Manfred Ursprunger, the chief executive of QE2 Enterprises says projects around the ship will be completed in two to three years' time.
Manfred Ursprunger, the chief executive of QE2 Enterprises says projects around the ship will be completed in two to three years' time.

QE2 expected to attract millions of visitors



The new owners of the Queen Elizabeth 2 (QE2) hope to attract twice as many guests as the majestic cruise liner did when she sailed the world's oceans, after she is transformed by the UAE developer Nakheel into a luxury floating hotel and museum. "In 40 years, the ship has had about 2.5 million guests on board, but when we are done with transforming her we expect to see more than double that number in the same period," said Manfred Ursprunger, the chief executive of QE2 Enterprises at Nakheel Hotels, which is taking charge of the project. Istithmar, the investment arm of the state-owned Dubai World development company, bought the ship last year from Britain's Cunard Line for US$100 million (Dh367.3m). "Nakheel Hotels, as a subsidiary arm of Dubai World, will now take charge of the refurbishments, which we expect to complete in two to three years time," said Mr Ursprunger, who declined to comment on the cost of the transformation. Building the ship in the mid-1960s cost Cunard £29m. Since then, about 15 times that amount had been spent on the ship's refurbishments, said Mr Ursprunger. "We have respected the fact that Cunard has hold of the ship, so our engineers have not been on board and estimated the costs needed, but ultra luxury is the direction we aim to go." With an ambitious tourism target of attracting 15 million visitors by 2015, Dubai is constantly faced with the challenge of reinventing itself and introducing new attractions. "This project is very much in line with the overall tourism strategy, and I think the outcome will attract millions of visitors not only from Europe, but also from within the region," said Mr Ursprunger. The hotel will have 200 rooms, which the company estimates will be about 50 square metres each, and 130 apartments that rage from one to three bedrooms starting from 80 to 120 sq metres. "The apartments will be up for sale under a fractional ownership contact, and we still haven't set the prices for the property," said Mr Ursprunger. Under the current design, the ship has 900 cabins, which in many cases are smaller than 30 sq metres. "Being a luxury hotel, we wanted the rooms to be very spacious - that's why we went for a smaller number of rooms." The refurbishment will take place at the Dubai Drydocks area, which is a sister company of Nakheel, located near Port Rashid, where the ship arrived yesterday. "Once the transformation is complete, the ship will be towed to its final destination on the north-east end of the Palm Jumeirah," said Mr Ursprunger. In an effort to lure more tourists to the hotel, day visitors will be allowed on board for the first time in the cruise liner's history. Day guests and other visitors will be able to take organised tours of the ship or use the facilities, which will include a 5,000 sq metre spa and wellness centre, six continental restaurants and a 500-seat theatre, which will replace the boat's engine. In terms of running the hotel, the company plans to sign more than one management contract with operators in the next two years. "Because we have more than one component to the project, we are planning to sign a contract with a luxury hotel operator, a spa operator and a theatre production operator," said Mr Ursprunger, adding that the theatre performances held on board were expected to compete with international shows such as those on New York's Broadway. Projects around the QE2 are already under way. "There will be a residential area, a retail area and a maritime museum, which will all be completed in two to three years time," said Mr Ursprunger. "Make no mistake, at the end of the day this is a business and our aim is to generate profits. Given such a popular brand like QE2, I think we already managed to attract a lot of attention." abakr@thenational.ae

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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
J%20Street%20Polling%20Results
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Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

Company%20profile%20
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Specs – Taycan 4S
Engine: Electric

Transmission: 2-speed auto

Power: 571bhp

Torque: 650Nm

Price: Dh431,800

Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor

Transmission: 2-speed auto

Power: 455bhp

Torque: 700Nm

Price: from Dh431,800

Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

Gorillaz 
The Now Now 

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
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COMPANY%20PROFILE%20
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The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

Formula%204%20Italian%20Championship%202023%20calendar
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The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

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The specs

Engine: 2.0-litre four-cylinder turbo

Power: 268hp at 5,600rpm

Torque: 380Nm at 4,800rpm

Transmission: CVT auto

Fuel consumption: 9.5L/100km

On sale: now

Price: from Dh195,000 

Company%20Profile
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MATCH INFO

Uefa Champions League last-16, second leg:

Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')

Ajax win 5-3 on aggregate

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

ICC T20 Team of 2021

Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi


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