Updated: UAE launches permanent residency visas for investors and skilled expatriates- Dubai ruler
24 May 2019 Written by Admin AdminTweets from Sheikh Mohammed bin Rashid state that there are around 6,800 investors eligible for the first batch of visas
The United Arab Emirates has launched the permanent residency system for investors and exceptionally skilled foreigners, the ruler of Dubai and prime minister of the UAE announced.
The permanent residency visa named the ‘Golden Card’ will be granted to investors and exceptionally competent individuals in the fields of medicine, engineering, science, and all arts, according to the official twitter of account of Sheikh Mohammed bin Rashid Al Maktoum.
The first batch of those eligible for permanent residency for a "Golden Card" in the UAE reached 6,800 investors, whose total investments reach 100 billion UAE dirhams ($273 million), according to one Arabic tweet by the ruler of Dubai.
Another tweet added that the permanent residency will be granted to those who contribute positively to the success story of the UAE.
”We want them to be permanent partners with us in our journey. All residents in the UAE are our brothers and part of our great family in the UAE,” the Arabic tweet said.
According to Anir Chatterji, Middle East immigration & employment leader at PwC Legal, the UAE has been at the forefront of driving change to the existing immigration structure (which is broadly the same across the GCC) and for opening opportunities for highly-skilled professionals to benefit from longer-term residency - thereby offering these individuals greater investment security and stability.
“This new development of permanent residency is an extension of this policy and it is likely to be viewed positively by the ‘in-scope’ individuals and business community at large as it will open the doors to more foreign direct investment and, in turn, sustained economic activity and development,” he said in emailed comments to Zawya.
“Many expatriates call the UAE home and this new development will allow individuals to stay in the UAE for a longer period, which is welcome news for investors, entrepreneurs, specialised talents, researchers, and outstanding students (and their dependents),” he added.
The announcement follows the approval of the Saudi Cabinet last week for granting ‘green card’-style visas for highly-skilled foreigners and owners of capital funds with other sets of benefits as part of a ‘Privileged Residence System.
“The recent announcement in Saudi didn’t necessarily have a direct impact on this. That being said, there has been a drive to standardise a number of initiatives in the immigration space in the GCC countries, and to continue to find innovative ways to attract sustained economic investment activity and prosperity,” Chatterji said.
“This means the opening up of the historically static immigration regime is a key enabler for facilitating such change, and we consider that the recent announcement in the UAE is a welcome step for the business community at large,” he added.
Source: ZAWYA
Card payments in the UAE in 2018 were recorded at 70% compared to 68% in 2017.
The e-commerce sector in the UAE is all set to record a strong performance over the next few years, driven by an ever growing number of online shoppers, who are confident about making various purchases online.
Experts have noted that shoppers across the UAE and the Middle East and North Africa (Mena) region are enjoying the many benefits that come with using cards over cash for their transactions. The popularity of cards will only continue to grow as retailers in the region look to capitalise on their popularity with shoppers.
"With the world becoming more connected and consumers' trust on online shopping evolving, we believe that consumer spend via online retail platforms will see significant growth in the coming years," said Shahebaz Khan, general manager for the UAE at Visa.
"The UAE's e-commerce market is estimated to be worth $27.1 billion in 2022. The possibilities for merchants, financial institutions and consumers are enormous, and it is vital, therefore, that we continue to build consumers' trust and improve the infrastructure of online payments so that consumers can benefit from more seamless, rewarding and secure shopping experiences."
"We're seeing positive trends in terms of UAE consumers' attitudes towards e-commerce," he added. "As part of Visa's annual Security Week, we conducted a survey that examined how they perceive online shopping, with the findings revealing that 66 per cent of consumers in the UAE trust online shopping and that 70 per cent trust online payments."
Similarly, Girish Nanda, general manager, UAE & Oman at Mastercard, noted that transactions in the e-commerce space are growing at a much faster rate than transactions at Point-of-Sale (POS) terminals. "We expect this trend to continue in 2019 and 2020; there are two key factors driving this trend: first, the growth of online or e-commerce merchants with business models that can be scaled up faster than traditional brick and mortar models, and second, a growing number of retail, F&B and travel businesses going online with their operations.
Consumers across the globe now expect their cards to work across all popular platforms, whether it is for e-commerce, mobile wallets like Apple Pay, Google Pay, Samsung Pay or contactless payments.
The UAE is no different, given consumers' increasing demand for safe, secure and seamless payment experiences."
"We've seen a six-fold increase in contactless transactions in the UAE since 2017," he added. "In fact, one in every four transactions in the UAE is now contactless, highlighting two key trends: first, the country's gradual transition into a cashless economy, and second, growing confidence in card payments, mobile wallets and new payment technologies."
According to data published by Visa, cards are continuing to gain popularity over cash. When it came to digital transactions, card payments in the UAE in 2018 were recorded at 70 per cent, compared to 68 per cent in 2017.
Cash on delivery, during the same period, fell from 22 per cent in 2017 to 15 per cent last year. Visa's research also indicated that once shoppers have found new ways of payment, they are going to continue using them. Looking at contactless cards, 52 per cent of non-users said that they are likely to start using them in the near future.
Similarly, 46 per cent of non-users say that they are likely to start using digital wallets in near future.
Offering a review of the UAE's spend trends in 2018, Pankaj Kundra, SVP, head of Payments at Mashreq Bank, said that consumer card spends experienced a six per cent growth in 2018, compared to 2017. The biggest winner, he said, was e-commerce, which saw spending increase by 48 per cent as opposed to 2017. In terms of sector wise performance, growth was driven by food and beverage, which increased by 20 per cent, followed by a 16 per cent growth in supermarket spends. Hospitality continued growing with a modest increase of two per cent.
"While brick-and-mortar merchants have already expanded their product offering into the e-commerce space, this expansion may be at the cost of the cannibalisation of their traditional business, through the equivalent growth in their e-commerce channel," he said. "However, merchants who have been unable to expand their offering into the e-commerce space can expect to lose business to innovative and multi-channel competitors. The growth of e-commerce marketplaces, such as Souq and Noon, is encouraging increased confidence in buying online, which in turn is driving this growth. The UAE is also seeing a rapid rise in the use of e-commerce service providers like ride aggregators, who have delivered growth of 12 per cent, and food delivery services have seen a growth of over 100 per cent."
"For 2019, as we gear up towards Expo 2020, we are very optimistic about sustained growth in payments volume in the UAE," he added.
"We have identified four key trends that we anticipate will drive transaction volumes: continued e-commerce growth, contactless gaining more traction via increased usage of digital wallets, cash-to-card conversion in segments like B2B payments, education, government, real estate and sustained increase in international spends."
Sanjit Gill, general manager, Middle East at Collinson, revealed that the evolving world of loyalty means that brands must continuously adapt and look for ways to meet their customers' needs.
"Consumers shop through a mixture of in-store and online, providing data at every touchpoint in their browsing and purchasing journey.
This data is there for retailers to respond to, providing it is collated into a single customer view.
If used effectively, this single view can tell you who your customers are and what they want. If brands choose to ignore this data, however, they stand to lose out.
Our research found that 81 per cent of UAE consumers feel frustrated when promotions aren't aligned in-store and online. Not using available data effectively can leave customers feeling uncherished and as though their custom isn't a priority."
In addition, 78 per cent of UAE consumers would be unhappy if retail brands they were loyal to had poor communication around the latest promotions and discounts.
"Brands have a duty of service to offer better, more personalised communication experiences with the customer data they accrue, otherwise they risk people opting out of consent and losing their initial attention, and perhaps in the long term, their loyalty," he said.
Source: khaleejtimes
Now UAE consumers can start banking via WhatsApp, Emirates NBD announces
27 Apr 2019 Written by Admin AdminPeople can do more than just chat on messaging app, as first 'chat bank' service rolls out.
Dubai: So much has changed in the way people communicate and share updates since the introduction of social media and instant messaging apps. Now, the way people bank is changing, too.
One of the leading financial institutions in UAE has rolled out for the first time a chat banking solution, enabling savers and banking customers in the country to execute financial transactions on WhatsApp.
Emirates NBD confirmed on Sunday that its customers can now “chat bank” via the instant messaging app, said to be a first in the Middle East region.
The new service seeks to tap the growing population of consumers who bank via the internet on a regular basis.
The bank said it has seen a rapid increase in digital transactions, with over half of its customers actively using mobile and online banking The latest innovative solution is made possible through Infobip, an easy-to-use secure channel that lets people do banking transactions without having to log in to their online accounts or walk into a physical branch.
With the “chat bank” service, customers, particularly those who are constantly on their mobile phones, can now check via WhatsApp their account balances, the last five transactions of their accounts or credit cards and last credit-card mini statements.
They can also temporarily block or unblock cards and request for new chequebooks or the latest foreign exchange rates.
Lest users are afraid the transaction can easily get hacked into by fraudsters, the bank assured that all messages on its “WhatsApp Business” account are encrypted.
To ensure the communication is secure and official, customers only need to watch out for the green badge next to the bank’s name in the chat window.
And what’s more, customers can bank via WhatsApp anytime, as it’s available 24/7.
“We believe the new offering will complement our existing ddigital banking channels and offer security along with the simplicity and convenience of instant responses, 24/7,” said Abdulla Qassem, group chief operating officer of Emirates NBD.
“WhatsApp is a simple, reliable and private way to talk to anyone in the world, which will lend further convenience to banking with Emirates NBD," added Suvo Sarkar, senior vice president, head of retail banking and wealth management at Emirates NBD.
How to subscribe?
Customers are requested to SMS ‘WhatsApp’ to 4456 using their registered mobile number, or alternatively, they can subscribe through mobile or online banking, to start banking via WhatsApp.
Source: gulfnews
Siemens scores six major cities, including Dubai, on their readiness for digitisation and their potential to become smart cities
Dubai is making excellent progress in its drive to become a smart city which embraces digitalisation and develops new ways of living, working and interacting, according to Siemens.
Its Atlas of Digitalisation report is based around the interconnected themes of Expo 2020 Dubai – mobility, sustainability and opportunity – and assesses how the fourth industrial revolution has already impacted urban life around the world, and the potential it could have in the future.
Data from 21 indicators has been analyzed by Siemens together with Signal Noise, part of the Economist Group, in Dubai, Los Angeles, London, Buenos Aires, Taipei and Johannesburg to produce a digital readiness score.
Dubai gained scores of six out of 10 for both readiness and potential. This compared to London which scored eight for readiness but only three for potential while Los Angeles scored seven and three respectively, Taipei scored six and three, Buenos Aires scored four and four and Johannesburg scored two and six.
The analysis recognises Dubai’s advanced implementation of digital technologies in areas such as smart metering, online connectivity, mobility and smart government, and initiatives such as Smart Dubai which are supporting its ambition to be the happiest city on Earth.
It also identifies potential for digitalisation to positively impact areas such as renewable energy, which Dubai is already addressing via its clean energy strategy.
The analysis considers areas such as smart electricity and transport systems, internet connections and digital governance services.
The score reveals the current level of maturity of each city’s digital infrastructure, and its preparedness for a connected future.
“Each city must address its own unique mix of challenges and opportunities by embracing digitalization; the key to sustainable, livable future cities,” said Dietmar Siersdorfer, CEO, Siemens Middle East and UAE.
“The Atlas of Digitalization gives us an all-important understanding of the current status of digitalization in cities around the world, and the data tells us Dubai has already made excellent progress in key areas. Dubai is on a successful path thanks to strong ambition and visionary leadership, and we hope the Atlas will inspire new ways of thinking to shape the smart cities of tomorrow, and realize the global potential of City 4.0.”
The analysis also takes into account areas such as innovation, greenhouse gas emissions and time spent in traffic to give the cities a Digital Potential Score, indicating where there is opportunity to grow digital capabilities to transform society and economy.
While each city is unique, they all share one characteristic - their ingenuity in using digital technologies to make infrastructure more efficient and productive, and to address challenges such as air pollution, congestion, population growth and natural hazards, Siemens said.
Source: arabianbusiness
Property investors can secure best returns and a long-term UAE visa
25 Apr 2019 Written by Admin AdminInvestors can get a five-year residence visa when they invest in a property worth at least $1.36mln.
The UAE offers plenty of opportunities to foreigners who are willing to invest in real estate sector to secure a long-term visa following a reform process initiated by the government last year.
Property investors can invest in more than 40 communities across the UAE, mainly in Dubai, to secure a long-term visa and better returns on their investment.
Majority of foreigners prefer to invest their money in residential properties, but real estate experts suggest that commercial properties can also offer strong returns.
As per the new UAE regulations, property investors can get a five-year residence visa when they invest in a property worth at least Dh5 million. The ruling applies both to secondary and new properties above Dh5 million and Dh10 million.
Manika Dhama, head of Strategic Consulting and Research at Cavendish Maxwell, said residential properties in Dubai, particularly in branded or serviced apartment categories, above Dh5 million offer investment opportunities for those seeking a long-term visa under new regulations.
"Certain villa or townhouse communities in Abu Dhabi and Northern Emirates like Ras Al Khaimah also offer such investment opportunities," she added.
Dhama said requirements for these new long-term visa currently state cash-only investments. Therefore, more clarity is required on how this is applicable to single units or entire buildings, land, etc, she said.
"Bulk residential units in higher yield areas like International City may prove to be a better investment option in the Dh5 million and above category, particularly for those with a higher risk appetite, than a single villa where yields tend to hover around 4-5 per cent," said Dhama.
"Indians, Pakistanis and Britons will remain top 3 investors seeking long-term visa through property investment," she said while referring to majority of investment in Dubai's property sector coming from India, Pakistan, Britain and Saudi Arabia.
Leading communities
There are 31 communities across the emirate of Dubai where Dh5 million worth of investment can get a 5-year visas, according to data provided by Cavendish Maxwell.
Al Barari, Al Furjan, Arabian Ranches, Arabian Ranches 2, Bluewaters Island, Business Bay, City Walk, Culture Village, Damac Hills, Downtown Burj Khalifa, Dubai Harbour, Dubai Marina and Dubai Science Park (DuBiotech), are included among those communities.
Other areas where investors can invest for long-term visas are: Dubai Sports City, Emirates Living, Jumeirah Beach Residence, Jumeirah Gold Estates, Jumeirah Islands, JLT, Jumeirah Park, Living Legends, Meydan City, Mohammed bin Rashid City, Motor City, Palm Jumeirah, Pearl Jumeirah, Dubai Creek Harbour, The Villa, Zabeel (WTC Residence), World Islands and Jumeirah Bay Island.
While the eight communities in Abu Dhabi for long-term visa are Saadiyat Island, Nurai Island, Al Reem Island, Marina Village, Al Raha Gold Gardens and other communities in Al Raha area including Al Zeina, Al Manara and Al Bandar.
Taimur Khan, head of research for Middle East at Knight Frank, said majority of the properties above Dh5 million price range are villa properties in locations such as Emirates Hills, The Palm Jumeirah, Emirates Living among others.
In addition, there are also a number of luxury apartments which are available in Dubai's established prime area such as Downtown Dubai and Palm Jumeirah. "We are also seeing new offerings come to the market in Dubai Marina, Bluewaters, Jumeirah and City Walk."
In Abu Dhabi, majority of residential properties above Dh5 million are villas on Saadiyat Island while some prime apartments are available above this price point on Saadiyat Island, Yas Island and Al Raha Beach.
"Whilst there are other locations where properties above this value are available, the aforementioned locations are where non-GCC national are able to buy property," he said.
He noted that investors' focus will be on properties which are not only of great quality but are also part of a community.
Restoring confidence
Fadi Nwilati, CEO, Kaizen Asset Management Services, stated that the UAE's long-term visa strategy has reinforced confidence among expatriates and given a greater feeling of permanence in the UAE.
"We have seen a direct impact on foreign investment increase outside of the GCC, especially from India and Pakistan. As an organisation, we have in particular discussed this topic with business owners, since business owners have started expressing interest to buy rather than rent properties. There is a lot of excitement in the market, but it is far too early to see tangible results. We are looking forward to seeing the tangible impact in the next three years," Nwilati said.
"There are currently around 5,500 properties valued at over Dh5 million on the listing portals. Residential investors can look at areas like Arabian Ranches 2, Dubai Hills, District One, Tilal Al Ghaf, Al Barari and Palm Jumeirah. On the higher end, investors can look at Palm Jumeirah, Emirates Hills, Royal Atlantis residences and Opera District to name a few," Nwilati added.
Jake Wright, investment director, Smart Crowd, believes that the long-term visas will provide individuals greater comfort around their mid- to long-term future, allowing them to better plan their lives within the emirate.
"Working on a two- to three-year visa may deter people from making key life decisions i.e. shall I buy a property to live in, shall I invest some of my savings or even smaller purchases such as furniture etc. All of which a key factors in creating a thriving economy," said Wright.
Commenting on commercial properties, Andrew Love, partner and head of Commercial and Investment Agency at Cavendish Maxwell, said prime office assets in areas of Dubai like Downtown, Internet City or JLT, with good tenants and long-term leases, may generate a yield of up to seven per cent. Certain multi-let industrial and logistics assets in areas like DIP might provide 10-11 per cent in returns.
"Often, these investments start at Dh12 million, with typical transaction values between Dh50 million and Dh100 million," Love said.
He said other commercial assets like retail community malls may generate 8-12 per cent, with investments ranging from Dh15 million to Dh200 million. Labour accommodations often offer the best returns, more than 15 per cent, but also carry the most investor risk due to high tenant turnover and cyclical rents.
Shailesh Dash, chairman of Dubai-based, Gulf Pinnacle Logistics
The Expo 2020 Dubai event has already spurred business opportunities for various sectors, with logistics being one of the prime gainers, say experts.
With less than 19 months left for the inauguration of the Expo 2020, its organisers have further speeded up the pace of allocating contracts to thousands of local and foreign firms to ensure timely preparation of the event, which is set to be the largest of its kind in the Arab World.
So far Expo 2020 Dubai has awarded 56 per cent of contracts to small and medium-sized enterprises.
Meanwhile, more than 26,000 companies from 150 countries have recently applied to be involved in the event.
The 173-day milestone Dubai exhibition expects to welcome 25 million visitors and more than 200 international participants from 190 countries.
"When foreign companies get contracts in the UAE, they need professional support of logistics specialists with wide local and international network to move their set up and equipment to the Gulf country.
Contractors of Expo 2020, which is extraordinarily big in magnitude, therefore rely on reputable and experienced logistics players to become their strategic and operational partners.
After all, freight forwarders do much more than moving containers. We guide organisers, contractors and exhibitors throughout different customs procedures, time frames and operational complexities," said Shailesh Dash, chairman of Dubai-based, Gulf Pinnacle Logistics.
Rodney Viegas, CEO of AbdulMuhsen Shipping and So Safe Logistics, said: "Thanks to the increased momentum of Expo 2020 preparations, the logistics sector in the UAE - which according to the 2019 Agility Emerging Markets Logistics Index ranks first in the region and third globally - is witnessing a business boom, when other sectors are observing slow growth.
Expo 2020 is expected to drive the logistics and supply chain segment even further and cement the UAE's position as a global leader in logistics.
With our strong global agent network, we are equipped to provide end-to-end logistics solutions to fulfil the client's comprehensive list of logistics requirements on time."
Source: khaleejtimes
Telco's chief technology officer says 'pioneering efforts' in 5G will pave way for the 'future of connectivity'
UAE-based telecoms giant Etisalat plans to invest AED4 billion ($1.09 billion) in digital transformation, mobile and fibre networks this year, according to a senior executive.
Hatem Bamatraf, chief technology officer, Etisalat International, said the company's "pioneering efforts" in 5G will pave the way for the "future of connectivity".
Bamatraf was speaking at 5G MENA 2019 in Dubai where he highlighted Etisalat’s investments and focus on enhancing and building one of the most advanced networks in the region.
“We are stepping into an era, which marks the revolution of intelligent connectivity underpinned by ubiquitous and hyper connectivity.
This term is used to describe the powerful combination of flexible, high-speed 5G networks, the Internet of Things (IoT) and Artificial Intelligence (AI). This will have a significant and profound change on individuals, industries, society and the economy, transforming how we live and work,” he said.
Etisalat said earlier this month that its 5G network is ready, adding that the first 5G devices are likely to arrive in the UAE in June.
Bamatraf said Etisalat was the first operator to have a fully developed commercial 5G network available to provide gigabit internet services to its customers.
The network will fuel enterprises digital transformation, IoT, smart cities and the fourth industrial revolution, he noted.
He added that Etisalat’s network will also provide the most advanced digital and telecom services to Expo 2020 Dubai and its millions of visitors, supporting an expected 300,000 users on peak days.
“Etisalat’s network and infrastructure will be ready to provide the service as soon as the 5G mobile handsets are available in UAE. We are aiming to build 1,000 5G towers across the UAE during 2019 to enable 5G coverage,” he added.
With majority of 5G deployments to be implemented by 2020 globally, industry estimates indicate a projection of 1.5 billion 5G subscriptions by the end of 2024.
Source: Arabianbusiness
An affiliated associate of Emirates NBD Group, on Thursday has confirmed its plan to proceed with an initial public offering (IPO) on the London Stock Exchange (LSE).
Further announcements will be made in due course in accordance with the applicable laws and regulations, the company said in a statement.
The UAE-based payments provider intends to apply for admission of its ordinary shares to the premium listing segment of the Official List of the Financial Conduct Authority (Official List) and to trading on the LSE's main market for listed securities (Admission).
The company added that the offer will solely be comprised of existing shares to be sold by existing shareholders.
“Immediately following Admission, the Company intends to have a free float of at least 25% of the Company’s issued share capital,” the company highlighted.
The admission is expected to take place in April, Network International added.
Later on, it is expected that the company will be eligible for inclusion in the FTSE UK indices.
The statement added that the price range of the offer and the maximum number of shares to be sold in the offer will be set in due course and contained in the prospectus expected to be published by the company in the coming weeks.
Source: Mubasher
Cleartrip and Flyin 2018 Travel Insights Report finds 110% increase in mobile bookings in GCC
29 Mar 2019 Written by Admin AdminWith the high smartphone penetration rates and large young population, the GCC region continued to experience strong growth in mobile transactions in 2018, according to the 2018 Travel Insights Report jointly released today by Cleartrip and Flyin. The market recorded a 110% increase in mobile bookings as they represented one-third of all transactions.
The 2018 Travel Insights Report provides a comprehensive overview of the online travel sector in the GCC, as well as highlights significant shifts in the market dynamics and consumer behavior.
The market saw variations in average airfares as well as travelers' preferences in destinations, trip duration, and payment methods. Key findings of the report covering the January-December period include the sustained expansion of the industry, the rising trend of mobile traffic in major cities, and the growing popularity of travel coupons among travelers.
Sameer Bagul, Executive Vice President & Managing Director, Cleartrip Middle East, said: “We are excited to launch the fourth edition of the Travel Insights Report on the region’s online travel sector. Offering an exclusive and deeper understanding of the underlying trends in the market and consumer behavior, our report has established itself as one of the most respected and trusted sources for insights into the industry. The actionable data we provide will help travellers to plan and book their trips efficiently and enable businesses to develop solutions that cater to the evolving needs and expectations of customers. We will continue to explore new ways to further enhance our comprehensive survey and look forward to releasing our H1 2019 Travel Insights Report.”
“With advancements in mobile technology making travel more accessible to the region’s growing population, the online travel industry is headed for a new phase of growth. As reflected in our study, travelers' preferences are constantly changing, and therefore, it has become imperative for online travel agents to make investments into newer technologies such as machine learning and utilizing block chain capabilities to drive bespoke personalization and superior user experience. When we launched our mobile Progressive Web App (PWA) in 2018 our conversion rates increased by 67% as we continue to help consumers seamlessly make their travel bookings,” Mr. Bagul added.
Changing payment method preferences
Even though credit card still remains the dominant payment method in the online travel market, debit card transactions are on the rise. In the Kingdom, which has seen a spike in the adoption and usage of debit card after its central bank, Saudi Arabian Monetary Authority (SAMA), enabled the country’s made cardholders for online shopping last year, travel bookings using debit cards surged 280% year-on-year (Y-o-Y) to account for 45% of all bookings. In the UAE credit card transactions dipped to 72% from 81% in the previous year and debit cards usage increased from 19% to 28%.
Growing mobile penetration
Owing to the rising popularity of digital wallets and mobile apps, mobile transactions are quickly gaining traction among travelers. In Saudi Arabia, which had the highest rate of Mobile Booking Penetration (MBP) in the region, mobile bookings accounted for 38% with a massive rise of 233% from the previous year. Meanwhile, the number of transactions made on mobile devices increased by 56% in the UAE, whereas Oman recorded the second highest MBP in the region at 34%. Among mobile bookings in the Kingdom iOS share was higher at 71% compared to Android devices share of 29%. The company expects this number to grow in 2019 as ApplePay™ was launched in Saudi Arabia earlier this year.
Mobile has become a popular channel for travel planning and booking in major cities in the region. Kuwait City and Riyadh had the highest rates of mobile traffic and bookings at 81% and 40% respectively. Bahrain, Muscat and Dubai were also among the leading markets for mobile visitors in the 2018 Travel Insights Report.
Trending destinations
Reflecting their growing appetite for novel experiences, the region’s discerning travellers made trips to a wide variety of destinations within the GCC and overseas. Islamabad, Lahore and Brussels topped the list of trending international destinations for travellers in the UAE, while domestic travellers in Saudi Arabia favoured Gizan, Abha and Ha’il. Meanwhile, Istanbul remained among the leading family travel destinations during both summer and winter seasons.
Airfares in a flux
As crude oil prices continued to fluctuate in 2018, the region’s leading markets saw significant changes in airfare pricing. Average ticket prices were 10% and 6% higher in Bahrain and Kuwait respectively, while Saudi Arabia experienced an overall price decline of 7% due to growth of low-cost carriers such as flyadeal. As some of the large airlines reduced capacity from Kuwait, it recorded the highest average fare per person at USD 281, while Oman had the lowest in the region at USD 192.
Some routes originating from the region have seen fluctuations in airfares last year. While Jeddah-Dubai recorded the highest increase at 25%, the Jeddah-Cairo route witnessed the greatest decline in airfares at 19%. In addition, micro-trips have taken off as a new trend in the region’s travel industry. Ha’il and Kuwait appeared to be the cheapest getaways from Riyadh and Dubai respectively last year.
The report also indicates that Sunday is the cheapest day for travel, whereas prices increase on Thursday. Furthermore, February is the ideal month for budget travellers with average fares falling 16%.
Sustained market growth
With lower airfares, increased connectivity and fewer travel barriers, the GCC continues to witness an increase in the number of travellers. In 2018, the industry posted a robust Y-o-Y growth of 7%, while Saudi Arabia emerged as the fastest growing market with a solid 10% expansion.
Source: menaherald
DP World has bought back British ferry and shipping freight operator P&O Ferries for 322 million pounds ($421 million), more than a decade after it sold it.
DP World acquired the British shipping and logistics company in 2006 but soon sold off some assets, including P&O Ferries to its major shareholder, state holding company Dubai World.
DP World announced on Wednesday it was buying the company, and a spokeswoman later told Reuters it had bought it back from Dubai World.
Dubai World was at the heart of the emirate’s financial crisis at the turn of the decade and was forced to restructure around $25 billion of debt in 2011.
DP World said the P&O Ferries deal was expected to be earnings accretive from the first full year of consolidation and meet its return targets.
The transaction is expected to close in the first half of the year, it said.
DP World’s acquisition of P&O Ferries, which includes P&O Ferrymasters, is part of its efforts to expand beyond its core ports business.
One of the world’s largest port operators, DP World bought Danish logistics company Unifeeder Group last year.
P&O Ferries operates more than 30,000 voyages a year in Europe, according to its website.
The ferries operate between Britain, France, Northern Ireland, the Republic of Ireland, the Netherlands, and Belgium.
Last month, the company said it was shifting the registration of its UK vessels to Cyprus ahead of Britain’s departure from the European Union, in part to keep its tax arrangements in the bloc.
Last week, DP World Chairman Sultan Ahmed Bin Sulayem said the indecisiveness of British politicians on the UK’s exit from the European Union was hampering the company’s ability to plan for its UK operations.
DP World operates London Gateway and a container terminal at Southampton port.
Source: reutersreuters
