Last Monday, India's first international cruise vessel, MV Empress, set sail from the southern city of Chennai on the Bay of Bengal to the island nation of Sri Lanka.
As the voyage began, Indian authorities took the opportunity to inaugurate a $2 million modern cruise terminal at Chennai Port, spread over an area of 2,880 square metres and able to host 3,000 passengers at a time.
All this is part of a much broader government strategy to grow cruise tourism in India with the aim of generating revenue and jobs – and cruise operators are keen to tap into the opportunity.
“India's cruise industry holds immense promise, and the government is actively committed to its advancement,” says Nishant Pitti, chief executive and co-founder of EaseMyTrip, an online travel company in India.
“Cruise tourism has been a relatively small but specialised sector in India for several years. However, following the resurgence of the tourism industry after the pandemic, cruise operators have been actively seeking opportunities in India.”
Major operators including Royal Caribbean and Costa Cruises are among those that have cruises stopping in India. The sector was battered by the Covid-19 pandemic, but has been rebounding strongly since travel restrictions eased globally.
India's foreign tourism arrivals have yet to return to pre-pandemic levels. Official data shows that India attracted 6.19 million foreign tourists last year. That was up from 1.52 million the previous year, when the country's tourism industry was hit by the impact of Covid-19.
But in 2019, before the pandemic, India received 10.93 million foreign tourists.
Authorities are hopeful that cruise tourism can bring in more international travellers. It is also something that could appeal to Indians with rising disposable incomes and a growing appetite for travel.
The Indian government projects that the number of cruise ships operating in India will increase from 208 in 2023 to 500 in 2030 and further to 1,100 by 2047. At the same time, the number of passengers using these cruise services is expected to grow from 950,000 in 2030 to 4.5 million in 2047.
Three new international cruise terminals are due to be operational by 2024. The government has highlighted that India's 7,500 kilometres of coastline and extensive river networks put the country in a strong position to become a global cruise hub.
“As more and more people are likely to experience cruise tourism in the near future, the government remains deeply committed to develop world class infrastructure to support and enable growth of cruise tourism,” said Sarbananda Sonowal, Minister of Ports, Shipping and Waterways, as he flagged off MV Empress on its trip from Chennai last Monday.
MV Empress is operated by Mumbai-based Cordelia Cruises, which is part of Waterways Leisure Tourism. Cordelia Cruises was launched in September 2021, and has been offering cruises within India, between Mumbai and Goa, and Chennai and Vishakhapatnam.
But launching its first international cruise this month is a big step forward for the company.
Cruise tourism has been a relatively small but specialised sector in India for several years. However, following the resurgence of the tourism industry after the pandemic, cruise operators have been actively seeking opportunities in India.
Nishant Pitti,
chief executive and co-founder of EaseMyTrip
“We hope to host over 50,000 passengers for the Sri Lanka sailings alone between June 2023 to September 2023,” says Jurgen Bailom, president and chief executive of Waterways Leisure at Cordelia Cruises.
“The Indian cruise tourism industry has a strong potential, and it has been an untapped market for a long time. With a coastline so wide, it was about time to explore and dive deep into the cruising world.”
The company has plans to sail to Dubai and the Middle East next year, and also intends to add more ships, says Mr Bailom.
But he adds that the journey has not been smooth sailing, as many people in the country do not have experience in cruises.
“The primary challenges that we faced was educating the customers about the cruising experience and to educate the travel agents to reach the right audience with the right conversations,” says Mr Bailom.
There are also logistical issues and much more infrastructure development is still needed.
“Some other challenges we feel are development and upgradation of ports to accommodate cruise ships,” says Mr Bailom.
Destinations are working to improve their infrastructure as they recognise the benefits cruise tourism can bring.
The coastal state of Kerala in southern India has identified cruise tourism as a key part of its strategy to attract more international travellers. It has already begun receiving international cruise ships, but it wants to expand the sector much further.
“The state will streamline the entire procedure, ensuring ease of doing business with the state for all the private players interested in operating cruise tourism,” says PB Nooh, director of Kerala Tourism. “Second will be establishing cruise terminals and related infrastructure.”
He says that he expects cruise tourism to give a significant boost to the overall sector, as it brings in visitors who are willing to spend.
“I'm sure with cruise tourism, I'll be able to cater to a different category of people who are high net worth individuals, are interested to travel across the globe, and are looking for unique cultural experiences from different parts of the world.”
Experts say that it is a sector well worth investing in, with some of the larger cruise ships carrying more than 2,000 passengers.
“The potential is huge,” says Anant Singhania, president of the IMC Chamber of Commerce and Industry, based in Mumbai.
Cruises can have a massive impact across sectors beyond tourism, he explains.
“Ships normally sail with 100 per cent occupancy which gives huge boost to direct and indirect industries like hospitality, tourism, supply chain, fuel, ports,” says Mr Singhania.
“Ships are massive consumers of goods and services and thus can add a lot of economic growth.”
But he says that India needs to ensure that it puts high quality terminals in place, so that travellers have a smooth experience at the destinations.
“New ports that can be made ready to welcome both domestic and international cruise ships should be of international standards with excellent connectivity to mainland.”
He adds that “a revision of the taxes and ports charges for passenger ships can be considered”, with some of these charges being too steep.
The Indian government has said that it has taken a series of steps to “to boost cruise tourism industry … including infrastructure upgradation, rationalisation of port fees, removing ousting charges, granting priority berthing to cruise ships, providing e-visa facilities”.
Mr Pitti agrees that India still has a lot to do to achieve its cruise tourism ambitions, however.
“India is currently in the process of establishing a comprehensive infrastructure to facilitate efficient cruise tourism, encompassing everything from ships to ports,” he says. “This endeavour represents the most significant challenge facing the industry.”
But he believes that the country is on the right course, and that cruise tourism will bring a host of benefits to the wider travel sector.
“We eagerly anticipate the positive impact this will have on the industry.”
Command%20Z
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
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.”
Wallabies
Updated team: 15-Israel Folau, 14-Dane Haylett-Petty, 13-Reece Hodge, 12-Matt Toomua, 11-Marika Koroibete, 10-Kurtley Beale, 9-Will Genia, 8-Pete Samu, 7-Michael Hooper (captain), 6-Lukhan Tui, 5-Adam Coleman, 4-Rory Arnold, 3-Allan Alaalatoa, 2-Tatafu Polota-Nau, 1-Scott Sio.
Replacements: 16-Folau Faingaa, 17-Tom Robertson, 18-Taniela Tupou, 19-Izack Rodda, 20-Ned Hanigan, 21-Joe Powell, 22-Bernard Foley, 23-Jack Maddocks.
RESULTS
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Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
Abu Dhabi Sustainability Week
SUZUME
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Dunki
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The Indoor Cricket World Cup
When: September 16-23
Where: Insportz, Dubai
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
