Read more: Dubai airports resume full operations
Earlier this week, tensions were high between Israel and Iran, causing flights in the region to be suspended, delayed, cancelled or rerouted.
However, as things have cooled down, several airlines have announced they are returning to their normal operating schedules.
Dubai Airports announced late on Monday that it had resumed full operations “following a temporary precautionary pause”, but cautioned travellers of delays.
"Due to regional airspace closures, flights from DXB and DWC - Al Maktoum International may be impacted. Please check with your airline for the latest updates before heading to the airport, especially for guests travelling to India," Dubai Airports posted on social media.
Here is the latest on how airlines in the region are now operating.
Etihad Airways
The UAE's national carrier has cancelled services to and from Tel Aviv until and including July 15.
After cancelling several flights on Monday and early Tuesday, an airline spokesperson has confirmed that most other “flights are operating as scheduled”.
The Abu Dhabi airline also urged travellers to check the latest flight status at etihad.com.
Emirates
Emirates airline extended its suspension of flights to and from Tehran until July 5, due to the "regional situation", it said on Saturday.
"Customers connecting through Dubai with final destinations in Iran will not be accepted for travel at their point of origin until further notice," it said.
However, the Dubai-based airline will resume services to Baghdad on July 1 and to Basra on July 2. Emirates passengers connecting through Dubai to Iraq will be accepted for travel at their point of origin, it said.
"We continue to closely monitor developments. The safety of our passengers, employees and operations will always be our top priority," the airline said on Saturday.
Emirates had said on Monday evening that all its flights continue to operate as scheduled “using flight paths well distanced from conflict areas”.
The airline also urged customers departing from or arriving at Dubai International Airport to check their flight status on emirates.com for the latest information.
Flydubai
Flydubai announced on Thursday that it has resumed flights across its network and will gradually return to its full schedule, including the restart of operations to Damascus the same day.
"We plan to resume our full schedule across the network from July 1, following the completion of all necessary assessments," says a statement on the airline's website.
Wizz Air
Wizz Air has suspended all flights to and from Israel's Ben Gurion Airport until further notice. It has also cancelled flights to and from the UAE until June 30.
Wizz Air Abu Dhabi flights to and from Amman and Beirut have also been suspended until June 30. Meanwhile, Wizz Air flights from Europe to Queen Alia International Airport in Amman remain suspended until September 15.
The carrier said it will offer free rebooking, or a full refund in Wizz credits or in the original form of payment, to customers affected by cancellations.
Air Arabia
The Sharjah-based carrier is also slowly returning to its normal schedule.
“As regional airspace continues to open, Air Arabia is gradually resuming operations on previously suspended flights. Customers are advised to visit airarabia.com to check the latest updates and their flight status. Affected passengers will be notified directly via SMS and email," the airline posted on Wednesday.
Regional flights
Qatar Airways
Qatar Airways confirmed the reopening of airspace over Qatar late on Monday night, but cautioned of flight schedule disruptions until Thursday.
The airline is also offering their customers with travel up to and including June 30 an option to change their travel dates without incurring a fee until July 15 or receive a refund on unused tickets if they no longer wish to travel.
Qatar Airways flights to to Iran and Iraq, as well as to Syria's Damascus International Airport (DAM), remain temporarily cancelled.
The affected airports in Iran include:
- Imam Khomeini International Airport (IKIA)
- Mashhad International Airport (MHD)
- Shiraz International Airport (SYZ)
The affected airports in Iraq include:
- Baghdad International Airport (BGW)
- Erbil International Airport (EBL)
- Basra International Airport (BSR)
- Sulaymaniyah International Airport (ISU)
- Najaf International Airport (NJF)
Gulf Air
The Bahrain national carrier's flights to and from Amman, as well as to Baghdad and Najaf in Iraq stand cancelled until Friday.
Syrian Airlines
Syrian Airlines announced on Monday that all flights into the country will be operated via Aleppo International Airport, and passenger transportation will be provided by special buses to Damascus International Airport.
The Syrian Civil Aviation Authority also announced on Tuesday the reopening of air corridors that have been temporarily closed since June 18 to air traffic in Syrian airspace due to recent regional tensions.
International airlines
In North America
United Airlines
United Airlines has suspended flights to Dubai until July 3 and to Tel Aviv until August 1.
Air Canada
Canada's flag carrier has cancelled all flights to Tel Aviv until September 8. It has also suspended its daily, non-stop service between Toronto and Dubai until and including August 4.
In Europe
British Airways
British Airways, which cancelled flights to Dubai on Sunday, said on Monday night that its flights to and from Dubai and Abu Dhabi were operating as normal. However, the carrier's flights to and from Doha have been suspended until Wednesday.
The airline is offering a “flexible booking policy” for customers booked on flights heading to Dubai and Doha who wish to change their dates of travel. “Those due to travel between now and June 29, 2025 can rebook on to a later flight up to and including July 13, 2025, free of charge, by contacting us by phone,” the airline said.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Australia
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Blonde
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Voy!%20Voy!%20Voy!
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More coverage from the Future Forum
KILLING OF QASSEM SULEIMANI
LUKA CHUPPI
Director: Laxman Utekar
Producer: Maddock Films, Jio Cinema
Cast: Kartik Aaryan, Kriti Sanon, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana
Rating: 3/5
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Killing of Qassem Suleimani
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%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
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.”
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
UAE currency: the story behind the money in your pockets
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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UAE’s revised Cricket World Cup League Two schedule
August, 2021: Host - United States; Teams - UAE, United States and Scotland
Between September and November, 2021 (dates TBC): Host - Namibia; Teams - Namibia, Oman, UAE
December, 2021: Host - UAE; Teams - UAE, Namibia, Oman
February, 2022: Hosts - Nepal; Teams - UAE, Nepal, PNG
June, 2022: Hosts - Scotland; Teams - UAE, United States, Scotland
September, 2022: Hosts - PNG; Teams - UAE, PNG, Nepal
February, 2023: Hosts - UAE; Teams - UAE, PNG, Nepal
Results
Male 51kg Round 1
Dias Karmanov (KAZ) beat Mabrook Rasea (YEM) by points 2-1.
Male 54kg Round 1
Yelaman Sayassatov (KAZ) beat Chen Huang (TPE) TKO Round 1; Huynh Hoang Phi (VIE) beat Fahad Anakkayi (IND) RSC Round 2; Qais Al Jamal (JOR) beat Man Long Ng (MAC) by points 3-0; Ayad Albadr (IRQ) beat Yashar Yazdani (IRI) by points 2-1.
Male 57kg Round 1
Natthawat Suzikong (THA) beat Abdallah Ondash (LBN) by points 3-0; Almaz Sarsembekov (KAZ) beat Ahmed Al Jubainawi (IRQ) by points 2-1; Hamed Almatari (YEM) beat Nasser Al Rugheeb (KUW) by points 3-0; Zakaria El Jamari (UAE) beat Yu Xi Chen (TPE) by points 3-0.
Men 86kg Round 1
Ahmad Bahman (UAE) beat Mohammad Al Khatib (PAL) by points 2-1
Men 63.5kg Round 1
Noureddin Samir (UAE) beat Polash Chakma (BAN) RSC Round 1.
Female 45kg quarter finals
Narges Mohammadpour (IRI) beat Yuen Wai Chan (HKG) by points.
Female 48kg quarter finals
Szi Ki Wong (HKG) beat Dimple Vaishnav (IND) RSC round 2; Thanawan Thongduang (THA) beat Nastaran Soori (IRI) by points; Shabnam Hussain Zada (AFG) beat Tzu Ching Lin (TPE) by points.
Female 57kg quarter finals
Nguyen Thi Nguyet (VIE) beat Anisha Shetty (IND) by points 2-1; Areeya Sahot (THA) beat Dana Al Mayyal (KUW) RSC Round 1; Sara Idriss (LBN) beat Ching Yee Tsang (HKG) by points 3-0.
Calls
Directed by: Fede Alvarez
Starring: Pedro Pascal, Karen Gillian, Aaron Taylor-Johnson
4/5
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Killing of Qassem Suleimani
