Providing additional capacity to New York is the latest step by Etihad to strengthen its operations in the US. Photo: Etihad
Providing additional capacity to New York is the latest step by Etihad to strengthen its operations in the US. Photo: Etihad
Providing additional capacity to New York is the latest step by Etihad to strengthen its operations in the US. Photo: Etihad
Providing additional capacity to New York is the latest step by Etihad to strengthen its operations in the US. Photo: Etihad

Abu Dhabi’s Etihad to boost cargo capacity to US with four more weekly flights to New York


Alkesh Sharma
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Etihad Cargo, the cargo and logistics arm of Abu Dhabi-based Etihad Aviation Group, will add 50 tonnes of belly capacity to the US from November, it said on Wednesday.

The additional capacity will come through four new weekly direct passenger flights to John F Kennedy International Airport in New York from November 15.

With the addition of these flights, the carrier will offer 11 weekly flights between Abu Dhabi and New York.

The introduction of additional capacity to Etihad Cargo's winter schedule brings the total cargo capacity into and out of the US to 1,084 tonnes a week, Etihad Cargo said in a statement.

"Etihad Cargo continuously reviews its network to add more capacity to meet the needs of its partners and customers,” Martin Drew, senior vice president for global sales and cargo at Etihad Aviation Group, said.

“The introduction of four additional weekly flights to New York to the carrier's winter schedule further demonstrates Etihad Cargo's commitment to customers, offering additional capacity on this key trade lane and strengthening the US's connection to the rest of the world via Etihad Cargo's hub in Abu Dhabi," he said.

Etihad Cargo also provides capacity to other destinations in the US through freighter and passenger flights to Chicago and Washington.

The carrier operates nine flights a week to the Chicago O'Hare International Airport and daily flights to Dulles International Airport in Washington.

Providing additional capacity to New York is the latest step by the carrier to strengthen operations in the US.

In July, Etihad’s new A350 aircraft made its inaugural passenger flight to the US.

Nicknamed the Sustainable50 and painted in custom livery, the airline's flagship A350 operated to JFK airport in New York.

With space for up to 371 passengers, the jet is one of the most efficient aircraft in the world.

Community Shield info

Where, when and at what time Wembley Stadium in London on Sunday at 5pm (UAE time)

Arsenal line up (3-4-2-1) Petr Cech; Rob Holding, Per Mertesacker, Nacho Monreal; Hector Bellerin, Mohamed Elneny, Granit Xhaka, Alex Oxlade-Chamberlain; Alex Iwobi, Danny Welbeck; Alexandre Lacazette

Arsenal manager Arsene Wenger

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The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

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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

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(Toronto lead 3-2 in best-of-seven series)

Game 1 Raptors 118 Warriors 109

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Game 3 Warriors 109 Raptors 123

Game 4 Warriors 92 Raptors 105

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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.”

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
2018 ICC World Twenty20 Asian Western Regional Qualifier

Saturday results
Qatar beat Kuwait by 26 runs
Bahrain beat Maldives by six wickets
UAE beat Saudi Arabia by seven wickets

Monday fixtures
Maldives v Qatar
Saudi Arabia v Kuwait
Bahrain v UAE

* The top three teams progress to the Asia Qualifier

Andor
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GIANT REVIEW

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Director: Athale

Rating: 4/5

Updated: August 25, 2022, 5:57 AM