I first went to the Arabian Travel Market (ATM) five years ago. As a treat, Nakheel, the developer of the Palm islands, ferried hundreds of exhibitors out to The World archipelago of artificial islands that it was hoping to market to international investors. A few journalists were allowed to tag along in steerage for the lavish reception on the island - one of about 300 then being created about 4km off the coast of Jumeirah.
The venue was Greenland, which was a sort of show island for the development - albeit a warmer, sandier and less polar bear-populated version of the original. Half a decade later, The World looks much as it did then. It turned out that not many of the visiting travel agents were in the market for a US$50 million (Dh183.6m) island as an occasional retreat from their daily grind at Thomas Cook. The trip from the Burj Al Arab to The World was only about 40 minutes on that balmy Monday evening in May. But it took twice as long to return because the boat kept on getting lost among the waterways that separated the various continents and countries.
We may have taken a right down the Suez Canal instead of heading straight for the Cape. Either way, I remember noting it as a potential problem for the future residents of the islands. Just one wrong turn could turn a dispute between neighbours into a geopolitical incident of Lilliputian proportions. Back in 2005, the Arabian Travel Market was more about property than hospitality. The big developers of the emirate occupied stands that towered over those of hotels and tour operators. Giant models of lavish resorts peppered the halls of the exhibition centre where Nakheel was the largest single exhibitor and Dubailand the second-largest.
The fortunes of the emirate's property and tourism industries have always been tightly entwined. The Dubai Holding-owned Dubailand and the Dubai World-owned Nakheel were together given the task of delivering the sort of infrastructure that could secure 15 million tourists by 2015, or more than twice the current number of visitors. Nakheel, through building artificial islands, would deliver hundreds of kilometres of new beachfront for holidaymakers to baste themselves on, while Dubailand would build theme parks on an unprecedented scale while making maximum use of the city's undeveloped desert hinterland.
Development on this scale had never been tried before. Dubailand has long been the very largest of the larger-than-life developments that have come to be associated with the emirate over the last decade. It looked ambitious even at the very height of the economic boom, largely because theme parks require huge centres of population close by to pay for themselves. But such was the frenzy of interest from developers that Dubailand projects were being announced on an almost weekly basis through much of 2005. At one point, there were even two Dubailand developments located next to each other that both included multimillion-dollar replicas of the Taj Mahal.
It would have been great to be a fly on the wall when that little oversight was noticed by one or other of the respective project teams. These days, not many property developers set out their stalls at the ATM, which opened yesterday. Dubailand is still there, exhibiting projects that have become fondly familiar over the years but remain largely concepts. This year the Dubailand stand covers 800 square metres and includes 14 projects.
A few such as MotorCity, Sports City and Dubai Outlet Mall have been either fully or partially completed. But most remain firmly on the drawing board, such as the theme park to be developed by Six Flags, which emerged from US Chapter 11 bankruptcy protection this week, and the Universal Studios park originally announced in 2007 Even more projects are listed on the Dubailand website that are still concepts more than five years after their launch, such as Beauty World, Aqua Dunya and The Great Dubai Wheel.
While the collapse of property prices and the contraction of credit markets has forced the cancellation of hundreds of projects over the past 20 months, the Dubailand website appears somehow frozen in time. The question must be that if many of these schemes failed to attract financial support back in the heady days of 2005 when the region was awash with capital, why are they still being promoted in the radically changed world of today?
Dubailand remains an exciting part of the emirate's rapidly expanding tourism offering even if just a fraction of it is actually built. But the fantasy of its many theme parks needs to be matched with the reality of underlying demand. Visitors to this year's ATM will view some of the same models that have been doing the rounds of international exhibition halls for half a decade. At some stage they need to be built and if that is unlikely to happen any time soon, is there really a case for making any more models?
Otherwise, navigating a path through all of the multibillion-dollar concepts that are still on display will prove to be as challenging as that boat trip to Greenland in 2005. @Email:scronin@thenational.ae
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Mohammed bin Zayed Majlis
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
EVIL%20DEAD%20RISE
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RESULTS
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
Winner RB Money To Burn, Fabrice Veron (jockey), Eric Lemartinel (trainer).
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
Winner Ekhtiyaar, Jim Crowley, Doug Watson.
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
Winner Commanding, Richard Mullen, Satish Seemar.
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
Winner Benbatl, Christophe Soumillon, Saeed bin Suroor.
8.50pm Handicap (TB) $135,000 (T) 1,600m
Winner Zakouski, William Buick, Charlie Appleby.
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
Winner Kimbear, Pat Dobbs, Doug Watson.
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
Winner Platinum Star, Christophe Soumillon, Saeed bin Suroor.
10.35pm Handicap (TB) $135,000 (T) 1,600m
Winner Key Victory, James Doyle, Charlie Appleby.
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
The specs: 2019 BMW i8 Roadster
Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
Company%20Profile
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