After weathering the storm of the global pandemic, flydubai is increasing its network to its biggest capacity yet. The low-cost airline has announced it will introduce flights from Dubai to several new cities in 2023.
Among the five new destinations are Milan, the second-largest city in Italy and Cagliari — the capital of Sardinia. Travellers will also soon be able to fly with the budget airline direct to the Greek island of Corfu.
Milan flights are scheduled to start in March, with fares from Dh2,000, while flights to Sardinia and Corfu will commence in June, just in time for the summer season. Return airfares start from Dh2,600.
Popular Thai holiday hotspots Krabi and Pattaya are also new additions to the flydubai network. The former offers stunning beaches set against limestone cliffs while the latter is known for its lively atmosphere. Daily flights to both destinations in Thailand will launch on January 20, and economy fares start from Dh3,800 and Dh3,600 respectively.
The extension of the network means that flydubai will be operating to 113 places around the world, the most destinations that the airline has flown to.
“I am very proud to see our network grow bigger than ever. Dubai’s aviation industry has made a swift recovery, and our agility combined with our strong business model has enabled us to grow our operations and to achieve this significant milestone,” said Ghaith Al Ghaith, chief executive at flydubai.
“With 113 destinations now available to book, we look forward to offering our passengers more options for travel across our ever-growing network.”
Flydubai is also resuming flights to Saudi Arabia’s Hofuf, with services taking off later this month and fares starting from Dh1,400.
The city in Al-Ahsa Oasis in the eastern region of the kingdom is filled with historical landmarks and is a good destination for those keen to visit the largest palm oasis in the world. Flights will restart on November 24, with two services per week.
Emirates will codeshare on the airline’s new routes, offering passengers more options for connections through Dubai International Airport. Resumed flights to Saudi Arabia will depart from Terminal 2, while all flights to the airline's new destinations will leave from Emirates' Terminal 3.
Flydubai recently became the first UAE airline to launch flights to Maldives’ Gan International Airport, ideal for holidaymakers flying to the southern atolls in the Indian Ocean holiday hotspot.
Last week, the airline confirmed it was recovering strongly from the coronavirus pandemic and expects 2022's financial results to be better than last year as it expands operations with more routes. In March, Flydubai announced a Dh841 million ($229m) profit in 2021, compared with a Dh712.6m loss in 2020, when the travel industry was hit hard by the pandemic.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Honeymoonish
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Arabian Gulf League fixtures:
Friday:
- Emirates v Hatta, 5.15pm
- Al Wahda v Al Dhafra, 5.25pm
- Al Ain v Shabab Al Ahli Dubai, 8.15pm
Saturday:
- Dibba v Ajman, 5.15pm
- Sharjah v Al Wasl, 5.20pm
- Al Jazira v Al Nasr, 8.15pm
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THREE
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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.”
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The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 720hp
Torque: 770Nm
Price: Dh1,100,000
On sale: now