Royal Caribbean has named the world's next largest cruise ship 'Utopia of the Seas', which will be completed in May 2024. Photo: Royal Caribbean
Royal Caribbean has named the world's next largest cruise ship 'Utopia of the Seas', which will be completed in May 2024. Photo: Royal Caribbean
Royal Caribbean has named the world's next largest cruise ship 'Utopia of the Seas', which will be completed in May 2024. Photo: Royal Caribbean
Royal Caribbean has named the world's next largest cruise ship 'Utopia of the Seas', which will be completed in May 2024. Photo: Royal Caribbean

'Utopia of the Seas': world’s largest cruise liner will set sail in 2024


Hayley Skirka
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One month after the world’s largest cruise liner set sail, there is a new biggest ship in the works.

Royal Caribbean’s Utopia of the Seas will be the largest in the world when it takes to the ocean in 2024. It will claim the title from its sister vessel Wonder of the Seas, which had its maiden voyage from Florida to the Caribbean on March 4.

The next Oasis Class cruise ship was revealed at a steel cutting ceremony in France this week, where construction also officially got under way.

When complete, the bow of the 362-metre ship would reach the top of New York's Empire State Building if the vessel was standing vertically.

With plans for nearly 3,000 cabins on board, and a capacity for close to 10,000 passengers, it will ferry almost 3,000 more passengers than its largest sister ship.

It will also be powered by natural gas (LNG) propulsion, a welcome move as cruise lines step up efforts to make the industry more sustainable.

Details on where the ship will sail and for how long have yet to be revealed by Royal Caribbean. The original order for the vessel was placed in 2019.

All Royal Caribbean’s Oasis Class ships feature a split structure, with multi-deck central areas where travellers can find tropical gardens, shops, restaurants and other attractions. The cruise line is known for offering unique, mega-resort-style ships with previous vessels having aquatheatres, flowboards, bumper car pavilions and some of the largest water parks at sea.

'Wonder of the Seas' will lose its crown as the world's largest cruise ship in May 2024 when 'Utopia of the Seas' sets sail. Photo: Sigrun Sauerzapfe aka SIGGI
'Wonder of the Seas' will lose its crown as the world's largest cruise ship in May 2024 when 'Utopia of the Seas' sets sail. Photo: Sigrun Sauerzapfe aka SIGGI

The company also offers a wide range of accommodation options on board its ships. Some have as many as 34 categories of cabins with everything from windowless interior cabins to multi-room, double-deck luxury suites that come with private overseas balconies.

The existing five Oasis Class vessels are all ranked as the world’s largest passenger ships and Utopia of the Seas will be included once it sets sail.

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.”

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Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

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Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

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Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

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The%20Mother%20
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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

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Updated: June 22, 2023, 12:03 PM