When pilots Luca Versetti and Fabio Carnevali were made redundant as a result of the pandemic, all hope of salvaging their careers in the near term appeared lost.
But they noticed many people with the means were opting to charter aircraft, instead of flying on commercial flights, because of fears of catching Covid-19.
And the idea for their new business was born.
The pilots set up Global Flight Solutions about five months ago in Abu Dhabi.
The company carries out flight support and ground handling for charter aircraft, in addition to selling seats. It works in partnership with another start-up, Limitless Aviation, which flies private jets for the rich.
Like the planes it supports, business is now taking off.
Global Flight Solutions supports five charter flights a week on average in ground handling, many of which fly between Russia and Dubai. To cater to the growing demand, the company is in the process of leasing its own aircraft.
Mr Versetti, 41, who is originally from Italy, lived in the UAE for 13 years. He flew for Etihad until February, when he left for a position at LaudaMotion – a low-cost airline that is part of Ryanair.
He trained with the company before the full effect of the pandemic on the aviation industry became apparent and his new employer rescinded the offer.
Mr Versetti’s business partner and friend, Mr Carnevali, who is also Italian, was made redundant at Etihad about the same time.
“We started thinking about what we could do, what would be next in aviation?” Mr Versetti said.
“And we saw an opportunity. Many people who flew business and first class were getting together with [others] to charter an aircraft. They were paying the same price or less than a first-class ticket.
“For €40,000 ($48,500) or €50,000 a jet can go up and down Dubai to Europe. And it will cost 10 passengers €5,000 each.”
Mr Versetti had already left the UAE and returned to his native Italy.
But he chose to operate the company in Abu Dhabi because of the ease of doing business here.
In addition to running the company, they are both in training to fly for their partner, Limitless Aviation, which was started by a friend of Mr Versetti.
Business is roaring now, and he does not expect it all to come to a stop when a vaccine becomes widely available.
Studies point to a steady growth in private flights.
Technavio, a technology research company, predicts the value of the global charter market will reach $33.08bn in 2024, up from $26.57bn in 2019.
“It’s the present, but it will be the future too. They realise how much it’s nice to fly privately with more or less the same price as a business-class ticket or a first-class ticket,” Mr Versetti said.
“You arrive in a private terminal for private jets and in 10 minutes you are on the aircraft.”
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The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
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Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
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Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.
Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
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FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
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Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
The five pillars of Islam
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2.
3.
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5.
