ABU DHABI // Emirates has cut airfares to 16 destinations in response to the falling price of oil, the Dubai-based airline said yesterday.
From today, business- and economy-class tickets issued in the UAE to certain cities in India, Europe, the Middle East and South East Asia are reduced by seven to 35 per cent.
Emirates said in a written statement that the fare reduction, which follows a period of price increases in response to high oil prices this year, was motivated by recently lower fuel costs. World benchmark oil prices in New York fell US$2.72 to US$69.46 a barrel in trading early yesterday, down 52.7 per cent from July's record high of US$147.
A spokesman for the airline said the reducing fares was a long-term measure, not a temporary promotion.
Adnan Kazim, senior vice president for commercial operations in the Gulf, Middle East and Iran, said in a written statement: "Demand for Emirates' flights has remained robust, but we are glad to be able to introduce further fare revisions in tandem with the lowering fuel prices.
"We believe that our latest round of revisions would be welcomed by our customers, particularly in light of the increasingly challenging economic climate."
Riyas Kunnath, of Salem Travel Agency in Abu Dhabi, said airline passengers were increasingly price sensitive during the worldwide economic crisis.
Travellers were choosing to fly with budget carriers where possible and cancelling trips to visit friends and relations if ticket prices did not fall within their budgets, he said.
Even business-class passengers were increasingly selective, favouring promotions whenever possible.
It was too early to speculate whether Emirates' fare reduction will result in more passengers, he said.
Tim Clark, the president of Emirates, recently indicated that slowing demand for seats was more of a worry than high oil prices. Emirates has said the percentage of seats filled per plane would be as much as two per cent lower than forecast this year.
Mr Clark said in an earlier interview that there was some "fluidity" in air-traffic markets in Europe, the US, and Asia, but called the dampening of demand "manageable".
Traffic on the region's carriers rose 4.3 per cent in August, said Giovanni Bisignani, the director general and chief executive of the International Air Transport Association, which represents about 230 airlines comprising 93 per cent of scheduled international air traffic. Traffic rose 5.3 per cent in July and 10.6 per cent in the first six months of the year.
Speaking yesterday at the annual general meeting of the Arab Air Carriers Organization, Mr Bisignani said: "The region's fleet is set to double to 1,300 aircraft over the next decade as we enter a period of global economic uncertainty. The challenge of matching capacity to demand will be difficult."
He said profits of Middle East carriers will fall from US$300 million in 2007 to US$200 million this year.
"Only a handful of carriers will be profitable, while the majority bleed red ink," he said.
Abu Dhabi-based Etihad Airways said yesterday that it had no immediate plans to reduce fares.
"Etihad seeks to offer competitive ticket fares and promotions according to market conditions and demand in each of the markets it serves," said Leo Seaton, the airline's spokesman.
Despite the recent lower price of oil, the current fuel surcharge still recovers only part of oil's impact on Etihad's bottom line, analysts say. Etihad's fuel bill is about 40 per cent of its total operating costs, compared with 20 per cent in 2006.
Emirates' fare reductions apply to Amman, Bangkok, Chennai, Cochin, Colombo, Damascus, Delhi, Frankfurt, Hong Kong, Hyderabad, Kozhikode, Mumbai, Munich, Paris, Thiruvananthapuram and Zurich.
For example, a 25 per cent reduction applies to economy-class flights to Delhi from Dubai. A return fare that cost Dh1,800 before the measure now costs about Dh1,350.
Meanwhile, a 20 per cent reduction has been applied to economy-class flights to Bangkok, meaning a ticket that had cost Dh3,180 now is about Dh2,570.
Emirates operates flights to 101 cities. On Oct 26 the airline will start non-stop services between Dubai and Los Angeles, three times a week.
rditcham@thenational.ae
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Company%20Profile
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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The specs
Engine: 5.0-litre V8
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match info
Maratha Arabians 138-2
C Lynn 91*, A Lyth 20, B Laughlin 1-15
Team Abu Dhabi 114-3
L Wright 40*, L Malinga 0-13, M McClenaghan 1-17
Maratha Arabians won by 24 runs
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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The First Monday in May
Director: Andrew Rossi
Starring: Anna Wintour, Karl Lagerfeld, John Paul Gaultier, Rihanna
Three stars
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
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
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More from Janine di Giovanni
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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Notable salonnières of the Middle East through history
Al Khasan (Okaz, Saudi Arabia)
Tamadir bint Amr Al Harith, known simply as Al Khasan, was a poet from Najd famed for elegies, earning great renown for the eulogy of her brothers Mu’awiyah and Sakhr, both killed in tribal wars. Although not a salonnière, this prestigious 7th century poet fostered a culture of literary criticism and could be found standing in the souq of Okaz and reciting her poetry, publicly pronouncing her views and inviting others to join in the debate on scholarship. She later converted to Islam.
Maryana Marrash (Aleppo)
A poet and writer, Marrash helped revive the tradition of the salon and was an active part of the Nadha movement, or Arab Renaissance. Born to an established family in Aleppo in Ottoman Syria in 1848, Marrash was educated at missionary schools in Aleppo and Beirut at a time when many women did not receive an education. After touring Europe, she began to host salons where writers played chess and cards, competed in the art of poetry, and discussed literature and politics. An accomplished singer and canon player, music and dancing were a part of these evenings.
Princess Nazil Fadil (Cairo)
Princess Nazil Fadil gathered religious, literary and political elite together at her Cairo palace, although she stopped short of inviting women. The princess, a niece of Khedive Ismail, believed that Egypt’s situation could only be solved through education and she donated her own property to help fund the first modern Egyptian University in Cairo.
Mayy Ziyadah (Cairo)
Ziyadah was the first to entertain both men and women at her Cairo salon, founded in 1913. The writer, poet, public speaker and critic, her writing explored language, religious identity, language, nationalism and hierarchy. Born in Nazareth, Palestine, to a Lebanese father and Palestinian mother, her salon was open to different social classes and earned comparisons with souq of where Al Khansa herself once recited.
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