Benchmark Middle East, September 2015

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Work + Play = Life

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Interview with Ambareen Musa, Founder of Souqalmal.com p36

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Published from Dubai Media City

SEPTEMBER 2015

Your Money in Numbers p8

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One & Only, Dubai’s Royal Mirage p44

benchmark middle east

inside

Work + Play = Life

SEPTEMBER 2015

N S I D One & Only, Dubai’s Royal Mirage p44

Infographics: Your Money In Numbers Dubai and Abu Dhabi are the priciest Middle Eastern cities for expats, and among the most expensive worldwide. Little wonder that there are massive levels of debt, increasing numbers of loans being taken out, and poor retirement planning. Here’s the lowdown on what UAE residents earn, spend and (mostly fail to) save.

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Published from Dubai Media City

SEPTEMBER 2015

Work

Your Money in Numbers p8 Interview with Ambareen Musa, Founder of Souqalmal.com p36

Cover design Geri Batara Sonny

10 Finance Trends 14 Top More of us now have an ‘electronic’ wallet as

well as a leather one – but neither, unfortunately, is likely to have as much money in it as in 2014.

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Debt Perils for UAE Newcomers There is a debt epidemic in the UAE – and for many new residents the temptation to go ‘into the red’ starts on the very first day they arrive.

Credit Agencies Working?

24 Are There was a time when you could merrily rack up debts in the UAE, with banks oblivious to what you owe other lenders.

Finance for Everyone?

28 IsIt’sSharia little wonder that more non-Muslims are putting their faith in Islamic finance.

Traps 32 Financial When one of the UAE’s so-called ‘financial advisors’ called Sam Instone a few weeks ago, they chose the wrong guy to try to con.

BOSS: Q&A with Ambareen Musa, 36 THE founder of Souqalmal.com

Ms Musa told Benchmark about how shopping around can save you serious money – and her broader mission to improve financial literacy in the region.

Events planner 42 Work: The UAE will be abuzz with high-profile events

over the next two months, as conference season gets into full swing. Here are ten of the biggest, spanning business, finance and politics.

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PLAY Feel Like The One & Only 44 Travel: at Dubai's Royal Mirage

This luxury resort holds one of the emirate’s prime locations on Jumeirah Beach gazing out on the Palm Jumeirah.

Bentley Mulsanne 49 Motoring: Imagine you were the captain of the Titantic,

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grand, majestic, luxurious, but you had the added advantage that your vessel could turn on a six-pence and accelerate like a thorough-bred racehorse, would you take that job?

52 Top Five Properties For Sale 54 Top Five Properties For Rent 56 Five-stars Hotels in Oman 60 Fashion for Her and Him Events planner 61 Play: From ancient boy bands to a retelling of the One

Thousand and One Nights, the UAE is set to host an eclectic mix of entertainment events over the next two months, with something for all the family. Here is Benchmark’s guide to ten of the best.

Eat to boost your brain power 66 Health: Want to get ahead of the pack? Make sure to supercharge your diet with these five brain superfoods.

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Editor's Note

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nnual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.”

Charles Dickens penned that back in the 1900s, and the constant cycle of economic booms and busts across the world shows many never learn, that when temptation is on the table we almost always cave in.

And here in the UAE it seems we are yet to learn that happy balance.

This month in our Work section Ben Flanagan reports that the average UAE household debt is estimated at $95,000, with almost half of residents saying their monthly income is insufficient to cover repayments, according to a 2013 study by Strategic Analysis.

And the number of personal loans in-

creased by 10 per cent since the beginning of 2015, he writes, despite some saying the newly launched Al Etihad Credit Bureau would restrict the market.

But despair not if you perhaps indulged a little too much in the summer sales here, or on travels abroad, for Benchmark talks to the experts about how to get back on track.

We look, for example, at the number of expats turning to the Sharia finance market to get better deals.

We talk to a financial advisor who tells you how to navigate the shark-infested waters of ‘wealth management’ and in The Boss we meet Ambareen Musa who founded Souqalmal.com to help you shop around online for the most competitive credit deals.

We’ve got the Top 10 trends in personal finance to help you stay ahead and

our mega graphic this month dives into the personal finance situation here in the UAE in glorious statistical detail.

Plus we answer the question: “What do credit agencies mean for me in the UAE?” And we’re even going to advise you how to spend your previous dirhams so you get the most fun for your fils in our Play section.

We check into the Royal Mirage One & Only in Dubai to discover that sometimes brands can remain true to you, we climb behind the wheel of the Bentley Mulsanne Speed, and we tick off the top five ‘musthave’ properties for rent and purchase in the UAE in association with Luxhabitat.

How to eat yourself clever, what to wear and what’s on in Work and Play round off a value for money package. As Benjamin Franklin once wrote: “An investment in knowledge pays the best interest.”

Scott Armstrong, Chief Executive Editor

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Work Your money in numbers

Wo rk

Cover Feature

YOUR

MONEY IN NUMBERS Dubai and Abu Dhabi are the priciest Middle Eastern cities for expats, and among the most expensive worldwide. Little wonder that there are massive levels of debt, increasing numbers of loans being taken out, and poor retirement planning. Here’s the lowdown on what UAE residents earn, spend and (mostly fail to) save 1 Chief Financial Officer (Group/regional level)

Average monthly salaries (in AED)

110,000

48%

2

of UAE residents say their monthly income is not enough to cover repayments

Chief Marketing Officer

65,000

3 HR Director

54,000

4 Head of IT

40,000

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6

7

8

9

Senior Quantity Surveyor

Senior Recruitment Chief Architect Manager Accountant

Logistics Manager

35,000

35,000 30,000

25,000

27,000

10 IT Manager

24,000

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Your money in numbers

Work

Cover Feature

Dirhams don't go far in Dubai

Dh50,678 Average school fees in the British system

Dh409

Cost of upmarket Italian meal for two – the second-highest globally

Dh22,042 Average school fees in the Indian system

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3

th

most-expensive broadband prices in the world

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12

th

most-expensive gym memberships, cappuccino prices in the world

Dh103

Average cost of a bottle of quality red wine in Dubai – the highest price globally

Dh 42

13

Legal Supply Chain Marketing Secretary coordinator Executive

19,000 18,000

Average cost of a pint of beer – second highest globally

18,000 14

15

16

17

Electrical Engineer

HR Advisor

IT engineer

Junior Architect

15,000

14,000 12,500

12,500

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19

Accounts Marketing 12,000 Assistant

20 21 10,500 Receptionist Admin Assistant 9,000 7,000

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Cover Work Feature Your money in numbers

Consumer debt in the UAE

$114bn in total

60%

$12.7bn

worth of cheques bounced during 2012

say a quarter or more of their salary is spent paying debts

37%

of residents say they have more than one credit card

67%

Proportion of all GCC household debt accumulated in the UAE

$95,000 per household in 2013

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Cover Feature Your money in numbers Work

Banks in the UAE

23 Local banks

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Foreign banks

Dh360 billion bank deposits by individual residents

Loans in the UAE

3.1 m 10%

residents have 6.69 million active loans

Increase of number of loans since the beginning of 2015

Cap on loan and credit-card repayments as proportion of individual’s income, imposed by UAE Central Bank

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Work Your money in numbers Cover Feature

Ten most expensive Middle East cities for expats

Dubai ranks as the 29th most expensive city in the world for expats, with Abu Dhabi at 40th place, according to Expatistan.com. Here’s the top 10 most pricy cities in the Middle East and some surrounding countries:

Is stanbu s ta anbul a nbu bul 7

8 Bak Baku

10 Ankara

5 Amman A Am Tel A Aviv 3 Manama 4 Riyadh 6

1 Dubai 2 Abu A Dhabi

Jeddah h 9

Emiratis in debt

70%

of young Emiratis are reported in debt

Emirati youth spend

3x

more on fashion than expatriate Arabs and Asians

Fuel costs rising

$387 24%

Personal cost to each resident following subsidy removal

Increase in petrol prices after the government cut subsidies

29% Decrease in diesel prices

Out of every Dh100 spent by the average UAE youth, almost Dh40 goes on clothing, and nearly Dh35 on mobile phones

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Your money in numbers Work Cover Feature

Saving for rainy days, retirement 25% of residents do not put any money into savings

55% workers feel inadequately wo prepared for life after work pre

69%

68%

of UAE residents have not started planning for retirement

fea fear that they will run out of mon after they stop working money

Bonuses

71%

of UAE residents expect a bonus in 2015

55%

said bonus money would go to repaying loans or towards daily living expenses

SOURCES: Abacus (2015) | Al Etihad Credit Bureau (2015) | Central Bank of the UAE | Hays (2015) | Cost of Living Emirates Foundation for Youth Development (2012) | Expatistan.com (2015) | HSBC Future of Retirement 2015 report | Reports (2013) | Strategic Analysis (2013) | YouGov/The National (2015) Moody’s Investors Service (2015) | Zurich Insurance Group (2015)

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Work 10 Finance Trends

Top ten personal finance trends in 2015

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Ben Flanagan

ore of us now have an ‘electronic’ wallet as well as a leather one — but neither, unfortunately, is likely to have as much money in it as in 2014. This year has brought mixed blessings for UAE residents’ personal finances: While our banks and pay-

ment providers are getting more high-tech, the rising cost of living means people are able to splash the cash — or rather, tap the e-reader — less often. Here are the top 10 money trends that show our moneyis getting smarter — if not more plentiful.

Card spending on the rise…

E-commerce websites may complain that UAE residents are a reluctantpay online with cards — but the opposite is the case in physical retail stores. Credit- and debit-card transactions in the country were up 14 percent during Ramadan this year compared with the Holy Month in 2014, according to Network International. Growth in card transactions was driven by restaurants (up 27 percent), fashion stores and supermarkets (both up 12 per cent) and public services (which increased by about half ).

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10 Finance Trends Work

2 ...As well as contactless payments As well as swiping, more of us are set to make payments with a simple tap. In March, McDonald’s and MasterCard announced a collaboration in the Middle East and Africa under which customers will soon be able to tap their contactless card or phone to pay for their Big Macs.

And it’s only a matter of time before Apple Pay — the California tech giant’s take on the mobile wallet — launches in the UAE. It was reported in May that Apple is in discussion with UAE banks about rolling out the service locally.

Home contents insurance burning issue You might think the dramatic blaze at Dubai’s Torch Tower in February would have got people thinking about home contents insurance. You’d be wrong, according to a survey in March by financialproduct comparison website Souqalmal. com. It found that 86% of UAE residents do not have contents insurance, of whom 67% would still not consider taking cover even in the light of the Torch Tower fire.

Despite rates of insurance uptake being low, Alison Fenech, Chartered Insurance Practitioner and Head of General Insurance at Nexus Insurance Brokers, said there had been more interest this year.

“The Torch Tower fire incident has certainly caused an increase in demand for optional home insurance plans as people become more concerned about their property,” she said.

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Medical insurance gets costlier Under rules being phased in by Dubai Health Authority (DHA), all employers must provide medical insurance by the end of June. Ms Fenech said this was having a big impact on insurance providers and their customers. “We have… seen a sharp increase in premium plans as the new law makes it compulsory for insurance providers to cover pre-existing conditions. While this allows insurance providers to charge a premium, it has affected customers’ budget, choice of insurance coverage, and choice of insurance provider,” she said.

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Work 10 Finance Trends

Cost of living on the rise It’s getting more expensive to live in the UAE, with the June inflation rate close to a six-year high. Experts point to the removal of fuel subsidies, which saw petrol prices rise by about 24 percent at the beginning of August, as seeing life get even more expensive. “Cost of living is indeed higher this year, as rents have not eased off yet and fuel prices and general food prices are generally up,” said Preeti Bhambri, founder of personal finance site MoneyCamel. com. Andrew Prince, financial planner for Acuma independent financial advice in Dubai, said the prospect of lower rents only really benefitsa few. “Whilst there is a consensus that rents along with property prices are softening in many areas, this will only benefit a tenant if they are on the cusp of moving,” he said.

5

More taxes?

Non UAE residents often enviously remark that the country is completely taxfree — but most people who live here know that is not entirely true. There are small government fees that apply nationwide or to specific emirates, including municipality charges, tolls on Sheikh Zayed Road, a tourism tax, corporation tax on foreign banks, and a fee to fund innovation. There could be more to come, with the government reportedly drawing up plans for both a value-added tax (VAT) and corporation tax. The IMF has recommended a VAT rate of about 5 percent, a 15 percent excise tax on cars, and extending corporate income tax.

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Poor retirement planning Many people come to the UAE with the intention of saving money – but it seems that is mainly for the short- or mediumterm, with many neglecting their retirement. Almost nine in 10 residents say saving for old age is not a main priority, according to HSBC’s Future of Retirement 2015 report. Around 55% of UAE workers polled said they feel inadequately prepared for retirement, with 68% fearing they will run out of money after they stop working, the report found.

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Closer to insolvency law, decriminalising bounced cheques As boxing champion David Haye discovered in April, writing a bad cheque can have heavyweight consequences in the UAE. Haye was reportedly arrested and had his passport confiscated at Dubai International Airport after a cheque for Dh1.8 million bounced. But such cases could be a thing of the past if a proposed law gets approved. In July it emerged that the UAE had moved closer to enacting an insolvency law, which lays out flexible strategies for struggling businesses, and could also decriminalise bounced cheques.

Giving it all away You’ve made your money, you’ve flaunted it – now what? Give it all away, of course.

More of the Middle East uber-rich appear to be giving vast chunks of their dosh away.

In July, UAE businessman Abdullah Al Ghurair, founder of Mashreq bank, said he was donating a third of his wealth — more than $1 billion — to charity. The philanthropic pledge came just a few days after Saudi Arabia’s Prince Alwaleed bin Talal vowed to give away his entire $32 billion fortune to good causes. And at least two executives from the Arab world have publicly signed Warren Buffet and Bill Gates’ “Giving Pledge”, under which the world’s superrich vow to give away the majority of their wonga. They are the Sudanese-British telecoms billionaire Mo Ibrahim, and Arif Naqvi, founder of the Abraaj Group.

Gimmicky credit cards There was a time when getting a good credit card meant finding one without an exorbitant interest rate or rip-off annual fee. Now, it seems, it’s all about which one comes with the free selfie stick. A raft of gimmicky — the banks would probably call them ‘innovative’ — cards launched this year offering something a bit different to air miles or lounge access. Though not necessarily as useful. Mashreqearlier this year launched the ‘UAE’s first selfie credit card’, which is printed with an image uploaded by the cardholder, and which comes with the free selfie stick. In January, Al Hilal bank launched a scented card with a “built-in applet which can absorb the scent of any perfume”. And Rakbankoffers a card that offers loyalty points redeemable at a local jewellers — something it dubs‘goldback’.

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Work How to get hired online

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Debt Perils for UAE Newcomers

Work

INto THE RED There is a debt epidemic in the UAE — and for many new residents the temptation to go ‘into the red’ starts on the very first day they arrive

By Ben Flanagan

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Work Debt How to Perils get hired for UAE online Newcomers

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verage UAE household debt is estimated at an astronomical $95,000, with almost half of residents saying their monthly income is insufficient to cover repayments, according to a 2013 study by Strategic Analysis.

And the number of personal loans increased by 10 percent since the beginning of 2015, despite some saying the newly launched Al Etihad Credit Bureau would restrict the market.

Preeti Bhambri, founder of personal finance website MoneyCamel.com, points out that debt is something that starts early on for many newcomers to the UAE. When applying for a bank account or car loan, residents are often automatically issued with a credit card – one of the most expensive ways to borrow money.

“Newcomers to UAE often end up with credit card debt,” said Bhambri. “Debt is as big a problem in UAE as in any other country.”

For some, this first credit card leads to a spiral of debt that leaves them unable to meet repayments — putting some at risk of jail time. One newspaper recently carried a report about an Indian expatriate who had ran up a staggering Dh327,000 in debt in less than 18 months – and was left with just Dh500 a month to live on.

The newly launched Al Etihad Credit Bureau is intended to help protect residents from financial calamity, by allowing banks to make checks on individuals’ credit histories in making decisions on whether to lend.

But with that system still in its infancy, and there are few support mechanisms available to those already heavily indebted, said Ms Bhambri. “Another big issue in the country is that there are no debt-consolidation services available, barring a limited one offered by two banks,” she said. So how do you get out of debt once there?

Ms Bhambri said the first step should be to move to cheaper finance options. Credit card borrowing is notoriously expensive, so taking out a cheaper personal loan to pay off your balance is one way of saving money.

And switching from high-interest personal loans to cheaper loans can also help residents pay less interest, she added.

But Andrew Prince, financial planner for Acuma independent financial advice in Dubai, sounded a note of caution for those consolidating their loans in this way. A highly disciplined approached is needed to avoid slipping further into debt, he said.

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“A minority who live for now, consolidate loans and then start again will experience what I refer to as a vicious circle – meaning that they use debt to repay debt,” said Mr Prince.

“Think carefully before consolidating loans, for whilst it may temporarily reduce your monthly outgoings, the amount charged for credit is usually higher the longer the loan term.”

Credit checks facilitated by the Al Etihad Credit Bureau should eventually help reduce the danger of people going into a debt spiral, Mr Prince said. In the meantime, the first move for those in trouble should be to speak to their lender, he said.

“For more serious cases of debt seek the services of a debt counsellor – they will have experience in how to help and who to turn to,” he said. “The internet will help you find someone or ask your friends, they too may have experienced similar difficulties.”

Not splashing the cash on overly lavish UAE lifestyles is another key tip offered by Mr Prince. “As Oscar Wilde said, ‘I can resist everything except temptation’… It does take a lot of willpower to say ‘no’ to the latest fads and fashion, especially with little by way of direct taxation to worry about,” he said.

“The key message is to deduct at least 20 percent of your salary for savings before committing to a certain lifestyle [or buying the] latest ‘must have’…

That way, you will have cash to purchase should you wish, or at least have a nest egg when ultimately returning home.”

So is the smartest thing to rip up that credit card issued when you first arrive? Not necessarily: there are ways credit cards can be financially beneficial to UAE expats (see panel).

“The smart people are the ones who use debt to their advantage,” said Mr Prince. “I have a client fortunate enough to save a significant amount each month via their credit card, clearing the outstanding balance each month to avoid paying charges, but accruing enough air miles to fly business class every couple of months. Now that is smart.”

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Debt Perils for UAE Newcomers

Work

The key message is to deduct at least 20 percent of your salary for savings before committing to a certain lifestyle or buying the latest ‘must have’…

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Work Debt How to Perils get hired for UAE online Newcomers

2 Choose your rewards wisely

1 Pay it off!

Let’s get the obvious point out the way: If you don’t pay off your monthly credit-card balance in full, you’ll likely be charged top dollar. Preeti Bhambri, founder of personal finance website MoneyCamel.com, advises people use credit cards more like debit cards – paying off the balance monthly, thus accumulating no interest, but racking up rewards such as air miles or discounts.

“Used judiciously, credit cards can lead to significant savings,” she said.

To best work the system, you’ll need to choose the rewards that are right for you. Different UAE card providers offer various benefits, ranging from cashback cards – where you get a small proportion of your spending back – and those that offer air miles, cinema tickets, valet parking, dining or golf rewards.

If you’re a big spender, a cashback card might be the most rewarding. But if you don’t use your credit card much, perks like free airport-lounge access might be the way to fly.

Top five tips

How to make credit cards work for you For those caught in the trap of paying off just the minimum balance, credit cards are one of the most expensive ways of borrowing — and one of the quickest ways to fall into debt. But there are ways to make flashing the plastic work for you.

Here are Benchmark’s top five tips on making credit cards pay, rather than letting them break the bank.

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Debt Perils for UAE Newcomers

Work

3 Know the difference between Islamic and conventional cards

If you are comparing UAE credit cards, you’ll see that a number of Islamic alternatives are available.

Sometimes known as ‘covered cards’, these products do not charge interest, something not permissible under sharia principles. Instead, such cards have a service charge or non-compounding profit rate. When comparing such cards, bear in mind the fees – which can vary between Dh75 and Dh1,200 a month, according to Souqalmal.com.

4 Be wary of cash withdrawals

5 Always compare

There is a dizzying array of cards out there, so use a comparison site before signing up. For example, Souqalmal. com lists more than 200 UAE credit cards, with monthly interest rates ranging from around 0.54% to 3.33%. There are of course additional factors to consider, such as the annual fee, foreignexchange rate and minimum salary required. Those working the system will choose a credit card with zero fees and the best rewards; these may have a higher interest rate, however, so always remember tip number one.

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Using your credit card to withdraw cash generally attracts two additional fees: A charge of a few percent of the sum you withdraw, and a higher interest rate than that levied on store purchases. According to data from Souqalmal.com, you’ll typically be charged a 3% cash-advance fee – amounting to $60 on a $2,000 withdrawal – plus a higher monthly interest rate of around 3%. And if you’re abroad an overseas transaction fee of 2.75% may apply. So remember: Financial pros never use credit cards to withdraw cash.

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Work UAE Credit Agency

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UAE Credit Agencies

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What’s the score with the UAE credit agency?

T

here was a time when you could merrily rack up debts in the UAE, with banks oblivious to what you owe other lenders. A resident could have an huge overdraft, wage-sapping loan, and a half-dozen maxed-out credit cards with banks

A, B and C — but bank D would have no way of knowing. This situation allowed some to borrow more than they could ever hope to repay.

Ben Flanagan

In step the Al Etihad Credit Bureau, which launched last year amid hopes of defusing this ticking time-bomb of debt.

The agency gives banks information about the financial obligations, debt levels and creditworthiness of both individuals and companies, allowing lenders to make more informed decisions on whether to grant that loan, credit card or mortgage.

Some banks report a rise in loan rejections since using the system — although it is still early days for the bureau, with not all lenders fully on board.

So how does it work — and does it work?

Benchmark has the answers: What does my Al Etihad Credit Bureau report contain?

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loan histories over the last 24 months, including any overdue payments or defaults, as well as credit repayments. There is also basic identity information, including an individual’s current address and employment. The bureau collects similar data about companies in the UAE. I understand why banks stand to benefit from this. But are there any advantages for me as a consumer?

In the long run, the bureau says it will help reduce bad debts — something of obvious appeal to banks — and help stop those in debt from overstretching themselves. But a bureau spokesperson told Benchmark that individuals who maintain a good credit rating also stand to “benefit from greater access to capital and better interest rates”.

How many banks are using it?

More than 45 financial institutions are participating, with some using credit reports daily to make decisions on lending to consumers and corporations, according to the bureau spokesperson. But while all banks are required to provide data, not all are actually using the bureau reports to make decisions on lending. The initial rollout of the service was slowed by questions over the quality of the data and the legal liabilities involved, issues that have now been resolved, according to media reports.

“The Al Etihad Credit Bureau is picking up ground,” Preeti Bhambri, founder of personal finance website MoneyCamel.com, told Benchmark. “Though not all banks subscribe to it, it will significantly improve credit quality once it is fully functionally.”

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So what impact is it having among the lenders that do use it?

A significant one. Abu Dhabi Islamic Bank said in July that it is rejecting 10 per cent more loans since it started using data from the credit bureau. At the time, the bank’s chief executive called on other big lenders to start using the bureau as well, so as to better tackle the UAE’s debt problem.

So presumably overall lending in the UAE has fallen?

Strangely, no. Marwan Lutfi, the head of the credit bureau, told local media in June that the overall number of loans held by residents had actually risen by 10 percent since December.

Institutions only have access to your report if you give them permission.

So if you don’t want them to access your report, refuse to sign the consent form

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UAE Credit Agencies

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What can I do if a bank declines a loan based on data from the credit bureau?

The bureau does not itself make decisions on lending — it simply provides data to banks for them to make up their own minds. So consumers should do all they can to make sure their credit profile is healthy. “If a bank or a financial institution declined a consumer’s application, the consumer can always improve their profile, by paying bills on time, meeting financial commitments and/or reducing the number of credit facilities that they have,” a spokesperson for the bureau says.

What if my loan is declined due to inaccurate information in the report?

In that case, you can visit one of the bureau’s customer-service centres and request an amendment, bringing relevant documents like bank statements or payment receipts. “If the decline was based on inaccurate or outdated information in the credit report — which means that the bank did not provide the bureau with the customer’s updated information — the report can be disputed by the customer at any of Al Etihad Credit Bureau’s customer service locations in Abu Dhabi or Dubai, by presenting the relevant documentation as proof,” the spokesperson explains.

What if I don’t want a bank looking at my credit records?

Institutions only have access to your report if you give them permission. So if you don’t want them to access your report, refuse to sign the consent form.

Does the bureau only work with financial institutions?

For the moment, yes. But in its next phase it plans to collect data from telecom companies Etisalat and du, utility providers such as DEWA, as well as insurance companies and other organisations to help build more comprehensive credit reports.

So how do I get a copy of my report?

Individuals and corporations can request a copy of their detailed credit report, with charges starting at Dh70. At the moment you have to visit the bureau in person to obtain a copy, but eventually this service will be provided online. The actual credit-scoring system will not be introduced until next year, the bureau spokesperson said. b e n c h m ar k m i d d l e e a s t | S e p t e m b e r 2 0 15

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Work Is Sharia Finance for Everyone?

It’s little wonder that more nonMuslims are putting their faith in Islamic finance 28

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Is Sharia Finance for Everyone?

Work

Ben Flanagan

A

mid the ongoing turmoil in the global markets, not to mention the stream of scandals in the conventional banking sector, Sharia-compli-

ant lenders offer something increasingly rare: An ethically minded, prudent place for your money.

And all evidence points to an increasing number of non-Muslims turning to the booming Islamic finance sector, both in the Gulf and further afield.

According to a November 2013 survey of 5,300 UAE residents by the financialproduct comparison site Souqalmal.com, almost 60% of respondents said they hold at least one Islamic-banking product.

While 43 percent of respondents said faith was an important selection criteria, the Souqalmal survey also found that Islamic finance was gaining wider appeal, with more than 50 percent of respondents saying the products have more attractive – and transparent – fees and rates.

Given this generally positive public perception, UAE Islamic lenders are doing more to court non-Muslim customers – and seeing some success in that. The Abu Dhabi Islamic Bank, for example, said last year that 40 percent of its new customers are expatriates, with “a significant share of b e n c h m ar k m i d d l e e a s t | S e p t e m b e r 2 0 15

that business” coming from non-Muslims.

The cornerstone principle of Islamic lenders is that interest, or riba, is forbidden, and so instead they levy fixed fees, or ‘profit rates’, on loans. Sharia-compliant lenders do not invest in certain industries, typically give a percentage of their profits to charity, while some offer women-only banking services.

Tim Sinclair, senior head of marketing and retail sales at the UK-based Al Rayan Bank, said the principles upheld by Islamic lenders make them attractive to Muslims and non-Muslims alike.

He estimates that 83 percent of the UK lender’s fixed-term-deposit savings customers are non-Muslims, while 47 percent of its ISA customers who joined the bank last year do not follow Islam.

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Al Rayan Bank – formerly known as the Islamic Bank of Britain, and which is now part of the Qatar-based Masraf Al Rayan group – in February 2014 published results of a survey that showed that 60 percent of Britons think that Sharia finance is relevant to all faiths.

Mr Sinclair said that non-Muslim customers are attracted to Islamic finance because of the ethical way banks such as his own conduct business, based on prudent spending and the wellbeing of the community.

“Our bank is built and run on ethical principles – derived from trade, entrepreneurship and risk-sharing – that are relevant to customers of all faiths,” he said.

“We provide an ethical alternative to traditional banking. We work with our customers as partners, and will not invest their deposits in activities that are not in keeping with the values of Islam. These include investments connected with gambling, pornography, speculation, tobacco and arms… We are completely transparent about where we invest our customers’ deposits, and, just as importantly, where we don’t invest them.”

Mr Sinclair said other incentives for joining Islamic banks include the fact that they are “not allowed to charge arbitrary

fees” to customers, and that the Shariacompliant banking system has “proven more resilient to the 2008 credit crunch and subsequent world financial crisis than the conventional banking model.”

Despite all that, for many customers it is the fees and rates that are the main factor behind how they choose their bank or loan provider.

Mr Sinclair said Al Rayan Bank’s products “consistently top the best buy tables” in the UK. But do the Islamicfinance products on offer in the UAE compare well with those in the so-called ‘conventional’ sector?

Ambareen Musa, founder of Souqalmal. com, said that rates offered by Shariacompliant products can indeed be competitive. But she advised UAE residents to do their homework and be aware of the differences in the way Islamic and nonIslamic products are structured.

“Islamic finance is available to both Muslims and non-Muslims. Currently there are over 90 personal loans available in the market and almost half of them are Islamic-finance products,” Ms Musa said.

“Products can be as attractive as conventional products – but it is critical to understand the structure before signing up to either product.”

90 Currently

there are over

personal loans available in the market and almost half of them are Islamic-finance products

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Is Sharia Finance for Everyone?

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We provide an ethical alternative to traditional banking. We work with our customers as partners, and will not invest their deposits in activities that are not in keeping with the values of Islam Fadi Bizri Tim Sinclair Senior Head of Marketing and Retail Sales at the UK-based Al Rayan Bank

For example, Islamic finance profit rates on loans generally range from 2.75 percent to 26 percent, whereas conventional interest rates can range from 3.99 percent to 26 percent when calculated on a reducing basis, Ms Musa said.

But she advised UAE consumers to consider more than the rate when deciding between products. For example, there are sometimes restrictions on settling Islamic loans early.

“Because they are different financial structures, you also have to take into account other factors such as early settlement fees, [the] upfront or processing fee, and loan repayment periods,” said Ms Musa.

“It is extremely important for anyone to compare apples for apples, basically doing the full calculations of what their monthly repayments will be on different products.

Make sure you understand the different fees applicable on both conventional and Islamic [products].”

Preeti Bhambri, founder of personal finance website MoneyCamel.com, pointed to Ajman Bank’s personal-finance loans, Dubai Islamic Bank and Emirates Islamic Bank car loans, and Abu Dhabi Islamic Bank’s mortgages as offering particularly favourable rates.

She said that Islamic products “are attractive to non-Muslims on account of [the] low rate of interest, payment holidays and lower fees and charges.”

But – just as with the conventional sector – those payment holidays don’t go on forever. As Ms Bhambri said: “Customers should consider affordability and [the] repayment schedule carefully before signing up for a loan – and should not expect it to be waived off just because they are dealing with Islamic banks.” b e n c h m ar k m i d d l e e a s t | S e p t e m b e r 2 0 15

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Financial Traps

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l a i c n

a n i F Traps W

Ben Flanagan

hen one of the UAE’s so-called ‘financial advisors’ called Sam Instone a few weeks ago, they chose the wrong guy to try to con. Mr

Instone, a former British Army officer now resident in Dubai, received the unsolicited call from a young woman who issued dire warnings about the UK pensions crisis.

Mr Instone was told he was in danger of losing his military retirement fund, and should immediately transfer it to an overseas scheme. >> b e n c h m ar k m i d d l e e a s t | S e p t e m b e r 2 0 15

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>> What the cold-caller did not realise is that Mr Instone is chief executive of financial-advisory firm AES International, and dodgy advisers — many of whom make thousands in commission, but very little for their clients — have been his professional bugbear for more than a decade.

The caller worked for “an unlicensed boiler-room” operation and “lied about everything”, Mr Instone said.

“She was incredibly persuasive. I knew what she was saying was complete rubbish. But I could easily see how an unsuspecting expatriate could fall for it,” he said.

Cold-calling financial advisors will be all too familiar to anyone who has lived in the UAE for more than a few weeks. They are approaching the status of national joke, with expatriate residents moaning en masse about their pushy sales tactics and murky commission structures.

Yet the cold callers continue to call — and, presumably, find customers — as they peddle everything from offshore bonds, saving and pension products to pointless insurance policies.

Commissions charged by some of these cold-calling advisors would be laughable, were they not so shocking. According to examples quoted by AES International, fees on offshore bonds could be as high as 17 percent over time, meaning you could lose Dh17,000 for every Dh100,000 you invest. Commissions are often paid to the financial advisors — or “salesmen” as Mr Instone calls them —as soon as an investor signs up, leaving little incentive for them to provide follow-up assistance.

With often scant disclosure about fees and commissions, the UAE’s financialadvisory market stands about 30 years behind those of developed countries such as the UK, Mr Instone said. And because many advisors are not regulated in the same way they are in more developed markets, UAE residents have little recourse if something goes wrong.

“The Middle East is like the Wild West,” Mr Instone said. “My advice to anyone would be to never indulge a cold-caller. A momentary lapse in your guard can have a horribly long-lasting impact.

“The amount of people whose financial lives — and probably marital lives and 34

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family lives — would have been saved if they did not accept that cold call… I’m seeing them again and again, where people have lost their life savings, pensions; people who have transferred them all and they find out that it’s a scam.”

Peter Cooper, a long-time Dubai resident and the editor and publisher of ArabianMoney.net, says he gets a cold-call from a financial advisers almost every day.

“Recently one tried to call three times while I was hiking up a mountain in Austria,” he said. “Where do they get my number from?”

Such advisors sell “policies that benefit them most and not you” and are not worth the time of day, Mr Cooper added.

“One young colleague of mine was sold funeral insurance. She probably will pay a fortune by the time she dies and will

The amount of people whose financial lives — and probably marital lives and family lives — would have been saved if they did not accept that cold call… I’m seeing them again and again, where people have lost their life savings, pensions; people who have transferred them all and they find out that it’s a scam.

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Financial Traps

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According to examples quoted by AES International, fees on offshore bonds

17 per cent Dh17,000 Dh100,000 could be as high as

over time, meaning you could lose

for every

you invest

not be around to claim it either,” he said.

“Who will know about this policy except the guy who sold it — who’ll probably be dead by then after a long and comfortable retirement?”

Mr Instone, whose firm specialises in financial services for expatriates, wants to provide a viable alternative in this industry plagued by dodgy advisors.

He founded AES International more than a decade ago in the UK, where it is still headquartered, and now runs it from Dubai. Regulated in multiple jurisdictions, AES provides financial advice to its wealthiest clients — those holding at least £250,000 (Dh1.4 million) — as well as general guidance and access to an investment platform for those with £20,000 or more in the bank.

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not rich — that is most at risk from the cold-callers, said Mr Instone. He said he has met “dozens” of people who have lost money by investing in dodgy schemes, including one left £800,000 out of pocket.

He described some of the savings vehicles being offered in the UAE as “horrible, toxic, 1980s products”, with many investors better off abandoning them after five years — and losing all their money — than continuing to invest.

So what does AES do differently to the cowboys out there?

Mr Instone says a crucial difference is that its revenues come from fees, not commissions — which means they are more motivated to act in clients’ best interests, and grow investors’ portfolios over time.

In a bid to draw in customers, AES offers a free review of individuals’ existing invest-

ment portfolios, to see if their money is being managed in the best way. But Mr Instone says most people don’t actually need bespoke financial advice, recommending a “do it yourself” approach for many.

While Mr Instone steadfastly believes that both cold-callers and commissionearning financial advisors are to be avoided, there are of course those willing to defend the practices.

One financial advisor, for example, defended cold calling as a valid business practice in a recent interview with one UAE newspaper — although he acknowledged that purely commission-based financial advice was a poor model.

Mr Instone said it will take “years and years” to change the “toxic” commissionbased model of selling financial products in the UAE. One bigger problem to tackle is that Dubai has “historically been a safe haven for unlicensed financial-services providers”, he added.

“I could name 40 companies here which don’t have any licenses — big financial ones, household names in the UK. They operate here with impunity, and the clients have no recourse to complain,” said Mr Instone. “Until they get a grip of that, then financial train-wrecks are going to continue to happen.”

Until then, Mr Instone’s advice is to give the cold callers the cold shoulder. Although he didn’t take his own advice when the persuasive young woman called him a few weeks ago. In fact, he booked an appointment with her.

“They obviously researched me online and decided not to turn up. I never heard from them again,” he said. “And I was really looking forward to them coming in S e p t e m b e r 2 0 15 | b e n c h m ar k m i d d l e e a s t

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THE BOSS

WORK

Advice you can bank Ben Flanagan

W

ould you rather pay 26 percent interest on a personal loan — or just 4 percent?

It sounds like a no-brainer — but finding the banking bargains among the UAE’s myriad financial products wasn’t always easy. That is what inspired

Ambareen Musa to found Souqalmal.com in 2012. The site compares 2,800 products in categories ranging from current accounts to credit cards.

At the time of writing it is showing one personal loan, with United Arab Bank, with a reducing interest rate of 3.99 percent — while another lender is charging a whopping 26 percent. Ms Musa told Benchmark about how shopping around can save you serious money — and her broader mission to improve financial literacy in the region.

Q&A with Ambareen Musa, founder of Souqalmal.com Hi Ambareen. Tell us about Souqalmal and where the idea came from.

When I came to Dubai in 2008, I found there were about 50 different banks, but not a single website that could allow me to compare accounts. It was insane; there was no way I had time to sit down and call, say, 20 banks.

And so the idea for Souqalmal.com came from there. My first jobs in Dubai were for Bain & Company and MasterCard, which is where I looked at the idea again. I eventually launched Souqalmal.com in 2012, and it is now the number-one financial comparison site in the Middle East. We compare over 2,800 products — from credit cards to loans and bank accounts. b e n c h m ar k m i d d l e e a s t | S e p t e m b e r 2 0 15

Can it save people money?

Absolutely. We provide all the fine print and information a customer requires to compare their options prior to making a decision. We also provide a whole lot of content and guides into how to choose a product and what you need to watch out for. Generally, the more you understand the options, the better deal you can get. For example, some banks advertise personal loans according to a reducing interest rate, while others advertise the flat rate — which can be vastly different deals in terms of the total amount repayable. On Souqalmal, we compare like-for-like, allowing you to find the best deal. And there is a huge variety of personal loans out there in the UAE. You need to do your homework: the deal you get can be better, for example, if you transfer your salary to the bank.

How does the level of competition between financial providers vary in the UAE compared to markets such as the US, UK and India?

The UAE market is extremely fierce with over 50 banks all competing for the same pie. Banks are always striving to find what really gets customers excited and what target customers they should be focused on.

The UAE market is an extremely complex one considering the enormous diversity in nationality, culture, language and even what people are used to from their home country.

On Souqalmal.com, we put together all the offers in the market; we currently have approximately 200 offers from different banks on credit cards alone. Offers range from balance transfers, to cashback and air miles, and even discounts at cinemas.

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What are the biggest personal-finance mistakes being made by new arrivals to the UAE? I think it comes down to knowledge of the market and local prices and not enough research on their option. For example, knowing which area fits into their income in terms of renting a property, or deciding whether they should buy a first- or second-hand car. We all get caught up in the lifestyle that Dubai can offer, and often tend to spend more on entertainment and making the most of our time here, and forget about why many of us are in Dubai in the first place – to save.

How much control do UAE residents have over their finances compared with those in other countries?

I think this is a very personal question and how much control you have over your finances is more related to your discipline than to which country you live in. However, there are regulations in certain countries, even in the UAE, that are there to protect consumers from taking on too much debt.

For example, you cannot have more than 50% of your income being repaid into debts.

Some say UAE residents have relatively low uptake of home insurance, high levels of debt, and poor pension planning.

Is that right?

That is absolutely true. The latest survey Souqalmal.com showed that 86% of UAE residents do not have home content insurance following the Torch tower fire in Dubai earlier this year, while 67% of residents still had no intention of taking up contents insurance.

And what are levels of financial literacy like in the UAE? There is a lot of room to increase awareness. One of the reasons is that the banking system is different to what people are used to outside the UAE. A lot of people come in with preconceived ideas about how the banking industry works – and it’s actually not similar.

Souqalmal currently serves the UAE and Saudi markets — do you plan to launch anywhere else?

Absolutely — in the next few years we want to bring up the level of financial literacy in the MENA region at a different level and ensure that in all these countries consumers have a platform to go to compare and look up all their financial options before signing up.

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THE BOSS

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The latest survey Souqalmal.com showed that 86% of UAE residents do not have home content insurance, while 67% of residents still had no intention of taking up contents insurance

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THE BOSS

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How does your website make money?

We allow users to apply for financial products through our site. Once we filter and make sure that they are eligible for the product requested, we send their details to the bank they specified, which will call the customer back within 24 hours. And we get a referral fee, on a cost-per-lead model.

What is it like running your own business, rather than working for someone else, and what challenges does that bring?

It is an incredible adventure. However, it is probably one of the loneliest professions.

I did everything from my marketing, to my technical support, to my HR — everything — in the beginning. If you have cashflow issues or you’re having a down day, you’re alone — you don’t have a whole team around you to pick you up. And it is rare to find someone who shares as much passion as you do for your own business. But now we’re in year three, it’s becoming easier to employ others.

Based on your experience, what are your top personal-finance tips for SME owners?

Your cash-flow is your biggest ally. Look at how you are paying your suppliers and how your customers are responding to your invoice deadlines. Be transparent with your management team: If, at some point, you need to scale down expenses to make it to the next funding source, your best allies will be your management team. By having them in the loop, they will be much more involved in supporting you through a tough time.

Tell us about how you handle your own finances. We assume you use Souqalmal yourself! But are you always fully in control of your finances, or do you sometimes let things slide – with a big shopping splurge or maxing out the credit cards, for example?

Absolutely not, but I strive to! I have to say though, being a mother of two very young kids — and my business — I do not have much time to shop nor splurge. I am however guilty of splurging on the kids when we are out. I do however try to think about how to make my money work versus leaving it in a bank account, as it does depreciate with inflation. b e n c h m ar k m i d d l e e a s t | S e p t e m b e r 2 0 15

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Work Events Planner Conference season is almost upon us following the traditional summer lull, with the usual array of mega events set to kick off in September. Here are some of the top business events over the next two months, covering the Gulf region and beyond.

Credit: shutterstock

3. Telecoms World Middle East 2015

1. World Economic Forum Summit on the Global Agenda 2015 When | October 25-27 Where | Abu Dhabi Big-shot business and political leaders are set to descend on the UAE capital for the annual World Economic Forum (WEF) Summit on the Global Agenda. The summit, which aims to set the agenda for the annual WEF meeting in Davos in January, is billed as “the world’s largest brainstorming event”. It is expected to pull in more than 1,000 people from academia, businessand government, discussing the most pressing issues shaping global, industry and regional agendas. It will be the eighth time the summithas been held in the UAE. Last year’s event, held in Dubai, was attended by:Sheikh Mohammed bin Rashid, the UAE Vice President and Ruler of Dubai; Al Gore, the former American vice-president; and Gordon Brown, the former British PM. www.weforum.org

When | September 14-15 Where | The Ritz-Carlton DIFC, Dubai 2. Gitex Technology Week 2015 When | October 18-22 Where | Dubai International Convention & Exhibition Centre Dubai’s mega-exhibition devoted to all things tech marks its 35th anniversary this year, having launched in 1981 – the year Microsoft launched its first MSDOS operating system. The five-day Gitex Technology Week will be themed around ‘the internet future of everything’, with a dizzying array of exhibitors, events and conferencesessions expected. Last year’s extravaganza attracted more than 100,000 delegates and 3,700 exhibitors, with Etisalat, du, Microsoft and Cisco among the biggest.The business event is preceded

by Gitex Shopper (October 3-10), which is geared towards consumers in search of electronics bargains. www.gitex.com

Telecoms is big business in the Gulf, with regional operators among the largest listed companies, and countries like the UAE having some of the world’s highest rates of mobile-phone use. Some of the sector’s top names will gather at this industry-focused event in Dubai. Top speakers on the programme include: Scott Gegenheimer, group chief executive of the Kuwait-based Zain; Kyle Whitehill, chief executive of Vodafone Qatar; and several key executives from the UAE’s Etisalat. www.terrapinn.com 4. World Halal Travel Summit and Exhibition When | October 19-21 Where | Abu Dhabi National Exhibition Centre Global ‘halal’ tourism was worth $140 billion in 2013 – and that is set to reach a staggering $192 billion by 2020, according to the Singapore-based CrescentRating, which specialises in Muslim-friendly travel. So there’s a lot to talk about as the sector grows – one of the reasons the World Halal Travel Summit is to be held in Abu Dhabi in October. About 6,000 trade buyers are expected, while there will also be a conference and awards ceremony. www.whtsexpo.com

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9. International Medical Travel Exhibition & Conference

5. Power-Gen Middle East 2015

7. Arab IPO Summit

When | October 4-6 Where | Abu Dhabi National Exhibition Centre

When | September 14-17 Where | TAJ Dubai hotel, Business Bay, Dubai

The all-powerful of the power industry are set to gather at this industry event in Abu Dhabi, which is expected to pull in 3,200 attendees from 79 countries. It’s a technical event, with 19 in-depth sessions planned, geared towards those in the power-generation, utilities and wider energy sector. On Saturday 3 October there is also a five-hour tour of Masdar City in Abu Dhabi (which costs $90 to attend). The tour of the sustainable eco-city will include a look at the Masdar labs, recycling centre, solar farm and incubator building.

You can hardly say there’s been a healthy market in Middle East initial public offerings over the past few years, but the trickle that have gone to market since the recession show there is at least some appetite. This summit in Dubai will attempt to assess the latest trends in regional IPOs, the future of the equity markets, and the state of the legal and regulatory frameworks in place. Representatives from major bourses in the region will be speaking at the event, according to the organiser.

When | October 7-8 Where | Dubai International Convention & Exhibition Centre With the global medical-tourism market forecast to be worth $32.5 Billion by 2019, it’s not surprising that cities like Dubai are vying for their stake of this booming business. Health authorities and hospital representatives are set to convene in October to discuss the opportunities out there, with about 100 exhibitions and 2,200 attendees expected. A representative of the Dubai Health Authority is billed to give the opening address, while representatives of the government body will discuss the emirate’s strategy to attract more medical tourism. www.medicaltravelexhibition.com

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Credit: dubaicalendar.ae

www.arabiposummit.com

www.power-gen-middleeast.com

8. Digital Education Show Middle East

10. Dubai Design Week When | October 26-31 Where | Across Dubai

This property show is aimed at investors, rather than trade visitors, with exhibitors including developers, mortgage providers, and brokers from across the Middle East, Europe and Asia-Pacific regions. Previous exhibitors have included Aldar, Damac and Bloom Properties.

The ‘high-tech classroom’ and e-learning are two of the key topics at this event about the future of technology in education. The conference agenda includes many speakers from regional schools and universities, while the exhibition brings visitors face-toface with 50 companies, including providers of education services and products. The event is billed as servicing the “global revolution taking place in the way we think and teach each other to think.”

The inaugural Dubai Design Week, announced in July, aims to establish the city as both the regional capital for design and a global meeting point for those in the field.

The six-day event, held in partnership with Dubai Design District (d3), will activate more than 60 activities and projects, according to the organiser. The citywide event will coincide with Downtown Design, a regional trade fair billed as a platform for regional trade professionals to discover original, high-quality design from across the world. The fair will include emerging brands across a variety of product categories including furniture, lighting, bathrooms, kitchens, textiles and accessories.

www.realestateshow.ae

www.terrapinn.com

www.dubaidesignweek.ae

6. International Real Estate and Investment Show 2015 When | October 29-31 Where | Abu Dhabi National Exhibition Centre

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When | September 15-16 Where | Dubai International Convention & Exhibition Centre

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Play Travel

P l ay

Feel like the One & Only

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Travel

Play

at Dubai’s Royal Mirage

I

n life it’s the friends who really don’t change that much, who remain true to themselves, who stay with you throughout the journey.

Sure their appearance might change, they’ll age, their perspectives and politics might radically alter, but ultimately the things that make them ‘them’, the qualities that first draw you to their friendship, remain intact.

This innate trust and bond is something brands in all industries have tried to emulate to keep their relationships alive with customers.

Some succeed in the short term but only a special few manage to stay the long course, core values can be difficult to retain through strategic reviews and management changes.

Among those handful is Dubai’s One & Only Royal Mirage.

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This luxury resort holds one of the emirate’s prime locations on Jumeirah Beach gazing out on the Palm Jumeirah.

Like many of its contemporaries it possesses a private beach, a beautiful azure blue pool complex and lush palms creating an oasis-like feel.

As you would expect from a five-star it has a collection of fine dining restaurants, a spa, and of course sumptuously designed rooms.

But a quick look at their website would check off all these requirements, so what separates the One & Only Royal Mirage from a very good looking crowd in Dubai? Perhaps the clue is in the name, the One & Only.

At first blush you might think they are referring to themselves but in fact a stay at the resort will convince that they mean you, as the service is geared to make each

guest feel like the ‘one & only’ priority to the hotel. This distinctive service is something that has remained central to the ethos of this stunning resort since day one, some 16 years ago. There have been overhauls, new openings and refurbishments along the way, but that trusted, reliable sense of ‘you know exactly what standard you’ll get’ is firmly in place.

Of course this is as it should be, but any frequent traveler to Dubai will have a litany of tales about how previous favourites, who also once excelled, had fallen by the way side, causing deep disappointment when service levels dropped.

Time and again properties cut corners on the personal service trying to rely solely on their looks, but time and again they fail to learn that five-star means a top class ‘experience’ rather than simply ‘bling and breakfast’.

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Travel

Thankfully, One & Only Royal Mirage is one of the precious few which bucks this trend. This property was one of the first to indulge in the Arabesque theme, but throughout from lobby to lounge, restaurants to rooms, it does not go over the top.

There is a muted elegance about the décor, with the gorgeous swirls, and deep fabrics, but the colours don’t cross the line into garish, and gold is used to complement rather than conquer the senses.

This calm demeanor is reflected in the staff, who are assured, courteous and competent, rather than stuffy fellows encountered at other resorts whose sole training seems to run to ‘look down on the guests’.

Picking the mid-range room on offer in The Palace section of the resort, a Superior Gold Club room echoes the understated luxury throughout the resort.

Beiges, browns and golds intertwine in the décor with deep carpets underfoot, fine thread count linens on the kingsize bed, all with that Arabic twist including intricate lights hanging from the ceiling.

The mix of light and dark creates an intimate and yet not claustrophobic home for the night. The patio opening up onto the balcony with pool and sea view opens the room up to even more light.

As you might expect the room comes with access to the Gold Club, which hosts a more private venue for breakfast, lunch and a generous cocktail hour, which bubbles with conviviality as the guests mingle to share stories of their days’ experience.

While you have your pick of restaurants, the Moroccan restaurant Tangine is a jewel of a find. Dark and intimate, with intricately carved wood, the interior set a distinctly North African tone. Here you’ll find authentic Moroccan fare with a host of dishes, some sweet, some savoury. Of it all the b e n c h m ar k m i d d l e e a s t | S e p t e m b e r 2 0 15

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Mechoui, the roasted lamb shoulder served with saffron rice, is possibly one of the most memorable meat dishes on offer in Dubai, with the flesh crumbling away. The strong flavours combined with the tenderness of the meat make the diner sit up and take notice (the Tagine Djaj Bi Zaytoon, braised chicken served with preserved lemon and green olives, also deserved attention).

If you want something a little lighter, or you simply want to hang out, the Jetty Lounge, is one of emirate’s coolest spots.

This outdoor lounge is open to the sky and looks across the bay at Dubai, with the city and the night providing the only chic lighting required, while music and beautiful people mix creating an atmosphere of easy elegance.

It’s this relaxed refinement that defines a stay at the One & Only Royal Mirage, in a city obsessed with bling it focusses on bliss.

No more so than at its Spa, featuring an Oriental Hamman with separate men’s and ladies’ hours, the ideal way to shake a little of life’s hectic pressures off. In total there is 2,000 sq m of relaxation, health and fitness on offer within the spa, but chances are after one of the treatment you’ll be too chilled to try it all.

When you finally come to check out of the One & Only Royal Mirage in Dubai you’ll do so happy that after so many other disappointments, at least one friend has remained true.

To book or get more information, please scan QR code or visit: royalmirage.oneandonlyresorts.com

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EXPERIENCE LUXURY IN THE HEART OF DUBAI Centrally located, the Radisson Royal Hotel Dubai is the place to experience comfort and elegance along with inspiring views of the buzzing Sheikh Zayed Road.

Just minutes away from The Dubai Mall and the iconic Burj Khalifa, the hotel offers 471 guest rooms including family rooms and suites, various excellent dining venues, an outdoor swimming pool, spa, free high-speed Internet access, and all you need for an unforgettable stay.

Radisson Royal Hotel Dubai Sheikh Zayed Rd. Dubai, UAE +971 4 308 0000 reservations.royaldubai@radissonblu.com radisson.com/royal-dubai Follow us on: RadissonRoyalDubai RadissonRoyal

Motoring - Bentley Mulsanne review Play

Play | Motoring

A titanic step forward for Bentley’s Mulsanne Speed

I

SCott Armstrong

magine you were the captain of the Titantic, grand, majestic, luxurious, but you had the added advantage that your vessel could turn on a six-pence and accelerate like

a thorough-bred racehorse, would you take that job? For that is sort of what climbing behind the wheel of Bentley’s Mulsanne Speed 2015 is like. >>

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Play Motoring - Bentley Mulsanne

>> OK, weighing in at 2,685kg perhaps, the six-pence might have to be a little bigger, but this is one of the nimblest giants of the road you will find, with Bentley aiming to square the circle of a limousine to drive instead of be driven in.

And with it reaching 100kph in just 4.9 seconds — astonishing for a car of its size — it can actually boast to be faster than your average race horse which would take a laborious 5.5 seconds to get to the same speed.

In fact, so fast is the Mulsanne Speed that Bentley claims it to be the ‘fastest luxury saloon in the world’.

Essentially it’s a supercharged ocean cruise liner that’s been pimped out by the Fast and Furious team to drag Mulsanne owners out of the extremely comfortable rear seat and into the exhilarating driver’s seat in the front.

With a top speed of 190mph (305 kph) even the most staid ultra high net worth individual will be tempted to ask for Parkers’ peaked cap and take the wheel.

Part of the secret of the Mulsanne Speed’s success is the revised 6.75 litre twin-turbocharged V8 engine that has been designed to boost acceleration, power and torque.

But it’s not just the flat out speed and power that makes this monster a revelation it’s the handling.

For a car that weighs the same as an adult giraffe, or a blue whale’s tongue, this feat of engineering really can move.

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Motoring - Bentley Mulsanne review Play

The Specs Max power 530 bhp / 395kW / 537 PS @ 4200rpm Max torque 811 lb-ft / 1100Nm @ 1750rpm Engine capacity 6752cc Fuel type EU 95 to 98 RON US /ROW 92 to 98 RON

And that’s down to the revised Sport settings for the throttle, suspension and steering. The Sport mode is essentially Mr Hyde to the Comfort mode’s Dr Jeckyll.

Putting your foot down in Sport mode releases that racehorse from the starting gate and you as the jockey get to gleefully hold on.

Part or the sheer fun is holding on the wheel while trying to comprehend the sheer weight and size of the beast you are in.

The compelling schizophrenia on the Bentley Mulsanne Speed is compounded by the utter luxury in which you travel, with all the polished chrome and handb e n c h m ar k m i d d l e e a s t | S e p t e m b e r 2 0 15

stitched leather you’d expect, it’s essentially Downton Abbey on wheels.

Owners of the Mulsanne Speed won’t really be bothered about how much it costs to fill up the tank, but thanks to some improvements it does deliver 80km more range from the same sized engine and fuel tank — just essentially a little more fun between stops.

In short Bentley have created a car that reminds CEOs that life is not all work, work, work, because rather than sit in the back they can loosen their tie, climb in the front and be reminded what fun being part of the elite can be.

Acceleration 0 - 60mph/ 4.8 seconds 0 - 100kph/ 4.9 seconds Top speed 190 mph / 305 km/h Combined 19.3 mpg 14.6 litres/100km Urban 12.4 mpg 22.8 litres/100km Extra urban 28.4 mpg 9.9 litres/100km

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Play Top 5 Properties For Sale

Top Five Properties For Sale The essentials City Dubai Area Downtown Dubai Development The Lofts (Central Tower)

For more details on all these properties, and more, visit: Luxhabitat, Dubai's only high-end real estate brokerage and interior design company, at www.luxhabitat.ae or scan the QR code with your smart phone

Dh16,000,000 Three bedroom penthouse apartment in Downtown Dubai

Type Apartment Availability Ready Lifestyle Luxury penthouses Bedrooms Three Bathrooms Five (threeensuite) Built up area 3,132 sqft Pool Community pool

Arguably one of the nicest upgraded penthouse apartments in Downtown Dubai — with 5 wrap around balconies. Lovely space, light and furnishings complement this beautiful penthouse apartment. Ceilings have been raised to add more light and space to the apartment by Emaar and Civil Defence regulations. Open plan living space, with access to 3 balconies, all enjoying unobstructed views of BurjKhalifa, fountains, sea and community.

The essentials City Dubai Area Palm Jumeirah Development Fronds, Signature Villa Type Apartment Availability: Ready

Price on Application Six bedroom VIP villa on the Palm Jumeirah

Lifestyle Villa Bedrooms Six Bathrooms Seven (fiveensuite) Built up area 7,400sqft/ plot size 13,600 sqft Pool Overflow, heated and cooled private pool

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This stunningly upgraded and re-modelled signature villa located on a high number faces The Burj Al Arab. The current owner has spent several years meticulously redesigning and upgrading, creating a truly unique home for the discerning owner. Comprising of 6 bedrooms and 7 bathrooms, open plan living and contemporary styling and affording beautiful skyline views.

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Top 5 Properties For Sale Play

Dh28,000,000 Loft apartment in Executive Towers, Business Bay, Dubai

The essentials City Dubai Area Dubai Marina Development Emirates Crown Type Apartment Availability Ready Lifestyle Luxury penthouses Bedrooms Four Bathrooms Three (twoensuite) Built up area 7,600sqft Pool Community pool

This minimalist expansive top floor penthouse in Dubai Marina offers astounding vistas of the Palm Jumeirah and Dubai Marina. Located on the 59th floor of Emirates Crown, it has been showcased with cement structural beams from the outside. Floor to ceiling windows stationed throughout the penthouse provide stunning beach and desert views, with 270 degrees of the property allowing in natural light throughout the day.The penthouse also features a walk-in humidified Euro Cave cellar, which can store over a thousand bottles. The area could also double as an ideal space for a cigar enthusiast.

Price on application Six bedroom villa in The Reserve Al Barari

The essentials City Dubai Area Al Barari Development The Reserve Type Villa Availability Ready Lifestyle Private communities Bedrooms Seven Bathrooms Nine (sevenensuite) Built up area 19,000sqft/ plot size 22,000 sqft Pool Infinity private pool

The essentials City Dubai Area Arabian Ranches Development La Avenida II Type Villa Availability Ready Lifestyle Golf retreats Bedrooms Six Bathrooms Five ensuite Built up area 7,169 sqft/ plot size 11,000 sqft Pool Community pool and private pool

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One of Dubai's most exclusive homes for sale located in the ultra-high end sub community, The Reserve Al Barari. The ground floor has white marble floors and is dominated by a three-floor-high atrium with a glass roof that allows the villa to be flooded with natural light. Tall black highgloss double sliding doors contrast with the neutral colour palette throughout the villa and a seven-metre glass panel soars over the huge front door. The entire space is monochrome and was inspired by a black lacquered grand piano. This now takes pride of place in the entrance foyer next to a black waterfall and is the essence of the house's unique interior design.

Price on application Six bedroom golf villa in La Avenida II, Arabian Ranches Very open, spacious living space maximizes the natural light with a winding staircase in addition to the stunning kichen, excellent quality of finish lends a very understated grandeur feel to the property. The ground floor also incorporates an ample en suite guest room, large family room, laundry and maids room. This fanstatic property has a two car garage and a great plot directly on the Golf Course offering great, open views.

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Play Top Five Properties For Rent

Top Five Properties For Rent

For more details on all these properties, and more, visit: Luxhabitat, Dubai's only high-end real estate brokerage and interior design company, at www.luxhabitat.ae or scan the QR code with your smart phone

Dh 320,000 per year Five bedroom upgraded C1 Villa for sale in Victory Heights

The essentials City Dubai Area Victory Heights Development Calida Type Villa Availability Ready Lifestyle Golf retreats Bedrooms Five Bathrooms Four (threeensuite) Built up area 4,313sqft Pool Community pool

This superbly presented C1 Villa in the Calida community of Victory Heights is a rare find. The current owners have made sympathetic modern upgrades which add an elegant atmosphere whilst adding huge practical benefits to this spacious (and almost new) family home. The large open plan living area is the heart of the home, well-proportioned and ample, with a large dining area adjoining from the open plan kitchen with a central island. The laundry provision off from the kitchen has been converted to a much needed dry pantry with fitted shelving, both practical and attractive. The store still leads to the well-lit maid's room, with attached bath. Further storage extends through the connecting corridor.

Dh300,000 per year Two bedroom designer apartment for rent in Al Bateen Residence

The essentials City Dubai Area Jumeirah Beach Residence Development Al Bateen Type Apartment Availability Ready Lifestyle Luxury penthouses Bedrooms Two Bathrooms Three (two ensuite) Built up area 1,670 sqft Pool Infinity, heated and cooled community pool

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Floor to ceiling windows that make rooms flooded with brilliant daylight, offering uninterrupted panoramic views, and a sense of boundlessness and freedom; off-white stylish yet cozy kitchen inviting to create some delicious recipes. Close proximity to such iconic entertainment developments as The Walk and The Beach and world class facilities represents beach living at its simplest and best. Spacious living room with a balcony offering the views of the Arabian Gulf and new Blue Water Island, fully equipped kitchen, two en-suite cozy bedrooms and a laundry room are forming a very convenient and functional layout of a two bedroom apartment.

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Top Five Properties For Rent Play

Dh450,000 per year The essentials

Upgraded bespoke 2 Bedroom Apartment in BurjKhalifa

City Dubai Area Downtown Dubai Development BurjKhalifa Tower Type Apartment Availability Ready Lifestyle Luxury Penthouses Bedrooms Two Bathrooms Three Built up area 1,600 sqft Pool Infinity, heated and cooled community pool

Everything inside this apartment has been upgraded — from the floors, to the kitchen, to the wall coverings — only the finest materials have been used to create truly one of the most luxurious and original apartments in the BurjKhalifa. The interior of the apartment has been professionally designed and is offered exquisitely furnished. Both of the 2 bedrooms and living rooms overlook the fountains and offer breathtaking views of the surrounding skyline and bustling activity below.

Dh280,000 per year Three bedroom penthouse in Golden Mile with huge terrace

The essentials City Dubai Area Palm Jumeirah Development Golden Mile Type Penthouse Availability Ready Lifestyle Luxury penthouses Bedrooms Three Bathrooms Three (fourensuite) Built up area 4,649 sqft

This is a luxury penthouse located on the top floor of Golden Mile with 360' views overlooking al-Etihad Park. Entering this apartment you arrive at the front foyer which leads into the lounge and formal living room. To the right is the dining room and hallway continuing to the kitchen. The kitchen comes fully equipped with Bosch appliances and includes a central island with chef's sink. Also off the main hallway is the maids's room with ensuite bathroom and shower, fully equipped laundry room and guest powder room. Also off the first floor is a huge 2,615 sq.ftterrace with views of the Palm.

Dh 650,000 per year Top floor luxury four bedroom penthouse in Limestone House, DIFC

The essentials City Dubai Area DIFC Development Limestone House Type Penthouse Availability Ready Lifestyle Luxury penthouses Bedrooms Four Bathrooms Five (four ensuite) Built up area 5,736 sqft Pool Infinity community pool

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This sprawling top floor apartment includes 3,584 sq.ft of interior living space plus a huge 2,152 sq.ft outdoor terrace overlooking Zabeel with private outdoor kitchen and BBQ. From the main entrance you arrive at the living room which features large wall-towall windows and direct access to the terrace. Around the corner is an office/study alcove and guest powder room. Beyond the living room is the dining room with seating for eight. A wall separates the main living area from the kitchen, pantry and ensuite maid's room. The kitchen comes completely equipped with built-in Baumatic appliances.

Just beyond the kitchen is the fully equipped laundry room with Miele washer and dryer.

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Play Top Five-star Hotels in Oman

Top Five-star Hotels in Oman

By Scott Armstrong

ust when you thought it was safe to go back to work, another minibreak is on the horizon with Eid Al Adha looming large in the calendar. Question is how long will you get off?

And after summer travels do you really want to climb back on board a plane for a few days — especially with reports of airlines (obviously) hiking prices around the expected time of departure?

So if you are in need of a change of scenery why not head across the border into beautiful Oman, with its gorgeous cove beaches, its stunning mountain ranges and its oh so hospitable people. An easy fivehour drive, or a flight of around an hour, will put an number of destinations inside the Sultanate at your reach. Here Benchmark Middle East counts down some of our favourite five-star hotels in Oman.

Shangri-La Barr Al Jissah Resort and Spa, Muscat Seemingly hidden from the world by the Al Hajjar mountains and yet just 15 minutes from the bustling capital city of Muscat, this resort is three hotels in one, all centred around one of Oman’s stunning cove beaches.

Each hotel is inspired by Oman’s rich heritage. Al Husn – ‘the castle’ is an adults paraside, Al Bandar – ‘the town’ - forms the vibrant heart of the picturesque bay and Al Waha – ‘the Oasis’ – is where families come together to laugh, smile and play.

Linked by landscaped gardens and temperature-controlled turquoise pools shaded by date palm trees, it is home host of restaurants from casual to fine dining, all gazing out at the ocean.

Visit www.shangri-la.com /muscat/barraljissahresort or scan the QR code for more details.

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Top Five-stars Hotels in Oman Play

Al Bustan Palace, Muscat This stunning property is run by RitzCarlton so you know what level of service to expect, though with its new general manager Katrin Herz coming up through the ranks from the DIFC property in Dubai Benchmark assumes it’s just getting better and better.

This grand hotel features a jaw-dropping lobby (complete with harp player) a stunning pool complex and a gorgeous sandy beach again with views of the majestic Al Hajjar mountains.

Visit www.ritzcarlton.com/ en/Properties/AlBustan for more details, or scan the QR code.

The Chedi, Muscat The 103-metre Long Pool is possibly the jewel in this boutique-feel five-star property’s crown nestled amid sand dunes on Muscat’s coastline.

A serene setting with some culinary treasures hidden away, such as the aptlynamed The Restaurant, home to one of Oman’s finest brunches and famed for its delicious macaroons (honestly they are something special).

It also features the largest spa in Muscat, Balinese therapies, Indian Ayurveda and indigenous ritual delivered in 13 meditative suites that combine dramatic Omani architecture with calming Asian interiors.

Visit www.ghmhotels.com/ en/muscat/ for more details or scan the QR code.

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Play Top Five-stars Hotels in Oman

Alila Jabal Akhdar The first five-star hotel that is 2,000 metres up on the Green Mountain, the view is utterly stunning from its infinity pool that looks out across the Al Hajjar mountains.

The scene could be something out of Lord of the Rings and alone is worth the climb via 4x4 (the only way to get to the hotel).

Built to resemble an Omani fort it is sturdy and imposing on the outside but warm and luxurious on the inside, with a grand fireplace welcoming guests into the lobby.

Rooms all come with breathtaking views and awe-inspiring silence — the ideal getaway from the stresses of city life.

Visit www.alilahotels.com/ jabalakhdar for more details, or scan the QR code.

Six Senses Zighy Bay Perhaps the closest to the UAE for anyone setting off by car the Six Senses Zighy Bay is located on the northern Musandam Peninsula in the Sultanate of Oman.

The setting of these beautiful indigenous village-style accommodations and private marina is spectacular, with the dramatic mountains on one side and the sandy beach of Zighy Bay on the other.

This is more like arriving at your own private Omani villa than checking into a hotel and feels a million miles away from anywhere, which is a big part of its charm.

Visit www.sixsenses.com/ resorts/zighy-bay for more details, or scan the QR code.

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Play Fashion for Her

Play Fashion for Her

Life is far too short to be serious Certainly that’s what many fashion labels are inspired by this winter with the likes of kate spade new york looking to the Fantastic Mr Fox, Charlie and the Chocolate factory and other childhood favourites for clues.

Meanwhile LK Bennett is getting retro and trying to recapture the days of the 70s with again a nod to more carefree days (coming off the back of the swinging 60s afterall).

So go on, enjoy yourself.

L.K.Bennett stores are located in Dubai Festival City Mall, Mirdif City Centre, Dubai Marina Mall, The Dubai Mall and Marina Mall in Abu Dhabi.

Eloisa Mini Leopard shoes Dh2,040

Florrie Cardinal Ballerina Stripe shoes Dh1,420

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Kenton Emilia Cream dress Dh2,040

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Fashion for Her Play

Stretch Crepe Bow dress Dh1,380

Tally2 clutch Dh1,090

Neopolitan statement cuff bracelet Dh800

kate spade new york located at The Dubai Mall, Mall of the Emirates, Mirdif City Center, Dubai Marina Mall and Abu Dhabi Mall.

Abstract Sweets Fiorella dress Dh1,460

Milk Container crossbody bag Dh1,530

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Play Fashion for Her

Play Fashion for Him

Game, set and match his month for men looking to serve an ace in the fashion stakesthere isa tennis theme inspiring the Autumn Winter connection from Bally.

Bally says they are referencing Wes Anderson’s awesome movie The Royal Tenenbaums, which in turn paid tribute to a true class act, both on and off the court Bjorn Borg.

Perfect for anyone planning to attend either of the tennis championships in Abu Dhabi or Dubai this winter, or simply stay ahead of the game in the office.

Terlado Dh2,550

Bernit Dh6,750

Dracon Dh1,790

Sasent (red) Dh1,150

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Fashion for Her Play

Salerio Dh 1090 Terret Dh4,750

Sixi (red) Dh490

Bally stores can be located at Mirdif City Centre, Level Shoe District at Dubai mall, Shop in Shop in GaleriesLafayette and in Etihad Towers in Abu Dhabi.

Hendris Dh1,690

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Play Events Planner From ancient boy bands to a retelling of the One Thousand and One Nights, the UAE is set to host an eclectic mix of entertainment events over the next two months,

Credit: DONE Events

with something for all the family. Here is Benchmark’s guide to ten of the best.

Credit: DONE Events

Credit: Shutterstock

3. Al Murray

1. Take That

2. Ellie Goulding

When | October 30 Where | Dubai Media City Amphitheatre

When | Dubai World Trade Centre Where | September 24

They almost need no introduction. Veteran boy-band Take Thatis coming to town, in what is likely to be a sell-out performance at the Dubai Media City Amphitheatre (by far our favourite music venue in the emirate). The British band is now a three-piece act, led by Gary Barlow, following the departure of Robbie Williams and Jason Orange. Take That, formed in 1990, is responsible for hits like Back For Good and A Million Love Songs – and countless copycats inflicted on us over the last 25 years.

Electro-pop starlet Ellie Goulding is set to play in Dubai this month as part of the four-day Dubai Music Week. Expect the British singer to pump out hits like Burn and Love Me Like You Do during the performance, her first in the emirate since New Year’s Eve in December 2012.Dubai Music Week is set to feature gigs from 10 artists, along with celebrity speakers, master classes and an entertainment village.

As Benchmark reported last month, the US band Thirty Seconds to Mars is headlining the rock night on September 25.

Price: TBC www.doneevents.com

Price: Tickets expected to start at Dh295 www.dubaimusicweek.ae

When | Dubai World Trade Centre Where | October 2 The English comedian Al Murray is famous for his ‘pub landlord’ routine – but we like him even more for his political performance in May, when he stood against the right-wing Ukip leader Nigel Farage in the UK General Election.

Expect more pub humour than politics in Murray’s Dubai show, billed as “brand new and hilarious”.

PRICE: Dh300-500 www.doneevents.com

4. Mummenschanz, Musicians of Silence When | September 4-5 Where | Emirates Palace, Abu Dhabi Bits of toilet paper, tubes and boxes do not immediately sound like the formula for a good day out. But such items are the props of choice for the surreal Swiss theatre troupe Mummenschanz. The group’s masked performances transform everyday objects into fantastical characters, with abstract forms and shapes used to express truths about human relationships. The family friendly UAE performancesare part of the Abu Dhabi Summer Season 2015 event calendar.

Price: Dh95-Dh195 www.tixbox.com

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Credit: sensation.com

5. Sensation When | October 30 Where | MeydanRacecourse, Dubai There’s one rather strict door policy at the upcoming Sensation event in Dubai: All guest must wear white to be granted entry (although club-goers’ shoes can be of any colour). Billed as the ‘World’s Leading Dance Event’, Sensation attempts to recreate a ‘magical underwater world’, on what will be its return to Dubai after its first (and sold-out) show last year. There will be a 100m long bar and 30 food kiosks catering for the expected 15,000 dance-music fans.

DJs are yet to be announced, but previous Sensation events have featured the likes of Tiësto, Armin van Buuren and David Guetta. As well as the all-white dress-code, it is also strictly for over-21s.

7. Cirque ÉloizeCirkopolis

When | September 23-26 Where | Dubai World Trade Centre

9. Dave Matthews Band

The circus is coming to town. The Montreal-based contemporary act Cirque Éloize promises to bend over backwards – literally – to entertain audiences at its upcoming UAE performances. The Cirkopolis show is set against an industrial, urban backdrop, with ten acrobats taking to the stage accompanied by an original musical score and elaborate video projections. Fun for all the family.

Known for its elaborate video and lighting during live performances, American rock act the Dave Matthews Band looks set to put on quite a show in Abu Dhabi in October. The band is a chart-topper in the US, where its most recent album, Away from the World, went straight to number one in the Billboard 200 chart in 2012. That made it the only group to have six consecutive studio albums debut in the top spot. The Dave Matthews Band’s epic summer tours are famous in the US, but the du Arena performance is set to be its firstin the UAE.

Prices: TBA www.cirque-eloize.com

When | October 8 Where | du Arena, Abu Dhabi

Price: From Dh295 www.thinkflash.ae

Price: From Dh425 www.sensation.com

6. Green Grooves, feat. Mark Ronson

8. Ani Lorak

When | October 22 Where | Abu Dhabi Golf Club

When | September 18 Where | Dubai World Trade Centre

Plus fours are not part of the dress-code at this event at the Abu Dhabi Golf Club.

The first ‘Green Grooves’ concert at the European Tour golf venue will feature the Grammy Award-winning English DJ and record producer Mark Ronson – known for his chart-topping single ‘Uptown Funk’, with vocals from Bruno Mars – and signer Timothy McKenzie, better known by his stage name of Labrinth. The best ‘club’ night this month…

The Eurovision Song Contest is usually something we only have to endure once a year. But fans could get another fix by attending a concert in Dubai by Ani Lorak, who came second in Eurovision 2008.

The Ukrainian popstar will undoubtedly play her Eurovision hit song ‘Shady Lady’, among others.

Price: From Dh200 www.adgolfclub.com b e n c h m ar k m i d d l e e a s t | S e p t e m b e r 2 0 15

Tickets: From Dh180 www.platinumlist.net

10. Arabian Nights

When | September 24-26 Where | Dubai Community Theatre & Arts Centre One for the kids. This re-telling of the Arabian Nights is performed through dance, puppetry and drama. The young ones will meet Sheherazade, the great storyteller of One Thousand and One Nights, to hear adventures and fantasies involving genies, villains, heroes and princesses. The English-language show is suitable for ages five and up.

Price: From Dh120 www.ductac.org

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Play Health

Eat to boost your brain power Want to get ahead of the pack? Make sure to supercharge your diet with these five brain superfoods.

By Sudeshna Ghosh

W

hile eating healthy, exercising regularly and sleeping well are essential to ensure you stay at the top of your game, there are some very specific foods you should be including in your diet to optimise your performance at work.

Research has irrefutably proven that what we eat directly affects our brain performance. From boosting cognition, to preventing memory loss, the nutrients contained in certain foods are essential to keep your grey matter happy.

And while it may be tempting to shove these into a meal ahead of a big presentation or job interview, that’s not the right approach- they’re not miracle pills. Rather, eat these regularly to reap the nutritional benefits in the long term.

Oily fish You’ve probably heard the term Omega-3s bandied about quite a lot among those in the know. What exactly are they? Omega-3s are essential fatty acids (Eicosapentaenoic acid and docosahexaenoic acid, otherwise known as EPAs and DHAs) that the human body doesn’t naturally produce, but is essential for healthy brain function. Get them from salmon, mackerel, tuna, sardines and herring. Omega-3s are also beneficial for heart health and regulating cholesterol levels. Not a fish eater?

Ensure you take fish oil supplements to make up for it.

How to eat it: Fish is delicious simply grilled or pan-fried, in a curry, or in salads such as Nicoise.

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Spinach Popeye wasn’t just building muscle, he was also building his brain power by packing in a load of the green stuff.

Spinach contains nitrates (also found in beetroot), which improves blood flow to the brain. Spinach contains a high amount of folic acid as well, which helps in the synthesis and regulates function of neurotransmitters in the brain, as well as protects neurons from damage. Spinach is also known to help improve short-term memory.

How to eat it: Lightly stir-fried with garlic, spinach is the perfect side for eggs at breakfast, or fish or meat at dinnertime. Baby spinach is also a delicious salad green.

Dark chocolate Yes, you read it right!

Chocolate can be good for you.

But, not just any old processed, oversweet, candy version of chocolate, we’re talking high quality dark chocolate (70% or higher amount of cocoa). Flavanols contained in dark chocolate improves blood flow, while its high amount of antioxidants protects the brain from free radical damage. Dark chocolate also helps to relieve stress (well, we knew that already!), improves memory and cognitive function, while the caffeine content helps to boost short-term focus.

How to eat it: Treat yourself to a square of organic dark chocolate when the 4pm energy slump hits.

Walnuts Also rich in Omega-3 fatty acids, this brain-shaped nut containsVitamin E as well, which protects against cognitive decline.

Several studies have shown that as little as a handful of walnuts can help boost memory and concentration, while its high content of vitamins and antioxidants also promotes heart health and helps reduce the risk of cancer.

How to eat it: Sprinkle chopped walnuts over your breakfast cereal, or keep a small jar in your desk drawer to nibble on as a snack.

Avocado This nutritious wonder fruit is rich in monounsaturated fats (good fats), particularly oleic acid, which helps promote the speed at which brain cells process information. Plus, avocado helps improve blood flow and nutrient absorption in the brain, and can help reduce the risk of degenerative brain diseases such as Alzheimers. Rich in fibre, avocados also aid gut health (proven to have a direct impact on brain function), reduce risk of stroke, and regulate blood sugar levels.

How to eat it: With a very neutral taste, it can be eaten as a sandwich spread, in a salad, in its classic form in guacamole, or even added into a smoothie. Since it’s quite fatty, limit intake to no more than half a day.

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