The IMF forecasts global growth in 2022 at 4.4%, but these projections are being revised downwards due to conflict and the fallout from sanctions.
The Global Economic Outlook session at Davos 2022 brought together leaders to discuss the key issues facing the global economy, including the prospect of recession.
The Global Economic Outlook panel discussion on Monday 23 May opened with the question on everyone’s lips: are we heading for a global recession and if so how concerned should we be?
Horizon has darkened with the prospect of another global recession
Kristalina Georgieva, Managing Director of the International Monetary Fund, opened with a cautious note, explaining that since the IMF’s latest forecasts the “horizon has darkened.” She was particularly concerned about food price shocks and how anxiety around the world over accessing affordable food was “hitting the roof.” Georgieva went on to point out that stalling action on the climate crisis and the slump in digital money assets was further darkening the outlook.
Georgieva was deeply worried about countries slipping into recession that were already weakened before the pandemic hit, and which rely heavily on imports from Russia for energy and food. But she insisted “we have not seen that yet.”
Kristalina Georgieva was deeply worried about countries slipping into recession that were already weakened before the pandemic hit.Image: World Economic Forum/ Greg Beadl
Don’t use the R word
Cautious about recession fears in the US, David M. Rubenstein, Co-Founder and Co-Chairman of The Carlyle Group, recalled an anecdote from his time at the Whitehouse under President Carter when inflation advisor Alfred Kahn was told, “Don’t use the R word. It scares people.” So, he changed the word for “banana.” Rubenstein went on to admit that “the signs are not as favourable as I would like…but a banana may not be that far.”
Asked about the current situation in Europe and whether this would lead to recession, Jane Fraser, Chief Executive Officer of Citi simply replied, “Yes.”
“There are three or words right now. It’s Russia, its recession and its rates.” Fraser was particularly concerned about the storms Europe is facing – the ongoing supply chain issues and the energy crisis.
According to François Villeroy de Galhau, Governor of the Central Bank of France, the war in Ukraine was always going bring “bad economic news, less growth and more inflation.” He went on to say, “We will bring inflation back towards 2%. This is not only in our forecast, look at all forecasts including from the IMF.”
“I would play down the idea of a short-term trade off between inflation and growth,” he said. “In the short run, our priority is clearly … fighting inflation.”
Democracy works
Rubenstein ended the session on a positive note, saying he doesn’t believe the current economic crisis will be anything like previous shocks over the last 25 years – the dot.com bubble, the financial crisis or the pandemic. Again reiterating, “It’ll be a mild banana, if there’s a banana.”
A focus on long-term resilience and strong government policies to tackle climate change and healthcare (to prepare for future pandemics) were the key messages from Fraser. Furthermore, the world’s response to Ukraine and the pandemic have solidified Villeroy de Galhau’s strong conviction that democracy works.
Ending on a salutary note, Georgieva reminded us that the world has dealt with unthinkable crisis after unthinkable crisis and yet we remain resilient. The next chapter must focus on building resilient people – backed up by education, health and social protection.
Compounding the damage from the COVID-19 pandemic, the Russian invasion of Ukraine has magnified the slowdown in the global economy, which is entering what could become a protracted period of feeble growth and elevated inflation, according to the World Bank’s latest Global Economic Prospects report. This raises the risk of stagflation, with potentially harmful consequences for middle- and low-income economies alike.
Global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022— significantly lower than 4.1 percent that was anticipated in January. It is expected to hover around that pace over 2023-24, as the war in Ukraine disrupts activity, investment, and trade in the near term, pent-up demand fades, and fiscal and monetary policy accommodation is withdrawn. As a result of the damage from the pandemic and the war, the level of per capita income in developing economies this year will be nearly 5 percent below its pre-pandemic trend.
“The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid,” said World Bank President David Malpass. “Markets look forward, so it is urgent to encourage production and avoid trade restrictions. Changes in fiscal, monetary, climate and debt policy are needed to counter capital misallocation and inequality.”
The June Global Economic Prospects report offers the first systematic assessment of how current global economic conditions compare with the stagflation of the 1970s—with a particular emphasis on how stagflation could affect emerging market and developing economies. The recovery from the stagflation of the 1970s required steep increases in interest rates in major advanced economies, which played a prominent role in triggering a string of financial crises in emerging market and developing economies.
“Developing economies will have to balance the need to ensure fiscal sustainability with the need to mitigate the effects of today’s overlapping crises on their poorest citizens,” saidAyhan Kose,Director of the World Bank’s Prospects Group. “Communicatingmonetary policy decisions clearly, leveraging credible monetary policy frameworks, and protecting central bank independence can effectively anchor inflation expectations and reduce the amount of policy tightening required to achieve the desired effects on inflation and activity.”
The current juncture resembles the 1970s in three key aspects: persistent supply-side disturbances fueling inflation, preceded by a protracted period of highly accommodative monetary policy in major advanced economies, prospects for weakening growth, and vulnerabilities that emerging market and developing economies face with respect to the monetary policy tightening that will be needed to rein in inflation.
However, the ongoing episode also differs from the 1970s in multiple dimensions: the dollar is strong, a sharp contrast with its severe weakness in the 1970s; the percentage increases in commodity prices are smaller; and the balance sheets of major financial institutions are generally strong. More importantly, unlike the 1970s, central banks in advanced economies and many developing economies now have clear mandates for price stability, and, over the past three decades, they have established a credible track record of achieving their inflation targets.
Global inflation is expected to moderate next year but it will likely remain above inflation targets in many economies. The report notes that if inflation remains elevated, a repeat of the resolution of the earlier stagflation episode could translate into a sharp global downturn along with financial crises in some emerging market and developing economies.
The report also offers fresh insights on how the war’s effects on energy markets are clouding the global growth outlook. The war in Ukraine has led to a surge in prices across a wide range of energy-related commodities. Higher energy prices will lower real incomes, raise production costs, tighten financial conditions, and constrain macroeconomic policy especially in energy-importing countries.
Growth in advanced economies is projected to sharply decelerate from 5.1 percent in 2021 to 2.6 percent in 2022—1.2 percentage point below projections in January. Growth is expected to further moderate to 2.2 percent in 2023, largely reflecting the further unwinding of the fiscal and monetary policy support provided during the pandemic.
Among emerging market and developing economies, growth is also projected to fall from 6.6 percent in 2021 to 3.4 percent in 2022—well below the annual average of 4.8 percent over 2011-2019. The negative spillovers from the war will more than offset any near-term boost to some commodity exporters from higher energy prices. Forecasts for 2022 growth have been revised down in nearly 70 percent of EMDEs, including most commodity importing countries as well as four-fifths of low-income countries.
The report highlights the need for decisive global and national policy action to avert the worst consequences of the war in Ukraine for the global economy. This will involve global efforts to limit the harm to those affected by the war, to cushion the blow from surging oil and food prices, to speed up debt relief, and to expand vaccinations in low-income countries. It will also involve vigorous supply responses at the national level while keeping global commodity markets functioning well.
Policymakers, moreover, should refrain from distortionary policies such as price controls, subsidies, and export bans, which could worsen the recent increase in commodity prices. Against the challenging backdrop of higher inflation, weaker growth, tighter financial conditions, and limited fiscal policy space, governments will need to reprioritize spending toward targeted relief for vulnerable populations.
East Asia and Pacific: Growth is projected to decelerate to 4.4% in 2022 before increasing to 5.2% in 2023. For more, see regional overview.
Europe and Central Asia: The regional economy is expected to shrink by 2.9% in 2022 year before growing by 1.5% in 2023. For more, see regional overview.
Latin America and the Caribbean: Growth is projected to slow to 2.5% in 2022 and 1.9% in 2023. For more, see regional overview.
Middle East and North Africa: Growth is forecast to accelerate to 5.3% in 2022 before slowing to 3.6% in 2023. For more, see regional overview.
South Asia: Growth is projected to slow to 6.8% in 2022 and 5.8% in 2023. For more, see regional overview.
Sub-Saharan Africa: Growth is forecast to moderate to 3.7% in 2022 and rise to 3.8% in 2023. For more, see regional overview.
Source: World Bank.1. Headline aggregate growth rates are calculated using GDP weights at average 2010-19 prices and market exchange rates. The aggregate growth rates may differ from the previously published numbers that were calculated using GDP weights at average 2010 prices and market exchange rates. Data for Afghanistan and Lebanon are excluded. 2. GDP growth rates are on a fiscal year basis. Aggregates that include these countries are calculated using data compiled on a calendar year basis. Pakistan’s growth rates are based on GDP at factor cost. The column labeled 2022 refers to FY2021/22. 3. GDP growth rates are on a fiscal year basis. Aggregates that include these countries are calculated using data compiled on a calendar year basis. The column labeled 2022 refers to FY2022/23. 4. World growth rates are calculated using average 2010-19 purchasing power parity (PPP) weights, which attribute a greater share of global GDP to emerging market and developing economies (EMDEs) than market exchange rates. 5. World trade volume of goods and nonfactor services. 6. Oil price refers to the Brent crude oil benchmark. The non-energy index is the weighted average of 39 commodity prices (7 metals, 5 fertilizers, and 27 agricultural commodities). For additional details, please see https://www.worldbank.org/commodities. Note: e = estimate; f = forecast. World Bank forecasts are frequently updated based on new information. Consequently, projections presented here may differ from those contained in other World Bank documents, even if basic assessments of countries’ prospects do not differ at any given date. For the definition of EMDEs, commodity exporters, and commodity importers, please refer to table 1.2. EM7 includes Brazil, China, India, Indonesia, Mexico, the Russian Federation, and Turkey. The World Bank is currently not publishing economic output, income, or growth data for Turkmenistan and República Bolivariana de Venezuela owning to lack of reliable data of adequate quality. Turkmenistan and República Bolivariana de Venezuela are excluded from cross-country macroeconomic aggregates.
Underscoring Le Méridien Hotels & Resorts’ momentous 50th anniversary this year, the distinctly European-born brand is celebrating its mid-century modern legacy as it puts a spotlight on renovations that accentuate and elevate this timeless style using design as a foundation to encourage guests to linger longer and savour the good life as travel returns. With this resurgence, Le Méridien unlocks destinations around the world and encourages guests to slow down and grab a rosé during golden hour, enjoy a stroll with a gelato, reconnect in the hub or poolside, and enjoy the simple pleasures of life. Part of Marriott Bonvoy’s portfolio of 30 extraordinary hotel brands, Le Méridien boasts over 105 hotels and resorts in coveted destinations around the world, inviting creative-minded, culture seekers to explore the world in style.
“Le Méridien has stayed true to its roots and the rich legacy dating back to its origin in the 1960s. When we look at this revival, it’s not simply about renovations. It’s a nod to the past, but it’s also about recognising how we’ve adapted and evolved to meet ever-changing needs of today’s world traveller,” said Jennifer Connell, Global Brand Leader, Le Méridien Hotels & Resorts and Vice President, Distinctive Premium Brands, Marriott International. “Travel is back and with that, we want our guests to experience locations with a pace befitting leisure and relaxation while enjoying life’s simple pleasures in familiar, yet chic locales.”
Le Méridien Lav, Split
Today, the brand’s quintessential design embodies a refined, yet playful aesthetic inspired by the French Riviera and the effortless and relaxed charm of the Mediterranean. Every detail is brimming with a contemporary, sophisticated and glamorous style. Always chic and with an eye to culture, each hotel and resort within the portfolio looks to share a little-known dimension of the destination.
“The essence of Le Méridien is grounded in thoughtful, nuanced design – one that offers an interpretation of a destination with curated details that reflect a locale’s art, cuisine, and culture,” said Aliya Khan, Vice President of Design, Lifestyle Brands, Marriott International. “When reflecting on the brand’s distinct European spirit, we pay homage to design ideas that have the same impact they did fifty years ago to refresh our spaces. It is the relationship to these concepts and their evolution that allows the brand to morph and evolve its experiences.”
Le Méridien Ra Beach Hotel & Spa
Creative-minded travellers can jet set sans agenda to these reimagined properties:
Le Méridien Lav, Split: Located on the Dalmatian Coast, just a short drive from the centre of Split, the hotel offers spectacular views over the Adriatic coastline and nearby islands. Revealing an extensive renovation in April, the hotel’s redesign creates a modern, airy feel, while paying homage to the hotel’s heritage, featuring pops of blue, mixed with rattan textures and champagne tone metallic accents. Mid-century black and white photographs documenting everyday life in Split feature throughout the hotel, complementing the stylish ambiance.
Le Méridien Cyberport, Hong Kong: Expected to reopen in July, the chic, lifestyle hotel will be completely transformed with a mid-century modern aesthetic. Creating a distinct and uniquely transformative ambience, the hotel’s design will have an emphasis on local natural materials contrasted by darker, tactile design features that are a nod to the local culture. Set against the backdrop of the picturesque Pok Fu Lam Reservoir and Victoria Peak, the hotel will relaunch as a seaside destination that invites locals and travellers to discover and savour life in style.
Le Méridien Bangkok: Located in the Thai capital’s Silom commercial district, the hotel is slated to complete its full renovation this month. The redesigned rooms are infused with the essence of Thai culture swathed around furniture and features tailored to the lifestyles of today’s international travellers. Sheltered beneath chic cream canopies, the spacious rooms restore a sense of calm through muted tones, minimalist decoration and well-planned spaciousness. Additionally, the hotel’s food and beverage experience will receive upgrades including a new outdoor area in its lobby lounge, Latitude 13; a new bar for social gatherings called Tempo Bar, which takes its design cues from the rhythm of the Bangkok skyline and the traditional golden curves of the city’s grand temples; and a new restaurant specializing in Memphis barbeque.
Le Méridien Ra Beach Hotel & Spa: Originally built in 1929 and located in Tarragona, the property completed a full renovation in 2018 and was restored into a hotel with one of the largest spas in Spain. A sanctuary for wellness, it was built by the golden beach of San Salvador to capture the benefits of the sunny climate and the healing properties of the nutrient-rich sea. The natural landscape that surrounds the area is honoured both by the hotel’s luxurious outdoor spaces, but also unconventionally through a distinctive modern touch: IMMEXRa. A multi-sensory meeting room, this space revolutionizes the design of the traditional events to fuel the imagination. Creativity and innovation join together with a 360º projection and an adjustable aroma system to create immersive, tailor-made experiences that transform any event into a multi-sensory journey.
Le Méridien Ile Maurice: Beautifully positioned alongside the sandy beach Pointe aux Piments on the Northwest Coast of Mauritius, the beachfront resort’s new design, which was completed in April, is a nod to the island’s rich heritage showcasing multicultural local artwork and sensory experiences, creating a stimulating environment and a hotspot for art lovers and travellers from all continents in search of tropical inspiration. The timeless chic design draws inspiration from the brand’s roots in the glamorous halcyon days of travel and takes cues from the resorts surrounding tropical landscape. Modern and minimal guest rooms transition seamlessly from the outside in with touches of creams and blues complimenting locally themed fabrics and custom headboards reflective of the rustic materials sourced locally in Mauritius.
Looking ahead, the brand expects additional marque hotels such as Le Méridien New Orleans and Le Méridien Tampa, The Courthouse to complete renovations next year.
To uncover more about Le Méridien and reserve a stay, please visit www.lemeridien.com.
ATECA Hotels presented last week its vision for the development of Grand Chortoq Resort to the property’s owners – Mr. Bokhodir Abdurayimov and Mr. Sardar Vali – and other board of directors of Chartak Resort JV LLC.
Mr. Michel Noblet, Executive Chairman of ATECA Holding, said, “The signing of the management agreement for the first-of-its-kind Grand Chortoq Resort earlier this year marked a significant milestone for ATECA Hotels. Our vision for the Grand Chortoq Resort is inspired by its unique location, exceptional natural beauty and the remarkable healing powers of the mineral water. At the heart of everything we do is the well-being of our guests. Our ultimate aim is to enrich the lives of people through transformative experiences all day long. Through our efforts, innovation and creativity we want to deliver the best-in-class facilities and service converting every moment into a fascinating story.”
Ms. Hina Bakht, Vice Chairman of ATECA Holding stated, “While working for the Grand Chortoq Resort we have set out to challenge ourselves by surpassing our past achievements. We are exploring ways to bring the best ideas to life by pushing the boundaries of what’s possible. At this stage we are in the process of identifying our various construction, design and technology partners as well as outlining the diverse experiences. Our goal is to create an environment where guests can feel at ease with a sense of escape and timelessness. We believe, world-class design, seamless technology integration, elevated food and beverage concepts, premium amenities, cheerful social spaces, state-of-the-art wellness facilities, and unmatched entertainment will pioneer a new era for hospitality in the Central Asian region.”
Located on the banks of the picturesque Chartaksay river in the idyllic Chartak area of Namangan region in Fergana Valley in Uzbekistan, the Grand Chortoq Resort is a massive multi-purpose project spread over 60 hectares of land (large enough to accommodate 112 football fields), and is in advanced stages of development with the first phase of the resort scheduled to open by March 2023.
Drawing inspiration from its intriguing heritage and enchanting location, the Grand Chortoq Resort by ATECA will offer immersive experiences and holistic treatments delivered by specialists for complete mind, body and soul renewal. Guests will be transported to the most unique recovery and relaxation wonderland under the expert care of hand-picked leading therapists and medical experts.
Dubai Airports has issued a passenger advisory alerting travellers about Dubai International (DXB) getting exceptionally busy over the next two weeks as a result of schools breaking for summer and the Eid Al Adha holidays.
According to the operator, some 2.4 million passengers are expected to pass through DXB between June 24 and July 4, with average daily traffic reaching 214,000 passengers. July 2nd is expected to be the busiest day with daily traffic exceeding 235,000 passengers. Similar passenger numbers are anticipated at the airport over the Eid Al Adha weekend of July 8 and 9.
While Dubai Airports is working closely with airlines, control authorities, and commercial and service partners to ensure a smooth airport experience for passengers from kerb to boarding gates, the operator has urged travellers to follow a few simple tips to beat the holiday rush.
Be aware of the latest travel regulations for the destination you are travelling to and ensure that you have all the necessary documents with the required validity before reaching the airport.
For those travelling with families, children over the age of 12 can use Smart Gates to speed up the passport control process.
If you are flying out of Terminal 1, arrive at the airport no earlier than 3 hours before your departure. Use online check in wherever available to save time.
Those travelling from Terminal 3 can use Emirate’s convenient early and self-service check-in facilities.
Weighing luggage at home, checking documents in advance, and being prepared for security checks can save a lot of time at the airport.
Use Dubai Metro to get to and from the airport. Metro operating times are extended during Eid holidays.
Friends and families are advised to use the airport’s designated car parks or valet service to receive their guests in comfort as access to the arrivals forecourt in Terminal 3 is limited to public transport and other authorised vehicles.
Once at the airport, travellers can enjoy DXB’s a full range of facilities including restaurants, duty free shopping and lounges to relax before their flight.
DXB’s performance has been impressive in the first five months of 2022 despite the reduction in capacity resulting from the 45-day closure of the northern runway for the rehabilitation project. The airport clocked 13.6m in passenger traffic in the first quarter of 2022 and forecast for the year indicate that DXB will more than double its annual traffic from 29.1m in 2021 to 58.7m passengers this year.
In recent years, Commonwealth countries have committed to reducing the burden of these largely preventable and treatable diseases. In 2018, leaders pledged to halve malaria across the Commonwealth by 2023, to eliminate blinding trachoma by 2020, and to combat other mosquito-borne diseases.
Global gains against malaria & NTDs
Global efforts to fight malaria have yielded impressive results. An estimated 10.6 million malaria deaths and 1.7 billion malaria cases were averted from 2000 to 2020. Twenty-six countries reported fewer than 100 indigenous cases of malaria in 2020, up from just 6 countries in 2000. Since 2015, 9 countries have been certified as malaria-free by the WHO Director-General.
There has also been substantial progress in the fight against NTDs. Forty-six countries have eliminated at least one NTD and, between 2015 and 2019, more than 1 billion people were treated every year for one or more NTDs. In the period 2010 to 2020, the number of people requiring an NTD intervention was reduced by 600 million. Cases of African trypanosomiasis have fallen by 90% over the last 10 years, and only 15 cases of Guinea worm disease were reported in 2021 globally, compared to 3.5 million cases in the mid-1980s.
Progress remains off track
The global toll of malaria and NTDs remains staggering, however. In 2020 alone, an estimated 627 000 people died of malaria, and there were 241 million new cases of the disease. And despite reaching several important NTD milestones in many countries – including the elimination of transmission of dracunculiasis, onchocerciasis and yaws, and the elimination of human African trypanosomiasis, lymphatic filariasis, rabies and trachoma as public health problems – more than 1.7 billion people still required treatment and care for NTDs in 2020.
Progress towards the 2023 malaria target for Commonwealth countries, as well as the 2030 targets of the WHO global malaria strategy, remains off track. About half of the world’s population is still missing out on the services they need to prevent, detect and treat the disease. Similarly, the targets set out in WHO’s NTD road map for 2021–2030 also face severe risk due, in part, to disruptions caused by the COVID-19 pandemic.
Added challenges of COVID-19
During the COVID-19 pandemic, most malaria-endemic countries experienced moderate disruptions to malaria services, and some countries saw delays in the delivery of insecticide-treated net (ITN) campaigns. During the first year of the pandemic, disruptions to malaria services contributed to a marked increase in malaria cases (14 million) and to at least two thirds of the additional 69 000 deaths recorded in 2020 compared to 2019.
NTD programmes, especially community-based interventions such as preventive chemotherapy campaigns, were among the most severely and frequently affected across the spectrum of health services. The number of people receiving treatment for a neglected tropical disease fell by one third in 2020 due to health service disruptions caused by the pandemic.
What is needed to reach global targets
Speaking during a high-level session, alongside government leaders from Botswana, Ghana, Nigeria, Rwanda and Tanzania, the WHO Director-General, Dr Tedros Adhanom Ghebreyesus, highlighted the importance of strengthening primary health care as the foundation for universal health coverage and global health security.
“Investment in primary health care will help us to fight malaria and NTDs in a better way,” said Dr Tedros. “Primary health care is not just about institutions and facilities. It is about community empowerment and engagement, especially with the involvement of youth,” he added.
Increased domestic financing is critical, complemented by the engagement of new partners and donors, more international funding and the successful replenishment of the Global Fund.
Africa and Asia carry the highest burden of both malaria and NTDs and, as such, a continent-wide response will be required to galvanize political and societal commitment and facilitate greater regional coordination and cross-border collaboration between countries. Youth engagement and empowerment are also key to ensuring that the next generation of health practitioners and global health leaders is able to take the lead in ending long-standing disease burdens.
Science and innovation
Participants in the Kigali Summit also emphasized the need for innovative tools and strategies to tackle malaria and NTDs. Innovation is needed, for example, to stay ahead of emerging biological threats such as drug and insecticide resistance and to address the growing inequalities and barriers in access to health services.
Innovative tools should benefit as many people as possible. In October 2021, WHO recommended the broad use of the world’s first malaria vaccine. If introduced widely, the RTS,S vaccine could save tens of thousands of children’s lives every year. However, production capacity for the malaria vaccine currently falls far short of demand.
WHO welcomes today’s announcement from GSK that it plans to double production of the adjuvant used in the RTS,S vaccine. GSK also reaffirmed its commitment to supply albendazole until lymphatic filariasis and soil-transmitted helminthiasis are eliminated as public health problems, and announced that the donation of this medicine will be extended to a third NTD, cystic echinococcosis.
The Kigali Summit also saw a pledge from Novartis to invest US$ 100 million in R&D to combat several NTDs – including Chagas disease, leishmaniasis and dengue fever, in addition to cryptosporidiosis – and an additional US$ 150 million in next-generation antimalarials and in an optimized drug formulation for infants.
These commitments were complemented by pledges of US$ 1 billion from Pfizer to the International Trachoma Initiative and US$ 80 million from the Wellcome Trust for R&D in snakebite treatments and additional NTD research.
Renewed efforts and commitments are needed by Member States, partners and all stakeholders at the global and local levels to ensure that the vision embodied in the WHO global malaria strategy and NTD road map becomes a reality by 2030.
Emirates has taken off to Tel Aviv, marking the airline’s first passenger flight to Israel. Emirates flight EK931 departed with 335 passengers, including a VIP delegation and Israeli media onboard at 1220hrs local time.
Emirates executives onboard included: Adel Al Redha, Chief Operating Officer; Dr Abdulla Al Hashimi, Divisional Senior Vice President, Group Security; Adil Al Ghaith, Senior Vice President, Commercial Gulf, Middle East & Central Asia; Khalid Bel Jaflah, Divisional Vice President, Commercial UAE and Oman; David Broz, Vice President Aeropolitical and Industry Affairs; and Jeffrey Van Haeften, Vice President Cargo Global Sales and Commercial.
The new daily service will provide Israeli travellers convenient access to Dubai, with easy connections to popular holiday destinations like Australia, Philippines, the Maldives, Sri Lanka, Thailand and Vietnam. Emirates will also offer convenient access into Tel Aviv from diverse points across its network with multiple daily and weekly flights, many of which are home to thriving Jewish communities.
In addition to its latest destination, Tel Aviv, Emirates will also be restarting services to London Stansted, Rio de Janeiro, Buenos Aires and Christchurch this year.
The aircraft for today’s inaugural flight was Emirates’ popular Boeing 777 Gamechanger, featuring the world’s only fully-enclosed First Class private suites with virtual windows. Emirates will then operate its three-class Boeing 777-300ER on the route, featuring eight private suites in First Class, 42 lie flat seats in Business Class and over 300 spacious seats in Economy Class for the daily service.
Photo caption (from left to right) – David Broz, Vice President Aeropolitical and Industry Affairs; Ross Kriel, Director at Kosher Arabia; Waleed Al Naqbi, Senior Administrator – Coordination & Follow up, UAE Ministry of Economy; Ahmad Al Marri, Dubai Economy and Tourism, Head of Region – GCC & Mena International Operations; Khalid Bel Jaflah, Divisional Vice President, Commercial UAE and Oman; Adil Al Ghaith, Senior Vice President, Commercial Gulf, Middle East & Central Asia; His Excellency Amir Hayek, Israeli Ambassador to the UAE; His Excellency Abdulla Bin Touq Al Marri, UAE Minister of Economy; Adel Al Redha, Chief Operating Officer; His Excellency Mohamed Al Khaja, UAE Ambassador to Israel; Mohammad Mattar, Divisional Senior Vice President, Airport Services; Major Gen Ali Atiq Bin Lahej, General Director, General Department of Airport Security; Abdulhamied Seddiqi, Vice Chairman at Seddiqi Holding; Richard Mintz, Advisor to H.E. Yousef Al Otaiba, UAE Ambassador in Washington DC; and Sami Aqil Abdulla, Senior Vice President, Airport Services Outstation and Business Support.
ING Turkey renewed its Euro 300,000,000 equivalent sustainability-linked syndicated loan with a roll-over ratio of 100%.
Noting that the financial sector plays transformative role in creating a sustainable world, ING Turkey CEO Alper Gökgöz said: “We are pleased with the renewal of our Bank’s first ever ESG-linked syndicated loan, and believe the funds obtained with this transaction will contribute to both our customers and domestic economy. We will continue to support our customers to help them to stay a step ahead of local and global competition and to bring our international expertise and experience into our country.”
ING Turkey, part of ING Group which is a pioneer in the field of sustainability, fully renewed its Euro 300 million equivalent first ever sustainability-linked syndicated loan raised in 2021, with 100% roll-over ratio.
ING Bank N.V. and Emirates NBD Capital Limited acted as Sustainability Coordinators.
Emirates NBD Capital Limited acted as Sole Coordinator, Documentation Agent and Emirates NBD Bank PJSC as the Facility Agent to the Facilities, which have been oversubscribed with commitments of 22 banks from 10 countries. The proceeds of 367-day syndicated loan will be used for general trade finance purposes, and all-in pricing is SOFR + 2.75% for USD and Euribor + 2.10% for EUR. The deal has three sustainability-linked Key Performance Indicators (“KPIs”). Pricing of the syndicated loan will be improved in case KPIs regarding sustainable asset growth, sustainability training of total workforce and female manager employee levels are met.
Alper Gökgöz: We will continue to support our customers to make sure they are always a step ahead in local and global competition.
Commenting on the renewed syndicated loan transaction, ING Turkey CEO Alper Gökgöz said: “We believe financial sector should play an important and transformative role in the creation of a healthy and sustainable world. As ING Group, being a pioneer in sustainable banking, we want to be a banking leader in building a sustainable future for our company, our customers, society and the environment, and we as ING Group aim to grow new renewable energy financing by 50% by 2025 year end. In the meantime, as an institution that promotes diversity and inclusion as it is essential for delivering on our strategy, in order to stay a step ahead we are putting in place exemplary practices both within and outside our organization.” Gökgöz continued: “We are striving to meet our customers’ diverse needs with most suitable solutions, best facilities and opportunities, and believe that fundings provided in international field are important. Accordingly, we are particularly pleased with the renewal of this transaction, which we made last year as our bank’s first ever sustainability-linked syndicated loan, and believe the funds obtained with this transaction will contribute to both our customers and the domestic economy. We will continue to support our customers to help them to stay a step ahead of local and global competition and to bring our international expertise and experience into our country.”
After the successful launch of Safa One de GRISOGONO, DAMAC Properties announces the launch of its latest offering, Safa Two also in association with de GRISOGONO showcasing a continued exuberance of the first twin-tower project.
Situated opposite to Safa One, the new tower will have impressive views of Dubai Canal, Burj Al Arab and the Palm.
The blended 80+floor twin-tower Safa Two will boast exquisite designs based on the prowess of de GRISOGONO’s signature styles, with an underlying scarlet theme across the property. The architecture recollects a signature gem from founder Fawaz Gruosi’s collection, a highly sought-after 45.39 carat natural ruby ring ‘Virgin Scarlet’.
“Safa Two is exclusive in every right. From its unique design to its many fascinating features, this new project elevates luxury living to a new level. The theme scarlet is used to convey adventure and thrill across the property, reflected in these features that will surely appeal to those seeking a premium, contemporary and equipped community,” said Niall McLoughlin, Senior Vice President at DAMAC.
Designed as one, both towers will be interlinked at the base, middle and crown by unique defining features, including a ‘ruby heart’ at the centre, up high on the 60th floor that will feature a floating pool with stunning views of the Dubai skyline.
The building will be illuminated in the colour red on completion, and will feature luxury levels and super luxury levels at the higher floors. Building on the success of Safa One, “Where Nature meets Luxury” living, Safa Two will feature extensive green features across living units and public spaces.
This includes a one-of-a-kind ‘Fog Forest’ at the crown of the tower featuring lush landscape and a manmade fog, surrounded by laser icon shows, featuring F&B outlets and a majestic observation deck offering expansive views over the Dubai skyline.
For adrenaline seekers, an extravagant Glass Slide is planned at the top level of Safa Two that will take you from the Fog Forest to the Edge Walk. The narrow edge walk will spread across both towers at the crown of the project appealing to fitness enthusiasts and those looking for new and unique experiences.
In addition, there will be an artificial beach pool on the podium level surrounded by palm trees set in a tropical ambience, and a public elevated ‘glass pool’. A media screen is also in plans offering residents the chance to enjoy large-screen entertainment.
