While 2020 was a year like no other, for the travel industry, in particular, it was a disaster.
Practically overnight, demand for travel evaporated as authorities around the world shut down borders, grounded planes and issued travel restrictions to halt the spread of Covid-19.
But for James Asquith, 30, who previously set a Guinness World Record for being the youngest man to travel to every country in the world, a global pandemic wasn’t enough to keep him grounded.
As founder and chief executive of home-sharing platform Holiday Swap, Asquith needs to be in the air much of the year for work purposes.
During the pandemic, he has taken more than 150 flights, had more than his fair share of PCR tests and navigated plenty of cancelled flights.
“I've had to keep travelling for work, for the finance side of our business," explains Asquith. "I'm proud that over the last year we've actually grown the team, we've hired more people and been able to support livelihoods by doing that."
At a time when most travel and tourism businesses are struggling, it’s an impressive feat. However, the practicalities of travelling at a time when many authorities are advising people to stay home are challenging.
“There’s been lots of flight cancellations. I had 45 last year, and I’m probably up at about 24 this year, so far," says the British entrepreneur.
Having caught the travel bug after joining some friends on a volunteer trip to Vietnam in 2008, Asquith returned home and booked his first solo trip, bound for Egypt. That's where his passion for travel was really cemented, when he was 18. He then spent the next six years visiting all 196 countries around the world.
Perhaps surprisingly, travelling during the pandemic has brought back memories of some of his earlier travel experiences.
"Travelling today reminds me a little of how it used to be. Like back in the day, getting into somewhere like Sudan was impossible. Just getting the visa and finding flights was a victory, and now that's kind of the case for other places around the world."
On the hunt for PCR tests
“I've taken 67 PCR tests now,” says Asquith. “I still haven't caught Covid-19, and I think it demonstrates that there is a way to travel safely.”
For the most part, Asquith says he has felt completely safe, although he has also been taking extra precautions. "I've taken more tests than I should have done, just before I'm seeing people, etc, just to be safe."
That in itself has proven to be a challenge. For the travel aficionado, getting a PCR test in New York City was one of the biggest hurdles on his itinerary in the last year.
"It's impossible to get a test there, and it's incredible that one of the world's first-world countries is one of the hardest places to get a PCR test," he says.
"It's pretty interesting to see how the situation varies between places. In the UAE it's super easy to get [a test]. The UK is quite difficult. And depending on the airline, a PCR test is required within 24, 48 or 72 hours, but test results might not even be ready within those turnaround times, so it's a logistical challenge."
Summer in Europe: empty streets and crowd-free landmarks
Continuing to travel during the pandemic has also delivered some unique rewards. While Asquith claims he isn't travelling for tourism purposes, the impact of restrictions on popular destinations and landmarks have not passed him by.
"Last summer, when Europe was having a bit of a renaissance and opened up a little again, I was in Milan, where normally it would be packed. I love European summers, but they can be kind of miserable with all the crowds, and it was nice to see the place a little bit empty. Anyone could have just walked into the Duomo if they wanted, whereas usually you have to get tickets weeks in advance."
He's also dealt with some less thrilling moments.
"Transiting in Addis Ababa in Ethiopia was a nightmare; it was one of the worst places I've seen, with zero social distancing measures. It was a mess there, but other places and other airports, particularly in the Middle East, and in the US as well, seem pretty safe."
'Vaccine passports will be instrumental in a rebound'
As the world of travel slowly begins to reopen and travellers cautiously take to the skies again, Asquith expects that vaccinations will play a critical role in the industry's resurgence.
"Vaccine passports will be instrumental in a rebound. I think that by July or August, countries will already start implementing the need for vaccine passports for people to be able to travel."
While he's not yet been inoculated in the UK, because of age restrictions, Asquith is keen to get his Covid-19 vaccination as soon as it's available to him.
"Unfortunately, a lot of the developing world will get left behind. I believe many places, especially in Africa, won't see vaccinations on a mass scale until later next year or even 2023, and then with that you're going to get countries not allowing travellers to visit from those destinations."
Budget travellers will need to act fast
And when travel does come back, are cheap deals and bargain holidays set to be the norm? "I think people will be able to find travel bargains everywhere, but for a very short period of time," says Asquith.
"From cruises and trips to Greece or Italy, or long-haul business class flights, there are going to be deals to be found, because that's how economics works. Companies will put out cheap prices to suck people in, and then as soon as the demand is back, prices will shoot up."
The entrepreneur also believes that the global pandemic has drawn to a close the second golden age of travel.
"The first golden age was the days of Pan Am and TWA, jumbo jets and open lounges on the top decks of planes, while the second golden age came via mass transportation.
"In the early 2000s, when low-cost airlines sprung up everywhere, it allowed more of the masses to travel. You could find long-haul flights for $100 and short-haul prices for about $20. This opened up travel and, in some ways, it got too much.
"So, on the positive side, there is likely to be a reset, but, from now on, the travel industry is not going to see anything like that again. Things have changed and the days of low-cost travel are gone."
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
T20 WORLD CUP QUALIFIER
Results
UAE beat Nigeria by five wickets
Hong Kong beat Canada by 32 runs
Friday fixtures
10am, Tolerance Oval, Abu Dhabi – Ireland v Jersey
7.30pm, Zayed Cricket Stadium, Abu Dhabi – Canada v Oman
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The%20Crown%20season%205
%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EImelda%20Staunton%2C%20Jonathan%20Pryce%2C%20Lesley%20Manville%2C%20Jonny%20Lee%20Miller%2C%20Dominic%20West%2C%20Elizabeth%20Debicki%2C%20Salim%20Daw%20and%20Khalid%20Abdalla%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWritten%20by%3A%20%3C%2Fstrong%3EPeter%20Morgan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%20stars%3C%2Fp%3E%0A
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
The biog
Name: Ayisha Abdulrahman Gareb
Age: 57
From: Kalba
Occupation: Mukrema, though she washes bodies without charge
Favourite things to do: Visiting patients at the hospital and give them the support they need.
Role model: Sheikha Fatima bint Mubarak, Chairwoman of the General Women's Union, Supreme Chairwoman of the Family Development Foundation and President of the Supreme Council for Motherhood and Childhood.
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
Brief scores:
Toss: India, opted to field
Australia 158-4 (17 ov)
Maxwell 46, Lynn 37; Kuldeep 2-24
India 169-7 (17 ov)
Dhawan 76, Karthik 30; Zampa 2-22
Result: Australia won by 4 runs by D/L method
Zayed Sustainability Prize
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now