Apple’s shipments of smartphones in China slumped 9 per cent in the first quarter from a year earlier and it was the only major manufacturer to see a decline, according to data from research firm IDC.

Read-Trump’s move: iPhones, laptops exempted from China tariffs

Apple, which ranks fifth in China’s smartphone market, saw shipments fall to 9.8 million phones, giving it a market share of 13.7 per cent, down from 17.4 per cent in the previous quarter.

It was Apple’s seventh straight quarter of decline.

By contrast, market leader Xiaomi 1810.HK saws its shipments surge 40 per cent to 13.3 million while industry-wide shipments grew 3.3 per cent.

IDC analyst Will Wong said Apple’s premium pricing structure has prevented the US company from capitalising on new government subsidies introduced in January which fuelled growth in the first quarter.

The government subsidies for smartphones and some other consumer electronics refund consumers 15 per cent of products with a sticker price under 6,000 yuan ($820).

teamLab Phenomena Abu Dhabi, a massive 17,000-square-metre multi-sensory experience by the globally renowned Tokyo-based art collective teamLab, is now open.

Located in the heart of Saadiyat Cultural District, the purpose-built structure is more than just a venue — it’s a dynamic, breathing environment where art, science, and technology merge to ignite imagination and curiosity.

A collaboration between the Department of Culture and Tourism—Abu Dhabi (DCT Abu Dhabi), Miral, and the Japanese art collective teamLab, teamLab Phenomena Abu Dhabi invites visitors into a realm where sight, sound, and touch are woven into an evolving ecosystem of massive, transformative artworks.

Redefining the relationship between art and environment

Unlike traditional art spaces, the installations at teamLab Phenomena Abu Dhabi do not exist in isolation. They are manifestations of phenomena — emerging and sustained entirely by their environment. This revolutionary concept challenges the conventional notion of art as a static object.

“The artworks in teamLab Phenomena Abu Dhabi do not exist independently,” explains Toshiyuki Inoko, founder of teamLab. “The environment produces the phenomena, and the environment maintains the existence of the structure.”

Inoko describes a new form of existence — one that is intangible, dynamic, and deeply interwoven with its surroundings. “Perhaps, people’s consciousness will spread from existence itself to the environment,” he adds. “Life may be a miraculous phenomenon that emerges from a flow in an open and continuous world.”

Enter an immersive world

Guests will journey through extraordinary installations, where elements like air, water, and light are transformed into sensory phenomena, shaped by both the surrounding environment and visitors’ interactions — offering an ever-changing, living art experience.

Divided into two captivating zones — Wet and Dry — teamLab Phenomena Abu Dhabi invites guests to step into a world where art and audience merge. In the Dry area, interactive artworks come alive in response to visitors’ movements, creating a personalised, ever-changing experience.

Transitioning to the Wet area, guests follow a dedicated path into a sensory-rich environment, where fluid, tactile installations deepen the connection between art, nature, and the self.

Visitors will experience exhibits such as Massless Suns and Dark Suns, where radiant and shadowy spheres challenge perceptions — solid yet intangible, their presence entirely dependent on the visitor’s interaction. A gentle touch sends ripples of light across neighboring spheres, while purple-blue shadows take on a tangible form.

Nearby, Levitation Void introduces a floating phenomenon — an energy-infused void that defies gravity. Suspended in mid-air, this entity hovers freely, responding to touch and disturbance, only to slowly rise again and return to its ethereal state.

A vision for the future of cultural exchange

Speaking on the significance of the launch, Mohamed Khalifa Al Mubarak, chairman of Department of Culture and Tourism – Abu Dhabi , said: “Saadiyat Cultural District is a testament to Abu Dhabi’s commitment to preserving heritage while embracing a forward-looking vision… We believe in the diversity of artistic expression and teamLab is the perfect partner to provide immersive art experiences that push the boundaries of art and technology.”

He added: “teamLab Phenomena Abu Dhabi will offer an immersive journey that sparks infinite curiosity and imagination… Through these multi-sensory explorations, we are inspiring new generations of innovators, thinkers, and creators from Abu Dhabi and beyond.”

A jewel in Saadiyat’s Cultural Crown

teamLab Phenomena Abu Dhabi is the latest addition to the ever-evolving Saadiyat Cultural District. With institutions such as Louvre Abu Dhabi, Manarat Al Saadiyat, and Berklee Abu Dhabi already established, the District is poised to become the world’s largest concentration of premier cultural and educational institutions.

Soon, this artistic ecosystem will be further enriched with the opening of Zayed National Museum, Natural History Museum Abu Dhabi, and Guggenheim Abu Dhabi — each promising to deepen the city’s cultural capital and global appeal.

Book your journey at teamLab Phenomena Abu Dhabi

Tickets are now available at www.teamlababudhabi.com.

Speaking on Thursday at the IMF headquarters in Washington ahead of the spring meetings of the IMF and World Bank next week, IMF managing director Kristalina Georgieva painted a stark picture of a world economy increasingly tested by trade tensions, financial volatility, and a breakdown in global trust. Yet, she remained firm in her belief that a more resilient and better-balanced world economy is still within reach — if governments act wisely, boldly, and collectively.

Global trading system under pressure

Georgieva began by noting that the resilience shown by countries in the face of past shocks is once again being challenged — this time by a fundamental reboot of the global trading system. Market volatility is rising sharply, and trade policy uncertainty has hit unprecedented highs. She pointed to tumbling global stock prices amid tensions, even as some valuations remain elevated.

This, she warned, is emblematic of the sudden and sweeping shifts that now define our world —shifts that require thoughtful and coordinated responses.

Erosion of trust and the return of self-reliance

Framing the backdrop of current instability, Georgieva described trade tensions as a long-simmering pot now boiling over, fuelled by a deep erosion of trust — both in the global economic system and among nations themselves.

While global integration has undeniably lifted billions out of poverty, she acknowledged that many communities felt left behind. Job losses, wage suppression, and supply chain disruptions have led many to blame the international system for economic inequities. This dissatisfaction has only been compounded by growing trade distortions, such as tariffs and non-tariff barriers.

Citing data, she highlighted a halt in the earlier decline of US effective tariff rates, along with a rise in subsidy measures across major jurisdictions. These actions have reinforced the perception of an uneven playing field and intensified trade imbalances.

The evolving notion of national security has further complicated trade flows. In a multipolar world, where goods like semiconductors and steel are now deemed strategic, self-reliance is gaining new currency — even at a higher economic cost.

Growth at risk, smaller economies in the crossfire

The fallout from escalating trade barriers is significant, Georgieva warned. The US effective tariff rate has soared to levels not seen in decades, triggering retaliatory measures from other nations.

While the US, China, and the EU — the world’s three largest importers — may be relatively insulated, their actions have outsized effects.

Smaller advanced economies and emerging markets, highly dependent on trade, are bearing the brunt. For low-income countries, the situation is compounded by shrinking aid flows as donors turn inward.

Georgieva outlined three critical observations:

1. Uncertainty is costly: Complex global supply chains become harder to navigate, leading to delayed investments, volatile markets, and precautionary saving.
2. Tariffs hurt growth: Acting like taxes, they dampen economic activity and raise prices, with costs borne by both businesses and consumers.
3. Long-term productivity suffers: Especially in smaller economies, shielding industries from competition discourages innovation and reduces efficiency.

She likened trade to water — when blocked, it finds alternative routes, but not without disruption and cost. The IMF’s upcoming World Economic Outlook will quantify these costs, showing growth markdowns (though stopping short of recession) and inflation upticks in some regions.

Recent bond and currency market fluctuations, including a depreciating dollar and unusual yield curve movements, were presented as early warning signs.

The path forward: Domestic reforms and global rebalancing

To navigate these challenges, Georgieva called on nations to act on three fronts:

Strengthen domestic resilience: With many countries burdened by elevated debt, she urged fiscal discipline, credible and agile monetary policy, and robust financial oversight — especially in the face of rising non-bank risks. Emerging markets, she advised, should maintain flexible exchange rates and consider temporary measures as guided by the IMF’s Integrated Policy Framework.

For low-income nations, she stressed the need for domestic resource mobilization and stronger international support. Countries facing unsustainable debt must consider proactive restructuring — helped by an upcoming IMF playbook designed to guide such decisions.

Boost long-term growth: Highlighting the US as a productivity leader, she pointed to reforms in banking, capital markets, IP rights, competition policy, and AI readiness as essential for lagging economies. Governments must remove barriers to private enterprise and innovation to avoid “self-inflicted injuries”.

Currently, 48 nations are working with the IMF on balance-of-payments support and market-oriented reforms.

Rebalance macroeconomic imbalances: Internal imbalances between saving and investment, along with external current account disparities, can spark instability. Georgieva emphasised the need for rebalancing policies — fiscal, monetary, and structural — that reduce vulnerabilities and mitigate trade frictions.

Addressing the three global economic powerhouses directly, she encouraged China to boost private consumption, reduce industrial overreach, strengthen social safety nets, and address the property sector to restore confidence and demand. She added that the US and other surplus countries to recognise their outsized role in fostering or diffusing global imbalances.

A shared responsibility, says IMF MD

Georgieva concluded with a powerful reminder: “All countries can pursue policies for better internal and external balance, supporting collective resilience and wellbeing.” The world is not yet in recession, but the warning signs are clear. The choices countries make today will define the shape of tomorrow’s global economy.

Dubai General Properties (DGP) has unveiled its flagship residential project, Mews Mansions, in the Meydan district.

The ultra-luxury development features 10 private residences, each with a built-up area exceeding 25,000 square feet, and carries a gross development value (GDV) of more than Dhs950m.

Located just 10 minutes from Downtown Dubai, and steps away from Meydan Golf Course and the city’s world-class equestrian facilities, Mews Mansions is set to establish a new standard in elite residential living.

“This is not just a residential project; it is a vision brought to life through strategic collaboration and unmatched attention to detail,” said Thomas Wan, managing partner of Refine Development Management, one of the key partners on the project. “We are proud to be working with Dubai General Properties and Driven | Forbes Global Properties on this iconic landmark project in Meydan.”

Highlights of Mews Mansions

Each of the five-bedroom mansions is situated on plots ranging from 15,000 to 16,000 square feet.

The development blends modern refinement with timeless architectural elements, with the masterplan conceived by A&D Studio and interiors curated by Olsen & Partners.

Residences feature a mix of natural textures and earthy tones, complemented by high-end appliances from brands such as Gaggenau and Miele.

Frameless sliding glass doors open onto private terraces, rooftop gardens and serene water features, offering views of the Dubai skyline, including the Burj Khalifa.

Amenities include private spas with sauna, steam and massage rooms, a yoga and meditation room, home cinemas, lounges, and dedicated spaces for both formal and family living.

Smart home systems, sustainable materials and energy-efficient climate solutions also feature prominently, underscoring the development’s eco-conscious approach.

Surrounded by reflective pools, cascading waterfalls and infinity-edge swimming pools, the mansions are designed as tranquil sanctuaries. The positioning of each home maximises privacy and natural light, with panoramic views and a seamless integration of indoor and outdoor living.

Popular location

Located in Nad Al Sheba First, Mews Mansions targets high-net-worth individuals seeking exclusivity and long-term investment value.

Meydan’s ongoing development has made it one of Dubai’s most sought-after and rapidly appreciating residential districts.

Construction is underway, with the first show mansion set to launch this summer and full project completion expected in Q4 2025.

Abu Dhabi Global Market (ADGM), the UAE capital’s international financial centre, has launched an innovative “Virtual Sell and Purchase” service for real estate transactions, aiming to revolutionise the way property is bought and sold in the region.

The digital-first service, a first of its kind in the real estate sector, allows buyers, sellers, and financial institutions to complete multiple steps in property transactions through a single, secure online platform.

What ADGM’s new service offers

By integrating three core procedures — discharge of mortgage, register a transfer, and register a mortgage — into one streamlined digital process, the platform significantly enhances transaction efficiency and user experience.

At the core of the new service is a virtual presence feature, enabling all stakeholders to participate in the transaction remotely, without the need for physical meetings or document exchanges.

The platform is designed to reduce processing times while ensuring robust security and full regulatory compliance.

Service rolled out on AccessRP

The service is being rolled out via ADGM’s digital property platform, AccessRP, developed in collaboration with strategic partner ADRES.

AccessRP supports a wide spectrum of real estate transactions, including buying, selling, off-plan developments, and mortgage management, offering end-to-end digital solutions for developers, property owners, and investors.

“The launch of the Virtual Sell and Purchase service marks a significant milestone in our ongoing efforts to enhance ease of doing business and reinforces customer experience in the real estate sector,” said Hamad Sayah Al Mazrouei, CEO of the Registration Authority at ADGM. “We are not only making services simpler and faster, but we are also redefining what a real estate journey should look like in a modern, digital economy.”