ABU DHABI // The captain of the Queen Mary 2 has described the moment he made Abu Dhabi maritime history when he docked the giant luxury liner in the capital for the first time.
“The navigational aids, marks, assistance and so forth made it a very safe and routine matter to dock here,” said Commodore Christopher Rynd of this morning’s arrival. “Port Zayed is very well arranged. We’re always looking for new ports and I think it’s great to have a new port in this region.”
After the Queen Mary 2 (QM2) docked at the Port Zayed cruise terminal at 7.05am today, hundreds of the 2,502 passengers poured from the Cunard Line flagship to spend the day sightseeing, with the Sheikh Zayed Grand Mosque as the number one attraction for most.
“We’re going to have a look around for a few hours,” said passenger Ken Richford, 70, from the QM2’s home port of Southampton.
His wife Jen, also 70, is enjoying life on board. “It’s lovely,” she said. “I love the elegance and being waited on, and everybody is so friendly.”
A team of Emirati stick dancers provided a traditional welcome, and another couple described how they watched them perform as they had breakfast on their cabin balcony.
The liner travelled to Abu Dhabi overnight from Dubai, which she has visited a number of times since first docking there in 2007.
She arrived in Dubai on Sunday and weighed anchor at 9pm on Monday. More than 1,000 passengers flew to Dubai to join the ship there.
Mohamed Al Shamisi, executive vice-president of ports at Abu Dhabi Ports, said: “For us this is a historic moment. The QM2 is one of the most luxurious cruise ships that exists, so to have her in Abu Dhabi is a big step for us. It will encourage other cruise operators to come here.”
A permanent cruise terminal is to be built at Port Zayed, replacing the current temporary facility. Mr Al Shamsi said he hoped it would be completed in time for the start of the 2015-16 cruise season.
Noura Al Dhaheri, leisure product development manager at the Abu Dhabi Tourism and Culture Authority, said: “We think Abu Dhabi can offer something different from other destinations.”
The QM2 is on a 106-day world cruise that began in Southampton on January 10 and has so far included stops at Barcelona, Athens and Port Said, the Suez Canal, Sokhna and Safaga in Egypt.
She will leave Abu Dhabi at 6pm on Tuesday and her next port of call will be Cochin, India. She will then visit a number of other Asian ports before continuing on to Australia, New Zealand, South Africa and the Canary Islands. She is due to return home to Southampton on April 26.
Those who booked the entire voyage paid between US$22,000 (Dh81,400) and $80,300 per person.
After completing the cruise, the QM2 will revert to the role she was built for, shuttling transatlantic passengers back and forth from Southampton to New York.
She cost US$700 million to build and was launched in 2003 as the flagship successor to the Queen Elizabeth 2, which Cunard sold to Dubai World in 2007.
The Abu Dhabi officials were given a tour of the ship during which they saw facilities such as the 1,500-seat Las Vegas-style show lounge.
There is a 700-seat planetarium that also serves as a 3D cinema and lecture hall – Formula 1 legend Sir Jackie Stewart joined the ship in Dubai and will speak during the next leg of the voyage.
The 345-metre long giant of the sea is the largest ocean liner ever built. Although there are larger cruise ships, a liner is a separate class of ship that is stronger and more powerful.
It also has the largest ballroom at sea and offers a unique service for ladies who find themselves without a dance partner. Eight “gentlemen dance hosts” – one of whom is a sprightly 80 – are employed to join them for a turn round the floor.
csimpson@thenational.ae
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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Document everything immediately; including dates, times, locations and witnesses
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MATCH INFO
Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)
Where: Wanda Metropolitano
When: Thursday, May 3
Live: On BeIN Sports HD
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The Book of Collateral Damage
Sinan Antoon
(Yale University Press)
MATCH INFO
Uefa Champions League semi-final, second leg
Real Madrid (2) v Bayern Munich (1)
Where: Santiago Bernabeu, Madrid
When: 10.45pm, Tuesday
Watch Live: beIN Sports HD
Wydad 2 Urawa 3
Wydad Nahiri 21’, Hajhouj 90'
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LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
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
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
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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
The Written World: How Literature Shaped History
Martin Puchner
Granta
'Brazen'
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PFA Team of the Year: David de Gea, Kyle Walker, Jan Vertonghen, Nicolas Otamendi, Marcos Alonso, David Silva, Kevin De Bruyne, Christian Eriksen, Harry Kane, Mohamed Salah, Sergio Aguero
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
