Month: November 2022

CNBC Report

DUBAI, United Arab Emirates — Qatar isn’t the only country getting a massive boom in tourism thanks to its hosting of the 2022 World Cup.

The neighboring United Arab Emirates is set to benefit from the wave too, with its glitzy commercial capital of Dubai set to see an estimated 1 million additional visitors during the course of the soccer tournament, according to the Dubai Sports Council.

Paul Griffiths, CEO of Dubai Airports, in August called Dubai “the major gateway” to the World Cup and predicted it would see more tourists than Qatar itself.

And the city is pulling out all the stops, leveraging its reputation as a hyper-modern city more liberal and built-out than Qatar and advertising the extravagant tourist attractions it’s developed a reputation for.

Dubai is known for over-the-top and outlandish experiences — like its indoor ski slope complex in the desert, the world’s deepest man-made plunge pool, the world’s tallest building and largest Ferris wheel. It’s now added specific World Cup-themed experiences, simultaneously taking advantage of the fact that Qatar, a tiny country of 3 million people, is struggling to accommodate all its expected tourists and many of them will opt to lodge in Dubai for the matches instead.

This has been made possible by “match day air shuttles” being operated by Qatar Airlines and Dubai-based low-cost carrier FlyDubai– allowing travelers to book same-day round-trip flights from Dubai or nearby Oman to attend a match in Qatar and return in less than 24 hours.

“Only an hour away from Qatar by flight, Dubai is a familiar destination for global travelers,” Taufiq Rahim, a research fellow at the Mohammed bin Rashid School of Government, told CNBC. “Its tourism infrastructure and straightforward entry requirements make it a convenient base for World Cup fans.”

Qatar is expected to have delivered 45,000 hotel rooms in total by the start of November, according to Cushman & Wakefield Qatar, with tournament accommodation “bolstered by cruise ships, camping facilities, apartments and villas.” Dubai, meanwhile, as a city has more than 140,000 hotel rooms, according to hotel data firm STR.

Around the UAE’s different emirates, 43 fan zones for watching matches have been set up, with some of the biggest – like Budweiser’s official BudX fan zone in Dubai Harbor – big enough to host 10,000 fans daily with matches aired on enormous 3,552 square-foot screens. There’s even a soccer-themed hotel on Dubai’s man-made Palm archipelago, where the most dedicated fans can stay while being shuttled in and out of Doha for daily matches.

A $20,000 per night match viewing experience

Dubai’s revenue won’t just be coming from hotel stays and restaurants. Visitors to the emirate can rent superyachts running in the tens of thousands of dollars per night to watch matches while sailing through the Persian Gulf.

Xclusive Yachts, the UAE’s largest private charter yacht company, offers its most opulent seaborne experience at $20,000 per night on a tri-deck superyacht complete with a skydeck, onboard bar, skylounge, five cabins and a Michelin-starred chef serving gourmet meals.

“We are expecting a more than 300% [rise] in yacht bookings in November and December mainly due to visitors for the World Cup and Qatar who are also looking for leisure activities in Dubai,” Managing Director Amit Patel told Doha News in October.

Flight traffic is also shooting up — Dubai Airports in mid-November announced that a whopping 120 shuttle flights will fly in and out of the Dubai World Central airport each day between the tournament’s start and end dates of Nov. 20 and Dec. 18.

And on Monday, the CEO of Flydubai, Ghaith Al Ghaith, said that nearly all of the airline’s match-day shuttle flights to Doha were at full capacity.

“This is a pattern that looks set to continue over the next couple of days and weeks,” Al Ghaith said.

Flydubai and Qatar Airways will be jointly running the match day shuttle flights between DWC and Doha. With the addition of flights from Dubai’s main airport, Dubai International (DXB), travelers can catch a flight every 30 to 50 minutes.

Private jet demand booms

But like everything in Dubai, there’s a luxury option if you have the cash to spend: Private jet charter companies have seen a boom in business, with some fans willing to pay eye-watering sums to get to matches.

“We certainly see a great increase in traffic between Dubai and Doha over the coming month,” Oleg Kafarov, portfolio development and communications director at Dubai-based private charter jet company Jetex, told CNBC.

Jetex offers two packages: a full private jet service priced at 240,000 UAE dirhams ($65,340) for up to 10 passengers, or individual seats priced that run for 29,000 dirhams ($7,895) apiece. The flight time between Dubai and Doha is roughly an hour.

The company even decked out its VIP terminal at DWC airport as a World Cup fan zone, with a mini soccer pitch and other themed decorations.

Despite the steep prices, demand for private flights is significantly higher than this time last year, charter operators are reporting, though the figures vary from company to company.

Ian Moore, chief commercial officer for private charter company VistaJet, says more than 70 of its executive jet flights to Qatar for matches are already booked.

“There’s obviously some people that are waiting to see if their favorite team gets past the qualifying rounds,” Moore told Gulf News.

“We strongly encourage our clientele to book with us as early as possible, even with a private jet, given the restrictions, and the amount of volume of flights that Doha is expecting, you need to be well organized and well-structured.”

Emirates said it will be showcasing Emirates Executive, its luxury private jet Airbus A319 this year at Abu Dhabi Air Expo 2022 on November 1, offering a glimpse into the spectacular world of private luxury flying on Emirates.

Emirates Executive was introduced in 2013, complete with luxury interiors, including an even larger version of the airline’s sumptuous private suites and a generous multi-functional lounge area on-board, enabling a travel journey versatile enough to provide bespoke experiences to both private customers, families and large groups. Clients can personalise their experience and tailor the journey to their specific preferences.

The aircraft’s configuration is designed with a high level of comfort in mind, and can carry up to 19 passengers. Alongside a spacious living and dining area, the ten private suites give travellers ample personal space and privacy to relax and unwind with fully flat-bed seats, ambient lighting, a mini-bar and 32 inch screen in each suite.

Customers can also rejuvenate in one of the largest Shower Spas in the air, or separate powder room, all finished in classic walnut and marble and fully kitted-out with fine linens, and a range of select luxury bath and spa products.

Dining experiences are fully curated and customised, and customers can choose from intimate private dining on demand, or banquet-style buffets, all rounded off with a show-stopping wine and beverage list. Gourmet meals are prepared with the finest, freshest, locally sourced ingredients and served by a dedicated team of highly trained and experienced inflight crew.

The aircraft’s expansive lounge area can also be adapted to customer preferences, like being set as a personal office for conferences and meetings or simply to relax. The lounge seats also convert to full-size beds.

The Emirates Executive aircraft can fly for up to eight and a half hours non-stop to locations within and outside the airline’s network. Since it launched in 2013, the aircraft has flown to 131 airports around the world. Emirates Executive has also partnered with luxury holiday tour operators, for sold out sojourns crafted to explore the very best in natural wonders and wildlife across different regions.

Emirates Executive Cabin Crew also wear exclusive uniforms, to match the distinctiveness of the private jet’s service.

Abu Dhabi Air Expo is designed for industry professionals and offers visitors a glimpse into a wide range of ultra-light, business aviation aircraft and helicopters. – TradeArabia News Service

Anantara Veli Maldives Resort will reopen on December 1, 2022, in time for the peak festive season following nine months of extensive renovations. The adults-only resort located 30 minutes by speedboat from Malé International Airport, will reveal new-look accommodations, including a new top room category and newly designed restaurants and spa.

What was part of the update?

All 67 over-water, ocean and beach villas have been fully renovated in traditional-meets-contemporary tropical style, using a natural palette of wood and stone, cool fabrics and rattan finishes and the latest in high-tech comforts. The new room category is the 1,590-square-foot Beach Pool Villa. There are six of them, each with a dedicated host. They come with sliding glass doors that open onto a private pool, and the beach and ocean just steps beyond.

The spa, Balance Wellness by Anantara, goes beyond the traditional spa. The wellness options range from Ayurveda treatments to the latest in epigenetics and IV therapy. In addition, the spa is home to a brand new hammam. Multi-day wellness retreats are personalized in consultation with the resident naturopath and nutritionist, personal trainer and yoga and lifestyle coach. The resort has partnered with marocMaroc to offer authentic hammam treatments, as well as exclusive skincare brand 111Skin of Harley Street, London, favored by celebrities such as Jennifer Aniston and Victoria Beckham.

There is also a new restaurant, Cumin, showcasing authentic Indian Ocean cuisine. It joins the fully renovated contemporary Japanese restaurant, Origami, and the oceanfront Dhoni Bar. A relaxed, sand-underfoot restaurant, Cumin will feature Maldivian curries, the spicy seafood of Sri Lanka and vegetarian specialties from India. Vegetables served at the restaurants will be fresh from the new on-site hydroponic farm, the Maldives’ first vertical farm with organic, year-round harvests. Produce includes different species of lettuce, tomato, microgreens, herbs, and capsicum.

​The UK’s new Minister for Aviation, Maritime and Security has outlined the country’s stance on a number of key issues affecting the industry, including Air Passenger Duty (APD) and sustainable aviation fuel (SAF).

Speaking at the Airlines 2022 conference in London on November 21st, Baroness Vere rejected calls to reduce APD and ruled out a further review, saying, “we just looked at Air Passenger Duty, so we won’t be looking at it again.”

Current UK APD ranges from £6.50 ($7.70) on a domestic, economy class ticket up to £191 ($227) on a long-haul, business, or first class ticket. An even higher rate now applies to the majority of private jet flights.

Greater investment in SAF is needed

Baroness Vere also took the opportunity to outline the UK Government’s commitment to sustainable aviation fuel (SAF), confirming that by 2025, there would be five new SAF plants under construction in the UK.

However, others at the conference did not believe that this was going far enough. CEO of Virgin Atlantic, Shai Weiss, criticized the pace of SAF innovation in the UK, stating, “The UK has targeted five plants by 2025, but at the end of 2022 there is not a single plant that has reached final investment decision. I fear that in 2025 we will be seeing most of our capacity for SAF coming from abroad.”

Weiss went on to say that SAF investors were “still awaiting final details, or more likely, as is common in the UK, another consultation.”

When it comes to investment in SAF, the figures speak for themselves – the UK Government has so far pledged just £165 million ($195 million) to support SAF developments, compared to the $4.3 billion that has been promised in the US.

With no changes to APD on the horizon, where will the money needed for vital further SAF developments come from? Baroness Vere raised the question at the Airlines 2022 conference, saying, “I think there will have to be some grown-up conversations about whether the industry pays, do the traveling public pay or does the taxpayer pay.”

Improvements in consumer protection

During her time at the conference, Baroness Vere also touched upon the challenges passengers faced this summer and her desire to improve consumer protection as a result. Widespread disruption was seen throughout the UK, in particular for passengers with reduced mobility (PRMs), with staff shortages blamed for much of the problems.

Countries across Europe and North America faced similar issues, with many airlines now running large-scale recruitment campaigns to ensure they have enough staff to cope with the expected further increase in travel demand next summer. German flag carrier Lufthansa, for example, is currently seeking 20,000 new employees.

The splendor of the Bentley Mulliner Bacalar extends across the luxury dream lifestyle.

While having a luxurious car is one of the greatest aspects of living it up, flying luxuriously plays an immense role in the perfect luxury lifestyle as well. Whether it’s owning and flying a private jet, or waving goodbye to the ground in a helicopter, flight can be one of the most pleasurable parts of luxury living. One aviation entrepreneur, and part of the small handful of only a dozen owners of the incredible, bespoke, $2 million Bentley Mulliner Bacalar was inspired by the stunning car, and it’s no wonder why. With the vehicle’s incomparable finishes, futuristic design, and admirable craftsmanship, there was no doubt that when this client worked with Mulliner Design to create a Gulfstream G650 private jet and Sikorsky S-76 helicopter to match his Bacalar, both would turn out to be amazing.

Who is this entrepreneur?

Ken Ricci is the owner of Flexjet, a private aviation company with an incredible fleet of aircraft. After over a decade of being a Bentley client, he enlisted Mulliner design to collaborate with him on “The Bacalar Project,” in which a private jet and helicopter were designed to match his stunning ultra-rare Bentley.

How do the plane and helicopter match the car?

On the outside of the Gulfstream, the Flexjet livery is revised and given a paint color that matches the Julep paintwork of his Bacalar. The interior features seats that have a shape, stitching, and quilting pattern that matches the Bacalar, as well as a similar color of Linen and Beluga leather. Also included is a wood veneer that matches the 5,000-year-old Riverwood featured in the Bacalar, satin bronze fittings, and a diamond-patterned carpet that match, as well.

The helicopter shows off the Julep green and Satin Bronze featured throughout the Bacalar, and the interior features similar accents against its black and white as well. After the Bacalar revived the ultimate level of detail and craftsmanship to traditional coachbuilding for Mulliner and Bentley, that dedication and artisanal quality reached across to inspire other vehicles as well, and they are just as stunning.

Source: Bentley

​Honda Aircraft Company has launched an upgraded version of its Elite model business jet, a move expected to keep it at the leading edge of the light jet market. Honda Aircraft’s headquarters and factory are located next to Piedmont Triad International Airport, near Greensboro, North Carolina.

The HondaJet Elite II was unveiled on October 17 at the 2022 National Business Aviation Convention and Exhibition in Orlando, Florida. Like its predecessor, the Elite S, it is the fastest, highest and farthest flying and most fuel-efficient aircraft in its class with a range of 1,547 nautical miles (2,865 kilometers), a maximum cruising altitude of 43,000 feet and a maximum cruising speed of 422 knots (782 kilometers/hour).

It also has the most cabin space, with a typical configuration of one crew + six passengers and an alternative configuration of one crew + seven passengers or two crew + six passengers.

Canada is home to some pretty incredible experiences, but this one is among the world’s best. The winners of the World Travel Awards for 2022 have been revealed and a Canadian train excursion is a proud recipient.
The awards “acknowledge, reward and celebrate excellence across all key sectors of the travel, tourism and hospitality industries.”

Winning an award is no easy feat. There is a rigorous selection process and an extensive year-long voting campaign that requires global participation.
A panel of qualified executives working within the travel and tourism industries are also called upon to make the final decision, and only the finest luxury experiences make the cut.

That’s all part of what makes this achievement so impressive.

In the 2022 category for World’s Leading Luxury Trains, Canada’s very own Rocky Mountaineer won gold.

This is far from the first time that the Rocky Mountaineer won this prestigious award.

The rail excursion took home first place in 2021 and 2020. It was also the winner of the World’s Leading Travel Experience by Train seven times previously.
From the description of this experience, it’s clear that the accolades are well-deserved.

Passengers are taken on a breathtaking journey through the Rocky Mountains, with glass dome coaches to allow panoramic views of the scenery while enjoying world-class hospitality and delicious locally-inspired cuisine.

There are several routes to choose from between British Columbia and Alberta, as well as through Colorado and Utah.

NEW YORK, Nov. 16, 2022 /PRNewswire/ — Wealth Solutions Report (WSR) – the fast-growing digital media platform featuring commentary, insights and analysis for the wealth management space – today announced the launch of the WSR Wealth Exemplar Awards. This new series of annual awards, offered on an invitation-only basis, honors firms and individuals who have contributed to the wealth management industry on an exemplary basis.

Larry Roth, CEO of Wealth Solutions Report, said, “Building upon the success of our WSR Pathfinder Awards, we are pleased to announce the inception of the WSR Wealth Exemplar Awards, an annual series of awards celebrating the best of the wealth management industry. Our editorial team is currently reviewing top firms across various spaces within the industry, individuals who have demonstrated decades of achievement in leadership and impactful M&A transactions to select the winners.”

WSR Exemplar Award Categories

In early December, WSR will announce the winners of the following awards:

• Hybrid RIA of the Year  – This award goes to the top three RIA firms that offer fee-based solutions as well as commissionable services in affiliation with a broker-dealer, through either W-2 or independent financial advisors, or both. Minimum $250 million in assets.
• Fee-Based RIA of the Year – This award goes to the top three SEC-registered RIA firms that focus primarily on fee-based solutions for clients, working through either W-2 or independent financial advisors, or both. Minimum $250 million in assets.
• Private Equity-Backed Firm of the Year – This award goes to the top three wealth management firms that have received significant or majority equity investments from private equity, venture capital or other institutional investors for expansion and growth purposes. Minimum $1 billion in assets.
• Alternative Investments Platform of the Year – This award goes to the top three firms that provide a platform for helping financial advisors align alternative assets with their retail investor clients. Minimum $10 billion in assets.
• Asset Manager Platform of the Year – This award goes to the top three firms that have a significant presence in the wealth management industry and operate as third-party asset managers that serve B2B wealth management platforms. Minimum $10 billion in assets.
• Deal of the Year – This award honors the top wealth management M&A deals of the year across five asset size categories, with one awardee for each asset size segment as follows:

1. Mega Deal of the Year ($20 billion and over)
2. Large Deal of the Year ($7 billion to $20 billion)
3. Upper-Mid-Sized Deal of the Year ($2 billion to $7 billion)
4. Mid-Sized Deal of the Year ($500 million to $2 billion)
5. Boutique Deal of the Year ($200 million to $500 million)

Deals are selected based on their impact and importance to the industry as well as how they reflect ongoing industry trends. Asset size ranges are approximate.

• Family Office of the Year – This award goes to the top three financial advisory firms with a majority or significant focus on ultra-high net worth client families and engage in (themselves or through affiliates) sophisticated, tailored services typically offered to this clientele such as concierge services, tax and estate planning and art investment advice. Minimum $500 million in assets.
• Retirement Plan Advisory Firm of the Year – This award goes to the top three wealth management firms with a majority or significant focus on advising retirement plans under ERISA. Minimum $1 billion in assets.
• Wealthtech Firm of the Year – This award goes to the top three firms providing technology solutions for firms that operate within the non-institutional wealth management space. Minimum $250 million assets served.
• Practice Management Platform of the Year – This award goes to the top three in-house practice management platforms within a wealth management firm, delivering solutions that may include, among other areas, consulting, operational efficiency, succession planning or advisor marketing. Minimum $250 million assets served.
• Retirement Income Solutions Provider of the Year – This award goes to the top three firms that specialize in helping financial advisors align their clients with retirement income planning and retirement income generative vehicles. Minimum $250 million assets served.
• Person of the Year – Someone who, at an individual level, has exhibited exemplary vision for transforming the wealth management industry and has taken significant concrete steps to do so. This award also recognizes the year’s standout distinction as part of a broader career that’s shown consistent vision and boldness.

“We are strongly optimistic about the wealth management space, its future and the multitude of exemplary people and firms that continuously drive innovation for our industry and positive impact for the professionals and investors we collectively support,” said Roth. “The WSR Wealth Exemplar Awards are an extension of that optimism, as we highlight the leaders among many notable firms and senior executive teams who work tirelessly to improve what our industry offers to society and empowering the financial advisors who help people throughout the country reach their life goals.”

The WSR Wealth Exemplar Awards follow the successful 2022 WSR Pathfinder Awards series, awarded to outstanding industry-leading executives from underrepresented backgrounds in the wealth management industry, coinciding with Black History Month, Women’s History Month, Asian American and Pacific Islander Heritage Month and National Hispanic Heritage Month.

Launched in April 2021, Wealth Solutions Report’s reader community has grown rapidly, with nearly 100,000 registered readers for its weekly e-blast, approximately 75,000 unique monthly website visitors and an average of between 40,000 and 60,000 weekly LinkedIn impressions generated directly by WSR (not including shares and reshares from firms and individuals across the wealth management space).

SOURCE Wealth Solutions Report

• Private jet companies say they’ve seen a surge in bookings this summer, particularly in Europe.
• The uptick comes as commercial airlines cancel and delay thousands of flights around the world.
• Hourly rates for private jet charters range from $3,000 to over $10,000 depending on the size of the aircraft.

Wealthy flyers are upgrading from first class to private jets as commercial airlines struggle to handle this summer’s record travel demand.

“I had one guy tell me that for the last three weeks, one of the airlines had cancelled his flights to Aspen,” Doug Gollan, founder of Private Jet Card Comparisons, told Insider. “He’s like, ‘the price of private jets has gone up, but I can afford it. I’m gonna pay it. I want to get out to my house and to Aspen for the weekend.'”

Nearly 34,000 flight requests were submitted through the private jet charter app Jettly in July, compared to a monthly average of around 25,000 requested flights, according to data shared with Insider.

The private aviation sector first experienced a surge in demand during the pandemic and saw a second wave after COVID-19 vaccines were released. Now, the industry is seeing yet another bump as staffing shortages and infrastructure challenges cause airlines to cancel thousands of flights around the world, Justin Crabbe, the app’s CEO, said.

“The summer has never been busier,” Crabbe told Insider, noting that more than half of travelers on the app are flying private for the first time.

Of the past seven years, 2022 has had the highest percentage of delayed flights (19%) and the highest percentage of canceled flights (4%) — excluding 2020.

“In today’s context of regular delays and cancellations across all commercial airlines, there is a keen emphasis on reliability,” a spokesperson for NetJets, a private jet fractional ownership company, said, adding that they’ve seen an “incredible increase” in flight requests this year.

Hourly rates for private jet rentals typically start at $3,000 an hour and can go up to over $10,000, depending on the size of the aircraft. Rising fuel costs have bumped up flight prices by 20% year-to-year, Blade CEO Rob Wiesenthal told Insider.

VistaJet, which owns and operates the world’s largest Bombardier private jet fleet, said there is “huge” private jet demand in Europe this summer.

European travel hubs, including London’s Heathrow airport and Frankfurt International, have been at the epicenter of recent flight chaos. On Tuesday, 39% of flights out of Frankfurt and 24% of flights out of Heathrow were delayed, according to FlightAware.

“The demand has been at an all-time high since the beginning of the year and has just built and built. The volume levels that we experienced from March through May were the levels that we normally expect for June through August,” Andy Christie, ACS’s Group Private Jet Director, told Insider.

“Much of this has been primarily for leisure travel, which is consistent with the lack of commercial services and issues with infrastructure seen across major UK airports and mainland Europe,” he said.

According to Jettly, 63% of travelers who booked a flight on the app between May and July were traveling for leisure travelers, while the other 37% flew for business.

“I’ve had people who are saying for business, they just can’t use the airlines because they have important locations or important clients that they have to go out and see,” Gollan, the founder of Private Jet Card Comparisons, said. “After you cancel three meetings, the clients are like, you got to figure a way, we need you to get out here.”