Abu Dhabi Tourism and Culture Authority (TCA Abu Dhabi) wants to grow conference and corporate visitors from India after achieving record tourist arrivals last year.
The emirate received 3.49 million guests last year, 400,000 more than it had expected.
Yesterday the agency revised visitor targets for its 10 global offices, including India.
The focus this year is on India, the Arabian Gulf and China, said Mubarak Al Nuaimi, the director of promotions and overseas offices at TCA Abu Dhabi.
The agency is looking to grow the India market by 20 per cent this year, which provided 231,702 guests last year. It is also bidding to increase the Gulf market, which saw 240,478 guests last year, by 30 per cent.
The fastest growing source market, China, which saw 120,350 guests last year, is expected to provide a 40 per cent increase in visitor numbers.
TCA Abu Dhabi’s India office is expected to send at least 4,000 travellers under the meetings, incentives, conferences, and exhibitions (Mice) segment to the emirate this year.
“India is a mature market, we have several flights between Abu Dhabi and India,” Mr Al Nuaimi said. “The numbers are growing, and if we can attract only 2 per cent of its total outbound market, it is huge.” India agreed last year to allocate 50,000 seats a week each way between Abu Dhabi and India this year, up from 13,300 last year.
Also, as part of its expansion plans, Etihad Airways this week launched daily flights to Kolkata, in eastern India, wth 130 seats a day each way.
That would bring it close to the seat allocation between Dubai and India. In February last year, India raised the number of seats to Dubai by 20 per cent.
The increases are scheduled to come into effect in phases by April.
In February last year, there were 55,000 weekly seats each way between Dubai and India.
Most of the overseas markets showed a dip in the average length of stay in Abu Dhabi last year, which touched 2.99 nights from 3.13 nights in 2013.
“We need to create more awareness about our attractions, and our hotels need to come up with more packages,” Mr Al Nuaimi said. “Our target is five nights’ stay.”
TCA Abu Dhabi also opened an office in Johannesburg in South Africa yesterday, its eleventh overseas office.
Last year, 16,000 tourists from South Africa visited Abu Dhabi, up 25 per cent from a year ago. Meanwhile, Etihad and South African Airways will each operate a daily flight between the African city and the emirate, which is expected to boost tourist arrivals.
The number of guests from Germany rose 15 per cent to 138,604 last year. The number of Swiss and Austrian guests also increased.
The tourism agency will also seek to tap into the emerging markets from Armenia, Georgia as Russia and Ukraine are hit by falling oil prices and political crisis.
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Name: Kumulus Water
Started: 2021
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Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
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A State of Passion
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Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Day 2, Dubai Test: At a glance
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
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SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
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