Dubai International Airport expects a sharp rise in passenger numbers once a coronavirus vaccine reduces the fear of travelling, its chief executive said, but until then the world’s busiest aviation hub is reducing its cost base and cutting spending to maintain liquidity.
“Until there is the sort of proven level of confidence medically that people can safely travel without fear of contracting or spreading the virus, unfortunately the situation we find ourselves in will likely continue for some time,” Dubai Airports chief executive Paul Griffiths told Bloomberg TV on Thursday. “Gradually we’ll start to see some confidence build,” starting with countries that have the spread of the virus under control.
Passenger flight operations have reduced significantly at Dubai’s mega airport, which last year handled 86.4 million passengers, in the wake of the coronavirus pandemic that has brought the global aviation industry to a near halt.
"In the long term, we need a proper end to the virus before we can get a sustainable, economic and reliable way of getting back to normal travel pattern," Paul Griffiths, Dubai Airports
Dubai International Airport is an important strategic asset for Dubai and it not only has to “survive” the current economic shock, it also has to be ready to “spring back into action when air travel resumes” to help Dubai connect with the rest of the world, Mr Griffiths said.
Because of the outsourced nature of its business, the airport was able to renegotiate with its suppliers and reduce their workforce by 50 per cent, he said.
“The residual 50 per cent, we are going to redeploy into frontline operations to recover, without incurring the additional cost,” he said. “We [have] also cut our capital and operational expenditure to take immediate steps to shore up our liquidity,” he said, without giving details of the cost cuts.
Asked if Dubai Airports, which owns and operates both Dubai International and Dubai World Central, will look to tap the debt market, Mr Griffiths said it is not a decision for the company to take as it is the purview of the emirates’ Department of Finance.
For the company, the immediate responsibility is to preserve liquidity as much as possible by reducing expenses, he noted.
The coronavirus pandemic has led to a near-total shutdown of global travel leading to expectations that it will cut airlines' passenger revenue by more than half, or about $314 billion (Dh1.15 trillion) this year, according to the International Air Transport Association. The global aviation industry body said about 25 million jobs in the sector are at risk.
Although a number of countries in Europe have started relaxing travel restrictions and opened their borders, quarantine restrictions for inbound passengers will continue to affect the demand for travel. Last month Iata said the impact of the Covid-19 on economic conditions will also damage passenger confidence and slow the recovery of air travel demand over the next six months at least.
Mr Griffiths expects a "hockey stick"-like recovery in traffic due to the pent-up demand once a vaccine provides a safety cushion to travellers. The aviation hub is potentially looking at a capacity reduction down to 30 per cent and it could take as long as two years for the passenger traffic to return to the 2019 level, he said.
“In the long term, we need a proper end to the virus before we can get a sustainable, economic and reliable way of getting back to normal travel pattern,” Mr Griffiths said.
Since the coronavirus-forced shutdown, Dubai Airports has closed Terminal 1 and international carriers are operating out of Terminal 2. Emirates is operating from part of Terminal 3 as it has “hibernated” concourses A, C and D as well. Dubai Airports in an April 22 statement said it plans a "gradual remobilisation" once travel restrictions are lifted.
Emirates said on Wednesday it is resuming regular passenger flights to nine destinations - London Heathrow, Frankfurt, Paris, Milan, Madrid, Chicago, Toronto, Sydney and Melbourne – from May 21, just before the Eid Al Fitr holiday. These will be the first regular, non-repatriation flights out of Dubai since March 24.
“We’re still trying to find that sweet spot between cost control and still being able to function and be ready for the recovery,” Mr Griffiths said. “We’ve sized our infrastructure according to the operation that we have both now and what we foresee in the near future. What we are doing is putting plans in place to ensure we can recall our infrastructure.”
Since the travel restrictions were put in place, 52,000 passengers have gone through Dubai airport to take repatriation flights to India, the UK, the Netherlands, Iraq and the Philippines. Cargo operations, however, have risen with around 700 weekly flights now bringing in essential cargo for the city to survive, he said.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The specs
Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k
Killing of Qassem Suleimani
The specs
Engine: 3.0-litre flat-six twin-turbocharged
Transmission: eight-speed PDK automatic
Power: 445bhp
Torque: 530Nm
Price: Dh474,600
On Sale: Now
UAE currency: the story behind the money in your pockets
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Abu Dhabi race card
5pm: Maiden (PA) | Dh80,000 | 1,600m
5.30pm: Maiden (PA) | Dh80,000 | 1,400m
6pm: Liwa Oasis (PA) Group 2 | Dh300,000 | 1,400m
6.30pm: Arabian Triple Crown Round-2 (PA) Group 3 | Dh300,000 | 2,200m
7pm: Wathba Stallions Cup (PA) Handicap | Dh70,000 | 1,600m
7.30pm: Maiden (TB) | Dh80,000 | 2,200m
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
UAE currency: the story behind the money in your pockets
Overall head-to-head
Federer 6-1 Cilic
Head-to-head at Wimbledon
Federer 1-0 Cilic
Grand Slams titles
Federer 18-1 Cilic
Best Wimbledon performance
Federer: Winner (2003, 2004, 2005, 2006, 2007, 2009, 2012)
Cilic: Final (2017*)
End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
Command%20Z
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Prophets of Rage
(Fantasy Records)
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
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
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Killing of Qassem Suleimani
