• 1. The world’s biggest cruise liner is Royal Caribbean’s Wonder of the Seas. Photo: Royal Caribbean International
    1. The world’s biggest cruise liner is Royal Caribbean’s Wonder of the Seas. Photo: Royal Caribbean International
  • 2. The second largest cruise ship in the world, the 362-metre-long Symphony of the Seas. Reuters / Jon Nazca
    2. The second largest cruise ship in the world, the 362-metre-long Symphony of the Seas. Reuters / Jon Nazca
  • 3. Named after a module on the International Space Station, Harmony of the Seas is the third-largest cruise ship. Reuters
    3. Named after a module on the International Space Station, Harmony of the Seas is the third-largest cruise ship. Reuters
  • 4. Royal Caribbean International's Allure of the Seas accidentally surpassed its sister ship Oasis of the Seas in length by five centimetres. Reuters
    4. Royal Caribbean International's Allure of the Seas accidentally surpassed its sister ship Oasis of the Seas in length by five centimetres. Reuters
  • 5. Oasis of the Seas was the first Oasis-class ship from Royal Caribbean. EPA
    5. Oasis of the Seas was the first Oasis-class ship from Royal Caribbean. EPA
  • 6. The entertainment onboard Costa Smeralda, the sixth-largest cruise ship in the world. Photo: Costa Cruises
    6. The entertainment onboard Costa Smeralda, the sixth-largest cruise ship in the world. Photo: Costa Cruises
  • 6. Costa Toscana shares sixth place in a ranking of the world's biggest cruise liners, with its sister ship from the Italian cruise line. Photo: Costa Cruises
    6. Costa Toscana shares sixth place in a ranking of the world's biggest cruise liners, with its sister ship from the Italian cruise line. Photo: Costa Cruises
  • 7. MS Iona from P&O Cruises is the world's seventh-largest cruise liner. EPA
    7. MS Iona from P&O Cruises is the world's seventh-largest cruise liner. EPA
  • 8. The newly built cruise giant Aidacosma is 337 metres long. Photo: TNN
    8. The newly built cruise giant Aidacosma is 337 metres long. Photo: TNN
  • 9. The Aidanova rounds out a list of the world's biggest cruise liners. EPA
    9. The Aidanova rounds out a list of the world's biggest cruise liners. EPA

World’s largest cruise liners: luxury ships boast water slides, spas, ice rinks and more


Hayley Skirka
  • English
  • Arabic

Cruising is back.

After the industry was decimated during the global pandemic when cruise lines from North America to Australia docked their ships, cruising is now getting back to a new version of the pre-Covid normal.

Royal Caribbean’s’ Wonder of the Seas made its maiden voyage last month, becoming the largest cruise liner at sea with a capacity for almost 7,000 passengers and weighing in at more than 237,000 gross tonnes.

Royal Caribbean’s 'Wonder of the Seas' is the world's largest cruiseliner. Photo: Royal Caribbean International
Royal Caribbean’s 'Wonder of the Seas' is the world's largest cruiseliner. Photo: Royal Caribbean International

The Oasis-class ship is the latest of Royal Caribbean's vessels to dominate the rankings of the world's biggest ships.

And the cruise line has already unveiled plans for Utopia of the Seas, which will be the next biggest in the world when it sets sail in 2024.

Until then, read on for more details on the world's biggest cruise liners at sea today.

1. 'Wonder of the Seas', Royal Caribbean — 236,857 gross tonnes

  • The mega 'Wonder of the Seas' has officially joined Royal Caribbean International’s award-winning lineup of ships. Photo: Royal Caribbean International
    The mega 'Wonder of the Seas' has officially joined Royal Caribbean International’s award-winning lineup of ships. Photo: Royal Caribbean International
  • Some of the ship's highlights include an elevated sun deck with a plunge pool and bar, a private restaurant, and a grand family suite. Photo: Royal Caribbean International
    Some of the ship's highlights include an elevated sun deck with a plunge pool and bar, a private restaurant, and a grand family suite. Photo: Royal Caribbean International
  • The world’s largest cruise ship, the 'Wonder of the Seas' will set sail in the US and Europe. Photo: Royal Caribbean International
    The world’s largest cruise ship, the 'Wonder of the Seas' will set sail in the US and Europe. Photo: Royal Caribbean International
  • The ship boasts an open-air theatre, where slackliners, divers, dancers, acrobats and more will perform. Photo: Royal Caribbean International
    The ship boasts an open-air theatre, where slackliners, divers, dancers, acrobats and more will perform. Photo: Royal Caribbean International
  • The ship also has the tallest slide at sea and surf simulator. Photo: Royal Caribbean International
    The ship also has the tallest slide at sea and surf simulator. Photo: Royal Caribbean International
  • An interactive outdoor play area will mean the little ones are kept entertained. Photo: Royal Caribbean International
    An interactive outdoor play area will mean the little ones are kept entertained. Photo: Royal Caribbean International
  • The spacious ship has something for everyone, proving the ultimate choice for travellers of all ages. Photo: Royal Caribbean International
    The spacious ship has something for everyone, proving the ultimate choice for travellers of all ages. Photo: Royal Caribbean International
  • Guests can choose to take a dip in one of four pools. Photo: Royal Caribbean International
    Guests can choose to take a dip in one of four pools. Photo: Royal Caribbean International
  • The 16-deck ship was built in Saint-Nazaire, France. Photo: Sigrun Sauerzapfe
    The 16-deck ship was built in Saint-Nazaire, France. Photo: Sigrun Sauerzapfe
  • 'Wonder of the Seas' will begin sailing on March 4. Photo: Royal Caribbean International
    'Wonder of the Seas' will begin sailing on March 4. Photo: Royal Caribbean International

The largest cruise ship in the world in 2022 is the Wonder of the Seas.

This 362-metre vessel made its maiden voyage in March, cruising from Florida to the Caribbean. The mega-ship can host 6,988 guests and 2,300 crew members, and weighs more than 237,000 gross tonnes.

It features eight distinct neighbourhoods, including Central Park, where travellers will find real trees and plants stretching from one end of the deck to the other. It's also home to the tallest water slide at sea and the biggest AquaTheatre where divers, dancers, acrobats and more put on Broadway-standard performances.

The mega cruise ship had been scheduled to sail to Dubai in 2021 as part of its initial season at sea, but the plans were shelved because of the coronavirus pandemic. Instead, she's sailing around Europe this summer.

2. 'Symphony of the Seas', Royal Caribbean — 228,081 gross tonnes

Royal Caribbean's 'Symphony of the Seas' features bionic robot bartenders, a waterfront entertainment zone and a water park with the Ultimate Abyss slide. Reuters
Royal Caribbean's 'Symphony of the Seas' features bionic robot bartenders, a waterfront entertainment zone and a water park with the Ultimate Abyss slide. Reuters

In 2018, Royal Caribbean’s Symphony of the Seas set off on its maiden voyage with a seven-night sail around the Mediterranean.

Weighing in at more than 228,000 gross tonnes, the Oasis-class ship was the biggest in the world and is now ranked the second-largest. It has a seven-neighbourhood concept that includes bionic robot bartenders, a waterfront entertainment zone and a first-rate water park where travellers can brave the Ultimate Abyss, a water slide that swings down 10 decks from more than 45 metres above sea level.

With capacity for up to 6,400 passengers, the 17-deck, $1.35 billion ship sails around the western Caribbean, with voyages to St Kitts, St Thomas, Nassau, St Maarten, Puerto Rico and Haiti.

3. 'Harmony of the Seas', Royal Caribbean — 226,963 gross tonnes

'Harmony of the Seas' is famous for its water-based attractions, including two surf simulators, three water slides, three swimming pools and an Ultimate Abyss water slide. AFP
'Harmony of the Seas' is famous for its water-based attractions, including two surf simulators, three water slides, three swimming pools and an Ultimate Abyss water slide. AFP

Setting sail in May 2016, Harmony of the Seas was named after the Harmony module (also known as Node 2) in the International Space Station. She took her maiden voyage to Southampton in the UK and is billed as a family-friendly cruise liner known for a fantastic line-up of water-based attractions. These include two surf simulators, three water slides, three swimming pools, and what was Royal Caribbean's first Ultimate Abyss water slide. Hanging off the back of the ship, this twin-tube slide plunges nine decks, spinning and twisting as it goes. The ship also has an adults-only solarium, an ice-skating rink, two rock-climbing walls and a basketball court.

Harmony of the Seas can carry 6,780 passengers and has a gross tonnage of 226,963. She was also the first Oasis-class ship to showcase virtual balconies for the cruise liner, offering travellers staying in interior cabins real-time views of the outdoors. Harmony currently serves itineraries in the Caribbean, Mexico and Honduras.

4. 'Allure of the Seas', Royal Caribbean — 225,282 gross tonnes

Royal Caribbean's 'Allure of the Seas' made its maiden voyage in 2009, when it accidentally became the world's longest ship. Reuters
Royal Caribbean's 'Allure of the Seas' made its maiden voyage in 2009, when it accidentally became the world's longest ship. Reuters

Constructed in Finland, the Allure of the Seas set sail in November 2009 when she somewhat accidentally became the world’s longest ship, surpassing her sister ship Oasis of the Seas with a tiny 50-millimetre advantage. According to the shipyard, this was not intentional and such a small difference in length is most likely down to the temperature of the steel at the time of measurement. She has a gross tonnage of 225,282 and can accommodate 6,780 travellers.

While Royal Caribbean’s other cruise liners count the likes of Gloria Estefan, Steffi Graf and Whoopi Goldberg as godmothers, the Allure of the Seas is rather bizarrely godmothered by the fictional Princess Fiona from the 2001 animated film Shrek.

With several restaurants, bars and upscale shopping, the ship also has four outdoor swimming pools, a casino and a comedy club. Based at her home port of Miami, she currently sails year-round on seven-night Western and Eastern Caribbean cruises. However, later this year, she’s set to move to a new home port in Texas.

5. 'Oasis of the Seas', Royal Caribbean — 225,282 gross tonnes

'Oasis of the Seas', which has an escape room game, a music hall and 30 ultimate panoramic suites, in the harbour of Rotterdam. EPA
'Oasis of the Seas', which has an escape room game, a music hall and 30 ultimate panoramic suites, in the harbour of Rotterdam. EPA

The first of Royal Caribbean’s Oasis-class ships, hence its name, this vessel debuted in 2009 when she set a new capacity record for carrying more than 6,000 passengers and became the largest cruise ship in the world at that time with a gross tonnage of 225,282, identical with her sister Allure of the Seas.

In 2019, the ship underwent a major refurbishment, with Royal Caribbean adding lots of new facilities including an escape room game, a music hall and 30 ultimate panoramic suites located above the navigation bridge.

The ship currently sails from Miami and New York to the Caribbean, Canada, Bermuda and the Bahamas, and also has transatlantic crossings to the UK.

Since her maiden voyage, Oasis of the Seas has been involved in more than a few unlucky incidents including crashing into the dock during her float-out, an almost collision with a Carnival cruise liner in 2019 and partially sinking in the Bahamas after two cranes collapsed on top of her.

6. 'Costa Smeralda', Costa Cruises — 185,010 gross tonnes

'Costa Smeralda' has 13 swimming pools and hot tubs, 11 restaurants 19 bars and even a museum. Photo: Costa Cruises
'Costa Smeralda' has 13 swimming pools and hot tubs, 11 restaurants 19 bars and even a museum. Photo: Costa Cruises

Italian cruise line Costa owns the sixth largest cruise ship in the world and the first that is not a Royal Caribbean vessel. Costa Smeralda is an Excellence-class ship and has a capacity for 6,554 passengers and a gross tonnage of 185,010, the largest ship ever commissioned for Costa.

Godmothered by Penelope Cruz, the 337-metre long vessel had her maiden voyage in Spain in 2019. With 13 swimming pools and hot tubs, 11 restaurants and 19 bars, the ship is also home to a museum, conceived by Adam Tihany, that displays upscale Italian design.

Costa Smeralda was also only the second cruise ship in the world to be fully powered by liquefied natural gas or LNG, making it more sustainable than traditional cruise liners. The ship operates on seven-day cruises around the Mediterranean.

6. 'Costa Toscana', Costa Cruises — 185,010 gross tonnes

The open-air deck of 'Costa Toscana', the decor of which is inspired by Italian art, culture and striking landscapes. Photo: Costa Cruises
The open-air deck of 'Costa Toscana', the decor of which is inspired by Italian art, culture and striking landscapes. Photo: Costa Cruises

Costa Cruises' second LNG-powered cruise ship is also the world’s sixth-largest, with the exact same gross-tonnage, length and passenger capacity as its sister ship. Costa Toscana is named as a tribute to the region in Italy — one of the country's most popular locales and the birthplace of the Italian Renaissance, and the ship's design is inspired by Italian art, culture and striking landscapes. It was launched in December 2021, after several delays owing in part to the Covid-19 pandemic.

The ship has 2,600 staterooms, designed by Milanese company Dordoni Architetti, as well as 16 restaurants, 18 themed bars and a state-of-the-art spa and gym. There is also an indoor swimming pool with salt water, along with a beach club, attempting to recreate the atmosphere of a real seaside escape.

Designed to be Costa's most environmentally-friendly cruise liner, Costa Toscana also has special desalination plants on board to process seawater to meet the ship’s daily water supply requirements.

7. 'MS Iona', P&O Cruises — 184,089 gross tonnes

'MS Iona' has a Skydome, a three-tier glass grand atrium and conservatory mini-suite cabins that help travellers bring the outdoors inside. EPA
'MS Iona' has a Skydome, a three-tier glass grand atrium and conservatory mini-suite cabins that help travellers bring the outdoors inside. EPA

At 344 metres in length and with a capacity for 5,200 guests, P&O Cruises’ MS Iona ranks among the world's largest cruise liners. With a capacity of just over 184,000 gross tonnes, she is named after one of Scotland’s most beautiful western islands. And, on her 2021 maiden voyage, Iona made the journey to her namesake Hebridean isle.

The ship is the greenest member of P&O's fleet and the first British cruise ship in the world to be powered by LNG.

Designed to make the most of its ever-changing horizons, it has a Skydome, a three-tier glass grand atrium and conservatory mini-suite cabins that help travellers bring the outdoors inside. The ship is currently sailing on several itineraries including through Norway’s fjords and to Spain, Portugal and northern Europe.

8. 'Aidacosma', Aida Cruises — 183,900 gross tonnes

'Aidacosma' has 17 restaurants and offers evening entertainment at the Theatrium and the Beach Club. AFP
'Aidacosma' has 17 restaurants and offers evening entertainment at the Theatrium and the Beach Club. AFP

German cruise line Aida, a subsidiary of Carnival, is the operator of the world’s eighth-largest cruise ship, after Aidacosma set sail earlier in April. The colourful Helios Class ship accommodates upwards of 6,000 passengers and has a 183,900 gross tonne capacity.

Seventeen restaurants and evening entertainment can be found at the Theatrium and the Beach Club, where temperatures are constantly maintained at a pleasant 25 degrees no matter where in the world the ship happens to be.

A boulder wall and water slides keep the adrenalin up on board and Cosma also has an open pool deck, with an infinity pool, pool bar and stage. The first-class Body & Soul Sport area includes a fitness suite and an organic spa with five saunas, a fireplace lounge and an outside area with Jacuzzis.

Aida is soon to launch an even bigger ship, the Aidaflex. The so-called Tethys-class mega-ship is scheduled for completion in 2024 and will have a staggering 260,900 gross tonnes capacity with space for 8,400 passengers on board.

9. 'Aidanova', Aida Cruises — 183,858 gross tonnes

Cruise ship 'Aidanova', with 2,600 staterooms, is the first in Aida's fleet to offer rooms for single travellers. EPA
Cruise ship 'Aidanova', with 2,600 staterooms, is the first in Aida's fleet to offer rooms for single travellers. EPA

Wrapping up the rankings of the world’s 10 largest cruise liners is Aidanova, the world’s first-ever ocean liner with an LNG drive system. Aidanova made her maiden voyage in December 2018, when she sailed around the Canary Islands and Madeira.

As the largest and cleanest cruise ship ever built in Germany, the ship has space for 5,200 passengers, is 337 metres long and has a registered gross tonnage capacity just shy of 184,000.

With 2,600 staterooms, the ship was also the first in Aida's fleet to offer rooms for single travellers. Travellers can also enjoy the ship's multi-deck luxury day spa, three giant water slides, a water park, climbing garden and a mini golf course. Aidanova currently sails in Europe, with trips around the Mediterranean and the Canary Islands.

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Her most famous song

Aghadan Alqak (Would I Ever Find You Again)?

Would I ever find you again
You, the heaven of my love, my yearning and madness;
You, the kiss to my soul, my cheer and
sadness?
Would your lights ever break the night of my eyes again?
Would I ever find you again?
This world is volume and you're the notion,
This world is night and you're the lifetime,
This world is eyes and you're the vision,
This world is sky and you're the moon time,
Have mercy on the heart that belongs to you.

Lyrics: Al Hadi Adam; Composer: Mohammed Abdel Wahab

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

The specs: 2017 Dodge Ram 1500 Laramie Longhorn

Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km

RESULTS
%3Cp%3E3.30pm%3A%20Al%20Maktoum%20Challenge%20Round%203%20%E2%80%93%20Group%201%20(PA)%20%2475%2C000%20(Dirt)%202%2C000m%3Cbr%3EWinner%3A%20Jugurtha%20De%20Monlau%2C%20Pat%20Dobbs%20(jockey)%2C%20Jean-Claude%20Pecout%20(trainer)%3C%2Fp%3E%0A%3Cp%3E4.05pm%3A%20Dubai%20City%20Of%20Gold%20%E2%80%93%20Group%202%20(TB)%20%24250%2C000%20(Turf)%202%2C410m%3Cbr%3EWinner%3A%20Global%20Storm%2C%20William%20Buick%2C%20Charlie%20Appleby%3C%2Fp%3E%0A%3Cp%3E4.40pm%3A%20Burj%20Nahaar%20%E2%80%93%20Group%203%20(TB)%20%24250%2C000%20(D)%201%2C600m%3Cbr%3EWinner%3A%20Discovery%20Island%2C%20James%20Doyle%2C%20Bhupat%20Seemar%3C%2Fp%3E%0A%3Cp%3E5.15pm%3A%20Nad%20Al%20Sheba%20Turf%20Sprint%20%E2%80%93%20Group%203%20(TB)%20%24250%2C000%20(T)%201%2C200m%3Cbr%3EWinner%3A%20Al%20Dasim%2C%20Mickael%20Barzalona%2C%20George%20Boughey%3C%2Fp%3E%0A%3Cp%3E5.50pm%3A%20Al%20Bastakiya%20%E2%80%93%20Listed%20(TB)%20%24170%2C000%20(D)%201%2C900m%3Cbr%3EWinner%3A%20Go%20Soldier%20Go%2C%20Adrie%20de%20Vries%2C%20Fawzi%20Nass%3C%2Fp%3E%0A%3Cp%3E6.25pm%3A%20Al%20Maktoum%20Challenge%20Round%203%20%E2%80%93%20Group%201%20(TB)%20%24450%2C000%20(D)%202%2C000m%3Cbr%3EWinner%3A%20Salute%20The%20Soldier%2C%20Adrie%20de%20Vries%2C%20Fawzi%20Nass%3C%2Fp%3E%0A%3Cp%3E7.10pm%3A%20Ras%20Al%20Khor%20%E2%80%93%20Conditions%20(TB)%20%24300%2C000%20(T)%201%2C400m%3Cbr%3EWinner%3A%20Al%20Suhail%2C%20William%20Buick%2C%20Charlie%20Appleby%3C%2Fp%3E%0A%3Cp%3E7.45pm%3A%20Jebel%20Hatta%20%E2%80%93%20Group%201%20(TB)%20%24350%2C000%20(T)%201%2C800m%3Cbr%3EWinner%3A%20Alfareeq%2C%20Dane%20O%E2%80%99Neill%2C%20Charlie%20Appleby%3C%2Fp%3E%0A%3Cp%3E8.20pm%3A%20Mahab%20Al%20Shimaal%20%E2%80%93%20Group%203%20(TB)%20%24250%2C000%20(D)%201%2C200m%3Cbr%3EWinner%3A%20Sound%20Money%2C%20Mickael%20Barzalona%2C%20Bhupat%20Seemar%3C%2Fp%3E%0A
Company%20profile
%3Cp%3EDate%20started%3A%20January%202022%3Cbr%3EFounders%3A%20Omar%20Abu%20Innab%2C%20Silvia%20Eldawi%2C%20Walid%20Shihabi%3Cbr%3EBased%3A%20Dubai%3Cbr%3ESector%3A%20PropTech%20%2F%20investment%3Cbr%3EEmployees%3A%2040%3Cbr%3EStage%3A%20Seed%3Cbr%3EInvestors%3A%20Multiple%3C%2Fp%3E%0A

Results:

5pm: Baynunah Conditions (UAE bred) Dh80,000 1,400m.

Winner: Al Tiryaq, Dane O’Neill (jockey), Abdullah Al Hammadi (trainer).

5.30pm: Al Zahra Handicap (rated 0-45) Dh 80,000 1,400m:

Winner: Fahadd, Richard Mullen, Ahmed Al Mehairbi.

6pm: Al Ras Al Akhdar Maiden Dh80,000 1,600m.

Winner: Jaahiz, Jesus Rosales, Eric Lemartinel.

6.30pm: Al Reem Island Handicap Dh90,000 1,600m.

Winner: AF Al Jahed, Antonio Fresu, Ernst Oertel.

7pm: Al Khubairah Handicap (TB) 100,000 2,200m.

Winner: Empoli, Pat Dobbs, Doug Watson.

7.30pm: Wathba Stallions Cup Handicap Dh80,000 2,200m.

Winner: Shivan OA, Patrick Cosgrave, Helal Al Alawi.

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

If you go

Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.

Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com

A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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The years Ramadan fell in May

1987

1954

1921

1888

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

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

Company%20profile
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The%20specs
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How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

%20Ramez%20Gab%20Min%20El%20Akher
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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.”

SCORES IN BRIEF

New Zealand 153 and 56 for 1 in 22.4 overs at close
Pakistan 227
(Babar 62, Asad 43, Boult 4-54, De Grandhomme 2-30, Patel 2-64)

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COMPANY%20PROFILE
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UAE SQUAD

Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani

Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Salem Rashid, Mohammed Al Attas, Alhassan Saleh

Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Yahya Nader, Ahmed Barman, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah, Yahya Al Ghassani

Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri

Updated: April 15, 2022, 4:24 AM