Today, life in the Emirates moves in the fast lane. In a regular series to mark the 50th anniversary of the UAE we take a little trip back in time to see just how much the country has changed.
Visiting the area today, it is hard to tell that this was once the commercial heart of old Abu Dhabi.
The district behind the Corniche, south of Khalifa bin Zayed Street and between Al Lulu Street and Sheikh Rashid bin Saaed Street (Airport Road), was the city's original souq.
It was a haphazard warren of barasti and coral stone stalls. Its origins are lost in the mists of time, or at least the 19th century.
In the beginning, mostly fish, vegetables and dried goods were sold.
The influx of oil money in the late 1950s led to the introduction of exotic goods such as Heinz baked beans, tinned peaches and Wrigley's chewing gum.
Ambitious plans by Sheikh Zayed, the UAE's Founding Father, for a new modern city in the late 1960s led to the old souq being swept away, along with the Brahman cattle that once roved the stalls and a dusty path that led directly to Qasr Al Hosn.
It was replaced with a concrete version, covering the old site but much expanded. The 1970s souq extended up to Hamdan Street, bisected by Khalifa bin Zayed Street, which was crossed by a pedestrian walkway.
Particularly popular with the city's growing South Asian population, this second souq did not age well, and a fire in 2003 that gutted large sections prompted a decision to knock it down.
It was eventually replaced in 2010 by a complex that includes the World Trade Centre mall and souq, which covers the original footprint. Many of the traders from the 1970s souq still conduct business on the streets around the area.
The older of these photographs shows the second souq and the bridge over Khalifa bin Zayed Street, which has also since been replaced.
It was taken from the large roundabout on Airport Road next to Etihad Square, which has a history of its own, being the site of the Al Fahim Mosque that dated back to the 1940s.
Commissioned by Mohammed Abdul Jalil Al Fahim, of the famous Abu Dhabi business dynasty, its numerous turrets and minarets made it popular with photographers, until it, too, fell to the sands of time. Trading on this spot, then, has been conducted for three centuries.
Today shoppers browse in air-conditioned comfort, with everything on offer from cupcakes to women's lingerie.
There is a Spinneys at the mall and a Lulu hypermarket at the adjacent Central Market.
Customers of the old souq, more accustomed to rice and dried fish, would surely be much impressed at the selection on offer today.
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What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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One in four Americans don't plan to retire
Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.
Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.
According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.
For many, money has a lot to do with the decision to keep working.
"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."
When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared.
"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.
She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.
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