Emirates airline rejects Heathrow demand to cancel flights


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Emirates airline rejected an order from Heathrow Airport for it to cancel flights to comply with a cap on passenger numbers.

The west London airport this week introduced a daily 100,000 passenger limit, meaning flights must be rescheduled to other airports or cancelled.

On Tuesday, it appealed to airlines to stop selling summer tickets as it imposed the cap, which will remain until September 11.

Chaotic scenes at terminals have led to long queues, with passengers lining up outside during a heatwave, mountains of luggage not returned to customers and thousands of flights scrapped. On Wednesday, a US Delta plane carrying only luggage flew out of Heathrow after it was forced to improvise to reunite passengers with their possessions.

In a statement, the airline accused Heathrow bosses of showing "blatant disregard for consumers" by attempting to force it to "deny seats to tens of thousands of travellers".

It said Heathrow's demands were "unreasonable and unacceptable" and described the airport management as "cavalier about travellers and airline customers".

While Emirates had planned ahead for the reopening of the skies, Heathrow "chose not to act, not to plan, not to invest. Now faced with an 'airmageddon' situation due to their incompetence and non-action, they are pushing the entire burden ― of costs and the scramble to sort the mess ― to airlines and travellers".

Emirates, which operates six daily return flights between the airport and Dubai, continued: "LHR [London Heathrow] last evening gave us 36 hours to comply with capacity cuts, of a figure that appears to be plucked from thin air.

"Their communications not only dictated the specific flights on which we should throw out paying passengers, but also threatened legal action for non-compliance.

"This is entirely unreasonable and unacceptable and we reject these demands."

Emirates said it would continue business as usual to and from Heathrow, "until further notice".

It said its ground-handling and catering crews were ready and capable of managing planned flights, and moving to alternative UK airports at short notice was not realistic.

"Ensuring ground readiness to handle and turn around a widebody long-haul aircraft with 500 passengers on board is not as simple as finding a parking spot at a mall," it said.

"From our past 10 months of regularly high seat loads, our operational requirements cannot be a surprise to the airport."

It suggested shareholders scrutinise the decisions of the airport's management team.

The airline said 70 per cent of its passengers from Heathrow were booked to travel on connecting flights from Dubai, highlighting the effect the rejected cuts would have on its own operations. It also pointed out the order was being made "during the super peak period with the upcoming UK holidays, and at a time when many people are desperate to travel after two years of pandemic restrictions".

Virgin Atlantic also criticised the airport’s actions and claimed it was responsible for failures which are contributing to the chaos.

British Airways announced it will cancel six additional daily short-haul flights over the next fortnight in response to the cap.

It has already axed tens of thousands of flights this summer.

Meanwhile, Etihad Airways said a flight from London to Abu Dhabi on Thursday would set off more than three hours earlier than scheduled "to avoid peak congestion".

"As a result of capacity limits imposed by Heathrow Airport, Etihad Airways has been forced to reschedule flight EY26 from London to Abu Dhabi on Thursday, July 14," an Etihad spokesman said.

Many of the problems at Heathrow and other European airports are being caused by staff shortages, from security and check-in staff to ground crew, after the industry struggled to recruit sufficient numbers once Covid travel restrictions were removed.

An Emirates plane at London Heathrow. Getty Images
An Emirates plane at London Heathrow. Getty Images

Heathrow's decision to limit numbers to 100,000 passengers a day means more than 4,000 seats will be scrapped every day. This comes on top of tens of thousands of passengers whose flights have already been cancelled. On Monday alone, Heathrow ordered airlines to ditch 61 flights, affecting about 10,000 passengers.

About 131,000 passengers departed the airport on August 4, 2019, Heathrow’s busiest day on record.

Responding to Emirates’ refusal to cancel flights, a Heathrow spokeswoman said: “Aviation is a complex network and no one can operate in isolation. The network continues to suffer from Covid-related challenges.

“While many factors have resulted in the delayed flights, misconnected bags, long waits for arriving bags and last-minute cancellations at Heathrow and airports across Europe in recent weeks, a key issue is airline ground-handling teams, which are currently only resourced up to 70 per cent capacity to serve passenger demand that has returned to 80 per cent to 85 per cent of pre-pandemic levels.

“For months we have asked airlines to help come up with a plan to solve their resourcing challenges, but no clear plans were forthcoming and with each passing day the problem got worse.

“We had no choice but to take the difficult decision to impose a capacity cap designed to give passengers a better, more reliable journey and to keep everyone working at the airport safe.

“We have tried to be as supportive as possible to airlines and our 100,000 cap on daily departing passengers is significantly higher than the 64,000 cap at Schiphol [in Amsterdam].

“It would be disappointing if instead of working together, any airline would want to put profit ahead of a safe and reliable passenger journey.”

Virgin Atlantic chief customer and operating officer Corneel Koster said “everybody should have got ready for this increased demand”.

He told the PA news agency: “If you’re around the table and the Heathrow voice says ‘it won’t happen, it will come later, I will only open my fourth terminal in June’, that’s a planning mistake.

“They have downplayed demand. They should have opened T4 earlier.

“They should have played an even stronger role in the community.”

In an open letter to passengers on the capacity cap this week, Heathrow chief executive John Holland-Kaye, who has previously said problems could last 18 months, apologised again and admitted scenes in terminals had been unacceptable.

He said the government move to suspend its "use it or lose it" rules on flight routes had helped by allowing flights to be cancelled in advance, but it had not been enough — some airlines were still scheduling too many flights, he said. The policy had led to ghost flights because most airlines would rather fly empty than lose lucrative routes.

The government has ordered airports to review their schedules to give passengers confidence that their travel plans would not be disrupted.

In December last year, Heathrow said it expected passenger numbers for 2022 to reach around 45 million.

It subsequently raised its forecast to “nearly 53 million” in May, and 54.4 million in June.

Terminal 4 was only reopened on June 14, some three months after the UK lifted all remaining coronavirus travel restrictions.

It was the last terminal at a major European airport to resume operations during the pandemic.

Decades of flight: Heathrow through the years - in pictures

  • Heathrow Airport in London, the UK's busiest, has been a travel hub for decades. Here The National takes a look back at Heathrow through the years. All photos: Getty Images
    Heathrow Airport in London, the UK's busiest, has been a travel hub for decades. Here The National takes a look back at Heathrow through the years. All photos: Getty Images
  • An Airco De Havilland biplane of the British airline, Aircraft Transport and Travel Limited, about to leave on the company’s inaugural flight from Hounslow Heath Aerodrome, later known as Heathrow, to Le Bourget, Paris, in August 1919
    An Airco De Havilland biplane of the British airline, Aircraft Transport and Travel Limited, about to leave on the company’s inaugural flight from Hounslow Heath Aerodrome, later known as Heathrow, to Le Bourget, Paris, in August 1919
  • Waterlogged runways at London Airport - Heathrow's original name - one week before it became Britain's main aerial gateway to the US in 1946
    Waterlogged runways at London Airport - Heathrow's original name - one week before it became Britain's main aerial gateway to the US in 1946
  • The new BOAC maintenance headquarters at London Airport circa 1955
    The new BOAC maintenance headquarters at London Airport circa 1955
  • The air traffic control room at the airport's new terminal in 1955
    The air traffic control room at the airport's new terminal in 1955
  • US film star Marilyn Monroe with her husband, playwright Arthur Miller, after arriving at the airport in July 1956
    US film star Marilyn Monroe with her husband, playwright Arthur Miller, after arriving at the airport in July 1956
  • An aerial view showing the runways in 1958
    An aerial view showing the runways in 1958
  • The arrivals and departures board in 1960
    The arrivals and departures board in 1960
  • A new airport gift shop, selling items by Chanel, Wedgwood and Pringle of Scotland, in 1961
    A new airport gift shop, selling items by Chanel, Wedgwood and Pringle of Scotland, in 1961
  • The Queen's Building and the No. 1 Building Europa at Heathrow in 1965
    The Queen's Building and the No. 1 Building Europa at Heathrow in 1965
  • The Beatles leave Heathrow for Salzburg in Austria, to resume filming of the movie Help!, in 1965
    The Beatles leave Heathrow for Salzburg in Austria, to resume filming of the movie Help!, in 1965
  • Passenger terminal gates at Heathrow in 1966
    Passenger terminal gates at Heathrow in 1966
  • Keith Granville, managing director of BOAC, holding up a model of the Boeing 747 jet, with the new aircraft hangars under construction in the background, at Heathrow in 1969
    Keith Granville, managing director of BOAC, holding up a model of the Boeing 747 jet, with the new aircraft hangars under construction in the background, at Heathrow in 1969
  • An aerial view of Heathrow in 1970
    An aerial view of Heathrow in 1970
  • Passengers boarding the first BOAC Jumbo Jet 747 used for a commercial flight, from London Heathrow to New York, in 1971
    Passengers boarding the first BOAC Jumbo Jet 747 used for a commercial flight, from London Heathrow to New York, in 1971
  • Passengers going through the departure lounge at Heathrow in 1973
    Passengers going through the departure lounge at Heathrow in 1973
  • Concorde takes off from Heathrow on her first commercial flight for British Airways in 1976
    Concorde takes off from Heathrow on her first commercial flight for British Airways in 1976
  • Men at work finalising the Heathrow Central underground station before its opening in 1977
    Men at work finalising the Heathrow Central underground station before its opening in 1977
  • Queen Elizabeth II passing though the Tube gates at Heathrow Central station on its opening in 1977
    Queen Elizabeth II passing though the Tube gates at Heathrow Central station on its opening in 1977
  • An aerial view of Heathrow in 1978
    An aerial view of Heathrow in 1978
  • Passengers waiting near a departures board in 1979
    Passengers waiting near a departures board in 1979
  • Holidaymakers waiting in the departure lounge at Terminal 3 of Heathrow in 1981
    Holidaymakers waiting in the departure lounge at Terminal 3 of Heathrow in 1981
  • British Airways employees protesting at Heathrow in 1984
    British Airways employees protesting at Heathrow in 1984
  • Passengers and staff observe a silence in Heathrow's Terminal One to mark the beginning of the funeral of Diana, Princess of Wales, in 1997
    Passengers and staff observe a silence in Heathrow's Terminal One to mark the beginning of the funeral of Diana, Princess of Wales, in 1997
  • Rower Steve Redgrave at Heathrow with daughters Sophie and Natalie and son Zak after returning from the Sydney 2000 Olympic Games with his gold medal
    Rower Steve Redgrave at Heathrow with daughters Sophie and Natalie and son Zak after returning from the Sydney 2000 Olympic Games with his gold medal
  • Spectators watch the last Concorde land at Heathrow in 2003
    Spectators watch the last Concorde land at Heathrow in 2003
  • Fans surround the coach carrying the England rugby team at Heathrow, as they arrived from Sydney after winning the World Cup in 2003
    Fans surround the coach carrying the England rugby team at Heathrow, as they arrived from Sydney after winning the World Cup in 2003
  • Heathrow's Terminal 2 in 2004
    Heathrow's Terminal 2 in 2004
  • Passengers queue to check in at Terminal 1 of Heathrow Airport during the Christmas 2006 and New Year period
    Passengers queue to check in at Terminal 1 of Heathrow Airport during the Christmas 2006 and New Year period
  • Passengers wait at Terminal 1 on August 10, 2006, after airport security was raised to critical when a terrorist plot to blow up planes in mid-flight from the UK to the US was disrupted by police
    Passengers wait at Terminal 1 on August 10, 2006, after airport security was raised to critical when a terrorist plot to blow up planes in mid-flight from the UK to the US was disrupted by police
  • Planes queueing to take off at Heathrow in 2007
    Planes queueing to take off at Heathrow in 2007
  • The new Terminal 5 at Heathrow in 2008
    The new Terminal 5 at Heathrow in 2008
  • Aircraft at Heathrow Airport in front of the London skyline in 2016
    Aircraft at Heathrow Airport in front of the London skyline in 2016
  • Members of Team GB arrive from Rio de Janeiro at Heathrow, after returning from the 2016 Olympics, which saw Great Britain's strongest performance at the Games in over a century
    Members of Team GB arrive from Rio de Janeiro at Heathrow, after returning from the 2016 Olympics, which saw Great Britain's strongest performance at the Games in over a century
  • A composite photo shows planes taking off from Heathrow in November 2016. Forty-two planes were captured between 10.17am and 11.17am and a montage was created from those single images
    A composite photo shows planes taking off from Heathrow in November 2016. Forty-two planes were captured between 10.17am and 11.17am and a montage was created from those single images
  • Items are arranged during an auction preview at Heathrow in 2018. The contents of Terminal 1, which closed in 2015, were being sold
    Items are arranged during an auction preview at Heathrow in 2018. The contents of Terminal 1, which closed in 2015, were being sold
  • An airline passenger wearing a face mask pushes her bags through Heathrow's Terminal 5 during the coronavirus pandemic in 2020
    An airline passenger wearing a face mask pushes her bags through Heathrow's Terminal 5 during the coronavirus pandemic in 2020
  • British Airways employees welcome Olympians returning from the Tokyo Olympics in 2021
    British Airways employees welcome Olympians returning from the Tokyo Olympics in 2021
  • Travellers wait in a long queue to pass through the security check in 2022
    Travellers wait in a long queue to pass through the security check in 2022
Dhadak

Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

Race card

5pm: Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
6pm: Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
6.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
7pm: Maiden (PA) Dh80,000 (T) 1,200m
7.30pm: Handicap (TB) Dh100,000 (T) 2,400m

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

Non-oil%20trade
%3Cp%3ENon-oil%20trade%20between%20the%20UAE%20and%20Japan%20grew%20by%2034%20per%20cent%20over%20the%20past%20two%20years%2C%20according%20to%20data%20from%20the%20Federal%20Competitiveness%20and%20Statistics%20Centre.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIn%2010%20years%2C%20it%20has%20reached%20a%20total%20of%20Dh524.4%20billion.%C2%A0%3C%2Fp%3E%0A%3Cp%3ECars%20topped%20the%20list%20of%20the%20top%20five%20commodities%20re-exported%20to%20Japan%20in%202022%2C%20with%20a%20value%20of%20Dh1.3%20billion.%C2%A0%3C%2Fp%3E%0A%3Cp%3EJewellery%20and%20ornaments%20amounted%20to%20Dh150%20million%20while%20precious%20metal%20scraps%20amounted%20to%20Dh105%20million.%C2%A0%3C%2Fp%3E%0A%3Cp%3ERaw%20aluminium%20was%20ranked%20first%20among%20the%20top%20five%20commodities%20exported%20to%20Japan.%C2%A0%3C%2Fp%3E%0A%3Cp%3ETop%20of%20the%20list%20of%20commodities%20imported%20from%20Japan%20in%202022%20was%20cars%2C%20with%20a%20value%20of%20Dh20.08%20billion.%3C%2Fp%3E%0A
Common OCD symptoms and how they manifest

Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.

Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.

Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.

Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.

Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.

Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia

Uefa Nations League

League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands

League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey

League C:
Hungary, Romania, Scotland, Slovenia, Greece, Serbia, Albania, Norway, Montenegro, Israel, Bulgaria, Finland, Cyprus, Estonia, Lithuania

League D:
Azerbaijan, Macedonia, Belarus, Georgia, Armenia, Latvia, Faroe Islands, Luxembourg, Kazakhstan, Moldova, Liechtenstein, Malta, Andorra, Kosovo, San Marino, Gibraltar

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
THE BIO:

Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.

Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.

Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.

Personal motto: Believe it and you can achieve it.

Last 10 NBA champions

2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Everton%20Fixtures
%3Cp%3EApril%2015%20-%20Chelsea%20(A)%3Cbr%3EApril%2021%20-%20N.%20Forest%20(H)%3Cbr%3EApril%2024%20-%20Liverpool%20(H)%3Cbr%3EApril%2027%20-%20Brentford%20(H)%3Cbr%3EMay%203%20-%20Luton%20Town%20(A)%3Cbr%3EMay%2011%20-%20Sheff%20Utd%20(H)%3Cbr%3EMay%2019%20-%20Arsenal%20(A)%3C%2Fp%3E%0A
The Bloomberg Billionaire Index in full

1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
RESULTS

Time; race; prize; distance

4pm: Maiden; (D) Dh150,000; 1,200m
Winner: General Line, Xavier Ziani (jockey), Omar Daraj (trainer)

4.35pm: Maiden (T); Dh150,000; 1,600m
Winner: Travis County, Adrie de Vries, Ismail Mohammed

5.10pm: Handicap (D); Dh175,000; 1,200m
Winner: Scrutineer, Tadhg O’Shea, Ali Rashid Al Raihe

5.45pm: Maiden (D); Dh150,000; 1,600m
Winner: Yulong Warrior, Richard Mullen, Satish Seemar

6.20pm: Maiden (D); Dh150,000; 1,600m
Winner: Ejaaby, Jim Crowley, Doug Watson

6.55pm: Handicap (D); Dh160,000; 1,600m
Winner: Storyboard, Richard Mullen, Satish Seemar

7.30pm: Handicap (D); Dh150,000; 2,200m
Winner: Grand Dauphin, Gerald Mosse, Ahmed Al Shemaili

8.05pm: Handicap (T); Dh190,000; 1,800m
Winner: Good Trip, Tadhg O’Shea, Ali Rashid Al Raihe

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20OneOrder%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20March%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Tamer%20Amer%20and%20Karim%20Maurice%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E82%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Series%20A%3C%2Fp%3E%0A

The Dictionary of Animal Languages
Heidi Sopinka
​​​​​​​Scribe

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.”

Crime%20Wave
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You may remember …

Robbie Keane (Atletico de Kolkata) The Irish striker is, along with his former Spurs teammate Dimitar Berbatov, the headline figure in this season’s ISL, having joined defending champions ATK. His grand entrance after arrival from Major League Soccer in the US will be delayed by three games, though, due to a knee injury.

Dimitar Berbatov (Kerala Blasters) Word has it that Rene Meulensteen, the Kerala manager, plans to deploy his Bulgarian star in central midfield. The idea of Berbatov as an all-action, box-to-box midfielder, might jar with Spurs and Manchester United supporters, who more likely recall an always-languid, often-lazy striker.

Wes Brown (Kerala Blasters) Revived his playing career last season to help out at Blackburn Rovers, where he was also a coach. Since then, the 23-cap England centre back, who is now 38, has been reunited with the former Manchester United assistant coach Meulensteen, after signing for Kerala.

Andre Bikey (Jamshedpur) The Cameroonian defender is onto the 17th club of a career has taken him to Spain, Portugal, Russia, the UK, Greece, and now India. He is still only 32, so there is plenty of time to add to that tally, too. Scored goals against Liverpool and Chelsea during his time with Reading in England.

Emiliano Alfaro (Pune City) The Uruguayan striker has played for Liverpool – the Montevideo one, rather than the better-known side in England – and Lazio in Italy. He was prolific for a season at Al Wasl in the Arabian Gulf League in 2012/13. He returned for one season with Fujairah, whom he left to join Pune.

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Updated: July 14, 2022, 7:31 PM