Saturday, September 19, 2009
Stargate, Dubai Opens for Eid.
This Eid holiday sees the opening in Dubai of the regions first space age theme park.
At a cost of Dhs450 million, Stargate is located at Zabeel Park in the heart of city and offers 400,000 sq ft of futuristic fun. The structure resembles the interior of a space ship and is split into five domes, Earth, UFO, Lunar, Saturn and Mars.
An assortment of exhilarating rides and games combined with an advanced technology learning opportunity for the young and young at heart are available in each dome. Very young children are catered for also, with supervised space themed drawing, painting and storytelling.
Entry to Stargate is free. However a fee is incurred to use the rides and games. This is done by means of purchasing a Dhs 2 smart card and topping up at designated pay stations as required.
The complex houses a Space Mall which will retail an assortment of space related gadgets and a food court – and who knows the food may even be space related!
For more information Stargate Dubai
Friday, September 18, 2009
Property Update: At the end of the feeding frenzy what lessons have been learned?
By
M.A.C. Davidson Legal Consultants
With purchasers back in the control or, at least, gaining some ground in the equilibrium of the property market, extra caution and common sense can now be taken when buying and selling property . The real estate market in Dubai saw a phenomenal growth in investment and huge gains were made by those who invested from 2002 to 2007. Most transactions were entered into with somewhat of a carefree approach derived from somewhat of a ‘feeding frenzy’ mentality.
In the UK, for example, there are clear procedures which identify and investigate the property being purchased. Lawyers are instructed to ensure that sellers have the authority to sell and purchasers have the capacity to pay. However, the UAE does not yet have such a structure in place and many purchases are still made on the basis of a simple two page Reservation Form, unwarranted deposits (sometimes forfeited) and broker led agreements often left unread by either party.
Hopefully those who have suffered from this phenomenon and perhaps new purchasers will exercise additional caution which is best exercised by having an expert, such as a law firm or equivalent industry expert, to guide their client through the procedures and avoid the potential pitfalls involved in buying and selling property in the UAE.
M.A.C. Davidson
Tuesday, September 15, 2009
Welcome Back Review
By James Thomas of Acuma Wealth Management
In the second of a series of articles, our financial expert, James Thomas, from Acuma Wealth Management discusses the need for a financial review.
With the summer break finally drawing to a close, I thought that this would be a good time to review some basics of financial planning and why they are so important. At key times like this, people often make resolutions about many things, such as getting fit, losing weight, or getting a new job, but how many people decide that they should review their financial situation, take stock of where they are and consider where they want to be?
There is a very helpful series of questions that can be used to help with this. It is often referred to as the ‘broad concept’ approach. These can be applied to any set of circumstances. Firstly you need to consider where your financial situation is now; then to consider where you would like to be; then to review the options available, and finally what is the best option for you today? Once these questions have been discussed and conclusions drawn, you should be in a much better position to move forward.
This concept can be applied to three generic questions to ask yourself to assist with your financial planning;
What would happen to your family or dependants if you died before you have financial security? What would happen if you lived too long and your money runs out? And finally what would happen if you get sick in the meanwhile?
The first question relates to life assurance. Why do you need life cover? There are a whole host of reasons, but the main one will be to replace you financially in the event of your death. That may sound harsh, but that is what life cover is for. It is to replace the income that you would have earned if you were alive to support your family.
The next issue is to consider your future. Have you saved or are you saving enough to allow you to enjoy the time when you no longer want to work or physically can’t work? If you have already implemented a retirement plan, is it working as hard for you as possible? When did you last review the performance and check where your funds are invested?
The third question relates to what is sometimes referred to as financial death. This is when you are still alive but unable to work, usually due to illness or injury.
Your financial planning is an ongoing process and you should be happy that your decisions are the right ones and the arrangements that you implemented are the correct ones for you. We at Acuma welcome your questions and enquiries directly so please do not hesitate to contact us if you would like to discuss this or any other issue in more detail.
James Thomas
Acuma Wealth Management
Monday, September 14, 2009
MyMove Dubai team hits the Metro
By Cormac Sheedy
On Saturday last Sep 12th the MyMove team hit the eagerly awaited Metro.
We arrived at Nakheel and Harbour Tower Station at Ibn Battuta Mall having easily parked in the new Multi story Car park. Unfortunately both ticket machines were not working and there was a growing queue at the ticket booth. I counted nine staff inside but the queue moved slowly.
We boarded the train reasonably quickly and were greeted by the friendly and informative staff member in the carriage. The carriages are very comfortable with great head rests and Wi-Fi in first class. There is a ladies and children’s carriage which unfortunately was not adhered to when the Metro got busy.
There are currently ten of the twenty nine stations open on the red line with 2/3 expected to open every six weeks between now and next March.
The journey was terrific. Our sons Harry and Oliver loved the views of Dubai and the motion of the train was almost therapeutic.
Our journey to Al Rashidiya, took us about forty minutes for ten stops. The station was extremely busy and the return journey was packed.
The only black mark on our trip was our arrival back at Nakheel Harbour Tower Station. At this stage (5pm on Saturday) the station was packed and they were not letting people exit of the station. There were inadequate exit barriers with a huge queue had formed at the entrance. More barriers are definitely needed at this flagship terminal station and more decisive staff required.
The overall experience was terrific, and Dubai residents will adjust to this new mode of transport and residents do in many major cities of the World.
There is clearly a big novelty factor with the Metro for Dubai residents dying to try it out, and this will ease as time passes. However they can always expect tourists on it, as it is such an inexpensive way to view the City.
The Metro is clearly fantastic news for Dubai, but it will take time to resolve the teething problems. A combination of customers getting used to obeying the rules about pushing red buttons, not allowing kids to eat on the trains and observing the correct seating areas will all help matters.
The public has a part to play.
Cormac Sheedy
MyMove Dubai
Tuesday, April 07, 2009 | Finance
by Finance
In the first of a series of articles, our financial expert, James Thomas, from Acuma Wealth Management discusses the need for medical insurance.
Medical insurance is just like car, house, life or any other form of insurance in that you are insuring yourself against the possibility of something happening. None of us expect to have a car crash but if we do, then we have insurance to pay for the repairs. Continuing the theme of the car crash, what is more important – to have the car or yourself repaired? A simple choice I would suggest, and hopefully puts the issue into perspective.
Medical insurance is designed to meet the cost of any medical costs you may incur for what ever issue that has caused you to visit a doctor.
There are lots of options that can be considered and the amount of cover can vary. The common options relate to exactly what cover you require. The basic policies will cover you for in-patient treatment only. More comprehensive policies will cover out-patient treatment as well. In addition to in-patient and out-patient treatment, you can also include routine dental treatment and routine pregnancy cover as well. There is also the issue of which region is covered; ranging from local cover to full international coverage.
Many insurers allow you to have treatment in a hospital or clinic of your choice be it in your country of residence, your home country or elsewhere. That means you would be covered on any holidays or trips that you undertake and, more importantly, in your home country. This has become of importance more recently to UK expatriates who are no longer automatically guaranteed free treatment under the NHS.
Obviously the more comprehensive the cover you have, the more expensive the cost of the cover will be. To reduce this cost you can include an excess, just like the example of car insurance, where you agree to pay the first part of the treatment in return for a reduced premium.
The other major factor in the cost of medical cover is age – the older you are, statistically the more likely you are to claim and so the more expensive the cover will be, so given your age now, the cost is likely to be relatively low. The exact cost will depend on the type of cover you wish to have.
In summary there are a number of options for you to consider when selecting the right health insurance cover for your needs. We at Acuma welcome your questions and enquiries directly so please do not hesitate to contact us if you would like to discuss this or any other issue in more detail.