Sheikh Majid Al Mualla, the divisional senior vice president for commercial operations at Emirates, says the carrier views the Americas besides India and China as potential growth areas. Above, an Emirates aircraft arrives from Dubai at the O'Hare International Airport. Kamil Krzaczynski / EPA
Sheikh Majid Al Mualla, the divisional senior vice president for commercial operations at Emirates, says the carrier views the Americas besides India and China as potential growth areas. Above, an Emirates aircraft arrives from Dubai at the O'Hare International Airport. Kamil Krzaczynski / EPA
Sheikh Majid Al Mualla, the divisional senior vice president for commercial operations at Emirates, says the carrier views the Americas besides India and China as potential growth areas. Above, an Emirates aircraft arrives from Dubai at the O'Hare International Airport. Kamil Krzaczynski / EPA
Sheikh Majid Al Mualla, the divisional senior vice president for commercial operations at Emirates, says the carrier views the Americas besides India and China as potential growth areas. Above, an Emi

Open-skies policy will survive spat between US and UAE, Emirates official says


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Emirates is confident that the open-skies policy between the UAE and the United States governments will remain in place despite a spat with US carriers.

The North American carriers Delta, United and American Airlines have alleged that the Arabian Gulf airlines have been the beneficiaries of unfair government subsidies and other financial incentives that are in breach of open skies, and have asked the US government to reverse the policy.

Last month, the US state, commerce and transportation departments asked the legacy carriers to submit comments for review.

"They haven't yet approached the government officially. We haven't got an official statement from their government, once we get something from the government we will respond," said Sheikh Majid Al Mualla, the divisional senior vice president for commercial operations at Emirates, at an event to mark the opening of the Arabian Travel Market yesterday. "But open skies is signed between the governments and not with Emirates, and we will be going ahead with our expansion in the States."

The first open skies agreement between the UAE and the US was signed in 1999.

In March, Emirates said it would add Orlando in Florida, to its network from September with a daily flight. He declined to identify other potential US destinations but said the airline views the Americas besides India and China as potential growth areas.

Open-skies policy calls for a free market environment for the aviation industry with little government intervention.

“We are transparent, the accusations are wrong, and we have mentioned that we can go through these with them point by point,” Mr Al Mualla said.

Emirates, which expects to carry 70 million passengers a year by 2020, will announce its financial results on Thursday. During the 2013-14 financial year, it carried 44.5 million passengers.

The carrier will take handover of 27 aircraft, a mix of Boeing 777 and A380 aircraft, up to March next year. Currently, Emirates has 232 aircraft in its fleet.

It is also designing a private suite for passengers in first class that will be launched in the next few years.

The national carrier Etihad Airways launched the Residence with a living room, separate bedroom and en suite bathroom for its first-class passengers last year.

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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Honeymoonish
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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.”

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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
SECRET%20INVASION
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GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

UAE currency: the story behind the money in your pockets
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

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

Company%20profile
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Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Fixture and table

UAE finals day: Friday, April 13 at Rugby Park, Dubai Sports City

  • 3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
  • 6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins

 

UAE Premiership – final standings

  1. Dubai Exiles
  2. Abu Dhabi Harlequins
  3. Jebel Ali Dragons
  4. Dubai Hurricanes
  5. Dubai Sports City Eagles
  6. Abu Dhabi Saracens
Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

Group B

UAE, Iran, Kuwait, Saudi Arabia

 

UAE group fixtures

Sunday Feb 23, 9.30am, v Iran

Monday Feb 25, 1pm, v Kuwait

Tuesday Feb 26, 9.30am, v Saudi

 

UAE squad

Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed

The biog

Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.

His advice to anyone starting out in business is to have no fear as life is about taking on challenges.

“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.

"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”

Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.

He relaxes by spending time with his family at home, and enjoying his wife’s India cooking. 

The results of the first round are as follows:

Qais Saied (Independent): 18.4 per cent

Nabil Karoui (Qalb Tounes): 15.58 per cent

Abdelfattah Mourou (Ennahdha party): 12.88 per cent

Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent

Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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