Emirates to reopen 20 additional airport lounges by February

Emirates plans to reopen a further 20 airport lounges by February, bringing its total number of operational lounges around the world to more than 120.

The airline has resumed operations to 90 per cent of its pre-pandemic network, flying to more than 120 destinations. In the UK, Emirates plans to reopen its lounges at London Heathrow, Birmingham and Manchester by the end of December, while lounges in London Gatwick and Glasgow will follow in January.

In Europe, Emirates lounges in Germany, including Munich, Frankfurt and Dusseldorf, as well as lounges in Milan and Rome, are already operational. Hamburg and Paris are scheduled to follow suit later this month.

As per local restrictions, Emirates lounges either offer buffet service or a la carte dining, plus contactless menus.

Travellers flying with Emirates to the US can access lounge facilities at Los Angeles International Airport, Boston Logan International Airport and New York JFK, with San Francisco lounge due to resume services in February.

Lounges in Colombo and Bangkok are also due to reopen soon.

Five of Emirates’s dedicated lounges in Terminal 3 at Dubai International Airport are now fully operational. Lounges in Concourse B and the East Wing of Concourse A are open, while the first class and business class lounges in the West Wing of Concourse A are scheduled to reopen in the coming weeks. Plans are under way to ensure two lounges in Concourse C are able to welcome guests by early next year.

In addition to exclusive lounge experience by Emirates in Dubai and select airports within its network, first and business class passengers and Skywards platinum and gold members can access 96 partner lounges across the airline’s network. An additional 15 partner lounges will be phased in the coming months.

Stringent health and safety measures have been put in place in lounges across the network. Depending on specific local guidelines in each market, either buffet service or a la carte dining are offered and only contactless menus are available. Special seating arrangements have been made to ensure social distancing.

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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.”

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Emirates to reopen 20 additional airport lounges by February

Facilities in the UK, Hamburg, Paris and Dubai will resume operations in the coming weeks

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Who's who in Yemen conflict