A cruise ship makes its way into the Abu Dhabi port Mina Zayed, as seen from the Louvre Abu Dhabi construction site. Silvia Razgova / The National
A cruise ship makes its way into the Abu Dhabi port Mina Zayed, as seen from the Louvre Abu Dhabi construction site. Silvia Razgova / The National

Oman and Qatar forge ahead with port developments



Gulf countries, including Oman and Qatar, have plans to develop their ports to receive cruise ships.

Oman, which has three ports that receive cruise ships, is undertaking huge redevelopments of its Sultan Qaboos port in the capital Muscat, Khasab port overlooking the Gulf and Salalah Port on the Indian Ocean coast.

Sultan Qaboos will cease to be a commercial port as of August this year and will be dedicated to tourism and cruise ships, with the development of new cruise berths, ferry and marina berths, souks, restaurants and other tourism facilities. Currently the port can handle at least three cruise ships a day, says Khalid Al Zadjali, the director of tourism events at Oman’s tourism ministry.

Khasab port, which has one berth to handle one cruise ship, is also upgrading its facilities for cruise liners. Salalah port is building a dedicated terminal for cruise ships.

“In Muscat, they will change the whole area surrounding the port, having a variety of projects such as hotels,” says Mr Al Zadjali.

“We see a huge potential from the cruise passengers. First of all is the strategic location of the sultanate. Secondly is the variety of options of the ports. Thirdly, Oman as a destination has a diversified product.”

Oman, Dubai and Abu Dhabi are cooperating to boost cruise tourists and working together to encourage more Gulf tourists to take cruises.

“A key part of what we are trying to do is to encourage people across the GCC who have not previously thought of taking cruises, to do so,’’ says Hamad bin Mejren, the executive director of business tourism at the Dubai Department of Tourism and Commerce Marketing.

“Towards the end of last year, we announced our partnership with Oman’s Ministry of Tourism and Abu Dhabi Tourism and Culture Authority.

“We launched this partnership with a roadshow where we visited several key cities within the GCC to increase the number of residents who would consider cruise a holiday option and increase awareness of the Gulf as a leading cruise tourism destination,” he says.

Qatar, which plans to attract several million tourists a year by 2030, wants to turn the commercial Doha Port into a cruise facility to receive cruise passengers, Issa Ala Mohannadi, the chairman of the Qatar Tourism Authority (QTA), said at the Seatrade Middle East Cruise Forum held in December in Abu Dhabi.

“The presence of a home port for cruise lines would enhance not only Qatar but the Gulf’s position as a tourist destination and promote economic diversity.

“As the tourism industry develops in Qatar and across the Gulf, the cruise market can be a pillar of growth that accelerates our efforts and brings more people to discover the products on offer,” he says.

And cruise lines are enjoying an increase in domestic cruise passengers, which will allow ship operators to increase calls to Gulf ports.

“What we have been experiencing in the past months, there has been an extraordinary growth also for the domestic departures,” says Antonio Paradiso, the executive director for emerging markets at MSC Cruises.

“I would say 65 per cent of the business is outbound and the remaining 45 per cent is focusing on the domestic departures.”

MSC, which is increasing the number of cruise ships that visit Gulf ports, would like to see more development of tourist offerings in some areas, as well as the easing of visa processing – especially for non-Europeans who are unable to get visas on arrival.

“This [visa problem] is becoming more of an obstacle to the development to the Arabian Gulf and that’s one of the most attractive destinations for our cruise market,” says Mr Paradiso.

“We cannot find the same services in all of the [Gulf] regions we are calling at right now and, as you can imagine, cruise liners always want to ensure that travellers enjoy the same level of experience and the same level of standards both on board and on shore.

“The region suffers from a certain lack of diversification of ports of call because once we bring our ship there … we don’t have many options, so the ports of calls are pretty much the same every year.”

business@thenational.ae

The Cairo Statement

1: Commit to countering all types of terrorism and extremism in all their manifestations

2: Denounce violence and the rhetoric of hatred

3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC

4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.

5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.

6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

8 traditional Jamaican dishes to try at Kingston 21

  1. Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
  2. Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
  3. Mento Oxtail: flavoured oxtail stewed for five hours with herbs
  4. Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
  5. Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
  6. Jamaican beef patty: a pastry with ground beef filling
  7. Hellshire Pon di Beach: Fresh fish with pickles
  8. Out of Many: traditional sweet potato pudding
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12 restaurants opening at the hotel this month

Ariana’s Persian Kitchen
Dinner by Heston Blumenthal
Estiatorio Milos
House of Desserts
Jaleo by Jose Andres
La Mar
Ling Ling
Little Venice Cake Company
Malibu 90265
Nobu by the Beach
Resonance by Heston Blumenthal
The Royal Tearoom 

'Midnights'

Artist: Taylor Swift

Label: Republic Records

Rating: 4/5

Mountain Boy

Director: Zainab Shaheen

Starring: Naser Al Messabi

Rating: 3/5

BIRD BOX BARCELONA

Directors: David and Alex Pastor
Stars: Georgina Campbell, Mario Casas, Diego Calva
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'The Last Days of Ptolemy Grey'

Rating: 3/5

Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro

Writers: Walter Mosley

Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins

PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150+ employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

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Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.

Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.

Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.

Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.

Phishing: Aims to secure personal information, such as passwords and credit card numbers.

Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.

Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.

Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.

Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.

Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.

Zero-day exploit: Exploits a vulnerability in software before a fix is found.

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Price, base / as tested: Dh409,000 / Dh467,000

Engine: 3.0-litre V6

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Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

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Director: Elie El Samaan

Starring: Nour Al Ghandour, Mahmoud Boushahri

Rating: 3/5

The Little Mermaid

Director: Rob Marshall
Stars: Halle Bailey, Jonah Hauer-King, Melissa McCarthy, Javier Bardem
Rating: 2/5

MATCH INFO

Rugby World Cup (all times UAE)

Final: England v South Africa, Saturday, 1pm

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Teams

Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq

Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi

Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag

Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC

Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC

Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan

Venue Sharjah Cricket Stadium

Format 10 overs per side, matches last for 90 minutes

Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals

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Price, base / as tested: Dh74,900 / Dh85,900

Engine: 937cc

Transmission: Six-speed gearbox

Power: 110hp @ 9,000rpm

Torque: 93Nm @ 6,500rpm

Fuel economy, combined: 5.9L / 100km

T20 WORLD CUP QUALIFIER

Results

UAE beat Nigeria by five wickets

Hong Kong beat Canada by 32 runs

Friday fixtures

10am, Tolerance Oval, Abu Dhabi – Ireland v Jersey

7.30pm, Zayed Cricket Stadium, Abu Dhabi – Canada v Oman

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.”

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Profile

Name: Carzaty

Founders: Marwan Chaar and Hassan Jaffar

Launched: 2017

Employees: 22

Based: Dubai and Muscat

Sector: Automobile retail

Funding to date: $5.5 million