A week can be a long time in the world of travel. In last week's column I reported on flydubai's Indian venture. Its new routes to Lucknow and Coimbatore should have started last week, and Chandigarh next week.
Last Saturday, just four days before the first flight was due to take off (and on the day of the Travel section's publication) the budget airline dropped the bombshell that all flights had been postponed, which was reported in The National on Saturday. The airline apologised profusely to its customers and offered compensation in the form of a free flight as well as full refunds, but has consistently failed to offer any explanation.
Reports coming out of India say that the Indian Air force had refused permission for flydubai to land in Chandigarh. The flight was scheduled to arrive at 11pm but civilian aircraft are only permitted to land before 10pm. It would appear that flydubai jumped the gun and started to sell plane tickets before it had finalised the landing rights.
Of course, this doesn't explain why its flights to Lucknow and Coimbatore were also cancelled. The problem with being secretive is that it attracts speculation. What could possibly have happened that cannot be shared with disappointed passengers? India is renowned for its red tape - a technical problem about landing times would be dismissed as an inconvenience to some, and that would be the end of it.
Sticking to the line, "we have nothing to add to the statement" and avoiding phone calls makes you wonder what the airline is trying to hide. It is not good for any business to become tainted with the stigma of unreliability, but for an airline it is serious stuff; trust is core. The likelihood is that the problem is administrative and will get resolved.
The million-plus Indians living in the Emirates will surely be hoping so, but they are also bound to be a lot more wary of the budget airline from now on.
What price would you put on getting to where you want to go on time? The 100 or so passengers waiting to board a Singapore Airways flight to Bali last Tuesday morning put its value higher than the airline.
As a transit passenger, I arrived at Singapore airport 75 minutes before my connecting flight - well in time for the flight, but the last customer to book in for my pre-booked and confirmed seat.
"Mrs Ryan, we would like to offer you $100 and a business-class seat if you would like to volunteer to catch a later flight," the lady behind the check-in desk said. I thanked her but declined. After more whispered conversations, she came round with a piece of paper on which a new offer was written: $150 in cash, a $50 voucher for in-flight sales, a business-class seat and a room at the Crowne Plaza inside the terminal building for the intervening period.
But I still declined.
The manager, a nice man with a hard job, scurried off to the lounge to ask for volunteers. There was not a whiff of interest. He came back crestfallen - there was no seat for me. My three-day trip was being cut by one day and there was nothing either of us could do about it. The global recession has taken its toll; demand on this particular route is strong but the airline, along with many others, has cut the number of flights. Over-booking is routine, though clearly not a good idea on this route as evidenced by a further sweetener - a pen in a presentation box labelled "With sincere apologies from Singapore Airways."
Wearily I accepted a small wad of notes and signed a piece of paper. Only afterwards did I realise they had given me Singapore, not US dollars (worth around US$100) and that I had signed a letter saying I had "volunteered".
On board, seven hours later, I looked through the shopping brochure; with my voucher of 50 Singaporean dollars I could get some Lego, a small model aeroplane or a converter plug but not much else. By adding my own money to my voucher I bought some mascara.
So I lost seven hours and gained a small amount of cash, a pen and some mascara. No wonder the other passengers did not volunteer.
The most noticeable thing about Singapore's Changi airport - which has the biggest, and dreariest, duty-free area- was the number of people wearing face masks.Top of the list of nationalities was the Japanese; almost every one of them was wearing a blue hospital-style mask.
Leaving Bali I was struck by the use of the word "foreigners" on the notices for non-nationals to pass through immigration. It seems so much more polite to say non-UAE or non-EU. But, apparently, in Tokyo the boards refer to "aliens".
Business at India's most photographed hotel, the iconic Lake Palace Hotel in Udaipur, Rajasthan, has got more to contend with than just the recession. Instead of being surrounded by water it is currently sitting in the middle of dry land.
There are fears that much of the country is on the brink of drought. According to estimates from India's meteorological department, rainfall during this year's monsoon has so far been 43 per cent below the long-term average.
For the Lake Palace which has experienced such problems before but not quite on this scale, it means that guests have to be driven across the lake bed, rather than being taken by boat. It is reported that children have been playing cricket on land which is normally three metres under water.
Lakshyaraj Singh Mewar, whose family owns the hotel says the drought has had a huge impact on tourism, especially the hotel industry. "We have slashed prices but are still unable to increase tourist footfall," he said.
The novelist Irvine Welsh was recently interviewed by the Financial Times about his travel habits.
Asked about ideal travelling companions he said for romance it would be his wife, for fun it would be three of his Scottish mates, but for travelling in a war zone he named me. I am still trying to work out if that is a compliment.
sryan@thenational.ae
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
BACK%20TO%20ALEXANDRIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ETamer%20Ruggli%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENadine%20Labaki%2C%20Fanny%20Ardant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
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.”
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
England Test squad
Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km