Huge Titanic replica to open in China

Huge Titanic replica to open in China
The under-construction replica of the Titanic ship in Daying County in China's southwest Sichuan province. (AFP)
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Updated 14 May 2021

Huge Titanic replica to open in China

Huge Titanic replica to open in China
  • Six-year construction was longer than original Titanic build
  • Site features a replica of Southampton Port seen in James Cameron’s 1997 disaster epic

SUINING: The Titanic is being brought back from the deep, more than a century after its ill-fated maiden voyage, at a landlocked Chinese theme park where tourists can soon splash out for a night on a fullscale replica.
The project’s main backer was inspired to recreate the world’s most infamous cruise liner by the 1997 box office hit of the same name — once the world’s top-grossing film and wildly popular in China.
The original luxury vessel, the largest of its time and branded “unsinkable” by its owners, has become a byword for hubris ever since it plunged into the depths of the Atlantic in 1912 after striking an iceberg, leaving more than 1,500 people dead.
Investor Su Shaojun says he was motivated to finance the audacious, 260-meter-long (850-foot-long) duplicate to keep memories of the Titanic alive.
“I hope this ship will be here in 100 or 200 years,” Su said.
“We are building a museum for the Titanic.”
It has taken six years — longer than the construction of the original Titanic — plus 23,000 tons of steel, more than a hundred workers and a hefty one billion yuan ($153.5 million) price tag.
Everything from the dining room to the luxury cabins and even the door handles are styled on the original Titanic.
It forms the centerpiece of a Sichuan province theme park more than 1,000 kilometers (620 miles) from the sea.
The site features a replica of Southampton Port seen in James Cameron’s 1997 disaster epic, where Leonardo DiCaprio’s fictional character Jack swings on board after winning his ticket in a bet.
Tour buses play the film’s theme tune, Celine Dion’s “My Heart Will Go On,” on repeat.
It costs up to 2,000 yuan (around $150) to spend one night on the ship for the “five-star cruise service,” Su says, adding that with a functioning steam engine guests will feel that they are really at sea.
He was so excited by the challenge that he sold his energy industry assets, including a stake in several hydropower projects, to invest in the Titanic.
But even before opening, the replica has drawn plenty of controversy.
Online users have questioned whether the famous ship would attract tourists given the disaster that struck its real-life inspiration.
Others feared it would join other ambitious Chinese building projects that turned into white elephants — including a 2008 replica of the USS Enterprise, an American aircraft carrier, which cost over $18 million and was abandoned shortly after it opened.
But Su hopes as many as five million annual visitors will come to see his Titanic.
“This tourist volume should guarantee the return of our investment,” he added.
Project manager Xu Junnian said he felt it was important to preserve the vessel’s memory.
“The greatest significance of building this ship is to carry forward and inherit the great spirit of Titanic,” he said.
Aside from the enduring appeal of the Hollywood blockbuster, the Titanic has stolen headlines in China in recent weeks with the release of a new documentary called “The Six.”
The film tells the story of a group of Chinese travelers on board when the ship sinks, of whom six survived.
But the developers are hoping to rope in some bigger names to help draw visitors.
“We’d like to invite Jack, Rose and James Cameron to the inauguration ceremony,” Su said.


Beirut is the world’s third most expensive city for expats

Beirut is the world’s third most expensive city for expats
Updated 22 June 2021

Beirut is the world’s third most expensive city for expats

Beirut is the world’s third most expensive city for expats
  • Living in the Lebanese capital as an expat has now become more expensive than living in Tokyo, Zurich, or Shanghai

DUBAI: Beirut has become the most expensive city for expats in the Middle East and North Africa region, and the third globally, based on the latest “Cost of Living” survey by consultancy Mercer.
Jumping 42 places in global rankings, Beirut has been at the center of Lebanon’s economic and political collapse, aggravated by the COVID-19 pandemic and the port explosion last year.
Living in the Lebanese capital as an expat has now become more expensive than living in Tokyo, Zurich, or Shanghai. Turkmenistan’s Ashgabat ranked first, in the list of most expensive cities for expatriates, followed by Hong Kong.
Mercer comes up with the annual list by comparing the cost of more than 200 items in each city, including housing, transportation, food, clothing, household goods and entertainment.
Riyadh has become the most expensive city in the Gulf at 29th globally. Jeddah ranked 94th, the report showed.
Dubai dropped to 42nd in the list, down from 23rd last year, and Abu Dhabi ranked 56th from 39th a year earlier.
Other cities in the Gulf also became more affordable this year, the report revealed, with Bahrain dropping to 71st from 52nd, while Muscat fell to 108th from 96th. Kuwait City dropped two places to 115th and Qatar at 21 places to 130th.


Dubai government agency first to approve job titles for remote work

Dubai government agency first to approve job titles for remote work
Updated 22 June 2021

Dubai government agency first to approve job titles for remote work

Dubai government agency first to approve job titles for remote work
  • Remote work can now be done under normal circumstances, the department said

DUBAI: Dubai Municipality has become the first government agency in the UAE to approve job titles for remote work, state news agency WAM has reported.
Remote work can now be done under normal circumstances, the department said, parallel to its other work setups such as its shifting system.
The move comes as the COVID-19 pandemic has made private, and even public, workplaces rethink ways to continue their operations despite the crisis.
Workplace innovation is not new to Dubai Municipality, as it pioneered flexible work systems for government departments in the UAE in 2007.
The pandemic has also made the municipality accelerate its smart transformation, to make the remote work system effective.


Mubadala-owned GlobalFoundries invests $6bn amid worldwide chip shortage

Mubadala-owned GlobalFoundries invests $6bn amid worldwide chip shortage
Updated 22 June 2021

Mubadala-owned GlobalFoundries invests $6bn amid worldwide chip shortage

Mubadala-owned GlobalFoundries invests $6bn amid worldwide chip shortage
  • Tuesday’s expansion is in addition to the company’s previously announced plan to invest $1.4 billion in 2021 alone to expand its manufacturing capacity

SINGAPORE: Chipmaker GlobalFoundries said on Tuesday it will spend $6 billion to expand capacity at its factories in Singapore, Germany and the United States amid a chip shortage that is hurting automakers and electronics firms globally.
The US-based company, owned by Abu Dhabi’s state-owned fund Mubadala, said it will invest more than $4 billion in Singapore, and $1 billion each in the others over the next two years. The unlisted company’s Singapore operations contribute about a third of its revenue.
“I think the next five to eight years, we’re going to be chasing supply not demand as an industry,” GlobalFoundries CEO Thomas Caulfield told a media briefing. He added that the company was prioritising automotive customers.
Tuesday’s expansion is in addition to the company’s previously announced plan to invest $1.4 billion in 2021 alone to expand its manufacturing capacity.
The chip shortage, which began in earnest in late December, was caused in part by automakers miscalculating demand for semiconductors in the pandemic. It was aggravated by electronics manufacturers placing more chip orders as work-from-home practices fueled a surge in sales of computers and other devices.
Large chipmakers including Intel Corp. have warned that the shortage will last well into next year. Intel announced in March a $20 billion plan to expand its advanced chip making capacity, while Taiwan’s TSMC said in April it will invest $100 billion over the next three years.
As well, governments, including those of the United States and Japan, have intervened to urge faster supplies. Earlier this month, the United States approved $54 billion in funds to increase US production and research into semiconductors and telecom equipment.
Caulfield said funding for GlobalFoundries’ expansion plan included investments from governments and pre-payments from customers.
The $4 billion investment in Singapore is the first of a phased expansion program planned by the company for the next five to 10 years, the CEO said. He did not specify a total amount.
The new Singapore fab will add capacity of 450,000 wafers per year, taking the campus’s total to 1.5 million, and the company expects to begin production in early 2023. Most of the added production will come online by end 2023.
The factory will make chips for cars and 5G technology, with long-term customer agreements already in place. It will add about 1,000 jobs in Singapore.


Sudan to abolish official customs dollar exchange rate

Sudan to abolish official customs dollar exchange rate
Updated 22 June 2021

Sudan to abolish official customs dollar exchange rate

Sudan to abolish official customs dollar exchange rate
  • The customs dollar exchange rate has been problematic for importers historically as it has valued the local currency at a higher rate

RIYADH: Sudan has taken the decision to abolish the official customs dollar exchange rate, Asharq Business reported, citing unnamed sources.
Sudan’s Finance Minister Jibril Ibrahim earlier pledged that the government was committed to canceling the so-called customs exchange rate used to determine import duties. It comes amid ongoing fiscal reforms that have been encouraged by the International Monetary Fund and other donors.
The customs dollar exchange rate has been problematic for importers historically as it has valued the local currency at a higher rate than reflected by the black market.
Ibrahim said the government would press ahead with its liberalization program until the country’s economy recovered from previous distortions.
He also said that the subsidy for wheat, cooking gas and fuel oil that is used in the production of electricity will not be canceled this year.
Devaluing the currency is one of a number of economic reforms that Sudan hopes will help it emerge from an enduring economic crisis.

 


Abu Dhabi creates tourism company to promote the emirate

Abu Dhabi creates tourism company to promote the emirate
Updated 22 June 2021

Abu Dhabi creates tourism company to promote the emirate

Abu Dhabi creates tourism company to promote the emirate
  • Tourism 365 will support ADNEC’s broader rule to position Abu Dhabi as a key tourist destination in the region

DUBAI: The Abu Dhabi National Exhibitions Company (ADNEC) has launched a new company to develop the UAE capital’s tourism sector, state news agency WAM has reported.
Tourism 365 will support ADNEC’s broader rule to position Abu Dhabi as a key tourist destination in the region.
It will work with big industry players in Abu Dhabi and the UAE’s tourism scene, including the emirate’s Department of Culture and Tourism, as well as private firms locally and abroad.
The new company aims to increase leisure visitors in the emirate, and ultimately enhance guest experiences.
While Dubai has long been the UAE's dominant tourism market, other emirates within the country are raising their profile and positioning themselves in slightly different segments. Ras Al Khaimah, the UAE's northernmost emirate is also heavily investing in the sector and targeting outdoor adventure-seekers while Abu Dhabi has in the recent past focused on its cultural offering.
“Over the coming months, Tourism 365 will collaborate closely with other tourism-focused entities, helping to collectively grow the future of the tourism sector,” its executive director, Roula Jouny, said.
“Our subsidiaries will bolster the wider tourism offerings of not just Abu Dhabi, but the UAE as a whole, increasing visitor numbers and promoting the nation’s tourism assets across the globe,” she added.
It comes as the UAE gradually eases travel restrictions for both incoming and outgoing travelers