Seaglider routes connecting Abu Dhabi and Dubai are expected to take just 30 minutes and cost each passenger Dh200 ($54), developers have said.
Made by US firm Regent Craft, the Viceroy Seaglider can carry up to 12 passengers and fly at a maximum 290kph.
It is on display at the Dubai Airshow and offered a glimpse of the rapidly expanding mobility services planned for the UAE.
As well as running passenger services around the world, recent demonstrations in the US showed the Seaglider’s capacity to carry out high-speed military missions and medical rescues.
With boats limited by speed and helicopters constrained by stability and availability, Seaglider vessels can fill a gap, its designers say.
The aircraft has a 1,500kg payload and can cover about 2,600 in its hybrid form before refuelling is required.
Billy Thalheimer, Regent co-founder and chief executive, told ARN news: "It operates in three modes: floating on the hull, rising above the water’s surface on hydrofoils and flying about 10 metres off the surface of the water.
“Regent has a massive global backlog for these Seagliders as they are low-emission, low-cost and high-speed modes of transport for coastlines all over the world." He added that "with so many customers in the UAE, Saudi Arabia and Europe" the plan was to build a production plant in the UAE, with Regent now in the process of choosing a site for a factory in the UAE to expand its global operations.
A joint venture with the Strategic Development Fund, which is owned by the Edge defence company, the plan is to bring production, maintenance and training to the UAE.
A US manufacturing plant is due to open in North Kingstown, Rhode Island, next May, with the first orders due to be completed by the end of 2027. The aim is to open a UAE factory by 2029.
Mr Thalheimer said there was already a queue of potential Seaglider customers in the UAE, so the craft "could be used here from as early as 2027”. He added: “I’m excited for the Dubai-to-Abu Dhabi mission, which would take under half an hour, for a price of Dh200-250 range.”
Hitching a ride with the Seaglider would be as easy as catching a ferry. The vehicles float, foil and fly using similar hydrofoil technology used by America’s Cup racing yachts.
Once it has built up enough speed, the craft rises from the surface to fly at low altitude to its destination.
The Seaglider can be also used for freight and cargo partnerships with Aramex and DHL have already been announced. Electric propulsion technology means the craft has relatively with low maintenance and operational costs.
Tom Huntley, general manager of Regent Defence and a former rescue helicopter pilot, said the craft had performed well in US sea trials.
“The Marine Corps challenged us with real-world scenarios and the Seaglider prototype performed exceptionally,” he said. “From rapid response and precision manoeuvring, to medical loading and transport, these demonstrations underscore how Seaglider vessels can help keep service members safe and get them to higher levels of care when they need it most.”
Skoda Superb Specs
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Torque: 320Nm
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
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Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Uefa Champions League last 16 draw
Juventus v Tottenham Hotspur
Basel v Manchester City
Sevilla v Manchester United
Porto v Liverpool
Real Madrid v Paris Saint-Germain
Shakhtar Donetsk v Roma
Chelsea v Barcelona
Bayern Munich v Besiktas
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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COMPANY%20PROFILE
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
MATCH INFO
Tottenham Hotspur 0 Everton 1 (Calvert-Lewin 55')
Man of the Match Allan (Everton)
Specs
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More from Neighbourhood Watch:
KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
The%20specs%20
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Company%20profile
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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.”