• Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, chairs a Dubai Executive Council meeting at Terminal 3 in Dubai International Airport on Monday. Courtesy: Dubai Media Office
    Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, chairs a Dubai Executive Council meeting at Terminal 3 in Dubai International Airport on Monday. Courtesy: Dubai Media Office
  • Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, chairs a Dubai Executive Council meeting at Terminal 3 in Dubai International Airport on Monday. Courtesy: Dubai Media Office
    Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, chairs a Dubai Executive Council meeting at Terminal 3 in Dubai International Airport on Monday. Courtesy: Dubai Media Office
  • Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, chairs a Dubai Executive Council meeting at Terminal 3 in Dubai International Airport on Monday. Courtesy: Dubai Media Office
    Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, chairs a Dubai Executive Council meeting at Terminal 3 in Dubai International Airport on Monday. Courtesy: Dubai Media Office
  • Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, visits Dubai International Airport on Monday. Courtesy: Dubai Media Office
    Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, visits Dubai International Airport on Monday. Courtesy: Dubai Media Office
  • Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, visits Dubai International Airport on Monday. Courtesy: Dubai Media Office
    Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, visits Dubai International Airport on Monday. Courtesy: Dubai Media Office
  • Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, visits Dubai International Airport on Monday. Courtesy: Dubai Media Office
    Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, visits Dubai International Airport on Monday. Courtesy: Dubai Media Office

Sheikh Hamdan says Dubai ready to take off as he reviews plans to revive tourism


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Sheikh Hamdan bin Mohammed said Dubai is ready to take off again after reviewing plans to revive tourism and continue the emirate's economic growth amid the Covid-19 outbreak.

The Crown Prince of Dubai visited Dubai International Airport on Monday and chaired an Executive Council meeting at Terminal 3.

During the meeting, he said the airport was the "beating heart of the world" with Emirates airline as its artery.

He said he hoped Dubai would send a message of optimism to the world by "weathering the storm" and continuing its socio-economic development despite the challenges presented by Covid-19.

Today, we are ready and we announce to the world that life continues, and impossible is not in our dictionary

"We have learnt from Vice President and Ruler of Dubai, Sheikh Mohammed bin Rashid, to defeat the impossible, and to turn the challenge into an opportunity to consolidate our achievements and benefit from our readiness and to rapidly adapt with new reality," he said.

"This experience has provided us with a significant boost ahead to maintain our achievements so Dubai remains the best city in various vital sectors, and to start a new phase with strength and competitiveness. Today, we are flying high and we are confident with our abilities as we demonstrated a distinctive experience of maintaining work and productivity and tackling challenges and triumphing over crises."

The council discussed the impact of the outbreak on emirate's economy and briefed Sheikh Hamdan on proposed plans to boost economic growth and revive the tourism sector.

"Dubai has cemented its position as a business and tourism destination that links the world. It has and will always be a tourism destination and the beating heart of economy, as it faced major global crisis and demonstrated once again its ability to over overcome it with a stunning model to emulate," Sheikh Hamdan said.

"Today, we are ready and we announce to the world that life continues, and impossible is not in our dictionary. And the good news is that things are good, and today we are more competitive to deal with the post Covid-19 era with confidence and innovative thinking to set a new model in dealing with pandemic and consolidating efforts."

Sheikh Hamdan then toured the airport. He met staff and praised them for their hard work.

Soon after, he shared an image of a First Class Emirates flight ticket with his name on it, set for London Heathrow and announced “coming soon”.

The Dubai airline resumed passenger flights to eight countries on Thursday, May 21, just before the Eid Al Fitr holiday. They were the first regular, non-repatriation flights out of Dubai since March 24.

The airline is currently flying from Dubai to London Heathrow, Frankfurt, Paris, Milan, Madrid, Chicago and Toronto, with a schedule in place until Tuesday, June 30. There are also flights to Sydney and Melbourne.

RESULT

Liverpool 4 Southampton 0
Jota (2', 32')
Thiago (37')
Van Dijk (52')

Man of the match: Diogo Jota (Liverpool)

Dunbar
Edward St Aubyn
Hogarth

MATCH INFO

Euro 2020 qualifier

Ukraine 2 (Yaremchuk 06', Yarmolenko 27')

Portugal 1 (Ronaldo 72' pen)

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
South Africa squad

Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wicketkeeper), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wicketkeeper), Keshav Maharaj, Aiden Markram, Morne Morkel, Wiaan Mulder, Lungi Ngidi, Vernon Philander and Kagiso Rabada.

RACE CARD

5pm: Maiden (PA) Dh80,000 1,400m
5.30pm: Maiden (PA) Dh80,000 1,200m
6pm: Arabian Triple Crown Round-1 (PA) Listed Dh230,000 1,600m
6.30pm: HH The President’s Cup (PA) Group 1 Dh2.5million 2,200m
7pm: HH The President’s Cup (TB) Listed Dh380,000 1,400m
7.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,200m.

If you go

The flights 

Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.

The trip

The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore  offers an eight-day levada trails tour from Dh3,050, not including flights.

The hotel

There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.

 

 

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
RESULT

Fifth ODI, at Headingley

England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)

COMPANY PROFILE

Name: Cofe

Year started: 2018

Based: UAE

Employees: 80-100

Amount raised: $13m

Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group 

SQUADS

South Africa:
JP Duminy (capt), Hashim Amla, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, Robbie Frylinck, Beuran Hendricks, David Miller, Mangaliso Mosehle (wkt), Dane Paterson, Aaron Phangiso, Andile Phehlukwayo, Dwaine Pretorius, Tabraiz Shamsi

Bangladesh
Shakib Al Hasan (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shafiul Islam, Soumya Sarkar, Taskin Ahmed

Fixtures
Oct 26: Bloemfontein
Oct 29: Potchefstroom

Company profile

Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

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

Joe Root's Test record

Tests: 53; Innings: 98; Not outs: 11; Runs: 4,594; Best score: 254; Average: 52.80; 100s: 11; 50s: 27

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.”

About Takalam

Date started: early 2020

Founders: Khawla Hammad and Inas Abu Shashieh

Based: Abu Dhabi

Sector: HealthTech and wellness

Number of staff: 4

Funding to date: Bootstrapped

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FIXTURES

New Zealand v France, second Test
Saturday, 12.35pm (UAE)
Auckland, New Zealand

South Africa v Wales
Sunday, 12.40am (UAE), San Juan, Argentina