The International Air Transport Association (Iata) announced Middle East carriers’ traffic increased 6.6 per cent last year over 2016. Capacity climbed 6.4 per cent and load factor rose 0.1 percentage point to 74.7 per cent.
Global passenger traffic results for 2017 show that demand (revenue passenger kilometres or RPKs) for the year ended December 31 rose 7.6 per cent compared to 2016.
"2017 got off to a very strong start and largely stayed that way throughout the year, sustained by a broad-based pick-up in economic conditions. While the underlying economic outlook remains supportive in 2018, rising cost inputs, most notably fuel, suggest we are unlikely to see the same degree of demand stimulation from lower fares that occurred in the first part of 2017," said Alexandre de Juniac, Iata’s director general and CEO.
Global passenger traffic results were well above the 10-year average annual growth rate of 5.5 per cent. While the rate of demand growth slowed to 6.2 per cent in December 2017, compared to December 2016, this largely was owing to less favourable comparisons to the even stronger growth trend seen in the year-ago period, Iata said. Full-year 2017 capacity rose 6.3 per cent, and load factor climbed 0.9 percentage point to a record calendar-year high of 81.4 per cent.
International passenger traffic soared 7.9 per cent compared to 2016, Iata said. Capacity rose 6.4 per cent and load factor climbed 1.1 percentage points to 80.6 per cent. All regions recorded year-over-year increases in demand, led by the Asia-Pacific and Latin America regions.
Asia-Pacific carriers posted annual demand growth of 9.4 per cent, compared to 2016, driven by robust regional economic expansion and an increase in route options for travellers. This was the first time since 1994 that Asia-Pacific led all the regions in annual growth rate. Capacity rose 7.9 per cent, and load factor climbed 1.1 percentage points to 79.6 per cent.
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Read more:
Iata head upbeat on regional airlines after a trying time
Middle East airline profits to double, says Iata
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European carriers’ international traffic climbed 8.2 per cent in 2017 compared to the previous year, underpinned by buoyant economic conditions in the region. Capacity rose 6.1 per cent and load factor surged 1.6 percentage points to 84.4 per cent, which was the highest for any region.
Airlines based in the Middle East faced a challenging first half of the year, although Iata said it is worth noting that the seasonally adjusted (SA) trend in international RPKs recovered somewhat during the second half. The market segment to/from North America was hit the hardest owing to factors including the temporary ban on large portable electronic devices in the aircraft cabin as well as the proposed US travel bans affecting some countries in the region. The region’s share of global traffic (9.5 per cent) fell for the first time in 20 years.
Still, in December Iata said Middle East airlines were likely to see net profits double to $600 million in 2018, with demand expected to outpace announced capacity expansion.
North American airlines saw full year traffic rising 4.8 per cent compared to 2016, as the comparatively robust economic backdrop supported outbound passenger demand. This was somewhat offset by a slowdown in inbound travel partly attributable to the new immigration and security restrictions put in place for travel to the US, as well as the extreme weather events that hit the US later in the year, according to the aviation group.
Latin American airlines' traffic climbed 9.3 per cent in 2017, the fastest rate since 2011. Capacity rose 8 per cent and load factor increased 1 percentage point to 82.1 per cent, the second highest among the regions.
African airlines saw 2017 traffic rise 7.5 per cent compared to 2016. Capacity rose at less than half the rate of demand (3.6 per cent), and load factor jumped 2.5 percentage points to 70.3 per cent. While indicators in South Africa are consistent with falling economic output, Nigeria has returned to growth, helped by the recent rise in oil prices, Iata said.
Domestic air travel climbed 7 per cent last year. All markets showed annual growth led by India, China, and Russia, albeit with wide variation. Capacity increased 6.2 per cent and load factor was 83 per cent, up 0.7 percentage point compared to 2016.
Japan posted its fastest full year of growth (up 5.8 per cent) since 2013, driven in part by the country's stronger economic backdrop.
Brazil's domestic traffic returned to growth last year with a 3.5 per cent demand increase, after recording an annual decline of 5.5 per cent in 2016.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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.”
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
WWE Evolution results
- Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
- Nia Jax won a battle royal, eliminating Ember Moon last to win
- Toni Storm beat Io Shirai to win the Mae Young Classic
- Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match
- Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
- Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
- Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
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Terminator: Dark Fate
Director: Tim Miller
Starring: Arnold Schwarzenegger, Linda Hamilton, Mackenzie Davis
Rating: 3/5
Company%20Profile
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Killing of Qassem Suleimani
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
