Supersonic passenger flights could be back on the travel agenda soon after aircraft manufacturer Bombardier announced the world's fastest business jet.
The Global 8000 will be the world’s fastest and longest-range purpose-built private jet when it takes to the skies in 2025, the company said.
With a top operating speed of Mach 0.94, the Global 8000 is also capable of speeds above Mach 1.015 — officially faster than the speed of sound.
This capability was demonstrated last May in a Global 7500 test vehicle where the plane repeatedly hit supersonic speeds.
The world’s fastest private plane will also fly farther than any other in its class — more than 8,000 nautical miles — a few miles short of the world’s longest commercial flight from Singapore to New York.
The Global 8000 is expected to serve on routes to destinations including city pairings between Dubai and Houston, Singapore and Los Angeles, and London to Perth, Western Australia.
Flex wings and record-breaking engines
Passengers will have one of the smoothest rides, says Bombardier, thanks to a Smooth Flex Wing, allowing flight in any weather, from even the shortest runways.
Super-efficient Passport engines power the jet. These are the engines used on the Global 7500's record-breaking business flight from Sydney to Detroit using a single tank of fuel.
And with one of the healthiest cabins in the sky, according to Bombardier, the jet operates at a cabin altitude of 2,900 feet when flying at 41,000 feet. The Canadian company also ensures some of the fastest fresh air replacement systems on the market.
Inside there’s capacity for up to 19 passengers including four personalised suites, each designed to maximise space.
In-flight entertainment systems come with intuitive controls and high-speed connectivity. An entertainment cabin with jumbo 4k monitor is a good place for watching films, live sport, television shows or gaming.
The Principal Suite has a full-sized bed and an en suite bathroom with a stand-up shower.
To help guests arrive at their destination refreshed, a Soleil circadian lighting system works to reduce jet lag.
Nuage seats have floating bases and swivel functions as well as the industry’s first zero-gravity positioning, designed to help reduce muscle fatigue, especially on long-distance flights.
Development of the aircraft is continuing, and Bombardier says that operators who use the Global 7500 will benefit.
Performance enhancements found on the Global 8000 will be made available on earlier marques when the new jet goes into service.
Bombardier is one of many companies working towards supersonic passenger travel. US airline United announced plans to introduce supersonic flights before 2030, and Boom says it has plans to fly from Dubai to Boston in seven hours.
A builder backed by Boeing looking to develop a supersonic jet that could in theory take passengers from London to New York in less than an hour shut down operations last year after it was unable to secure additional funds to produce its AS2 business jet.
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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.”
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
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Us
Director: Jordan Peele
Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss
Rating: 4/5
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
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