00:00I think the fairs are very expensive in Europe to Asia, right? They're very expensive, right? Unsustainable, unsustainable. So they're
00:08going to go back to normality, right? But that's not discounting. You see what I mean? They were leaving two,
00:12three months of unreal fairs. And what do you have to understand the funding? We were very efficient in the
00:21Middle East. Very efficient. My personal cost to revenue is 15 percent. Yep. Emirates about 15, 16.
00:28Right? We have a 10-point advantage at least to European carriers. I bet you our competition in Europe, their
00:38people cost, personal cost to revenue is about 25, 27 percent. I have a 10-point advantage. And we give
00:44that back in product first and in fairs. So that's why we can compete. What you're painting a picture of,
00:51though, is still a booming global economy. Is that what you're seeing? Of course. Of course. I mean, Abu Dhabi.
00:57But not of course. Are Europe slowing down the
00:58The signs the US is slowing down. But travel is not. Travel is not. I mean, and think about Southeast
01:05Asia, right? Think about the Europeans are going to keep traveling for holidays. Yep. Right? I mean, if you go
01:11to Southeast Asia, there's amazing value proposition for Europeans. Yep.
01:15I have six flights a day to Bangkok. Yep. I have six flights a day to Bangkok. Yep. So Europeans
01:22are going to keep traveling, right? I understand the economy may slow down a little bit here and there. The
01:26exchange rate right now, the euro is not as strong as it was a couple of weeks before.
01:31But in the end, people are traveling a lot, right? And we see that. And the region is growing. So
01:38Abu Dhabi is growing 7.7 percent of its population every single year. Yep.
01:42So if a region is growing 5 percent GDP, aviation is going to go 10 percent. So and we're going
01:4820 percent. But India, these are the kind of places that are going to be the driver.
01:53For sure. For sure. And Middle East. Yeah. And Middle East. And Middle East. And Middle East.
01:55Do you think the Middle East remains? Like, are people going to pick the Middle East as a holiday destination?
01:59For sure. Has that changed, that narrative changed? But we have, I will talk about that. But we also have
02:05local demand.
02:05Yep. And Middle Easterns, they fly out. Yep. They go to Europe. They go to Southeast Asia, right? If you
02:11go on my flight to Bangkok, it's Emiratis all over.
02:14Right? So it's not only that Europeans are the ones flying. The Middle Easterns, they also fly. But talking about
02:21the
02:22impact on tourism in the region, I think it's game over. It's not going to happen.
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