Terminal 3 at Dubai International Airport was designed to help inspire feelings of tranquility in passengers.
Terminal 3 at Dubai International Airport was designed to help inspire feelings of tranquility in passengers.

New Terminal 3 to evoke 'tranquillity'



Dubai International Airport unveiled a US$4.5 billion (Dh16.52bn) temple for global travellers yesterday, spread over 1.5 million square metres of glass, marble and chrome. With the new Terminal 3 (T3) and Concourse 2, the airport will be able to handle 60 million passengers annually, a target it is projected to reach within three years.
From Tuesday, T3 opens in phases and will eventually handle 17,000 passengers at any given time. Emirates Airline will move its entire daily schedule of 250 flights over to the new terminal by December. The city of superlatives can now lay claim to one more. T3 is also the world's largest airport terminal building, beating Beijing's third terminal, which was built for the summer Olympics. The new concourse for first and business class travellers features 2,000 seats across two lounges, and is bigger than many entire airports in the Middle East.
Dubai Duty Free has built more than 10,000sq/m of shops selling gold, watches and jewellery. Construction delays pushed the new terminal and concourse back by two years, putting a strain on the airport's largest and fastest-growing customer, Emirates. However, the setback coincided with a two-year delay in delivery of the Airbus A380 superjumbo to the airline. The new terminal has high ceilings, white walls and marble floors. Skylights give the concourse a light and airy feel, helping to sustain two garden areas featuring ferns and palm trees.
To improve the flow of passengers, the airport has removed the initial screening stage from the security process. "We wanted to give passengers a feeling of serenity and tranquillity, which is what I think most people are looking for when they travel," said Anita Homayoun, the director of marketing and corporate communications at Dubai Airports, which manages the facility. Dubai's multibillion-dollar investment is part of a strategic bet on aviation. With the Gulf sitting at the crossroads of Asia, Europe, Africa and the Americas, the airport and Emirates Airline have enjoyed record growth in recent years. Dubai airport expects to handle almost 40 million passengers this year, up from 34 million last year.
A third concourse, due for completion in 2011, will boost capacity to 75 million passengers a year. However, in 2015, it could be overshadowed by the construction of Al Maktoum International Airport in Jebel Ali. That airport is expected to cost $32bn and process up to 160 million passengers per year when it is finished by 2020. Officials have given no indication about what will happen at Dubai International Airport when Al Maktoum is fully operational.
Abu Dhabi, Saudi Arabia, Bahrain and Qatar are all launching multi-billion dollar airport projects, each with an eye to establishing global hubs. Paul Griffiths, the chief executive of Dubai Airports, disavowed any notion of taking a more cautious development approach in light of the brewing global financial crisis. "This is no time to blink," he said. Airport projects need to plan spending based on a 15 to 20-year outlook, he said, and by then he believes the current market troubles will have come and gone.
Also, the Dubai airport is financing the costly expansion projects alone and does not need to tap into the ailing global credit markets. "This is a very long-term game," Mr Griffiths said. Dubai officials said they have been mindful to avoid joining the list of new airport openings involving major glitches. London Heathrow's Terminal 5 suffered hundreds of cancelled flights and thousands of bags lost in its opening days in March. In 1998, frozen fish and other perishable cargo rotted on the asphalt during the chaotic opening of Hong Kong International Airport.
A roof collapsed during the opening of Terminal 2E at Charles de Gaulle airport in Paris in 2004, while in 2006, passengers became irate when they were sent to the wrong boarding gates during the opening of Bangkok's Suvarnabhumi Airport. With T3 in Dubai, three intensive trial runs, each involving thousands of volunteer "travellers", were conducted to ensure the facilities and almost 1,000 staff will be ready for the real thing, said Mr Griffiths.
"We've rewritten the book on the whole process," he said. igale@thenational.ae

RACE CARD

4pm Al Bastakiya – Listed (TB) $150,000 (Dirt) 1,900m

4.35pm Dubai City Of Gold – Group 2 (TB) $228,000 (Turf) 2,410m

5.10pm Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m

5.45pm Burj Nahaar – Group 3 (TB) $228,000 (D) 1,600m

6.20pm Jebel Hatta – Group 1 (TB) $260,000 (T) 1,800m

6.55pm Al Maktoum Challenge Round-1 – Group 1 (TB) $390,000 (D) 2,000m

7.30pm Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m

Match info

UAE v Bolivia, Friday, 6.25pm, Maktoum bin Rashid Stadium, Dubai

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The%20Mother%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Niki%20Caro%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Jennifer%20Lopez%2C%20Joseph%20Fiennes%2C%20Gael%20Garcia%20Bernal%2C%20Omari%20Hardwick%20and%20Lucy%20Paez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%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

RESULTS
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Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
UAE currency: the story behind the money in your pockets
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 
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. 

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

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 White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5