Dubai's oldest neighbourhood is to undergo regeneration to attract residents, visitors, creatives and start-ups to the area.
Al Fahidi district dates back to the 19th century and was at the city's heart as it grew from a sleepy fishing village to a global metropolis. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, was born in nearby Shindagha.
"We seek to turn it into a leading cultural destination that highlights our nation’s authentic architectural and urban heritage," Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said on Sunday.
Sheikh Hamdan approved a broader project that seeks to make the city's walls and streets an "open art gallery".
With the regeneration project, the government wants to create a "platform for young people to showcase their creative talent and start-up companies in the cultural sector to showcase their offerings".
"It also aims to rehabilitate the neighbourhood’s facilities and infrastructure as well as improve its general appearance," Dubai Media Office said.
Al Fahidi, on the Bur Dubai side of Dubai Creek, is home to museums, coffee shops and textile souqs. The famous gold and spice souqs are on the Deira side, a Dh1 boat journey across the creek.
The district is already home to several street-art projects, with the walls of its old buildings turned into canvasses for artists.
Further down the river another area, Al Seef, has undergone extensive modernisation after a long period of closure.
Al Fahidi street-art project to mark Hope Mars mission: in pictures
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
