As the busy summer season approaches Etihad said it was on track to achieve its goal of flying six million passengers in 2008.
As the busy summer season approaches Etihad said it was on track to achieve its goal of flying six million passengers in 2008.

Etihad reports record passenger numbers



Abu Dhabi // Strong ticket sales from the US and Canada helped Etihad Airways to report record results in the first half of the year, with passenger numbers rising 41 per cent over the year-earlier period. On the eve of an order for up to 100 new aircraft it was expected to make later this month, Etihad said it carried 2.8 million passengers between January and June. During the same period last year, it carried two million passengers and since then had introduced new planes and destinations in Europe, India and Asia. Despite a slowdown in the US economy over the past 12 months, the Abu Dhabi-based carrier said flights to New York's JFK airport and to Toronto experienced strong demand. By contrast, more than two dozen airlines had shut down this year, primarily in the US, victims of record oil prices. The healthy bookings reflect Abu Dhabi's location as a stopover hub for flights between the Indian subcontinent and North America, home to millions of South Asian expatriates. Etihad would increase its Toronto flights from four times a week under the current bilateral agreement to daily "in a heartbeat", said Iain Burns, the vice president of corporate communications at Etihad. "We pour over figures with a microscope for any softening of demand for our key routes. In North America and Western Europe, particularly business traffic, we're seeing no softening of demand whatsoever," Mr Burns said. Etihad also planned to partner with a US carrier to further tap into the large market of American travellers, Mr Burns said. "All of the majors have enormous hub and spoke operations that we could link with." Etihad is considering new destinations in the US, where its Gulf-based rivals such as Qatar Airways and Emirates Airline have a presence or soon will. These include Houston, Washington DC, San Francisco and Los Angeles. The airline has also seen standout results for its long-haul flights to Bangkok and London Heathrow. As the busy summer season approached, Etihad said it was on track to achieve its goal of flying six million passengers in 2008, or an average of 16,500 passengers a day. The feat would cap five years of growth since its launch in 2003 and its first full year results in 2004, when it carried 340,000 passengers. The numbers also lend support to Etihad's recent decision to add several Airbus A320s, narrow-bodied aircraft, to its fleet. This is in contrast to Emirates, which operates an all wide-bodied fleet. The new additions have helped the airline to beef up its intra-regional service and to deliver more passengers to its lucrative trunk routes to Asia, North America and Europe. In its half-yearly results, Etihad said the seat factor throughout its network, or proportion of seats filled, was 73 per cent, up from 64 per cent in the previous corresponding period. Seat factor is a key measure of profitability, and Etihad has a commercial mandate to break even by 2010. In the second half of the year, Etihad said it would add five new destinations, bringing its network of routes to 50. igale@thenational.ae

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Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

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How to become a Boglehead

Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.

•   Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.

•   Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.

•   Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.

•   Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.

•   Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.

•   Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.

•   Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.

•   Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.

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Director: Goran Hugo Olsson

Rating: 5/5

Sreesanth's India bowling career

Tests 27, Wickets 87, Average 37.59, Best 5-40

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T20Is 10, Wickets 7, Average 41.14, Best 2-12

UAE currency: the story behind the money in your pockets
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360Vuz PROFILE

Date started: January 2017
Founder: Khaled Zaatarah 
Based: Dubai and Los Angeles
Sector: Technology 
Size: 21 employees
Funding: $7 million 
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin

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