A dedicated "halal cruise" is the latest in a stream of tourism offerings being marketed directly towards Muslim travellers, as global companies reposition themselves to cater to the growth market.
The cruise, touted as the first of its kind in Turkey without alcohol, pork products or gambling services on board, is set to sail next month, and follows a swath of travel apps, websites, hotels, airlines and Muslim-friendly guides clamouring to cater to the increasing number of tourists looking for a thoughtful holiday experience.
“It will be a cultural and historic tour that promises an atmosphere of social networking,” Kemal Gunay, the general manager of the host company Fusion Tour, said in the Turkish media last week.
With the world’s Muslim population expected to increase from 1.6 billion to 2.2 billion by 2030, projections suggest halal travel will outpace the growth of any other tourism sector within the next four years. According to the MasterCard-CrescentRating Global Muslim Travel Index (GMTI) 2015, while the sector was worth US$145 billion (Dh532.6bn) last year, it’s expected to grow to $200bn by 2020.
“It’s becoming a hugely competitive market now as tourism bodies realise the potential of attracting this high-spending market,” says Abu Dhabi-based event director Andy Buchanan, who in October will assist the UAE’s capital in hosting the World Halal Travel Summit – an event that is being promoted as “the largest B2B (business-to-business) gathering of global halal-travel specialists ever assembled”.
“Succeeding in halal travel is a very high priority for Abu Dhabi – almost every Abu Dhabi stakeholder is involved,” adds Buchanan.
So what is halal tourism? Essentially, it involves a process of taking into account the needs of the Muslim traveller, including halal food, prayer facilities and private areas for men and women. It’s a subcategory of tourism geared towards families who abide by rules of Islam.
Its growth is being driven by several factors, according to Fazal Bahardeen, the chief executive of CrescentRating – a Singapore-based halal-tourism online platform that’s developed into an authority on the sector with the only globally recognised rating system. An increasing Muslim population, an increasing Muslim middle class with disposable income and more destinations around the world realising the opportunities to service this niche market are all contributing.
“The UAE is one of the top outbound markets,” Bahardeen says. “The UAE’s outbound Muslim travellers are becoming more and more aware of Muslim-friendly options, and there is a growing demand for that.”
Bahardeen says feedback from the broader global Muslim community has been good, but there’s always room for improvement.
“More and more Muslims are now very keen to explore new destinations. However, they still feel some of their requirements are not adequately met in many destinations.”
Chrisa Chatzisavva is a businesswoman hoping to help change that. She’s the driving force behind the halal-tourism website Muslim Break (www.muslimbreak.com), which aims to “offer Muslims the opportunity to have their dream holiday without feeling uncomfortable”.
“Our offering is 100 per cent tailored to Muslim travellers’ needs and lifestyles. They don’t need to doubt whether they’ll be able to find halal food, prayer rooms or privacy,” Chatzisavva says.
The site, which was launched five months ago, offers reviews and advice on holidays that it tailors to the clients’ needs. The idea, says the marketing professional, came about while she was holidaying in Greece with her family five years ago.
“I noticed we were having constantly increasing inbound tourism from Morocco and Algeria, but that halal-tourism infrastructure was non-existent. So many Muslim tourists were getting frustrated,” says Chatzisavva.
Her vision was to “make the modern Muslim traveller a true citizen of the world and bridge the gap between Islam and other traditions”.
Chatzisavva's site, which is run out of London, is one of many on the market with the same aim. Others include Halal Booking (www.halalbooking.com), CrescentRating's HalalTrip (www.halaltrip.com) and the Muslim Travel Warehouse (www.muslimtravelwarehouse.com).
Halal Booking, not unlike Muslim Break, “provides holiday packages that allow you to relax, soak up the sun and enjoy sandy beaches and crystal clear waters of the Mediterranean Sea, without compromising the values of your beliefs”.
According to the website: “All activities are geared towards maintaining the values and modesty of Muslims.”
While Muslim-friendly travel websites have been steadily increasing with demand, hotels all over the world are also recognising the increased value in tailoring their services to religious travellers, making adjustments to their services to take into account the needs of this group. Across Europe, hotels are now providing Arabic-speaking staff, Arabic television channels and rooms with the qibla, which shows the direction of Mecca, along with prayer mats and halal food options. Some are avoiding alcohol and steering clear of having nightclubs on site, and during Ramadan and Eid, even generate special menus.
According to the GMTI 2015, the world’s most halal-friendly destinations are Malaysia, followed by Turkey and the UAE, and it’s easy to see why these countries rate highly – they cater to religious travellers better than any others. Other countries are now specifically vying for this tourist market, too.
“During the last 18 months, we have seen awareness and interest growing among destinations and service providers,” says Bahardeen. “There are now CrescentRated entities in more than 50 countries.”
Last month, the Tourism Authority of Thailand joined the movement, launching its first smartphone app designed to help Muslim visitors locate mosques, halal restaurants and hotels, shopping centres with prayer rooms and other facilities of cultural importance in the country.
“We hope it will be useful to the many Muslim visitors,” says Juthaporn Rerngronasa, the acting governor of the Thai tourism body. “The Muslim population worldwide is about 1.6 billion, representing 23 per cent of the total global population. Thailand has great potential to serve this market.”
Other apps to have made their way on to the market this year include HalalTrip, an extension of the website of the same name. The app, which has been available since January, is more food-related and helps users locate and share new halal food spots.
The HalalTrip app was developed because of a surge in restaurants and hotels expressing a desire to become halal-certified.
“We want to make it easier and more fun for people to plan trips, and discover very important things that influence their travelling decisions, such as places to eat along their journey,” says Bahardeen, whose company also has an in-flight prayer calculator app that offers users prayer times and qibla directions. “They can then share this with their network and other travellers.”
He believes the app will help drive halal tourism. “Halal food is one of the most important aspects for Muslim travellers, and we have seen a huge increase in the industry from restaurants wanting to become halal and more Muslim-friendly.
“Muslims, just like the general population, love to discover new places to eat and share their experiences. This food feature will allow Muslims to share their experiences and track their journey,” he says, adding that earlier this week CrescentRating released the world’s first glossary of halal travel, which promotes accurate and consistent use of halal terms and is available online.
So what do Muslim travellers think of all this? Sanila Basim of Abu Dhabi says she prefers religiously friendly resorts and when she travels makes a point of ensuring wherever she stays offers halal food.
“I don’t book my trips online, but I’ve heard of the Muslim-friendly websites, and they are pretty popular among my peers, who prefer a hassle-free trip especially when they are travelling with kids,” she says. “I think it would be great if more popular tourist spots were Islam-friendly so we can have easy access to prayer rooms and mosques, halal food and if local residents respect our headscarf and attire.”
The finance specialist says that while the world is becoming more aware of the value of the Muslim traveller to the economy, she recently travelled to Europe and was told it would be better to remove her headscarf and be more modern in how she dressed. “Well, I totally disagree with that,” she says.
Satwat Irfan, a married mum-of-one also from Abu Dhabi, says she greatly appreciates the interest global tourism operators are taking in Muslim travellers.
“I really prefer to use Muslim-friendly sites and apps – it’s good not to have to think about religious chores when travelling. I love to travel without any fear of missing my prayers.”
With the Muslim travel market comprising 11.6 per cent of global travel expenditure, the Abu Dhabi Government is striving to become a world leader in the field.
“Our ambition is to become a leader in the global halal-tourism market and gain a greater share of the global market,” Sultan Al Dhaheri, the acting executive director of tourism at Abu Dhabi’s Tourism and Culture Authority, told media a few months ago.
And with the capital’s tourism body having hosted its first halal-tourism workshop earlier this year, October’s World Halal Travel Summit, at Adnec from October 19 to 21, is sure to attract a great deal of interest from all over the world.
Where to go
Need inspiration for your next holiday? CrescentRating and MasterCard joined forces to identify the top destinations for Muslim travellers, based on factors such as safety, halal dining, accommodation, airport services, access to prayer rooms, ease of communication and family-friendly options. They divided the lists into OIC (Organisation of Islamic Cooperation) and non-OIC countries.
Top 10 OIC holiday destinations
1. Malaysia
Malaysia receives the thumbs up because of its safe travel environment, dining and accommodation options, access to prayer rooms, ease of communication, opportunities for families and understanding of Muslim travel needs. It’s the second-most-visited destination by Muslim travellers.
2. Turkey
Turkey offers easy access to prayer rooms, a safe travel environment and good halal dining options, not to mention great cultural attractions. It also attracts a high volume of Muslim visitors.
3. UAE
It’s no surprise that the UAE, with its heavy tourism focus, rates highly. It receives the best possible rating for safety and access to prayer facilities, and also ranks highly for dining options and ease of communication.
4. Saudi Arabia
Saudi Arabia attracts the highest number of Muslim travellers – 10.2 million in 2014. While Umrah and Haj contribute significantly to these numbers, the country also scores highly when it comes to ease of travel for Muslims.
5. Qatar
With a top rating for its safe travel environment, easy prayer room access and good airport facilities, Qatar also scores highly on its halal dining options.
6. Indonesia
7. Oman
8. Jordan
9. Morocco
10. Brunei
Top 10 non-OIC destinations
1. Singapore
The only non-Muslim country to feature in the overall top 10 ratings, Singapore offers a safe travel environment with good halal dining options and access to prayer rooms.
2. Thailand
Airport services and awareness of Muslim travel needs give Thailand extra points when it comes to halal travel.
3. United Kingdom
The UK is favoured because of its safe travel environment and ease of communication, and is considered a top family-friendly destination.
4. South Africa
In addition to great scenery and wildlife, South Africa offers a safe travel environment for Muslims.
5. France
Another great family destination, France also offers Muslim visitors a safe travel environment and world-famous attractions.
6. Belgium
7. Hong Kong
8. United States
9. Spain
10. Taiwan
mhealy@thenational.ae
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
AL%20BOOM
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PREMIER LEAGUE FIXTURES
Tuesday (UAE kick-off times)
Leicester City v Brighton (9pm)
Tottenham Hotspur v West Ham United (11.15pm)
Wednesday
Manchester United v Sheffield United (9pm)
Newcastle United v Aston Villa (9pm)
Norwich City v Everton (9pm)
Wolves v Bournemouth (9pm)
Liverpool v Crystal Palace (11.15pm)
Thursday
Burnley v Watford (9pm)
Southampton v Arsenal (9pm)
Chelsea v Manchester City (11.15pm)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Key 2013/14 UAE Motorsport dates
October 4: Round One of Rotax Max Challenge, Al Ain (karting)
October 1: 1 Round One of the inaugural UAE Desert Championship (rally)
November 1-3: Abu Dhabi Grand Prix (Formula One)
November 28-30: Dubai International Rally
January 9-11: 24Hrs of Dubai (Touring Cars / Endurance)
March 21: Round 11 of Rotax Max Challenge, Muscat, Oman (karting)
April 4-10: Abu Dhabi Desert Challenge (Endurance)
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
UAE SQUAD
UAE team
1. Chris Jones-Griffiths 2. Gio Fourie 3. Craig Nutt 4. Daniel Perry 5. Isaac Porter 6. Matt Mills 7. Hamish Anderson 8. Jaen Botes 9. Barry Dwyer 10. Luke Stevenson (captain) 11. Sean Carey 12. Andrew Powell 13. Saki Naisau 14. Thinus Steyn 15. Matt Richards
Replacements
16. Lukas Waddington 17. Murray Reason 18. Ahmed Moosa 19. Stephen Ferguson 20. Sean Stevens 21. Ed Armitage 22. Kini Natuna 23. Majid Al Balooshi
The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
AIDA%20RETURNS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAida%20Abboud%2C%20Carol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5.%2F5%3C%2Fp%3E%0A
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
MATCH INFO
Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')
Leeds United 2 (Cooper 41'; Dallas 73')
Man of the match: Scott McTominay (Manchester United)
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
HER%20FIRST%20PALESTINIAN
%3Cp%3EAuthor%3A%20Saeed%20Teebi%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%C2%A0House%20of%20Anansi%20Press%3C%2Fp%3E%0A
BACK%20TO%20ALEXANDRIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ETamer%20Ruggli%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENadine%20Labaki%2C%20Fanny%20Ardant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.5-litre%2C%20twin-turbo%20V6%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E410hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E495Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Estarts%20from%20Dh495%2C000%20(Dh610%2C000%20for%20the%20F-Sport%20launch%20edition%20tested)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Mountain%20Boy
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More from Armen Sarkissian
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
LOVE%20AGAIN
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WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
More from Neighbourhood Watch:
South Africa v India schedule
Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg
ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion
T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
