As the mercury ticks up, more UAE residents are exploiting lower airfares resulting from stiffer competition between regional airlines and the oil price slump for cooler climes overseas.
ABU DHABI // An economic slowdown driven by the oil price slump is not hindering the desire of UAE residents to escape the heat.
The fall in oil prices and greater competition between regional airlines has resulted in cheaper fares for those seeking a summer getaway. That is leading to more bookings and residents choosing to stay at their holiday destinations for longer periods of time, according to travel agents.
“It has never been so affordable for people to travel. In fact, I think it is an empowering time to be a traveller,” said Michelle Smith, a marketing manager at Flight Centre UAE.
As with past years, the most popular summer destinations are Paris, Istanbul, the Maldives and London. Britain’s capital is the top spot for Emiratis.
Georgia, at the intersection of Asia and Europe, is an “emerging destination”, while interest in traditionally popular destinations such as Rome is declining, according to Ms Smith.
The Czech capital, Prague, and Croatia have become more popular, while the top three beach destinations continue to be the Maldives, Phuket and Bali.
“We are waiting until Eid and then we’ll be heading to Bali for a month,” said Natalya, a mother of two from Abu Dhabi. She will be visiting the Indonesian island with her family.
“We usually go home to Cape Town or New Zealand, but we wanted a cheap holiday and to get away from the heat for as long as possible.”
She chose Bali after finding good deals on flights, which will free up some dirhams for a trip home this year.
“We are looking for value for money, simply because we also want to do a trip later in the year,” Natalya said.
According to the findings of a YouGov survey of 1,523 people in the UAE, Saudi Arabia, and Egypt that were released on Monday, 72 per cent of respondents said they had no plans to travel during Ramadan, with most preferring to stay in their country of residence.
However, 43 per cent of respondents said they expected to travel during Eid this year, while 23 per cent of people polled in the UAE said they would not be travelling because of work.
Ms Smith expects the seasonal increase in travel to take place during the Eid weekend, with the Omani city of Salalah a popular destination because of its proximity to the UAE and favourable weather.
Saving his travel for later this year, Nasser Al Riyami, a 28-year-old psychologist and hypnotherapist, said he was looking forward to work trips to Ireland and the United States. He was planning to visit Florida, Nevada and Wisconsin.
Abu Dhabi resident Sabah Naseer Sethi said her family would stay in the UAE and forgo their annual summer holiday.
“This year will be an exception. We were hoping to go back to the UK to see family and go to Italy for some sightseeing. But we have our second baby due in November and our two-year-old will be starting nursery in September,” she said. “This year we will probably just stay put.”
esamoglou@thenational.ae
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Brief scoreline:
Wolves 3
Neves 28', Doherty 37', Jota 45'+2
Arsenal 1
Papastathopoulos 80'
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
The specs: 2018 Ford Mustang GT
Price, base / as tested: Dh204,750 / Dh241,500
Engine: 5.0-litre V8
Gearbox: 10-speed automatic
Power: 460hp @ 7,000rpm
Torque: 569Nm @ 4,600rpm
Fuel economy, combined: 10.3L / 100km
Zombieland: Double Tap
Director: Ruben Fleischer
Stars: Woody Harrelson, Jesse Eisenberg, Emma Stone
Four out of five stars
A list of the animal rescue organisations in the UAE
MATCH INFO
Manchester United v Manchester City, Wednesday, 11pm (UAE)
Match is on BeIN Sports
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.”
SPEC SHEET: APPLE IPHONE 15 PRO MAX
Display: 6.7" Super Retina XDR OLED, 2796 x 1290, 460ppi, 120Hz, 2000 nits max, HDR, True Tone, P3, always-on
Processor: A17 Pro, 6-core CPU, 6-core GPU, 16-core Neural Engine
Memory: 8GB
Capacity: 256/512GB / 1TB
Platform: iOS 17
Main camera: Triple: 48MP main (f/1.78) + 12MP ultra-wide (f/2.2) + 12MP 5x telephoto (f/2.8); 5x optical zoom in, 2x optical zoom out; 10x optical zoom range, digital zoom up to 25x; Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting
Main camera video: 4K @ 24/25/30/60fps, full-HD @ 25/30/60fps, HD @ 30fps, slo-mo @ 120/240fps, ProRes (4K) @ 60fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR
Front camera: 12MP TrueDepth (f/1.9), Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting; Animoji, Memoji
Front camera video: 4K @ 24/25/30/60fps, full-HD @ 25/30/60fps, slo-mo @ 120/240fps, ProRes (4K) @ 30fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR
Battery: 4441mAh, up to 29h video, 25h streaming video, 95h audio; fast charge to 50% in 30min (with at least 20W adaptor); MagSafe, Qi wireless charging
Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Apple Pay), second-generation Ultra Wideband chip
Biometrics: Face ID
I/O: USB-C
Durability: IP68, water-resistant up to 6m up to 30min; dust/splash-resistant
Cards: Dual eSIM / eSIM + eSIM (US models use eSIMs only)
Colours: Black titanium, blue titanium, natural titanium, white titanium
In the box: iPhone 15 Pro Max, USB-C-to-USB-C woven cable, one Apple sticker
Price: Dh5,099 / Dh5,949 / Dh6,799
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
The specs
Engine: 2.0-litre four-cylinder turbo hybrid
Power: 680hp
Torque: 1,020Nm
Transmission: 9-speed auto
Fuel consumption: 7.5L/100km
On sale: Early 2024
Price: From Dh530,000 (estimate)
MEDIEVIL (1998)
Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
The biog
Mission to Seafarers is one of the largest port-based welfare operators in the world.
It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Sweet Tooth
Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
Champion v Champion (PFL v Bellator)
Heavyweight: Renan Ferreira v Ryan Bader
Middleweight: Impa Kasanganay v Johnny Eblen
Featherweight: Jesus Pinedo v Patricio Pitbull
Catchweight: Ray Cooper III v Jason Jackson
Showcase Bouts
Heavyweight: Bruno Cappelozza (former PFL World champ) v Vadim Nemkov (former Bellator champ)
Light Heavyweight: Thiago Santos (PFL title contender) v Yoel Romero (Bellator title contender)
Lightweight: Clay Collard (PFL title contender) v AJ McKee (former Bellator champ)
Featherweight: Gabriel Braga (PFL title contender) v Aaron Pico (Bellator title contender)
Lightweight: Biaggio Ali Walsh (pro debut) v Emmanuel Palacios (pro debut)
Women’s Lightweight: Claressa Shields v Kelsey DeSantis
Featherweight: Abdullah Al Qahtani v Edukondal Rao
Amateur Flyweight: Malik Basahel v Vinicius Pereira
Hamilton’s 2017
Australia - 2nd; China - 1st; Bahrain - 2nd; Russia - 4th; Spain - 1st; Monaco - 7th; Canada - 1st; Azerbaijan - 5th; Austria - 4th; Britain - 1st; Hungary - 4th; Belgium - 1st; Italy - 1st; Singapore - 1st; Malaysia - 2nd; Japan - 1st; United States - 1st; Mexico - 9th
The biog
Age: 32
Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.
Favourite mountain range: The Himalayas
Favourite experience: Two months trekking in Alaska
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
Killing of Qassem Suleimani
COMPANY PROFILE
Name: Carzaty, now Kavak
Based: Dubai
Launch year: Carzaty launched in 2018, Kavak in the GCC launched in 2022
Number of employees: 140
Sector: Automotive
Funding: Carzaty raised $6m in equity and $4m in debt; Kavak plans $130m investment in the GCC
