finished paying €1.22 billion ($1.33 billion) for the cellular tower assets owned by the Netherlands-based United Group.

In a statement sent on Sunday to the Tadawul stock exchange, where STC’s shares are traded, the business claimed that the deal, which was carried out through its infrastructure unit Tawal, was formally finished on August 24.

The deal’s financial effects will be revealed in the business’ third quarter earnings, which are anticipated to be announced on October 30, 2023.

Tawal’s portfolio will grow to more than 21,000 telecom towers across five nations as a result of the acquisition, which was first announced in April and represents the company’s first investment in Europe.

Tawal, which was introduced in April 2019, makes it possible for telecom providers, the government, and private organizations to increase infrastructure sharing, which ultimately contributes to cheaper costs and higher operational efficiencies.

United Group operates in eight different nations and employs over 14,500 people. It has about 11 million users.
On Sunday, Tawal announced that it had borrowed a total of $1.42 billion from Sharia-compliant banks to finance the cash portion of the transaction.

In line with the kingdom’s aim for digital transformation, iot squared, a joint venture among STC and the Public Investment Fund, signed a legally binding deal last week to purchase 100% of technology startup Machinestalk, which specializes in the Internet of Things.

The Riyadh-based Machinestalk’s field services capabilities, technology, unique IoT platforms, internal development capabilities, local and international partner, and client relationships would offer value for iot Squared, according to a report at the time by the Saudi Press Agency.

In order to accelerate digital transformation and get ready for the future economy, Saudi Arabia earlier this year promised more than $9 billion in investments in the country’s technology sector.

According to Abdullah Alswaha, Saudi Arabia’s Minister of Communications and Information Technology, the investments are spearheaded by a $2.1 billion promise from Microsoft, which will develop a super-scaler cloud in the kingdom.

They also include $400 million from China’s Huawei to improve Saudi Arabia’s cloud infrastructure as well as Oracle’s promises to contribute $1.5 billion to increase the nation’s cloud computing capacity.

Technology

In honor of Middle Eastern science pioneers, Samsung introduces the Astro watch.

head dubai August 29, 2023 No Comments

A limited edition of Samsung Gulf Electronics’ most recent wristwatch has been released in honor of the Middle East’s significant historical contributions to astronomy, science, and timekeeping.

The 47mm Galaxy Watch6 Astro Edition was unveiled in Dubai by T.M. Roh, president and head of Samsung’s mobile experience division.

It boasts a rotating bezel with an astronomy-inspired pattern and a dial that shows the phases of the moon and sun.

It will be made available by the UAE, Saudi Arabia, Bahrain, Egypt, Iraq, Jordan, Kuwait, Morocco, Oman, Qatar, and Turkey.

Al Battani, who was recognized as the best astronomer during the Islamic era, and Muhammad Ibn Ibrahim Al Fazari, an astronomer and mathematician who is credited with developing the first astrolabe in the Muslim world, were among those honored by the Astro Edition.

The Galaxy Z Fold5 and Flip5 as well as the Watch6 series, which includes the basic model and Classic, were unveiled by Samsung during the company’s first-ever Unpacked event last month in Seoul.

The firm did not disclose the quantity of Astro Edition watches in stock, but Fadi Abu Shamat, head of Samsung Gulf’s mobile experience division, told The National ahead of the debut that the company is “confident that it will sell out in the first week of its launch”.

He claimed: “Samsung has a special spot in its soul for the Middle East as an area of dynamic innovation & tech-savvy enthusiasts.”

The launch of the Astro Edition here demonstrates our commitment to providing unique solutions that respect the area’s rich history and cater to the interests and requirements of the Gulf markets.

It is also the first in a series of Middle Eastern-specific limited-edition collections, though neither the release date nor the names of the “innovators and pioneers” Samsung Gulf plans to recognize for the following collection were provided.

According to Mr. Abu Shamat, Samsung is dedicated to offering locally relevant goods that enhance user experience. Samsung is committed to encouraging today’s innovators while recognizing Middle Eastern pioneers.

As smartwatches evolved into smartphone accessories and tools for users to track particular health metrics—the most advanced of which includes heart rate, blood oxygenation, and EKG—their popularity grew.

However, the market continued to shrink in the first quarter of 2023, posting a “slight” drop on an annual basis, based on the most recent data from Counterpoint Research.

In the first three months of this year, Samsung had a 9% market share, maintaining its position as the second-best smartwatch brand internationally. The Hong Kong-based research company did point out that it is currently almost tied with Fire Boltt from India.

Apple continues to have a commanding lead with over a third of the market thanks to its popular Watch series.

According to Samsung, enhanced health tracking features in the Galaxy Watch6 series, complemented by the Astro Edition, are anticipated to improve consumer interest and drive sales in the future.
Mr. Abu Shamat stated, “We believe its unique characteristics will not only bring in prospective consumers but also entice current consumers to explore our wider selection of smartwatches in addition to the wider Galaxy ecosystem.”

In addition, Samsung Gulf revealed a unique “Whimsical Midsummer Collection” bundle for the Galaxy Z Flip5 that features works of art by Lebanese artist Nourie Flayhan, who resides and creates her art in the United Arab Emirates.

The clamshell-style Flip5’s cover screen has almost doubled to 3.4 inches, which is a significant increase.

Food & Beverages

Feels by the Beach Introduces New Menu Items in Honor of Dolphee, Its New Mascot

head dubai August 28, 2023 No Comments

Feels by the Beach, Dubai’s first neighborhood juice bar and kitchen, expands its menu with a new specialty beverage and soft serve ice cream. in honor of its brand-new Dolphee mascot for Dubai. Feels continues to produce delicious foods that are entirely natural and healthy and are designed to be reviving, perfectly suited to battle the heat and heighten enjoyment of summertime moments. Using the best components to inspire creativity

The Dolphee Cooler, a reviving lemonade slush sweetened with agave, and The Dolphee Softie, a dairy-free coconut mango delicacy served in a vegan waffle cone and topped with dairy-free chocolate, are two enticing menu innovations that Feels is happy to offer. These additions both exemplify Feels’ dedication to clean eating and reflect its deeply ingrained clean eating attitude.

The dairy-free Dolphee Softie is a soft serve ice cream that combines coconut and mango for a decadently creamy texture that is perfect for people who are lactose intolerant and those who want dairy alternatives. The Dolphee Softie is a fun way to mix smart choices with good fats. It is chock full of coconut’s health benefits and has dairy-free chocolate on top. The colorful mangos added to the softie are rich in immune-strengthening vitamin C, giving it a refreshing twist that supports healthy, glowing skin.

The Dolphee Cooler proves to be a revitalizing hydration champion, not to be outdone. This lemonade slush, designed as the ideal post-workout beverage, helps restore electrolytes lost during physical activity. Because agave nectar is used to sweeten it, it has a lower glycemic index compared to traditional sugars.

This makes it a wise choice for individuals who want to indulge in natural sweetness while controlling their blood sugar levels. The Dolphee Cooler, a tasty citrus powerhouse, offers a shot of vitamin C, which is recognized for promoting collagen formation to promote healthy skin and joints for renewal and invigoration.

Feels’ dedication to providing an experience that celebrates both health-conscious choices and the simple pleasures of life by the beach is demonstrated by the addition of speciality drinks and soft serve ice cream, all of which were expertly crafted.

Food & Beverages

The world is being overrun by chickens.

head dubai August 28, 2023 No Comments

85 billion hens are used to explain the world meat prediction.
Since the modern chicken business was founded a century ago, chicken has surpassed beef and pork as the most consumed meat worldwide. That trend is anticipated to quickly accelerate in the coming decade, according to a report released last month by the Organization for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO), and it will have significant effects on climate change, animal welfare, and economic development.

The analysis estimates that by 2032, the astonishing 74 billion hens raised and slaughtered annually by humanity would climb to 85 billion, a 15% increase. In contrast, the quantity of pigs and beef cattle raised for meat will rise to 365 million and 1.5 billion by 2032.

Only 16 percent of the world’s population and 33 percent of its meat consumption are found in high-income countries. In contrast, meat consumption is rising quickly in middle-income regions like much of Asia and Latin America while remaining stagnant in high-income nations and predicted to fall in Europe over the next ten years.

Put it down to what economists refer to as Bennett’s Law, which states that when people rise out of poverty, they tend to go from diets that are primarily plant-based and low in emissions but rich in grains and starches to diets that are more diverse and high in emissions but high in meat and dairy as well as fruits and vegetables. The number of chickens in the globe is predicted to increase to unimaginable levels as hundreds of millions more individuals join the global middle class.

Why chicken is so popular worldwide

Simple economics can partially account for the global switch from red to white meat: Compared to pigs and cattle, chickens are substantially less expensive to keep because they convert feed more effectively into meat. People are turning to less expensive meats due to inflation and the stagnation of global wages.

Governments, as well as consumers, are considering environmental and public health issues. Although the production of chicken and fish is extremely harmful to the environment, it leaves a significantly less carbon footprint than that of red meat, which is why people generally believe that they are healthier than pork and beef.

It all adds up to a world where chickens rule; for every person on Earth, more than nine are killed annually. Due to their small size, 100 chickens are required to produce the same amount of meat as one cow.

Some archaeologists think that because we consume so much chicken, the bones of our present era will be defined by it.
Future civilizations will be able to learn about our ingenuity in controlling nature to create ever-increasing amounts of meat, our inability to eat it within the limits of the planet, and our callous disregard for the welfare of animals from the trillions of chicken bones we’ll leave behind.

The treatment we gave the chicken
The US poultry business has created Frankenchickens out of chickens in an effort to increase the amount of meat on tables.

Chickens of today have been developed to grow enormously quickly and to a market weight that is five times larger than that of earlier breeds in just six to seven weeks. Animal activists have referred to chickens as “prisoners in their own bodies” as a result of a variety of health and welfare issues that have been caused.

What a meat-centric food system has taught us
It makes sense that governments of low- and middle-income nations would want to match Western levels of animal product consumption after witnessing high-income countries eat so much meat during the past 50 years. However, we already know what comes along with cheap, plentiful meat and dairy: massive deforestation, loss of biodiversity, chronic diseases of affluence, accelerated climate change, increased pandemic risk, and massive animal suffering.

If the OECD and FAO are correct, the industrial meat machine will continue to produce an ever-increasing amount of meat at the very time that climate experts are advising us to drastically reduce animal production in order to make the earth habitable.

Environmental, Indigenous, and animal protection organizations are fighting against the growth of industrial farming in the Global South. This conflict is arguably at its most fierce in Latin America, particularly in Brazil, where Indigenous land is forcibly taken for cattle grazing and animal feed planting, and Ecuador, where enormous pig and poultry farms have been supported by international organizations like the World Bank.

Only those living in low- and middle-income nations may choose the appropriate amount of intensification in meat production to combine their needs for a sufficient food supply with environmental, public health, and animal welfare issues. However, the 100-year experiment in American-style factory cultivation has turned out to be an ethical and environmental catastrophe that we are only now realizing. Hopefully, it is a lesson that the rest of the world can benefit from.

Food & Beverages

Day in the Life: Atlantis sells out of the 4,000 croissants the chef makes each day.

head dubai August 28, 2023 No Comments

Every day at the Dubai landmark, Christophe Devoille serves up tens of thousands of pastries, 300 bread rolls, and 500 cakes.
By putting you in the shoes of a UAE resident, “Day in the Life” lets you observe a regular day in their home and workplace.

Breakfast for 1,200 people might sound like a big undertaking, but Christophe Devoille finds it easy.

Before the hotel’s opening in February, the Frenchman, who developed his talents under the tutelage of renowned chef Alain Ducasse, assumed over as executive pastry chef.

Currently, Mr. Devoille is in charge of all bread and pastry production at Atlantis The Royal, a 24-hour operation that produces 4,000 croissants, 30 loaves of bread, 300 bread rolls, and 500 baguettes every day.

5.30 a.m.: A good start to the day

Mr. Devoille’s job involves a lot of dessert tasting, so working out regularly is essential for him to maintain a healthy weight.

When I’m not being lazy, I go to the gym around 5.30 in the morning, he claims.

“For me, 45 minutes is all needed to unwind and prepare for the arduous day that lies ahead.

“I can work till around 9 o’clock depending on the day, and exercise provides me energy.

I make an effort to limit my sugar intake, but it does happen occasionally.

7 a.m.: Atlantis’ most crucial meal of the day The 19 breakfast-serving restaurants at The Royal are constantly busy, and the culinary staff’s day begins early.

According to Mr. Devoille, who oversees the entire breakfast business, “I check all the pastries at 7am and make sure the team is prepared to go.”

“Everything is made from scratch, and my team of 42 bakes and prepares everything for the day ahead every morning for about six hours.”

Atlantis ensures a consistent supply To ensure that the kitchen is always staffed and that nothing is wasted when Mr. Devoille is in charge, the Royal bakers rotate shifts.

“We send the leftover bread and Danish pastries from breakfasts to the cafeteria for Atlantis staff, and all of the remaining croissants are utilized to make mini sandwiches,” the man claims.

You won’t ever be served stale cake at Atlantis since we always maintain the highest standards.

Let them eat cake at noon.
Mr. Devoille uses the downtime between breakfast and afternoon services to concentrate on his crafts, which is one of his nicer duties.

“We add one or two new items on Friday or Saturday because we want to ensure sure we are able to provide our guests something new every week,” he says. We have a lot of European fruit in the spring, including cherries and raspberries, and the menu always reflects what is there in season.

I might make a small adjustment to the recipe to increase sweetness or crispiness before our presentation and tasting session, he says.
“For me, there’s nothing like a delicious apple pie, but many of our guests prefer chocolate, in my opinion.

“You can’t go to the gym every morning and then eat nothing but cake,” the person said. “I’ll usually have something light for lunch, like a salad, after the cake tasting is over.”

3 PM: Planning is essential

Atlantis The Royal has a full calendar of events all year long, so the patisserie team always starts early on menu planning.

The development of a new shape, a new mold, and packaging for our Christmas cake was began in the spring, according to Mr. Devoille. It’s crucial to take your time, and it’s preferable to complete all of our projects in the summer when it’s more peaceful.

In addition to the holiday season, Thanksgiving, Halloween, and New Year’s preparations are all well under way, with mouthwatering goodies on the horizon.

I collaborate on the design and recipes with my sous chef and pastry chef, he claims. For the winter months, we have some extremely intriguing sweets prepared.

7 p.m.: Party time
Mr. Devoille frequently stays late into the night during event season to ensure everything goes without a hitch at various parties and banquets.

Time flies, he claims, “when you’re passionate about what you do.” I’m fortunate to enjoy my work, and the busiest times for the hotel are when guests are eating and mingling.

If I finish early enough, I might see a movie or meet up with friends, but most of the time it’s just a cup of tea and a romantic evening with my fiancée.

entreprenuership

Dh268.6 billion in savings deposits with UAE banks as of June 2023

head dubai August 26, 2023 No Comments

According to figures from the central bank, these savings deposits grew by 5.8% each month.
According to the most recent statistics provided by the Central Bank of the UAE (CBUAE), banks in the UAE held savings deposits of Dhs268.6 billion by the end of June 2023. According to state news agency WAM, interbank deposits are not included in this.

According to figures from the central bank, the amount of these deposits climbed by 5.8% each month, or Dhs14.8 billion.

Money saved in UAE dirhams
About 81.6 percent, or Dhs219.17 billion, of the savings deposits were made in the local currency, the UAE Dirham. 18.4% of the whole amount was made up of foreign currencies, worth Dhs 49.44 billion.

Savings deposits in banks have grown significantly.

These deposits totaled Dhs152 billion in 2018. In 2019, Dhs172.2 billion, Dhs215.2 billion, Dhs241.8 billion, and Dhs245.8 billion were added to this amount.
deposits of CBUAE

The CBUAE released its budget for the first half of the year earlier this month. The public budget of the central bank increased by 32.15 percent, or Dh158 billion, compared to about Dh91.4 billion in June 2022.

This growth continued into the current year, increasing by 17.5% from the beginning of the year to reach Dhs552.5 billion at the end of December 2022, an increase of Dhs97 billion over the first half of the year.

The assets side of the budget’s allocation specified that Dhs257.2 billion would be allocated to cash and bank balances for June. Investments kept till maturity were also designated at Dhs211.32bn.

Allocations for loans and advances and other assets totaled Dhs4.18 billion and Dhs41.38 billion, respectively.

entreprenuership

Steps to Start Your Own Business in Dubai.

head dubai August 26, 2023 No Comments

Can you picture working in a vibrant, safe atmosphere where you are not taxed on your income? Although it might sound like a pipe dream, in Dubai, this has long been the case.

High-net-worth individuals (HNWIs) are moving to safer nations with lenient immigration and business rules while nations in the East struggle with trade disruptions and sharply rising gas prices. The United Arab Emirates (UAE) is at the top of the list of nations with a net positive inflow of HNWIs due to reasons including excellent career prospects, safety, and ease of relocation. Of the 10.08 million people residing there, 8.92 million are foreigners, proving that the UAE is still a popular place for foreign investors.

To entice foreign investors, the UAE is adopting a number of legislative modifications to its legal framework. For instance, the UAE has established the 5-year Green Visa and the 10-year Golden Visa, which enable foreigners to sponsor themselves for their residency permits rather than needing an employer to do so. Over the past few years, many people have relocated to Dubai, the most populous city in the UAE, as a result of the launch of new programs for remote workers and independent contractors, as well as easier Covid-19 limitations. Foreigners are drawn to Dubai because moving there is simple, affordable, and provides for zero income tax structures.

Over the past ten years as a business owner in Dubai, I’ve learnt a lot about how to successfully launch a firm in this bustling metropolis. Here are three crucial stages for starting a firm in the Middle East’s commercial center, based on that experience.

Step 1: Choose a business activity in step one.

Choosing the appropriate business activity for your organization is the first step. The best strategy to choose a business activity is to first consider your interests and objectives, then conduct market research to see if that activity is appropriate for the audience you are trying to reach. Dubai offers a wide range of businesses in which international investors can prosper because the UAE is one of the top four economies in the Middle East and North Africa (MENA) region. The UAE set a milestone in 2021 for having the fourth-highest MENA region gross domestic product (GDP). E-commerce solutions, real estate, health & wellness, and construction services rank among the top industries in Dubai. It is clear from Dubai’s thriving startup scene that its citizens are receptive to innovative ventures and concepts.

Step 2: Pick a legal system for your business.

In Dubai, investors have a selection of multiple jurisdictions in which to base their businesses. The distinctions between a mainland corporation and a free zone company must be understood. Each jurisdiction has its advantages and disadvantages.On the one hand, opening a company in a free zone can be advantageous if you want to take advantage of 0% corporate and personal tax and 100% foreign ownership. The inability to conduct direct business within the UAE market through a free zone company results in a disadvantage.

On the other hand, opening a mainland company in Dubai enables you to conduct direct commerce within the UAE market, albeit there can be limitations on foreign ownership. You must have a local partner that owns 51% of your company’s shares in order to get certain permits and engage in certain business activities.

In Dubai, there are more than 30 free zones, and they usually serve enterprises in a particular sector. For instance, the Dubai International Financial Center (DIFC), a financial free zone in Dubai, mostly serves professional businesses in the financial services industry, but the Dubai Internet City (DIC), a free zone in the same city, primarily serves computer enterprises in the area. If you want to establish a free zone business in Dubai, you must choose a suitable zone which is free and based on your industry and business activities.

Step 3: Apply for the required approvals in step three.

Last but not least, in order to operate your firm, you must submit an application to get the required approvals. Apply for your license at the Dubai Department of Economy and Tourism (DET), formerly the Department of Economic Development (DED), if you’re establishing a mainland business in Dubai. You must obtain your license from the responsible government if you are establishing your business in a free zone.

You must then submit an application for a business bank account after receiving your business license. To open a bank account, you must, among other things, have a valid UAE residency visa.

Applying for your UAE resident visa and Emirates ID is thus a crucial stage in the process if you want to meet your banking and commercial obligations.

You might need to submit an application for additional licenses and approvals depending on your line of work. For instance, the Dubai Financial Services Authority (DFSA), the DIFC’s financial services regulator, will require a Financial Services Permission (FSP) if you want to establish a business in the DIFC that provides financial services.

I believe that if you take the three steps I’ve learnt from my twelve years of professional experience in Dubai and apply them to your business setup there, you’ll be well on your way to making this global center your home. These measures will provide you access to the UAE’s diversified market, but they may also give you the chance to develop your company into other MENA nations.

entreprenuership

Dubai-based DP World would spend $510 million to build a terminal in Gujarat, India

head dubai August 26, 2023 No Comments

According to a concession agreement struck with the Deendayal Port Authority earlier this year, global port operator DP World will invest $510 million to build and run a new mega-container terminal in the Indian state of Gujarat.

The greenfield terminal at Tuna-Tekra in Kandla, with an annual capacity of 2.19 million TEU (20-foot equivalent units), will assist DP World in growing its footprint in Asia’s third-largest economy.

The joint venture among DP World and India’s government-backed National Investment and Infrastructure Fund, Hindustan Infralog Private, was given the terminal’s concession by the Deendayal Port Authority earlier this year.

A 20-year extension is possible for the build-operate-transfer concession, which has a 30-year term.

Sultan bin Sulayem, group chairman and chief executive of DP World, stated that the company will be able to “deliver trade opportunities, by connecting northern, western, and central India with global markets, thereby generating value for all our stakeholders” as a result of the new terminal.

“India has a significant opportunity landscape. In order to encourage the expansion of commerce and industry, the signing of this concession deal “will further strengthen India’s supply chain,” he stated.

According to a statement from DP World, the project, which is scheduled to be finished in 2027, entails building a terminal next to the current Deendayal Port using a public-private partnership approach.

It will include a 1,100-meter berth that can accommodate modern ships with more than 18,000 TEUs.

The berth can be extended to 1,375 meters under the terms of the concession agreement, according to DP World.

According to the announcement, the facility would be connected to a system of roads, railroads, and designated freight routes to accommodate the rising need for logistical solutions.

According to S.K. Mehta, chairman of the Deendayal Port Authority, “The Tuna-Tekra mega-terminal will be among the biggest container terminals to be set up in the country.”

“It will aid in boosting the port’s productivity and cargo handling capability. As one of the busiest ports in India, we are dedicated to improving our ability to serve the country and businesses by easing traffic and promoting trade efficiency.

According to marine research and consulting services provider Drewry, the world’s container throughput will increase from 858 million TEUs in 2021 to 932 million TEUs by 2025.
To help meet rising demand in important trading markets, DP World earlier this month announced plans to increase container handling capacity by nearly 3 million TEUs by the end of the year.

The corporation, which now oversees 9% of the global handling capacity and ranks among the top five port operators worldwide, said that the expansion will increase its overall gross capacity to 93.6 million TEUs.

According to DP World, key markets will see capacity increases this year at Caucedo (Dominican Republic), Yarimca (Turkey), Sokhna (Egypt), and Jeddah (Saudi Arabia), totaling 1.2 million TEUs, 579,000 TEUs, 500,000 TEUs, and 200,000 TEUs, respectively.

Other markets include terminals in Luanda, Dakar, Berbera, and Vancouver in addition to Callao in Peru and Saigon in Vietnam.

With a total capacity of almost 6 million TEUs, DP World now runs five container terminals in India, namely two in Mumbai and one each in Mundra, Cochin, and Chennai.

The ports operator’s total capacity in the nation will increase to 8.19 million TEUs with the addition of Tuna-Tekra.

Development in Dubai

Luxury housing prices in Dubai are up almost 50%, while those in Tokyo are up 26%. Here are other cities’ positions.

head dubai August 25, 2023 No Comments

Data from the real estate consulting company shows that prices in Dubai have increased by 225% from plunging to an all-time low in the third quarter of 2020.
For the ninth consecutive quarter, The Emirate held the top spot in the rankings.
According to a new research by Knight Frank, Dubai’s luxury home prices increased by almost 50% in the year leading up to June, keeping its top spot for the eighth consecutive quarter.

The property consultancy firm released figures on Wednesday showing that prices in Dubai have increased by 225% from plunging to an all-time low in the third quarter of 2020. For the ninth consecutive quarter, The Emirate held the top spot in the rankings.

Tokyo, which experienced an annual growth of 26.2%, and Manila, which witnessed a increment 19.9%.

Shanghai, China, saw an addition of 6.7%, and Singapore saw an increase of 4.2%. The survey stated that “the inflow of expatriates to Singapore, spurred by the flourishing financial and professional services sector, has influenced the rental market more than the sales market,” noting that the difference is partially attributable to taxation for purchases by foreign buyers.

Foreign buyers of residential property in Singapore must now pay an extra 60% in buyer’s stamp duty, double the prior 30%, effective of the end of April.

Due to a rise in unsold inventory from recently completed projects, prices in Hong Kong have fallen 1.5% over the past year. The Hong Kong government increased its mortgage loan-to-value ratio for residential properties priced at 15 million Hong Kong dollars ($1.9 million) or less to 70% in an effort to boost demand.

The ability of the shift to “significantly boost” growth is still unknown, according to Knight Frank’s analysts, even though the change is expected to be welcomed by purchasers.

Other cities that experienced declines were New York, which fell 3.9%, and San Francisco, which had an 11.1% decline. Frankfurt, Germany, came in last on the list after experiencing a 15.1% decline.
In all 46 markets included in the Knight Frank Prime Global Cities Index, average yearly price growth was 1.5%.

According to Knight Frank’s Global Head of Research Liam Bailey, “the switch to higher interest rates is still exerting pressure on the world’s housing markets.”

However, he pointed out that the index’s findings confirm that prices are backed by robust underlying demand, limited supply as a result of the interruption of new construction projects due to the pandemic, and the influx of workers back into cities. Changes in prices in many markets are likely to be smaller than was anticipated even three months ago, Bailey continued, as uncertainty regarding the path of inflation appears to have decreased in recent months.

entreprenuership

Rolex makes a surprising acquisition of retailer Bucherer that will increase its global reach.

head dubai August 25, 2023 No Comments

Globally, the Swiss shop has more than 100 locations and will carry on with its own identity and management.
Rolex, the largest watch company in Switzerland, has made an unexpected acquisition of Bucherer, a 135-year-old luxury retailer, under which both businesses will continue to function as independent brands.

Bucherer will be integrated into the Rolex group once the takeover has received approval from the competition authorities, according to Rolex, which did not disclose the deal’s value but claimed it will increase the company’s global presence.

According to a statement released on Thursday by Geneva-based and privately held Rolex, “Rolex chose to purchase the watch retailer, which was, until recently, an independent entity, following the decision made by Jorg Bucherer to sell his company’s business in the absence of direct descendants.”

Rolex’s “desire to continue the success of Bucherer and maintain the close partnership ties that have connected both companies since 1924” is reflected in this decision, which was made. The two companies have collaborated for almost 90 years, with one supporting the success and expansion of the other.

The Hans Wilsdorf Foundation, the only owner of Rolex, only owns and manages one store worldwide, which is located in Geneva, the company’s home city. It offers its timepieces for sale through authorized merchants all around the world.

With more than 100 sales outlets worldwide, Bucherer, located in Lucerne, sells a number of high-end watch brands. It has stores in Switzerland, the US, England, Germany, France, Denmark, and Austria.

Since 1924, Bucherer has distributed Rolex watches as an authorized retailer, and 48 of its stores carry Tudor watches, which are less expensive than Rolex models.

The watch retailer has watch repair shops and serves as both brands’ authorized after-sales service center.

Rolex and Tudor run their businesses separately, with Tudor having its own CEO.
The management team at Bucherer will remain the same under the acquisition conditions of the most recent agreement, and Mr. Bucherer, the last person to have met and worked with Hans Wilsdorf, the original founder of Rolex, will continue in his role as honorary president of the Bucherer group.

The Rolex group is sure that this acquisition is the greatest move for all of the watch and jewelry partner brands, as well as for all of the Bucherer group’s employees, according to the firm.

As part of its expansion strategy, Bucherer purchased American watch retailer Tourneau in 2018. A year after purchasing The Watch Gallery in the UK, it made the transfer.

After spending was muted in 2020, it picked up in China and the US in 2021, but the war in the Ukraine, rising inflation rates, and supply chain concerns later had an impact on demand.

According to Deloitte, 2021 was the strongest year ever for the Swiss watch sector, with exports increasing to 21.2 billion Swiss francs, breaking the previous record set in 2014 and surpassing pre-coronavirus levels.

According to the consultancy, the US will account for 15% of Swiss watches exported there in 2022, making it the industry’s largest single market for the past two years.

Deloitte’s poll of business executives found that the US is the next major growth market, followed by China, India, and Gulf nations.

While China hasn’t yet restored its export share to what it was before to the epidemic, Hong Kong’s market is still declining. With 30% and 6%, respectively, Europe and Japan continue to be stable.

Over a million watches were produced by Rolex, which is famous for its Daytona, Submariner, GMT, and Master II models, in 2022, and they brought in more than $13 billion in revenue.

Luxury watches are regarded as reliable stores of value, especially in a market that is unstable and where inflationary pressures are considerable, according to Deloitte.

Consumers who buy watches as investments are motivated to do so, per the consultancy’s research, to resell at a higher price (36%), or to diversify their investment portfolio (33%).

Chinese consumers (55%) are most interested in portfolio diversity, while Singaporeans (49%) prefer resale potential and Italians (31%) are most likely to buy a watch for family members to inherit.