At the moment of writing this article on Tuesday, there were an estimated 7,177 flights in the sky, according to data from FlightRadar24.
This estimation is a lot lower in 2020 than it would have been in December of previous years. Typically, the festive season is a busy month for travel as people fly home for the holidays or head overseas for some last-minute winter sun. Unsurprisingly, this year's December air traffic across the world is down due to the global pandemic.
Since March, airports have witnessed a precipitous decline in traffic as governments ordered restrictions on movement, border closures and bans on non-essential travel. These measures have seen the world's airports shift from thriving hubs transporting people across the globe to much quieter places. And while air traffic has been tentatively picking up since countries began to reopen their borders, levels are still far from what they were.
Additional flight restrictions imposed by more than 40 countries on flights to and from the UK this week are a reminder that the industry's recovery has a long way to go.
Having ground the world to a halt, the coronavirus has been lethal for airlines across the globe. The world’s skies look very different this festive season compared to December last year.
Images and data collected from flight tracking service FlightRadar24 show how some of the world’s busiest airspaces are faring.
Each of the below visualisations shows air traffic from Thursday, December 5, 2019 – the busiest day of travel in last year’s festive season. This is correlated with the closest Thursday in this year's calendar, December 3, 2020.
Slide the buttons below to see the difference in air traffic at nine of the world's busiest airports.
Dubai International Airport, UAE
Emirates said it was expecting its busiest week of the year in December when more than 200,000 people were set to fly from DXB.
Abu Dhabi International Airport, UAE
With 14 days quarantine currently required for arriving passengers, Abu Dhabi's December air traffic is considerably lower in 2020 than it was in 2019.
Amsterdam Airport Schiphol, The Netherlands
Air traffic has been low at Amsterdam Airport Schiphol this year. In November, the airport recorded 900,453 passengers, compared to 5,323,590 in 2019, a drop of more than 83 per cent.
Hartsfield – Jackson Atlanta International Airport, United States
The world’s busiest airport by passenger numbers has stayed open throughout the global pandemic, but has become something of a ghost town as air traffic plummeted.
Indira Gandhi International Airport, New Delhi, India
Despite an overall drop in passenger demand, officials at Delhi airport said in early December that numbers were expected to return to pre-lockdown volumes soon. This was before India banned flights to and from the UK in response to a new strain of Covid-19.
London Heathrow Airport, United Kingdom
The UK's biggest airport and one of Europe's busiest by international passenger traffic, London Heathrow has seen a significant drop in air traffic this year. Having welcomed 6,495,487 passengers in December 2019, 2020 numbers are projected to be well below this figure.
Chicago O'Hare International Airport, United States
Chicago O'Hare International airport recorded a 41 per cent drop in flight numbers this year compared to 2019, according to the latest reported figures from airport authorities.
Changi International Airport, Singapore
Singapore’s Changi Airport was the world’s seventh-busiest airport before the pandemic hit. Today, with a market that relies on international travel, it is welcoming fewer passengers than when it opened its first terminal almost 40 years ago.
As 2020 draws to a close, the aviation industry and travellers around the world will be hopeful that by the same time next year, air traffic comparisons with 2019 festive traffic will be much less drastic.
Palestine and Israel - live updates
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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