The Royal Caribbean cruise ship Anthem of the Seas docked at the port of Bayonne in New Jersey in February after passengers were removed with possible coronavirus symptoms. The US Centres for Disease Control said 80 per cent of cruise ships in its jurisdiction were affected by Covid-19 between March and July. Reuters
The Royal Caribbean cruise ship Anthem of the Seas docked at the port of Bayonne in New Jersey in February after passengers were removed with possible coronavirus symptoms. The US Centres for Disease Control said 80 per cent of cruise ships in its jurisdiction were affected by Covid-19 between March and July. Reuters
The Royal Caribbean cruise ship Anthem of the Seas docked at the port of Bayonne in New Jersey in February after passengers were removed with possible coronavirus symptoms. The US Centres for Disease Control said 80 per cent of cruise ships in its jurisdiction were affected by Covid-19 between March and July. Reuters
The Royal Caribbean cruise ship Anthem of the Seas docked at the port of Bayonne in New Jersey in February after passengers were removed with possible coronavirus symptoms. The US Centres for Disease

Cruise line operators plot course to return to open seas


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A cruise industry health panel jointly convened by Royal Caribbean Cruises and Norwegian Cruise Line Holdings is recommending Covid-19 tests for all guests and crew members as part of a plan released on Monday that the companies hope will clear the way to US sailings.

The recommendation is one of 74 steps outlined by the so-called Healthy Sail Panel in a report submitted to the US Centres for Disease Control and Prevention. According to the recommendations, guests must get tested between one and five days before boarding and show a negative result.

Speaking in a joint interview on Monday with Norwegian chief executive Frank Del Rio, Royal Caribbean chief executive Richard Fain said the guidance creates a path to welcoming guests back onto ships.

“We’ve always said we won’t start until we know it’s safe, but we think the panel has given us that pathway, and so we would start fairly quickly to assemble a crew and do all that,” Mr Fain said, declining to give a specific date. “We’re hoping that would be soon.”

The panel also recommended once-daily temperature checks for guests and crew, updating air-conditioning systems and modifying ships to promote physical distancing, including through the removal of self-service buffets.

The companies are seeking a green light from the CDC to restart US cruises. A CDC “no sail” order that prevents the companies from sailing in US waters expires at the end of the month, but the federal agency has previously extended the order.

Members of industry group Cruise Lines International Association – including Royal Caribbean and Norwegian – have suspended US cruise operations until at least the end of October.

The industry shut down in mid-March after a series of outbreaks and fatalities on ships. Now, it needs to convince governments and customers that it can prevent another one of those episodes, which captured the world’s attention and used critical resources at a key time in the pandemic.

In the CDC’s latest “no sail” order, the agency said it had spent 38,000 person-hours on its cruise-ship response between March and July. In that period, it has identified about 3,000 Covid-19 or Covid-like cases on cruise ships and 34 deaths, and it said 80 per cent of ships in US jurisdiction were affected by Covid-19 in the period.

Citing current scientific evidence, the CDC said cruise ships pose "greater risk of Covid-19 transmission" than other settings – a conclusion that the industry has quibbled with even after the onboard outbreaks. The order specifically mentioned an article in the Journal of Travel Medicine, which concluded that the reproduction rate of the virus on Carnival's Diamond Princess was about four times higher than in the early days of the virus in Wuhan, China.

Mr Fain and Norwegian’s Mr Del Rio said the return to the seas would be gradual. As the new guidelines suggest, the resumption would initially rely in part on trips to the companies’ private islands, where they can exert control over the environment.

“We need to build momentum, we need to build confidence,” Mr Del Rio said. “We need to demonstrate that what is on paper can actually be put into practice in a successful way.”

Speaking in the same joint interview, the panel’s co-chairmen said the recommendations would significantly reduce risk, but couldn’t completely eliminate it.

The chairmen, former US Food and Drug Administration Commissioner Scott Gottlieb and former Utah Governor Michael Leavitt, said a key to the return to the seas was planning for how to offload passengers in the event that the virus does reach the ships.

“You can create a protective bubble around this environment,” Mr Gottlieb said. “You can control many aspects of this environment, and that allows you to substantially reduce the risk.”

Outside his role on the panel, Mr Gottlieb told CBS on Sunday that there would probably be at least one more viral cycle in the fall and winter, and that he didn’t anticipate a vaccine for general inoculation until late in the second quarter or into the third quarter of 2021.

Mr Leavitt said on Monday that the panel expected to incorporate feedback from the CDC. The companies will also be outlining specific procedures based on the panel’s recommendations.

“To those who are looking forward to cruising, this is an important milestone, but there’s still work to do,” Mr Leavitt said.

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The biog

Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
 

What is safeguarding?

“Safeguarding, not just in sport, but in all walks of life, is making sure that policies are put in place that make sure your child is safe; when they attend a football club, a tennis club, that there are welfare officers at clubs who are qualified to a standard to make sure your child is safe in that environment,” Derek Bell explains.

ENGLAND SQUAD

Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope 
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold 
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph 
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

The Bloomberg Billionaire Index in full

1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
%3Cp%3E%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20card%3Cbr%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ERobert%20Whittaker%20defeated%20Ikram%20Aliskerov%20via%20knockout%20(Round%201)%0D%3Cbr%3E%3Cstrong%3EHeavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EAlexander%20Volkov%20def%20Sergei%20Pavlovich%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EKelvin%20Gastelum%20def%20Daniel%20Rodriguez%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EShara%20Magomedov%20def%20Antonio%20Trocoli%20via%20knockout%20(Round%203)%0D%3Cbr%3E%3Cstrong%3ELight%20heavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EVolkan%20Oezdemir%20def%20Johnny%20Walker%20via%20knockout%20(Round%201)%0D%3Cbr%3E%3Cstrong%3EPreliminary%20Card%0D%3Cbr%3ELightweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ENasrat%20Haqparast%20def%20Jared%20Gordon%20via%20split%20decision%0D%3Cbr%3E%3Cstrong%3EFeatherweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EFelipe%20Lima%20def%20Muhammad%20Naimov%20via%20submission%20(Round%203)%0D%3Cbr%3E%3Cstrong%3EWelterweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ERinat%20Fakhretdinov%20defeats%20Nicolas%20Dalby%20via%20split%20decision%0D%3Cbr%3E%3Cstrong%3EBantamweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EMuin%20Gafurov%20def%20Kang%20Kyung-ho%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3ELight%20heavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EMagomed%20Gadzhiyasulov%20def%20Brendson%20Ribeiro%20via%20majority%20decision%0D%3Cbr%3E%3Cstrong%3EBantamweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EChang%20Ho%20Lee%20def%20Xiao%20Long%20via%20split%20decision%3C%2Fp%3E%0A
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Favourite things

Luxury: Enjoys window shopping for high-end bags and jewellery

Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount

University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China

Masters: Studying part-time for a master’s degree in international business marketing in Dubai

Vacation: Heads back home to see family in China

Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs

The Bio

Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.

Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.

Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.

Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.

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.”

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

The specs: 2018 Mitsubishi Eclipse Cross

Price, base / as tested: Dh101,140 / Dh113,800


Engine: Turbocharged 1.5-litre four-cylinder


Power: 148hp @ 5,500rpm


Torque: 250Nm @ 2,000rpm


Transmission: Eight-speed CVT


Fuel consumption, combined: 7.0L / 100km

Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The specs

Engine: 1.5-litre 4-cyl turbo

Power: 194hp at 5,600rpm

Torque: 275Nm from 2,000-4,000rpm

Transmission: 6-speed auto

Price: from Dh155,000

On sale: now