Emirates Group-owned dnata has agreed to buy a majority stake in Imagine Cruising.
Based in the UK with offices in South Africa, Imagine Cruising operates and sells cruises throughout the world.
Dubai’s dnata has shown an increasing interest in UK tour operators. In February last year, Thomas Cook sold Gold Medal, a UK-based distributor of long-haul scheduled flights, hotels and car hire, to dnata for £45 million (Dh249.6m) to cut its losses.
The deal included the online travel agent netflights.com and Pure Luxury. The Dubai group also added Stella Travel Services, including the TravelBag, Travel2, Sunmaster, Global Travel Group and Triton Rooms brands in September last year.
“Imagine Cruising is a key distributor of cruise products around the world. The addition of the company to the dnata portfolio adds expertise in the growing cruise sector, strengthening our position as an international leader in travel services,” said Iain Andrew, divisional senior vice president of dnata’s travel business.
The cruise industry is benefitting from a revival both globally and locally. Abu Dhabi Ports is expecting an increase of 25 per cent in cruise liners calling at Zayed Port, lifting the number of cruise tourists by half this season to about 185,000. In 2014, Dubai received 358,000 passengers from 94 cruise ship calls, and the forecast for 2015 stands at 425,000 cruise tourists from 115 ship calls.
The Hamdan bin Mohammed Cruise Terminal in Dubai, opened last December, will soon host five of the world’s biggest cruise operators with a capability of welcoming 14,000 cruise passengers per day.
“Imagine Cruising brings a deep understanding of a key travel market, one which will enhance the product offering of each company within the dnata family,” said Mr Andrew. “Imagine will lead the strategic development of cruise across dnata travel brands offering customers of Travel Republic, Gold Medal Travel Group and Stella Travel Services an enhanced choice of unique cruise holidays.”
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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.”
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
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Europe’s rearming plan
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- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
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