Cathay Pacific to resume flights between Dubai and Hong Kong

Cathay Pacific will reintroduce non-stop flights between Dubai and Hong Kong from October 2.

The airline will operate three flights per week — on Mondays, Fridays and Saturdays — providing UAE travellers with direct access to Hong Kong, as well as connections to onward destinations such as the Philippines, Indonesia, Japan and South Korea.

All flights will depart from Terminal 1 at Dubai International Airport and will be operated on a Boeing 777-300 aircraft with a three-class cabin configuration that includes the airline’s forward-facing lie-flat seats in business.

Cathay Pacific will operate three flights per week between Dubai and Hong Kong from October 2. EPA

The airline has introduced a Fly Ready tool, which allows guests to upload their Covid-19 test results and other required health documents between 12 and 48 hours before their flight to Hong Kong, to be verified ahead of time. Meanwhile, the Fly (Worry) Free initiative offers travellers greater flexibility with their bookings, with the option to make unlimited ticket changes, including the alteration of travel dates and destination, until December 31.

“Reactivating our link from the GCC to Hong Kong is extremely important to us as the market remains a priority,” says Vishnu Rajendran, Cathay Pacific's area manager for the Middle East.

“We’re confident our offerings, like the ease of connections, warm Asian hospitality, diverse in-flight entertainment options and customer-centric initiatives such as our health document verification tool, Fly Ready, make us one of the world’s greatest service brands.

“Aside from the stream of those visiting friends and relatives and business travellers who we welcome on board from around the region, travellers from the GCC are also searching for cultural experiences abroad. Hong Kong and the various destinations that are easily accessible from our home hub, such as Japan and South Korea, offer these in abundance.”

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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.”

Low turnout

Two months before the first round on April 10, the appetite of voters for the election is low.

Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.

"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."

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