The struggling Australian airline Qantas has signed a deal with Emirates Airline to move the hub for its European flights to Dubai.
It will also embark on a 10-year route sharing deal in the highly competitive market between Australia and Europe.
But according to reports from inside the negotiations, Qantas has not got all it sought from the deal, with Emirates resisting closer ties.
Under the agreement, signed yesterday in Sydney, Qantas will close its Singapore hub for European flights from March and end its existing 17-year revenue-sharing agreement with British Airways on the services between Australia and Britain.
The arrangement will enable Qantas to cut loss-making international routes and focus on its profitable domestic and budget operations while improving Emirates' access into the lucrative Australasian market.
However, the deal stops short of a global revenue-sharing or either partner holding shares in the other, which is understood to be what Qantas sought, according to reports in the Australian media.
Neither airline was available for comment.
Qantas will fly daily Airbus A380 services from both Sydney and Melbourne to London via Dubai, meaning between the two airlines there will be 98 weekly services between Australia and the Emirates hub.
It will also result in Qantas becoming the only other airline operating to Terminal 3 at Dubai International Airport and the hub's new purpose-built A380 concourse.
Emirates will also seek to use the alliance to increase the number of its passengers using the airline's stopover deals, providing a further boost to the UAE's tourism industry. For Emirates passengers, the alliance will also open up Qantas' Australian domestic network of more than 50 destinations and nearly 5,000 flights per week.
The arrangement, which requires approval from the Australian competition and consumer commission, is expected to start next April.
"The time was right for developing a long-term, future forward partnership with Qantas," said Tim Clark, the chief executive and president of Emirates. "Australia is one of the top three destinations in our network. By establishing this partnership we are providing our passengers with additional connectivity in Australia and the region and the ability to utilise enhanced frequent-flyer benefits and have access to premium lounges for an exceptional travel experience."
The deal follows Etihad Airways' increasing its holding of the Australian rival airline Virgin Australia to 10 per cent, intensifying competition on the so-called "kangaroo routes" between Europe and Australia.
"This agreement represents a stepchange for the aviation industry," said the Qantas chief executive Alan Joyce. "It is far bigger than a codeshare or even a joint-services agreement. This is the biggest arrangement Qantas has ever entered into with another airline. There will be considerable benefits for the broader economy as we . drive more inbound trade and tourism," he added.
Qantas said it would not leave the oneworld alliance of carriers but would end its codesharing agreements with Cathay Pacific and Air France.
dblack@thenational.ae
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
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Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
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The Sand Castle
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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
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Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
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Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
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Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
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Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
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To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
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Name: HyperSpace
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Founders: Alexander Heller, Rama Allen and Desi Gonzalez
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Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
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