'This city has its arms wide open': Emirates' Sheikh Ahmed shares video ahead of welcoming tourists back to Dubai

Dubai is open. That is the message from Emirates’ Sheikh Ahmed bin Saeed, president of Dubai Civil Aviation Authority, who has shared a video to welcome visitors back to the city.

“Open, now that’s a word that hasn’t been used much in the world these days, huh?” the video begins, with a sweeping shot across Bluewaters Island and Dubai Marina. “Well, open is looking good for Dubai right now, and we want to tell the world about it.”

The video from Emirates and Dubai Tourism showcases the city's attractions that have reopened following the coronavirus pandemic, as well as advertising how the emirate is back up and running for "business" and "opportunity".

“There’s literally hundreds of doors open to some of the best hotels you’ll ever see,” the voiceover says as the camera sweeps over the city’s skyline and Burj Al Arab, on to Burj Khalifa. “Oh, and the world’s tallest building? That’s open, too.

“But this city is also open for fun. It’s open for happy, it’s open for crazy, even the slopes are open,” the video continues, as it offers shots of Skydive Dubai and Ski Dubai.

The video signs off by saying: “This city has its arms wide open, and they are open for you."

The video follows the announcement that tourists and visitors will be able to return to Dubai from Tuesday, July 7. International tourists flying to Dubai must ensure they meet all requirements for entry to the UAE.

The new requirements say travellers must download the Covid-19 DXB app and register their details and fill in the health declaration form. They must have valid health insurance.

Tourists must have a PCR Covid-19 test with a maximum validity of four days ahead of departure.

They will be required to show proof of not being infected with the virus on arrival at Dubai airports.

Protective barriers have been installed at Dubai International Airport at each check-in desk and immigration counter to provide additional safety reassurance to passengers and employees during interaction over the counter. Courtesy Emirates

Emirates, the world's biggest long-haul airline, is adding more flights to its schedule. Bloomberg

Selected regular passenger flights are now operating out of Dubai's Terminal 3. Alamy

Social distancing measures in place at Terminal 3, Dubai International Airport. Courtesy Emirates

A man is seen through a thermal camera at Dubai International Airport on April 27, 2020, when repatriation flights were the only passenger options. Reuters

A passenger walks through Dubai International Airport on April 27, 2020, when repatriation flights only were running. Reuters

If they cannot provide proof, they will undergo a PCR test at the airport.

"All arrivals will be subject to thermal screenings," Dubai's Supreme Committee of Crisis and Disaster Management said.

"If a traveller is suspected to have Covid-19 symptoms, Dubai airports have the right to retest to ensure the tourist is free of the virus."

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.”

UAE currency: the story behind the money in your pockets

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NYBL PROFILE

Company name: Nybl

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up