Shoppers during the Dubai Shopping Festival at Deira City Center in Dubai.
Shoppers during the Dubai Shopping Festival at Deira City Center in Dubai.

Summer of bargains at Dubai malls



Hundreds of retailers across the UAE are launching discounts, prizes and promotions today as Dubai Summer Surprises (DSS) kicks off in its 15th year.

The festival will run for 31 days until July 14 as retailers slash their margins to entice customers with sales and events in the emirate's malls.

"Dubai Summer Surprises is a fun-packed time for the residents of Dubai, as well as the many visitors that the city-wide festival attracts every summer," said Tarek Moussawer, the marketing manager for Virgin Megastore Middle East and North Africa.

The entertainment store is discounting 75 per cent on some products and offering "buy two get one free" on books, DVDs and CDs. It will also offer potential prizes for customers spending more than Dh150 (US$40).

Mall of the Emirates is expecting a huge influx of Chinese tourists this year and luxury retailers have hired more Chinese staff to accommodate the expected jump in visitor numbers from the country.

"Mall of the Emirates is welcoming a growing number of Chinese visitors, most often during the Chinese New Year, public holidays and shopping festivals like DSS," said Fuad Sharaf, the senior asset director at Majid Al Futtaim, the operator of Mall of the Emirates.

The number of visitors to Dubai has increased 9 per cent so far this year, compared with the same period last year, according to the Department of Tourism and Commerce Marketing. An estimated 9 million tourists entered the emirate last year, a total expected to be exceeded this year.

For DSS, Jumbo Electronics is launching a "Laptop Mania" sale, bundling free products and services into deals with every laptop bought.

"We are expecting a huge turn-out at our retail stores, as we are also launching new products from our leading brands during the Dubai Summer Surprises promotion," said Nadeem Khanzadah, the head of retail at Jumbo. "Shoppers can expect to see the latest in Sony Bravia 3D Internet TVs, digital cameras, smartphones and tablets in-store."

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Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

Jawan
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BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

The five pillars of Islam
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The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

Results

7pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Dirt) 1,600m; Winner: RB Kings Bay, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)

7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash

8pm: Maiden (PA) Dh70,000 (D) 1,400m; Winner: AF Sourouh, Tadhg O’Shea, Ernst Oertel

8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel

9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel

9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar

10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri

What is an ETF?

An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.

There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.

The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.

There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.

While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash. 

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