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Thursday 5 August 2021
Who is the richest stock investor?
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Berkshire Hathaway CEO Warren Buffett's net worth is an estimated $84.6 billion. The Berkshire Hathaway chairman and CEO is the sixth-richest man in the world, according to the Bloomberg Billionaires Index.Image Credit: Bloomberg
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Carl Icahn, net worth is $14.7 billion. One of the most recognizable names to the public is that both investors and non-investors Carl Icahn have been winning the stock market games for more than half a century. Source Business Insider and Wealthy Genius.Image Credit: Bloomberg
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James Simons, net worth: $23.5 billion. Simons started his career on a decidedly non-financial path. The world's richest hedge fund manager founded Long Island-based Renaissance Technologies in 1982.Image Credit: Bloomberg
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George Soros, net worth: $8.6 billion. Above George Soros, billionaire and founder of Soros Fund Management LLC, speaks at an event on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 23, 2020.Image Credit: Bloomberg
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Steve Cohen, net worth: $14.1 billion.Image Credit: Bloomberg
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Paul Tudor Jones, net worth: $5.8 billion. Paul Tudor Jones is the co-chairman and chief investment officer of Tudor Investment Corp.Image Credit: Bloomberg
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Bruce Kovner, net worth: $5.3 billion. Kovner is an American investor, hedge fund manager, and philanthropist.Image Credit: Bloomberg
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Stanley Druckenmiller. net worth: $4.4 billion. Stanley Druckenmiller is the chief executive officer of Duquesne Family Office.Image Credit: Bloomberg
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Julian Robertson , net worth: $4.3 billion. Robertson founded Tiger Management Corp in 1980 with initial seed funds from his family and friends.Image Credit: Bloomberg
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John Arnold, net worth: $3.3 billion. Source Business Insider and Wealthy Genius.Image Credit: Bloomberg
In Pictures: India is creating new tech billionaires with each IPO these days
From Deepinder Goyal to Falguni Nayar, India adds new entrants to its billionaire club
India had a record $6.3 billion of funding and deals for tech startups in the second-quarter, giving full flight entrepreneurial ambitions and drawing in venture-capital interest. “Indian entrepreneurs have been quietly building startups,” said Hans Tung, the Silicon Valley-based managing partner of GGV Capital. “For a decade now, the country’s internet infrastructure has vastly improved in that time and there’s a very good appetite for tech stocks globally.”Image Credit: AP
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A 66 per cent stock jump on first trading day turned Zomato founder Deepinder Goyal into star for India's fledgling startup scene, pushing his fortune close to the $1 billion mark. • The food-delivery app Zomato became India’s first unicorn to make its stock market debut in July, raising $1.3 billion. Its shares have soared more than 75 per cent, giving the money-losing business a valuation of $14 billion.Image Credit: Shutterstock
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Goyal is worth $650 million based on his current 4.7 per cent stake in Zomato, according to the Bloomberg Billionaires Index. He also owns more than 368 million options that vest over the next six years, which if exercised would almost double his stake in the company, which now has a market capitalization of $13.3 billion.Image Credit: Shutterstock/Zomato
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While that's far behind the fortunes of Mukesh Ambani - worth about $80 billion - and dozens of other Indian industrial tycoons, the group of ultra-rich startup entrepreneurs in the country are catching up in race to be the next billionaires.Image Credit: AP
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Those topping the $1 billion include Byju Raveendran of online education provider Byju's, Vijay Shekhar Sharma of digital payments pioneer Paytm, and Sachin Bansal and Binny Bansal, co-founders of online retailer Flipkart.Image Credit: Bloomberg
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Following Zomato’s successful IPO, India beauty-focussed portal Nykaa is currently seeking $4b valuation for IPO. The country's top e-commerce company for beauty products was founded by Falguni Nayar.Image Credit: Shutterstock/LinkedIn@Falguni Nayar
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Nykaa, founded in 2012 by former investment banker Nayar, has grown into India's top destination for anything related to beauty, and has its own chain of outlets. It had $250 million in revenues last year. The company was last valued at $1.2 billion, according to CB Insights.Image Credit: Pixabay
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As of today, 16 Indian startups have turned unicorn this year, as some high-profile investors including Tiger Global and Falcon Edge double down on the world’s second largest internet market.Image Credit: Gulf News Archives
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Online insurance marketplace Policybazaar also filed for an IPO earlier in August. The insurance price comparison site expects to raise as much as Rs60.18 billion, and will join a growing list of startups preparing to tap capital markets as India's digital economy booms. The owner of Policybazaar has submitted initial documents with the market regulator for what would be the third-largest Indian IPO of 2021.Image Credit: Shutterstock/Bloomberg
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Fin-tech firm Paytm will file a draft prospectus in October for a domestic IPO that seeks to raise $2.3 billion. Managing Director and CEO Vijay Shekhar Sharma and Alibaba group firms will dilute some of their stake in the proposed offer-for-sale.Image Credit: Bloomberg
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Indian e-commerce giant Flipkart hit the market earlier this year to raise about $1 billion at up to $30 billion valuation in a pre-IPO financing round. The e-tailer, which sold a majority stake to Walmart for $16 billion in 2018, initiated fundraise possibilities with some investors and has since grown more serious and hired bankers.Image Credit: Shutterstock/Bloomberg
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Another most anticipated IPO of 2021 was from Kalyan Jewellers. The Kerala-headquartered firm is one of India's largest gold and jewellery companies. It has 107 showrooms across 21 states in India and 30 showrooms located in the Middle East.Image Credit: Arshad Ali/Gulf News
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With $3.6 billion worth of IPOs in India in the first-half of 2021, there are about 100 unicorns in India with a combined market value of $240 billion. With COVID-19 infections under control, India’s booming IPO scene has much more to offer…Image Credit: Bloomberg
Dubai Financial Market: Beginning of a new era in capital market development in the UAE
DFM is the first stock exchange to have offered its shares through an IPO in the region
Creation of Dubai Financial Market (DFM) was one of the first step in the creation of a well-structured capital market infrastructure in the UAE. The establishment of a formal stock exchange in Dubai marked the transition from an over the counter stock trading system to a formal market place with all the supporting infrastructure..Image Credit: Gulf News Archives
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Sheikh Mohammed bin Rashid Al Maktoum, who was then Crown Prince of Dubai and UAE Defence Minister, smiles as he tours the venue of the newly open Dubai Financial Market at the World Trade Centre in Dubai in 2000.Image Credit: Gulf News Archives
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Established as a public institution with an independent legal entity by virtue of Decree 14/2000 issued by the Government of Dubai, the DFM launched its activities on March 26, 2000. Above, general view of Dubai Financial Market at Dubai World Trade Centre in 2003.Image Credit: Gulf News Archives
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Set up as a demutualised stock exchange, DFM was fully owned by Dubai government until November 2006. The exchange was turned into a public joint-stock company through an initial public offering (IPO), which led to the sale of 20 per cent of its shares to the public. Above, investors are closely monitoring the market trend in the morning hours in 2005.Image Credit: Devadasan K P/Gulf News Archives
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On March 7, 2007, the Dubai Financial Market Company was listed on the market with the trading symbol DFM, becoming the first publicly listed regional exchange. The sale of DFM shares to the public marked the pioneering role played by the Emirate of Dubai in privatisation of government institutions through share sales in the region.Image Credit: Gulf News Archives
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DFM is both governed and regulated by the Securities and Commodities Authority (SCA). SCA has the authority to impose laws and standards. SCA's role is to ensure that the laws are followed by the exchanges as well as to protect investors’, brokers’ and listed companies’ rights.Image Credit: Gulf News Archives
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The DFM works proactively with the SCA to protect investors and provide an optimum trading platform, which includes initiatives such as the development of Margin Trading and Delivery versus Payment (DvP) mechanisms.Image Credit: Ahmed Ramzan/Gulf News
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Over the past two decades, the DFM has fast developed into a leading financial market across the region. Its ongoing efforts and strategic initiatives have further reinforced Dubai as a centre of excellence in this part of the world and enhanced its leading position as a powerful capital market hub.Image Credit: Ahmed Ramzan/Gulf News
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DFM operates as both primary market new share listings and a secondary market for the trading of securities issued by public shareholding companies, bonds issued by federal or local governments, local public institutions and mutual funds as well as other local or foreign DFM approved financial instruments.Image Credit: Ahmed Ramzan/Gulf News
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DFM is the first financial market that is compatible with the provisions of Islamic Shariah on a global level since 2007, allowing investors from all over the world to invest in securities listed on the market according to the parameters and regulations of Islamic Law. For this purpose the DFM Fatwa and Shariah Supervisory Board has prepared the Standard to help investors identify the Shariah-compliant listed companies.Image Credit: Ahmed Ramzan/Gulf News
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In 2010, the Dubai Financial Market consolidated its operations with Nasdaq Dubai to create a dynamic force in the region’s capital markets. The consolidation provides investors greater choice of asset classes and easier access to DFM and Nasdaq Dubai-listed securities via a single Investor Number (NIN), which means investors can trade seamlessly across the two exchanges. Both exchanges continue to be regulated separately, DFM by the SCA and Nasdaq Dubai by the Dubai Financial Services Authority (DFSA).Image Credit: Gulf News Archives
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DFM has accelerated its efforts during the first half of 2021 to implement diversification strategy for investment opportunities offered to its growing investor base. DFM is currently amongst the leading regional markets in terms of financial products’ diversification as it provides equities, equity futures, bonds & Sukuk, REITs, ETFs, etc. The market is expanding products offering in order to provide investors with alternative investments, enabling them to flexibly manage their portfolios.Image Credit: Ahmed Ramzan/Gulf News
Photos: UAE is building one of the world's largest waste-to-energy plants
Dubai is constructing a $1.1 billion facility that will burn garbage to generate power
The UAE is building one of the world's largest waste-to-energy plants to deal with its trash load. Above, workers sort solid waste material in the material recovery facility at the Bee'ah waste management complex in Sharjah.Image Credit: Bloomberg
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A smaller plant - the UAE's first on a commercial scale - will start operating this year in Sharjah.Image Credit: Bloomberg
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The $1.1 billion Sharjah waste-to-energy plant is under construction at the Bee'ah waste management complex in Sharjah.Image Credit: Bloomberg
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Solid waste during processing on conveyor belts in the material recovery facility at the Bee'ah waste management complex in Sharjah.Image Credit: Bloomberg
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Once two other projects in Abu Dhabi are completed, the country may incinerate almost two-thirds of the household waste it currently produces.Image Credit: Bloomberg
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Aluminium drinks cans are sorted for recycling in the material recovery facility.Image Credit: Bloomberg
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Waste-to-energy produces emissions, which is why it's usually considered suitable for disposing only of the final remnants of trash after all recyclable materials have been extracted.Image Credit: Bloomberg
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Workers during construction of the $1.1 billion Sharjah waste-to-energy plant at the Bee'ah waste management complex in Sharjah.Image Credit: Bloomberg
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For Sharjah, opening the plant will mean it can plug its dumpsite. Bee'ah, the company managing Sharjah's waste, says it will create green spaces and install a 120-megawatt solar-power facility on top and produce hydrogen from the garbage to fuel its rubbish trucks.Image Credit: Bloomberg
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A worker bulldozes solid waste in the storage area of the material recovery facility.Image Credit: Bloomberg
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Bee'ah Chief Executive Officer Khaled Al Huraimel said he wants to build more waste-to-energy facilities in the region, including Saudi Arabia. "They're starting from scratch, but we started from scratch too," he said.Image Credit: Bloomberg
In Pictures: Try these out to ease the stress out of hybrid working
Call it what you will, hybrid working will be around for some time to come
Offices are opening to full or near-full capacities, even as several employers make allowances for hybrid working way. Until such time the world can call a closure on the COVID-19, these flexible working arrangements will be part of the corporate landscape.Image Credit: Shutterstock
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Based on feedback from business and HR consultants, new recruits too want their employers to grant them the work-from-anywhere rights. After a year and more of work-from-home, clearly, everyone is not up to going to the way things were pre-pandemic.Image Credit: Shutterstock
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Some businesses who have transitioned to a remote workforce still feel like something is missing. Despite the comfort of operating from the familiar surroundings of home, many employees started feeling disconnected. Stress levels built up and issues of mental health were coming to the surface. A point was reached when morale clearly dipped, and it was telling on organizational results.Image Credit: Shutterstock
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In the past, company culture was built through face-to-face contact. While not all elements of an in-office experience can be replicated in a remote world, there are several things companies can do to sustain an organizational culture in the era of remote work.Image Credit: Shutterstock
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An all-day Google Hangout or Teams channel, where people can come and go when they need a break from work and want to socialise, promotes informal networking and bonding.Image Credit: Shutterstock
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Giving away weekly or monthly prizes (gift cards, chocolates) to high performers and those who go the extra mile can help with building morale and enthusiasm.Image Credit: AP
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Tools like Slack can create remote communities, where employees can share their interests and experiences. One way could be a wellness channel, where team members can share mindfulness tips, at-home workouts and new recipes. Another is a movie and TV show focused platform, where they can chat about what they’re watching, and recommend shows and films to each other.Image Credit: AFP
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There are other ways that give a new definition to remote working. In October 2020, Dubai launched a programme that will allow remote working professionals to live in Dubai while continuing to serve their employers in their home country. The move provides remote workers – and their families - the opportunity to re-locate, on an annual basis, to enjoy a safe and quality life and work environment backed up by a strong digital infrastructure for seamless connectivity.Image Credit: Shutterstock
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In a report published earlier this year, the online platform for on-demand housing Nestpick revealed the best cities worldwide to live and work remotely from home. Dubai was ranked in second place, while Melbourne topped the list for digital nomads out of 75 countries. These cities were then analysed on three broad categories, including costs and infrastructure, legislation and freedoms, livability, which made them attractive places to both relocate to and work remotely from.Image Credit: AFP
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The Work-from-Anywhere Index also used data in their study to determine the cities that are not only the most attractive to foreign-employed workers, but also have the infrastructure and legislation to make it easy for them to live and work there. The resulting index offers insight into a broad range of factors encompassing costs, infrastructure, legislation and livability to reveal the cities best prepared to attract this new breed of work-from-anywhere resident.Image Credit: Shutterstock
In Pictures: These are the top locations in Dubai and Abu Dhabi for buying a new home
Some locations are starting to firm up on price front and that acted as a spur for buyers
GREEN COMMUNITY | Dubai property market put together another solid month of growth in June, with 6,388 transactions worth Dh14.79 billion. What’s remarkable is this is the best monthly tally since 2013, according to the Dubai Land Department. Sales in June are 44.33 per cent higher in terms of volume and 33.2 per cent in value compared to May. This brings the year-to-date total to 27,373 transactions worth Dh61.97 billion. Last year’s total number stood at 35,041 worth Dh71.87 billion.Image Credit: Megan Hirons Mahon/ANM
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DUBAI HILL ESTATE | In terms of villas and townhouses, Green Community, Mohammed Bin Rashid City, Dubai Hills, Arabian Ranches 3 and Akoya topped the list. As for apartment locations, the top areas were Meydan, Jumeirah Lake Towers, Dubai Marina, Business Bay, and Downtown.Image Credit: Supplied
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ARABIAN RANCHES 3 | Compared to Q2-2020, this year shows an increase of 183.4 per cent on volume and 237.79 per cent for value of sales transactions. And compared to Q2-2019, this quarter has an increase of 78.27 per cent for volume and 102 per cent on value – all of which points to a property market that is definitely on the mend.Image Credit: Gulf News Archives
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AKOYA | Between April to end June, 61.5 per cent of all sales were for secondary/ready properties and 38.5 per cent for offplan properties. In terms of volume, the offplan market transacted 6,025 properties worth Dh9.17 billion and the secondary market transacted 9,613 properties of Dh27.68 billion.Image Credit: Damac Properties
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JUMEIRAH LAKE TOWERS | In Abu Dhabi, there has been a steady increase in interest for both affordable and luxury villa communities. Demand from both homebuyers and tenants have stayed high, resulting in increasing prices for family-friendly homes in the emirate.Image Credit: Pankaj Sharma/Gulf News Archives
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DUBAI MARINA | As per the data released by the Department of Municipality and Transport, Abu Dhabi recorded real estate transactions worth Dh11.5 billion in the first quarter of 2021 alone, with the value of mortgages exceeding Dh6.5 billion. Aldar Propertiesreported the rapid sell-out of the newly-launched Noya villas on Yas Island, highlighting the appetite for high-quality, family-oriented homes in the emirate.Image Credit: Supplied
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BUSINESS BAY | According to data released by Bayut for H1-2021, prices in Abu Dhabi increased by up to 9 per cent. Prospective investors of luxury apartments have turned towards waterfront communities such as Al Reem Island and Al Raha Beach, while Saadiyat Island and Yas Island remains popular among premium villa category.Image Credit: Shutterstock
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DOWNTOWN DUBAI | Consumers keen on smaller ticket properties have preferred freehold suburbs such as Masdar City, Al Reef and Al Ghadeer for apartments. When it comes to the more affordable villas for sale in Abu Dhabi, Al Reef, Shakhbout City and Hydra Village remains the popular options.Image Credit: Krishna Prasad/Gulf News reader
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REEM ISLAND | In the rental market, apartments in Abu Dhabi experienced minor price declines of up to 7 per cent in the first-half of 2021. On the other hand, villa properties have seen an uptick in rental prices between 2 per cent and 18 per cent.Image Credit: Shutterstock
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AL RAHA BEACH | Suburban communities and older neighbourhoods such as Khalifa City A, and Al Khalidiyah have dominated the affordable apartment market, whereas Mohammed Bin Zayed City remained the firm favourite with those looking to rent reasonably priced family-friendly villas.Image Credit: Gulf News Archive
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KHALIFA CITY A | Saadiyat Island has remained the top pick for luxury villa sales in Abu Dhabi. The average price-per-square-foot for villas in Saadiyat Island has seen an uptick in H1 2021, going from Dh1,343 to Dh1,357, pointing to the steady demand for luxury waterfront properties in the capital.Image Credit: Silvia Baron/ANM
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AL BATEEN | The upscale villas in Yas Island have experienced an 8.7 per cent increase in average sales price-per-square-foot, standing at Dh1,075 in H1 2021. The price-per-square-foot for houses in Al Raha Gardens has increased by 2.15 per cent, averaging at Dh830 in H1 2021.Image Credit: Supplied
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YAS ISLAND | The suburb of Al Reef has been the most popular choice for affordable ready villas for sale during H1 2021. The sales price-per-square-foot for villas in Al Reef has increased by 5.1 per cent during H1 2021, rising from Dh626 to Dh658.Image Credit: Supplied
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AL RAHA GARDENS | Al Reem Island has remained the most popular choice for high-end apartments in Abu Dhabi. Sales prices for apartments in Al Reem Island have remained largely steady in H1 2021, with the average price-per-square-foot standing at Dh999. The average rents for apartments on Al Reem Island have seen slight decreases during H1 2021, averaging at Dh59,000 for 1-bed apartments, Dh83,000 for 2-bed flats and Dh126,000 for 3-bed units.Image Credit: Silvia Baron/ANM
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MOHAMMED BIN ZAYED CITY | As per the data, Mohammed Bin Zayed City (MBZ) has remained the first choice for affordable villa rentals in Abu Dhabi. The average rents for 3 and 5-bedroom villas in MBZ City have remained fairly stable, standing at Dh92,000 and Dh146,000 respectively.Image Credit: Gulf News Archive
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AL REEF | In the first six months of 2021, Khalifa City A has remained the top choice for tenants interested in affordable apartments in Abu Dhabi. The asking rents in Khalifa City A have experienced moderate fluctuations in H1 2021.Image Credit: Abdul Rahman/Gulf News Archives
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Studio apartments have seen rental prices dip by 2.6 per cent to Dh27,000, while asking prices for 1-bed flats have stayed steady at Dh42,000. The 2-bed apartments in Khalifa City A have seen an uptick of 7.9 per cent in rental costs, averaging at Dh63,000.Image Credit: Supplied
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Similarly, rental apartments at Al Raha Beach, Corniche Area and Corniche Road have experienced minor price fluctuations under 5 per cent. On the other hand, Saadiyat Island has seen average rents rise between 13 per cent to 19 per cent for apartments, which could be attributed to newly handed-over projects in the area.Image Credit: Shutterstock
Photos: World's richest man Jeff Bezos blasts off into space
Crewed mission is an 11-minute flight from Texas to an altitude of 106km, and back again
Washington: The wealthiest man on the planet Jeff Bezos spent a few minutes in space Tuesday on Blue Origin's first human mission, a key moment for a fledgling industry seeking to make the final frontier accessible to elite tourists. "A very happy group of people in this capsule," said Bezos after the spaceship touched down in the west Texas desert following an 10-minute hop to the Karman line and back.Image Credit: AFP
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The four-member crew exchanged high-fives and hugged family who came to meet them at the landing site. Earlier, the New Shepard capsule reached at an altitude of 66.5 miles (107 kilometers), allowing the passengers to experience weightlessness while admiring the curve of the Earth.Image Credit: Reuters
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New Shepard craft capsule after it returned from space. | Virgin Galactic founder Richard Branson made the voyage on July 11, narrowly beating the Amazon magnate in their battle of the billionaires. But Blue Origin's sights were set higher: both in the altitude to which its reusable New Shepard craft would ascend compared to Virgin's spaceplane, and in its ambitions.Image Credit: AFP
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Bezos, 57, founded Blue Origin in 2000 with the goal of one day building floating space colonies with artificial gravity where millions of people will work and live.Image Credit: AFP
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New Shepard crew capsule descends on the end of its parachute system. | Today, the company is developing a heavy-lift orbital rocket called New Glenn and also a Moon lander it is hoping to contract to NASA. Named after Alan Shepard, the first American in space, the New Shepard suborbital rocket had flown 15 uncrewed flights to put it through its paces and test safety mechanisms.Image Credit: AFP
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Blue Origin's New Shepard rocket lands. | Lift-off was slightly delayed and came at 1312 GMT from a remote facility in the west Texas desert called Launch Site One, some 25 miles (40 kilometers) north of the nearest town, Van Horn. "This might have looked easy today, it was anything but easy," said Gary Lai, lead designer of New Shepard.Image Credit: AP
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The view from the New Shepard rocket . | Daemen's father, the CEO of a private equity firm, was a runner-up in the bidding, allowing his teenage son to become the company's first paying customer.Image Credit: AP
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After lift-off, New Shepard careened towards space at speeds exceeding 2,300 mph (3700 kph) using a liquid hydrogen-liquid oxygen engine whose only byproduct is water vapor.Image Credit: AP
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The capsule separated from its booster, and when it got high enough, the astronauts unbuckled and experienced space for three to four minutes.Image Credit: AFP
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The booster returned autonomously to a landing pad just north of its launch site, while the capsule fell back to Earth with three giant parachutes, and finally a thruster, for a gentle landing.Image Credit: Reuters
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Blue Origin's New Shepard rocket launches.Image Credit: AP
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