A new cruise terminal with a 135-metre-high lighthouse will open up new routes across the region when it opens in Dubai in October 2020.
Sprawling across 30,000 square metres, Dubai Cruise Terminal project developers hope to transform the city into a maritime tourism hub. In addition to the terminal, Dubai Harbour will be located on King Salman bin Abdulaziz Al Saud Street in Mina Seyahi. It will span twenty million square feet, forming the region’s largest marina.
The harbour will become the main cruise terminal in Dubai and all cruise ships visiting Port Rashid will be redirected gradually from its opening date. Tourism is central to growth plans for the emirate, with mega projects like the new waterside development key to strengthening Dubai’s global profile.
Speaking at a signing of a strategic partnership between Meraas and cruise specialists Carnival Corporation, Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, said the project would help attract millions of visitors a year.
“We welcome visitors from across the world and provide them with exceptional tourism experiences,” he said.
“We want them to leave with lasting memories that they can share in their countries and communities ... The continuous development of infrastructure has enabled our country to be a destination of choice in the region.
“Supported by the talent and creativity of our people, I am confident that we will be able to establish global leadership in several sectors.
“The UAE will continue to be a symbol of progress and prosperity.”
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Carnival Corporation will launch new cruises from Dubai Cruise Terminal and aims to attract new source markets from India and China.
The cruise terminal is designed as a strategic maritime centre, providing easy access to and from the city, while offering passengers a view of iconic landmarks, such as Ain Dubai and the upcoming Dubai Lighthouse, as well as the urban skyline.
Dubai Harbour will be home to two cruise terminal buildings, joined by a single quay of about 1 kilometre.
It will be capable of accommodating upto three cruise ships concurrently, including Carnival Corporation’s newest and most advanced cruise ships and XL class ships, as well as up to 13,200 passengers at a time.
In anticipation of increasing demand in the cruise sector, Meraas has planned for the addition of two more terminal buildings that will increase capacity to six cruise ships at the same time.
Discussions are underway with Emirates airline to offer tourists fly and cruise packages to help boost the travel sector from 2020.
Dubai Harbour will boast the largest yacht marina in the Middle East and North Africa with 1,100 berths capable of accommodating some of the world's largest yachts up to 150 metres.
Its diverse infrastructure will include an extensive road network, as well as marine and air transportation facilities, a monorail line, a bridge to Bluewaters and water taxi stations.
“Dubai Harbour is a new and unique addition to the city’s infrastructure,” said Abdulla Al Habbai, Group Chairman of Meraas.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Roll of honour 2019-2020
Dubai Rugby Sevens
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West Asia Premiership
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UAE Division One
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UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Score
New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs
New Zealand win by 47 runs
New Zealand lead three-match ODI series 1-0
Next match: Zayed Cricket Stadium, Abu Dhabi, Friday
The specs
Engine: 4.0-litre flat-six
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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.”
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