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

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding

First Person
Richard Flanagan
Chatto & Windus 

The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
Kandahar%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ric%20Roman%20Waugh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EGerard%20Butler%2C%20Navid%20Negahban%2C%20Ali%20Fazal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202.5%2F5%3C%2Fp%3E%0A
Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

Naga
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

About Tenderd

Started: May 2018

Founder: Arjun Mohan

Based: Dubai

Size: 23 employees 

Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital