Latest news with #ArabianPost
Arabian Post
18 hours ago
- Business
- Arabian Post
Swatch Group Reports Steep Profit & Sales Fallout
Arabian Post Staff -Dubai Swatch Group's first‑half figures underscore a deepening crisis in its key Asian markets after the Swiss watch‑maker disclosed a 7.1 per cent drop in sales, generating CHF 3.059 billion, falling short of market forecasts of CHF 3.2 billion. Operating profit plunged 67 per cent year‑on‑year to CHF 68 million, signalling an urgent warning to investors and management alike. China, alongside Hong Kong and Macau, remains the primary weak spot, contributing 27 per cent of total revenues. Falling demand across these regions continues to undermine core sales and profit performance. Despite encouraging double‑digit growth in North America and market share gains in countries such as Japan, India and the Middle East, these gains have yet to compensate for the shortfall from Greater China. ADVERTISEMENT Net profit attributable to owners collapsed to CHF 3 million, compared with CHF 136 million during the same six‑month period last year. This dramatic decline illustrates the scale of the downturn, making it Swatch's worst half‑year performance in recent memory. Analyst commentary has been scathing: Vontobel described this period as 'an ugly half year for Swatch Group in all respects'. The fallout from slowed Chinese consumer activity has been compounded by negative currency effects—Swiss franc appreciation cut CHF 113 million from turnover relative to constant‑currency comparisons. Adding fresh complexity, new U. S. tariffs threaten to raise costs on Swiss watch imports by up to 31 per cent. Industry stakeholders now warn that these levies could further weigh on margins, with retailers like Watches of Switzerland projecting a margin squeeze in the year ahead. Beyond external pressures, a growing number of investors are scrutinising Swatch's internal governance. Shareholder activism has surfaced, with calls for more oversight of the centrally controlled Hayek family, whose dual‑class voting structure remains a source of contention. Net profits collapsed by 75 per cent to CHF 219 million in 2024, but critics assert that this malaise runs deeper. GreenWood Investors, led by Steven Wood, has launched a push to join the board, advocating for brand revitalisation, governance reforms and a strategy pivot toward luxury exclusivity akin to Hermès and Ferrari. Management, though addressing short‑term volatility, emphasises Swatch's entrenched strengths. Its vertically integrated manufacturing, with over 150 production sites, and the success of the affordable MoonSwatch line demonstrate resilience. The company has pledged that cost‑cutting measures and a pipeline of new product launches—particularly in the U. S. and Japan—should drive a rebound in the second half of the year. The first‑half slump follows broader downturns last year, when revenue declined 12.2 per cent to CHF 6.74 billion in 2024, and operating profit fell 75 per cent to CHF 304 million. That drop reinforced trading floor rumours of governance fatigue and brand dilution at high‑end labels like Omega and Breguet. Economically, China's consumer landscape remains unsettled. A combination of property market stress, slower GDP growth and official campaigns discouraging conspicuous consumption have dampened luxury spending. Swiss watch exports to China and Hong Kong plunged by double digits in early 2024, while only the lower‑priced Swatch line bucked the trend in the region, gaining 10 per cent in sales volume. Swatch Group's corporate ambition to maintain full production capacity and avoid layoffs during weak demand, while strategically commendable, has weighed on margins—especially in the production segment. Management asserts this decision safeguards long‑term capabilities and is now beginning to bear fruit, with production margins improving since June. Mixed signs beyond China offer guarded optimism. North America posted record sales, Japan recorded robust growth, and emerging markets like India and the Middle East offered upside. These regions now form the central axis of Swatch's recovery strategy.
Arabian Post
a day ago
- Business
- Arabian Post
Global shisha demand set to surge: 90% of hospitality venues predict growth
By Arjavi Indraneesh There has been a shift in the perception about shisha smoking, with the traditional ways giving way to safer, smarter and regulated social inhalation. But the shift hasn't negatively impacted the overall shisha market, which appears to be set for a surge. Arabian Post spoke to Ronan Barry, Chief Legal & Corporate Affairs Officer at AIR, a global market leader in advanced inhalation systems. Here is the full text of the interview: ADVERTISEMENT Q: Your latest research shows a global surge in shisha demand. What's driving this growth? A: Our research shows that 90% of hospitality venue owners across four key markets – the UAE, US, Germany, and Spain – expect demand to increase over the next two years. That growth is being fueled by a shift in how shisha is perceived and enjoyed globally as well as growing demand for differentiated and non-intoxicating social experiences Shisha is a ritual that has been enjoyed for centuries, deeply rooted in tradition, community and social connection. While that cultural significance remains, consumer expectations are changing. That's exactly why we created OOKA – a one-of-a-kind, charcoal-free device that delivers a cleaner, safer and more premium experience without compromising on flavour or ritual. It's designed to meet the needs of today's more health-conscious and design-aware consumers, while helping venues modernise their offering and overcome operational and regulatory challenges. Q: What challenges are hospitality venues facing as they try to meet this demand? A: Air quality regulations, fire safety concerns and the operational burden of managing charcoal-based systems have long been pain points. In fact, 89% of the businesses we surveyed said regulatory compliance is a significant challenge when offering shisha. That's why an innovation like OOKA – our charcoal-free, electronically heated shisha device – is so transformative. Not only does it remove the complexities of charcoal, but it also significantly reduces harmful emissions, creating a safer, more sustainable experience for both consumers and staff. One in four venue owners told us that they see charcoal-free technology as a practical solution to help meet these regulatory requirements as well as consumer demand for better air quality and a cleaner experience meaning devices like OOKA are a real opportunity for forward-thinking operators to innovate and drive customer loyalty. ADVERTISEMENT Q: Can you talk more about how OOKA addresses these health and safety concerns? A: Absolutely. AIR commissioned and published the world's first peer-reviewed emissions study on a charcoal-free shisha device – and the results were a game-changer for the category. Our research found that emissions from OOKA showed zero detection of many of the most harmful by-products of charcoal heated shisha, including carbon monoxide, benzene, toluene, and benzo[a]pyrene, which are typically found in both cigarettes and charcoal-heated waterpipes. It also revealed that levels of key aldehydes, such as acrolein, acetaldehyde and formaldehyde, were reduced by up to 96% compared to traditional shisha. When you factor in how shisha is consumed in real life – often just once or twice a week – toxicant exposure from OOKA is estimated to be up to 100 times lower than cigarette smoking. That's a huge step forward in harm reduction, and it has real-world implications for the hospitality industry. It means venues can now offer a premium shisha experience that not only appeals to today's more health and environmentally conscious customers, but also supports better indoor air quality and simplifies regulatory compliance. It opens the door for more businesses – especially those that were previously put off by the risks of charcoal – to add shisha to their menus with confidence. Q: How has OOKA been received by the hospitality industry so far? A: The response has been overwhelmingly positive – including here in Dubai. OOKA Pro, our model tailored for hospitality venues, was developed with feedback from our partners and is already being used in leading hospitality destinations, such as Playa Beach Club Dubai. Venue owners appreciate the cleaner operation, the design customization options and the fact that it supports up to eight sessions on a single charge. Many report it has opened new revenue streams and improved the customer experience significantly. Q: Do you see OOKA influencing future regulatory approaches to shisha? A: We believe so. The science is now catching up with the innovation. Our emissions study provides credible, independent evidence that charcoal-free devices like OOKA offer a materially safer alternative. That's important not just for regulators and policymakers, but also for hospitality businesses. If regulation starts to recognize cleaner technologies like ours, it gives venues a real opportunity to expand their offerings and attract a broader customer base – including those who may have previously avoided shisha due to health or safety concerns. We're ready and willing to engage with regulators to ensure that the evolution of the category is reflected in policymaking. Our goal is to support the hospitality industry in offering safer products, while giving consumers the freedom to enjoy shisha with greater confidence. Q: What's next for AIR and the future of shisha? A: We're committed to leading the way in clean, tech-driven social inhalation. As consumer expectations shift and regulations evolve, the industry must evolve – and innovation isn't just desirable, it's essential. That's why we're continuing to invest in R&D, expand our partnerships with hospitality venues all over the globe and champion a future for shisha that's safer, smarter and aligned with global health and safety standards. This is an incredibly exciting time for the category. The core ritual of shisha, something that's been enjoyed for centuries, remains as important as ever. But how people enjoy it is changing. AIR is proud to be at the forefront of that transformation, and we're just getting started. The future of shisha is full of possibility – and we can't wait to shape what comes next. Also published on Medium. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
Arabian Post
2 days ago
- Climate
- Arabian Post
Gusty Winds and Dust Bring Visibility Risks Across UAE
Arabian Post Staff -Dubai The National Centre of Meteorology issued an advisory este morn for southeasterly winds gusting up to 40 km/h across the UAE, leading to heavy dust and sand lifting in internal and coastal areas. The conditions are expected to significantly reduce horizontal visibility—at times below 2,000 metres—between roughly 08:45 and 17:00. Abu Dhabi Police cautioned motorists to drive with care, maintain low speeds, and avoid distractions like using phones or filming while on the move. Winds forecast for the day have already led to hazy skies over urban centres, with dust clouds drifting across highways and neighbourhoods. Officials warn that compromised visibility on roads will heighten accident risks, prompting emergency services to remain on alert. ADVERTISEMENT Abu Dhabi Police reinforced the message, urging: 'Drivers to remain alert and reduce speed … For your safety and the safety of others on the road, please avoid using mobile phones or taking videos while driving.' The statement formed part of a broader appeal urging residents to secure outdoor items and stay informed via official channels. High winds sweeping the region echo seasonal patterns observed in previous years. The meteorological phenomenon known as 'Shamal' brings northwesterly gusts that whip up desert dust, especially during summer's peak between April and October. These episodes often downgrade visibility to well under 2 km. In fact, storms recorded in 2008, 2009 and 2010 show how recurrent and sudden these events can be. An Abu Dhabi dust storm struck last Thursday, when winds triggered restricted visibility and led authorities to issue similar warnings earlier in July. The NCM had foreseen rough sea conditions in the Arabian Gulf, cautioning mariners of choppy waters and advising against unnecessary travel offshore. Studies by geophysics experts at Khalifa University and warnings from the World Meteorological Organization indicate that shifting climate patterns may be contributing to increased dust frequency in the Gulf, with 'early summer and late winter' transitions becoming more pronounced. Commuters in Abu Dhabi, Dubai, Al Ain and Sharjah were met with drifting dust obscuring visibility, particularly on highways and arterial routes. Between 1 pm and 3 pm yesterday, multiple reports noted local visibility dropping below 1 500 metres near Dubai International Airport and adjacent roadways. Transport authorities are urging drivers to obey reduced speed limits displayed on overhead electronic boards, as fine particles may settle on windshields, diminishing visibility further. School bus operators, logistics firms, and delivery services have been advised to take precautions or suspend outdoor activities until conditions improve. Indoor spaces and construction sites are under advisory to ensure dust mitigation measures are in place, including sealing entrances and using air filtration systems. Medical professionals have also warned individuals with respiratory concerns to limit outdoor exposure and keep medications close at hand. The repeated advisories align with broader international efforts to establish regional early-warning systems. During last spring, the World Meteorological Organization highlighted Saudi Arabia's leadership in a Gulf-wide sand and dust storm monitoring initiative. Given the projected continuation of these conditions into the evening, motorists and residents are advised to remain alert. The police statement urged community action: 'For your safety and the safety of others … please avoid using mobile phones or taking videos while driving.' The pattern of such weather events reflects the UAE's climate trends, where extreme heat, strong winds, and suspended dust become frequent during the summer months. These conditions contribute to regional cautionary measures and highlight the interplay between natural climate cycles and growing urban risk exposure.
Arabian Post
2 days ago
- Business
- Arabian Post
Dubai Rises to 7th Most Costly City for the Ultra‑Wealthy
Arabian Post Staff -Dubai Dubai has climbed to seventh place worldwide among the most expensive cities for high-net-worth individuals, according to Julius Baer's Global Wealth and Lifestyle Report 2025, up from 12th last year. This marks the largest ascent within Europe, the Middle East and Africa, even though local currency prices rose by just 1 per cent. The report evaluates the cost of living for HNWIs using a 'Lifestyle Index' that covers 20 goods and services ranging from property and cars to legal services and education. In Dubai, steep increases in big-ticket sectors—13 per cent for car prices and 17 per cent for residential property—have driven the city's rise in rankings, reinforcing its appeal to affluent migrants. ADVERTISEMENT Regionally, EMEA now accounts for over half of the top ten most expensive cities for HNWIs. London, Monaco and Zurich also climbed the rankings, securing second, fourth and fifth positions globally. Dubai's dramatic move to seventh place complements these traditional wealth centres, overtaking cities such as Shanghai and New York. Globally, Singapore remains the costliest city for wealthy lifestyles, with London and Hong Kong following in second and third place. While overall prices in US dollar terms fell by 2 per cent—driven by a 3.4 per cent decline in the cost of goods—Dubai defied this trend with its sharp price hikes in luxury property and automotive sectors. Dubai's real estate sector experienced exceptional growth in 2024, with property sales value surging by 27 per cent year-on-year. Concurrently, the number of millionaires in the emirate more than doubled over the past decade, now exceeding 80,000, accompanied by a rise in centi-millionaires and billionaires. Julius Baer attributes this shift to the emirate's strategic appeal to mobile elites via residency schemes, minimal personal taxation and a vibrant lifestyle combining beachfront living, upscale services and robust business potential. Luxury dining, designer fashion, fine jewellery and experiential spending remain in high demand, even as global consumption for goods softens. Beyond wealth rankings, the report highlights evolving HNWI priorities, with growing emphasis on both physical and financial longevity. Across regions, including Asia and North America, wealthy individuals are increasingly investing in wellness, advanced healthcare and long-term wealth preservation. As Dubai solidifies its position among global wealth hubs, analysts expect its progressive trajectory to continue. Julius Baer suggests that it may soon challenge top-tier cities like Singapore or London if growth in luxury sectors and affluent residency persists. Despite global economic headwinds—such as trade tensions, slowing consumption and geopolitical uncertainties—the emirate's ability to attract HNWIs has remained strong, positioning it as a dominant destination for global mobility and wealth settlement.
Arabian Post
4 days ago
- Arabian Post
UAE Residents Trapped by Sophisticated Fake‑Invoice Scam
Arabian Post Staff -Dubai Dubai authorities have issued a warning after a surge in phishing emails impersonating companies such as McAfee Security and PayPal. These messages falsely claim that debit transactions of around AED 1,400 or AED 2,200 have been processed, instructing recipients to cancel the payment within 24 hours. The ruse prompts panicked victims to call a provided number, where scammers gain remote access to their computers and harvest sensitive personal and financial data. Law enforcement agencies in the emirates highlight this scam as a sophisticated iteration of classic technical support fraud. Dubai Police reported nearly 500 arrests related to phone-based fraud last year, while Sharjah Police uncovered another gang that misused remote-access prompts to defraud residents of AED 3 million via 173 bank accounts. Cybercrime units from across the UAE have reiterated that legitimate companies never solicit remote access, issue invoices from personal accounts, or demand immediate cancellation via unsolicited calls. ADVERTISEMENT Cybersecurity experts confirm that such scams operate by embedding urgency and trusted branding within fraudulent invoices. In some cases, genuine McAfee or PayPal logos are used, with phishing emails exploiting official domains like '@paypal. com' to evade security filters. Most alarmingly, McAfee Labs noted that PayPal-related phishing attempts have spiked sevenfold compared to a month earlier, indicating that cybercriminals are increasingly refining their tactics. These email scams typically follow a multi-stage process. Victims first receive a customised invoice claiming unauthorised charges. Alarmed by the sum, recipients are directed to call a phone number that leads to a scam call centre. Once connected, scammers initiate remote access software—such as AnyDesk—using the pretext of 'fraud prevention', and subsequently extract bank details, personal data and in some cases install malware. Anecdotal evidence from victims underscores the psychological impact of the scam's design. One government employee from Dubai reported receiving an email from someone named 'Jarred' bearing a McAfee invoice. Convinced that she had skipped a subscription renewal, she reached out via the provided number to cancel. Similar stories have surfaced across the UAE, often involving the extraction of remote passwords and sensitive credentials. Authorities emphasise vigilance. They advise members of the public to verify any invoice or billing-related email by visiting official websites or contacting customer support via verified communication channels. Users should never allow remote access in response to unsolicited calls. Globally, this scam mirrors trends seen in the UK and North America. Consumer watchdog Which? identified parallel phishing campaigns wherein emails purporting to be from McAfee or AVG warned of antivirus renewals. These messages aimed to persuade users to scan QR codes or download malicious software to seize device control. York University's Information Security team also identified fake McAfee renewal notices that claimed subscription charges had been processed, urging recipients to call to reverse the transaction, only to be prompted for remote access. PayPal's system has also been exploited via its official invoice and address‑confirmation tools. Scammers can trigger legitimate PayPal alerts by entering a user's email, bypassing email filters and lending credibility to the scam. Subsequent messages urge recipients to call fake 'support' phone numbers, leading to remote-control software installation under the guise of account verification. Security specialists recommend the following countermeasures: Always verify invoices by logging into the official company site or app rather than interacting with email links or phone numbers. Inspect email senders carefully to ensure they match legitimate company domains. Avoid granting remote access or installing software when prompted by unsolicited callers claiming to represent vendors. Register suspicious emails with relevant authorities—PayPal's phishing email forwarding service, and McAfee's scam reporting email addresses are official avenues. Email marketing firms and cybersecurity analysts also note that the sharp rise in such scams reflects a broader shift by criminals towards hybrid phishing campaigns that combine urgency, trusted branding and remote access elements. Authorities across the UAE continue to intensify public awareness efforts, urging residents to scrutinise any invoices involving unfamiliar charges above AED 1,000.
