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Quest Means Business
Major Averages Sink as Wall Street Braces for Rate Hikes; No Breakthrough after U.S.-Russia Meeting on Ukraine; Expo 2020 Dubai Adds to Rich Legacy of World's Fairs; Djokovic Vows To Play In Australia Open After Legal Victory; Rolls-Royce Redesigns Ghost Sedan For Younger Clientele; Travel To Dubai During COVID-19. Aired 3-4p ET
Aired January 10, 2022 - 15:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
RICHARD QUEST, CNN BUSINESS ANCHOR: A sour mood from investors on this Monday as fears of future rate hikes in the United States bite, things are
looking grim. We are off the lows of the day, but we're still seeing the Dow, the NASDAQ and the S&P 500 all in the red, off their lows, but it's
pretty nasty out there.
The markets and the main reasons and events of the day. Crucially prepared to say goodbye to cheap money. Goldman Sachs is telling clients, the Fed is
likely to raise rates four times this year, one more than we previously thought.
It's a humbling challenge ahead of the Dubai World Expo explained to me, what it was like running the event in the face of a global pandemic.
And I speak to the CEO of Dubai airports on creating the welcoming experience for travelers during COVID and the future for the mega hub.
Good evening to you, we are alive tonight, as indeed we will be all this week from Expo 2020 in Dubai. It's Monday, it's January the 10th. I'm
Richard Quest and I mean business.
A very good evening to you from Expo 2020. All this week, I will be hosting quest means business from here in Dubai from Expo. Now to put that in
perspective, it is just after midnight here in Dubai, so things are much quieter now than they would be earlier in the day.
But as you can see, it is still a beautiful sight, Expo 2020, and we will be covering it in all its glory. That's where we are. Well, that's the
booth and our studio here at Expo.
Some 25 million visitors are expected to pass through these grounds. They are here to see the latest and the best, and the most, I would say original
ideas from countries, businesses, innovators, and the goal is always the same thing: How can this world come together?
You may wonder -- it is a wonder that I'm standing here at all, bearing in mind this Expo didn't almost happen after COVID forced organizers to push
back their plans by a full year.
So we are here. We're here all this week, and on the show tonight, I'll be speaking to two of the people who are responsible for making sure that
everything did happen. The CEO of Dubai Airports, he is Paul Griffiths. So he runs the airports where everybody who is coming here arrives, and then
the UAE Minister in charge of Expo 2020 Dubai, Reem Al Hashimi who told me about the challenges and we met her before, now she told me about the
challenges of organizing an event like this during a pandemic.
(BEGIN VIDEO CLIP)
REEM AL HASHIMI, UAE MINISTER IN CHARGE, EXPO 2020 DUBAI: In the middle of this pandemic, to have nine million people come through, nine million
visits in a country that is only 10 million residents and national strong is remarkable.
(END VIDEO CLIP)
QUEST: And the remarkable nature of the whole event will be with us as we move through the program.
Before we get to Expo and the excellence that is here, let us talk about the U.S. markets.
Now, the Dow at one point was off nearly 600 points, and Wall Street is preparing for higher rates. You can see the chart, the morning was the
worst and that is because the morning is when the market was digesting Goldman Sachs predicting the Fed will raise rates four times this year.
There had been the prospect of three rate rises. We saw that from the dot plot from the last Fed F.O.M.C.
And you see although I think what is interesting here is the actual losses at the end or in the last hour are relatively small, three quarters point,
a half a point here and there, but it's cumulative.
The NASDAQ has been down almost two percent today, and it has fallen more than five percent so far this year, and it is only January the 10th.
The tech heavy index is now into a correction since its high points, it is below 10 percent from its intraday high, and you've got to go back to
November before it clawed back its losses this afternoon.
The 10-year Treasury was north of 1.8 percent this morning, remember higher rates push the yields up, the price goes down the five and the three-year
yields are up, too.
Matt Egan is with us now. Today was ugly in the market, Matt. And yet -- and yet -- and yet it still did not feel like capitulation.
MATT EGAN, CNN REPORTER: Well, that's right, Richard, because the markets are, as you mentioned, they are ending way off the worst levels of the day,
at least, that's where it appears to be ending.
Markets have more than cut in half their losses, but this has also been cumulative, as you mentioned, another down day, but the NASDAQ has already
suffered its worst start to the year through five trading days since 2016.
And, you know, I think the question is what has changed and I think that one of the biggest drivers of the market boom during COVID, has been the
fact that Treasury yields have been ultra, ultra-low. I mean, that has essentially forced investors to bet on stocks, including ones with high
market valuations like technologies.
And yet we've seen that situation unravel. The 10-year Treasury hitting 1.8 percent this morning, that's not high, historically, even go back to 2018
and it was about twice as high.
But it is a big move from where we were at the end of the year. The 10-year was up 1.5 percent, so we're starting to see -- we're continuing to see
this opposite reaction where people -- investors are coming out of the high valuation names, Richard, because of the fact that Treasury yields have
come up so quickly.
QUEST: Does this continue? Do we see salami slicing ongoing until we get visibility on rates?
EGAN: Yes, I think it's a good question because it is sort of a self- correcting situation, because when the 10-year hit 1.8 percent, we saw U.S. markets hitting session lows, markets have rebounded and the 10-year yield
has come back. So there is a little bit of a push and pull there.
I think a lot of this is going to be determined by inflation. We get those inflation numbers on Wednesday, expect it to be another multi-decade high
in terms of consumer price gains in the United States. And how aggressively does the Federal Reserve respond here? Does it hike the rate -- three rate
hikes like had been anticipated? Is it the four times that Goldman Sachs is saying? Is it more than that? And also, when do they start to shrink the
balance sheet we've seen the last time around, how that can have a big impact on the market.
So the question is, what does inflation do? And how aggressively does the Fed respond to inflation?
QUEST: Matt Egan, we will watch closely and now we can seem, the NASDAQ is off one percent. We have one hour to trade. In many ways, this is obviously
the dodgy hour, if you will, when things can take a turn to one way or the other.
Matt Egan, thank you. Other business -- other news, I should say, the United States and Russia have wrapped up crucial security talks over
tensions with Ukraine, and there is no breakthrough to announce.
Washington says it urged Moscow to ease tensions in the region after amassing 100,000 troops near Ukraine's border. Russia said it wasn't
planning to attack its neighbor. But it did demand security guarantees from the west.
(BEGIN VIDEO CLIP)
SERGEY RYABKOV, RUSSIAN DEPUTY FOREIGN MINISTER (through translator): We explained why obtaining legal guarantees of non-expansion of NATO is an
absolute imperative for us, why we absolutely have to obtain legal guarantees of non-deployment of stroke weapons at the Russian borders that
can hit targets on our territory.
(END VIDEO CLIP)
QUEST: CNN's Alex Marquardt is with me now from Geneva, where Monday's talks were held. We're at Deputy Minister level here, and the positions of
both sides were well known. So, where does a potential breakthrough come from?
ALEX MARQUARDT, CNN SENIOR NATIONAL SECURITY CORRESPONDENT: Well, it comes from more discussions, Richard. You're absolutely right that essentially
these two sides were talking past each other today, neither walked away with any sort of victory.
The Russians did not get any sort of assurance and they probably won't from the U.S. side that Ukraine will never join NATO. The U.S. has said that
they will not discuss that without NATO and Ukraine in the room and that is not up to Russia to dictate that kind of thing.
The U.S. for its part did not get any sort of assurance that Russia will de-escalate. The Russian Deputy Minister -- Foreign Minister did say that
Russia does not plan to invade Ukraine, but the Americans said that de- escalation in their minds is those 100,000 troops who are along that border, going back to their barracks, and more of an explanation from the
Russian side as to what those troops are up to.
Now, on the positive side of the ledger, Richard, there are some areas where the Russians and the Americans are eager to talk. That is, that
includes exercises by both Russia and NATO, more transparency around the scale and scope of those military exercises, more communication.
And then on the subject of missiles and missile placement, both in Ukraine, where Russia fears offensive missiles will be placed, and in the rest of
Europe. Richard, you'll remember that the INF Treaty no longer exists between the U.S. and Russia. Russia repeatedly violated it. The Trump
administration pulled out of it.
Russia and the U.S. are both willing and desire to talk about missile placement in Europe. So those discussions will continue. But Russia does
not want to talk indefinitely.
And so hopefully, throughout the course of the week, there will be more discussions on those subjects and others with NATO in Brussels and with the
OSCE in Vienna. But it remains to be seen, Richard, whether Russia is actually taking these diplomatic talks seriously, or whether their failure
or if they say there is a failure that would then lead to military action against Ukraine -- Richard.
QUEST: Alex Marquardt in Geneva. Thank you, sir.
And so, we are here all this week in Dubai for Expo 2020. Delighted to be here and after the break, we're going to interview -- we are going to meet
the Managing Director. We're in the Garden in the Sky when we met. Reem Al Hashimi tells me how she has weathered the challenges of the last two
(BEGIN VIDEO CLIP)
AL HASHIMI: I think with COVID, one has to be really humble, Richard. You can't get ahead of yourself, you need to just keep following it day by day,
learning more and more about it, consulting with the experts, and not taking anything for granted, not least the incredible experience that this
(END VIDEO CLIP)
QUEST: There you have it. Wonderful to be here in Dubai, actually particularly wonderful to be here in January, where the difference from New
York, of course is quite noticeable. Nice and balmy weather.
World Expos like this one have been taking place for more than 170 years. They have been called the Greatest Show on Earth, a preview of the latest
technology and ideas.
These events have changed the world, and crucially, the cities that held them.
I'm in Dubai, the Expo 2020 and I've been to the sites of a few others.
QUEST (voice over): The First World Expo was designed to dazzle visitors with the wonders of industry from around the world. Held in London in 1851,
The Great Exhibition welcomed more than six million people, introducing them to all the latest technology, everything from printing presses to
It's that very goal that remains at the heart of these events.
(on camera): So much technology comes from an Expo. Take the one that was held here at what is now the Natural History Museum in London. It was in
(voice over): On display at that event, submarine cables, the electric telegraph, the forerunner to the refrigerator, and one of the world's
It's not only technology though, the events celebrate bold developments in design and architecture.
The Paris Eiffel Tower was meant to be a temporary addition for the 1889 Exposition Universelle. Now of course, it's the heart of the city skyline.
(on camera): World's Fairs and expos leave landmarks around the world. Quite literally, in the case of New York, the Unisphere is leftover from
the 1964 World's Fair. There was another one in the city in 1939.
As for this extraordinary monument, I've lived in the city for years, and I've seen it going to and from airports, but I've never been up close.
(voice over): A Great Exhibition is meant to capture the public imagination, educating, also bringing a level of excitement to the city.
And of course, a little bit of fun.
ANNOUNCER (voice over): Here literally is The Greatest Show on Earth. This year bigger and better than ever.
QUEST (on camera): The New York State Pavilion had two observation towers back in 1964. They became famous in their own right, and then fell into
disrepair, but are now being restored.
(voice over): Of course, they've also become famous in movies.
K, FICTIONAL CHARACTER, "MEN IN BLACK": We agreed that we conceal all the evidence of their landing.
J, FICTIONAL CHARACTER, "MEN IN BLACK": So these are real flying saucers and the World's Fair was just a cover up for their landing.
K: Why else did we hold it in Queens?
QUEST (on camera): Now it is the turn of Dubai, an expo meant to start in 2020, started a year late, kept the original name and is designed to be in
touch with the times once again, showing us perhaps the way forward.
QUEST: So plenty there from the various World's Fairs to Grand Expos and the Dubai one didn't almost -- it almost didn't happen. Besides the
pandemic delay, there were also logistical challenges to building right here in the desert.
I met its top official, Reem Al Hashimi back in 2018. All that you see behind me was just starting to be built, and it was just a pile of sand,
AL HASHIMI: So this is smack the middle of the site as you exit the metro.
AL HASHIMI: You'll be walking towards the center. That's where we're going to have our dome and that is where we're going to have the three main
You either take a left towards opportunity, straight ahead for sustainability, or take a right to mobility.
(END VIDEO CLIP)
QUEST: Well, this is how that same site looks today less than four years later. It is a village, it is an entire city and it is the view you're
looking at there from the Garden in the Sky, which offers a panorama of what Reem Al Hashimi has called the City of the Future.
That is where she and I met for a follow-up interview today.
AL HASHIMI: I think we delivered on what we committed to doing and we were able to, alongside 192 nations really bring the world together at a very
QUEST: In that sense, it is even more important, isn't it, because what could have been just a big fair and a big whatever, became something much
AL HASHIMI: There is definitely a symbol of human solidarity, of connecting with one another at a difficult moment, but also recognizing
that only through collaboration, through a strong connection, through the sharing of best practice, of knowledge, of information, can we actually
overcome some of these global challenges?
QUEST: There must be a natural disappointment that the numbers of people will not be what they could have been.
AL HASHIMI: Actually, no, no, no. I think, three months in, in the middle of this pandemic, to have nine million -- nine million people come through,
nine million visits in a country that's only 10 million resident and national strong is remarkable.
Now, we're still gearing towards better targets, stronger targets, more meaningful experiences for people, but this is exciting and it is also
special for those who come through.
QUEST: It's magnificent. Absolutely. What are you going to do with it all when it's finished? I mean, well, Dubai is over there and the airport is
over there. What are you going to do with it when it is all finished?
AL HASHIMI: And Abu Dhabi is over there. So, this is a natural, little sister, if you will, of both Dubai and Abu Dhabi. It's very strongly tech
enabled, 5G tech, incredible infrastructure.
Everything that we've built will stay. We have several country pavilions that will also stay. We have the conference and exhibition over there, and
you've got the Dubai Metro coming all the way through.
So really, a hub for new tech, a hub for new innovation, and plans are already in place to roll this one out after 80 days when we close.
QUEST: Did you ever doubt it would open?
AL HASHIMI: The pandemic hit everybody pretty strongly. When we had to delay for a year, I think it was an important moment for all of us. When I
say us, I really mean the international community, but also the government of the UAE. How do we be responsible hosts? How do you bring the whole
world together when you're still in the middle of this?
I think there is a -- you know, there's agility, there's clarity of vision. There is a science based approach. I think with COVID, one has to be really
humble, Richard. You can't get ahead of yourself, you need to just keep following it day by day, learning more and more about it, consulting with
the experts, and not taking anything for granted, not least the incredible experience that this place offers.
QUEST: Let me ask you, what did you learn about yourself? Because when we met last time, I asked you --
AL HASHIMI: Yes.
QUEST: I asked you --
AL HASHIMI: I remember.
QUEST: Yes. Now, with COVID and having to delay and the crisis, what do you think you've -- did you change? What did you learn about yourself and
your abilities and your strengths and your weaknesses?
AL HASHIMI: I think we've all grown, all of us. I mean, my team, for sure. I am one of them, and I think perspective, just really get a strong sense
of perspective of resilience. You know, some of us can handle the pressure, some of us can't and that's not bad or good. It's just the way our
constitution is made up.
I think from my standpoint, certainly my team's standpoint, this was a journey where we learned almost more about ourselves than about the actual
event and the responsibility of hosting.
QUEST: Did you surprise yourself?
AL HASHIMI: Yes. There are many moments where I thought this is really difficult, then pick yourself up, and you rely on your team and you rely on
your leadership who have always been with us every step of the way.
I think their conviction in us -- you know what, Richard? The visitors that come through, they give us strength. They come in, they're excited. They
are exploring. They're having a great time and they're responsible. And I think that we've derived a lot of strength from as well as a team.
QUEST: You managed to pull this off, all of you, the team.
AL HASHIMI: We. We managed. Team UAE.
QUEST: So what would you do, next?
AL HASHIMI: I will take a nice break, and I will continue to serve my nation and my government and my family. I come from a line of service men
and women who just enjoy being in the service of others. So I will continue to do that.
I've built incredible relationships with countries that are here. I'd love to go visit some of them for real and actually explore and learn more. I
hope I continue to grow and continue to bring value to us, as Emiratis, and as the UAE, but also to what multilateralism means and what international
Frankly, I can't think that far.
QUEST: I think I also asked you whether you had sleepless nights whether or not this was --
AL HASHIMI: Yes, I still have sleepless nights.
QUEST: You do?
AL HASHIMI: I still have many, many, many sleepless nights.
QUEST: Why? It is done.
AL HASHIMI: It is not done yet. Eighty more days. Interview me after it's over. But, look, again, we don't take anything for granted. We're humble at
the face of what may still come and we honor every moment of having the privilege of being a host.
QUEST: Her Excellency talking to me at the Garden in the Sky, which was revolving of course, as we were talking, giving us that magnificent 360-
degree view of the city.
Now Dubai Expo is helping drive tourism here in the UAE with nine million people who have visited since it opened three months ago, even as other
countries struggle to draw tourists.
The Chief Executive of Trivago Axel Hefer ever told me Dubai has been an attractive destination during the pandemic.
(BEGIN VIDEO CLIP)
AXEL HEFER, CHIEF EXECUTIVE, TRIVAGO: I mean, what is currently driving the travel trend is more the expectation whether you will have any troubles
in getting to the destination and coming back. And I guess, Dubai has managed that quite well in the last one and a half years and is therefore
considered a safer place to go to and to offer a safe return.
(END VIDEO CLIP)
QUEST: The Chief Executive of Dubai Airports, Paul Griffiths is here with me. And it is excellent to be here with you. Because I mean, just to be it
-- we've talked over the crisis via Zoom or WebEx, but now to actually be able to meet, it's good to see you, sir.
PAUL GRIFFITHS, CHIEF EXECUTIVE, DUBAI AIRPORTS: Good to be here, Richard.
QUEST: So tell me when we look at Dubai, and the way in which you are now facing the next stage in this crisis, what is it?
GRIFFITHS: Well, the next stage, I think, is to be ready for recovery, because I think the pessimism of the uncertainty that we've been facing has
to give way to the opportunistic, and optimism of recovery that we're going to follow, and the good thing is, we never really shut anything down.
We put things into hibernation, but we maintained a full state of readiness in order to be able to springboard back into the real world when traffic
starts to recover. And we've seen that, we've seen 40 percent growth over a six-week period just before the Christmas peak, and we are now at about 111
percent of pre-COVID levels, in terms of arriving and departing passengers from --
QUEST: So, you've got more people now than before than in 2019?
GRIFFITHS: That's correct. On a point to point basis, visitors to Dubai through the airport at 111 percent of what they were pre-COVID.
QUEST: And that shift -- O&D as opposed to six feet and where it is a way of you're going through the Dubai hub. Do you expect that to hold? Do you
expect that the numbers will maintain?
GRIFFITHS: Well, the good thing is you see, having built confidence in Dubai as a destination, the multiplier effects of the origin and
destination traffic to the economy is hugely valuable, but now what's happened because of that attractiveness, when the transfer markets come
back, we will be in an incredibly strong position to resume our preeminence with the sixth freedom as well as this point to point market.
QUEST: Okay, so the big problem, of course is, when will it come back? Now, you close the Dubai World. When would you expect that to reopen if in
the short term, and again, the new airport coming on stream when?
GRIFFITHS: Well, a couple of things. First of all, we only closed DWC because at the time now, we are able to accommodate all the traffic from
DWC at DXP, temporarily. But once the DXP fills up again, DWC will open and we will populate it fully again and continue our growth trajectory.
QUEST: So what's the plan? I mean, within the region, there are many airports and of course, Hamad up at Doha who has done an extremely good job
in what they've built there. It's always a case of what each place does next.
So what will you do next? Because the terminals that you've got, they are beautiful, but that they will start to age and they will need to be
GRIFFITHS: Compared to other airports around the world, we've got some of the youngest terminals.
Remember, Concourse only opened in 2013. And Terminal 3, which is over a million square meters of airport terminal opened in 2008. So still
relatively young, and we're constantly refreshing and refurbishing.
We've got two major projects we are putting together over the course of the next 12 months.
QUEST: We talk about what you need as an airport operator from regulators now. What is it? You've been fairly outspoken in the past at the way in
which they have failed to have a common policy. What do you now need?
GRIFFITHS: Well, I think the thing is, once the testing regime becomes history, which I think it will do shortly, what we believe is going to
happen is there will be a very strong recovery. And we need governments to stop interfering with the common sense health regulations that are now
emerging in the wake of the response to the latest strains of the virus.
I think the thing is, we've got to get to live with it. And we've got to be able to travel as part of that normalization of the approach to the virus
in the future. That's when people get their lives back. That's when they'll become mobile again.
QUEST: And we are -- you know, you've now you and I have known each other a year or two. It is just good to be able to be here and talk to you.
GRIFFITHS: Well, we're living the dream of what travel should be enabling around the world.
QUEST: Thank you very much. Good to see you. And it is worth mentioning, as we continue, everybody who was here of course, has been PCR tested as
indeed it seems to be a pandemic of PCR testing taking place in Dubai. Hence we are able to meet in relatively close quarters.
Advantage, Djokovic, the top men's tennis player in the world scores and legal victory in Australia. He could still get kicked out of the country
before the Grand Slam tournament begins. We'll explain.
QUEST: Welcome back to Expo 2020. QUEST MEANS BUSINESs tonight coming from World Expo. The world's top men's tennis player is free from immigration
detention in Australia and could stay to defend his Grand Slam title. Novak Djokovic tweeted today, I'm pleased and grateful that the judge overturned
my visa cancellation.
Despite all that has happened I want to stay and try to compete at the Australian Open. The drama today of course began when your committee was
denied entry after officials rejected his COVID vaccine exemption. His brother said he did nothing wrong.
(BEGIN VIDEO CLIP)
DJORDIE DJOKOVIC, NOVAK DJOKOVIC'S BROTHER (through translator): He came to Australia with the best intentions. With all the documentation that was
required of him. He was given medical exemption. Everything was in order and we finally -- we finally learned this today that the Novak did nothing
wrong. This is first and foremost a celebration of Novak's victory.
(END VIDEO CLIP)
QUEST: Now the Australian Government still says it could send Djokovic home despite the ruling. CNN's Paula Hancocks is in Melbourne.
Paula, the issue -- the issue is one of whether we know yet if Australia is going to somehow try to do a round circle of the judge's decision.
PAULA HANCOCKS, CNN INTERNATIONAL CORRESPONDENT: Exactly, Richard. At 7:30 in the morning, Tuesday here and so we may hear something from the
immigration ministry in the coming hours already they have announced on Monday evening that the minister reserves the right to be able to use his
power in order to cancel the visa himself. We don't know if that's going to happen but that's certainly something that is going to be weighing on Novak
But he is a free man at the moment. He has already been back on the tennis court on Monday, showing that he is pushing forward and looking ahead to
the Australian Open.
HANCOCKS (voice over): One weekend from the Australian Open advantage Novak Djokovic, a winner in the Australian Federal Circuit Court Monday could
allow the defending Grand Slam champion to play in the tournament. His appeal to have his visa cancellation quashed has been successful. Within
the words of presiding judge, Anthony Kelly. The stakes have risen rather than receded.
Immediately after the decision was read, lawyers for the Australian government warned the court that the Immigration Minister Alex Hawke
reserves the right to step in to exert his own personal power to remove Djokovic from Australia.
BEN ROTHENBERG, RACQUET MAGAZINE: Scott Morrison's government wants to be seen as being tough on COVID and tough on border safety related to COVID.
HANCOCKS: So while Djokovic won this round, the showdown is far from over. For now, he remains in Melbourne free of immigration detention where he has
languished for five days.
ROTHENBERG: And foremost, I think Djokovic was dropped the ball a bit by just not getting vaccinated, by taking this very hard stance he made life
much tougher for him.
HANCOCKS: Separate to when the Djokovic held a valid medical exemption to enter Australia unvaccinated. Judge Kelly ruled the Serbian was treated
unfairly when detained at the airport by Federal officers. Djokovic was not given adequate time to speak to his lawyer or get in touch with Tennis
Australia officials when he was served with the intention to cancel his visa. Few in Australia have much sympathy for Djokovic who has expressed
opposition to vaccine requirements before even entering the country unvaccinated albeit with an exemption he thought would suffice. Judge Kelly
took an opposite tone.
A professor and an eminently qualified physician have produced and provided to the applicant a medical exemption, Judge Kelly said. Later adding what
more could this man have done? Djokovic's medical exemption relies on a recent COVID-19 diagnosis officially recorded on December 16th. In his
affidavit, Djokovic says he knew of his infection that day, raising questions about maskless public events on December 16th and 17th.
The tennis star scene at a panel and a tennis award ceremony. But for now Djokovic has won this battle. All eyes now on the government to see their
HANCOCKS: Now his family was asked at that press conference on Monday about the dates, the timing of him testing positive and then being seen in
public. They chose not to answer and then wrapped up the press conference. But those are questions that are going to continue. Richard?
QUEST: Most certainly Paula Hancocks in Melbourne. Thank you. Coming up as we continue tonight. A redesigned Rolls-Royce is helping sending the
company's sales figures into the stratosphere. Simple. I wanted to see what all the fuss was about.
QUEST: Now, if you want to fit in with the glitterati, here in Dubai, or indeed anywhere in the Gulf, you do need to be riding in a super luxury
car. And just a moment we're going to meet the CEO. We're going to talk to the CEO of Rolls-Royce Torsten Muller-Otvos will join me from the company's
factory in Chichester in England. But before we talk to him, we need to know what Rolls-Royces are all about.
Well, the cars are everywhere in this city. And recently, I took the redesigned go sedan for a test drive. And you're coming along to.
QUEST: The challenge for Rolls-Royce was how to build a motor car that had the sophistication, the elegance, the style, all that goes with a Rolls-
Royce but make it dynamic, modern and attract a younger generation. The answer, the ghost, Black Badge.
The door is very heavy, but don't worry. It is a Rolls-Royce. It does in itself. Inside it feels so satisfying. There are real buttons and sliders
that smoothly slide. Here technology meets the classic Rolls-Royce experience.
Only a few moments to get the hang of it. And I'm ready to drive to Expo. Well, almost (INAUDIBLE) had an accident with a golf car.
Let me be clear, I am terrified. Half a million dollars worth of car in a city that I've never driven in before. And the Rolls has 600 horsepower
with a talk that's designed for sporty driving. What could possibly go wrong?
My fear is indeed short lived for a long the large Sheikh Zayed Road I cannot resist giving the horse power free rein.
Everybody thinks of Rolls-Royce being very old and stage. Truth is when time comes to be needed. As I go on even small details remind me I'm
driving a Rolls. For instance it's not low air conditioning but soft.
With all this new technology is this still a Rolls-Royce with all that it implies? There's only one true test and there it is in the door. The
umbrella. A Rolls-Royce indeed. Now off to Expo.
QUEST: It was indeed. That car is one of those that helped Rolls set a sales record last year, sales rep nearly 50 percent. And Rolls never had
more than 500 luxury cars. The most in its history. Chief Executive is Torsten Muller-Otvos. He joins me on the company's factory in Chichester. I
mean, I go to be honest, Torsten, I loved driving that car, it was absolutely beautiful. In fact, you always had to price it out in their
hands to give it back to you. How significant is this new refocused, younger model designed for you?
TORSTEN MULLER-OTVOS, CHIEF EXECUTIVE OFFICER, ROLLS-ROYCE: I mean, first of all, Richard, thanks for driving the new Ghost. And I mean, your
comments are exactly what we hear from all our clients over the world. Once you're in, you don't want to exit anymore. And it's -- as you rightly said,
a true Rolls-Royce. But of course, massively refined. For us, a very important model. It is very much head on head with Cullinan, our sports
And that is due to what you just mentioned a minute ago, very refined and that Black Badge Ghost you were driving in is obviously the more, I call it
alter ego of Rolls-Royce. The more darker side of the brand, more powerful. You could even use the expression the more dynamic version, right ghost.
QUEST: But if we look, Torsten, at -- in a pandemic era, have you found that people are basically either they've saved their money, or that I
suspect your purchases, don't -- your buyers don't need to save to buy their cars? Or they've basically said, you know, it's bucket list stuff.
What are we saving it for? Let's buy the car. What do you attribute the increase in sales?
MULLER-OTVOS: I think many things. All the things you just mentioned, Richard, and on top comes also that people were sort of in a lockdown, they
weren't able to travel, in particular, the ultra high net worth individuals. So our target group, very often cosmopolitans living at
various areas and different cities worldwide. And that was more or less impossible. Travel was not possible. You were locked.
And in that very moment, all investments into what I call luxury services, be it private jets, be a traverse, be at hotels, whatsoever, didn't happen.
So that led to what I would call quite some spare money, which you could spend easily on other luxury goods and had happened. And on top comes what
I would also call a different kind of mentality out of the pandemic. And the mentality very much is and that is still on.
You better live today and don't postpone any ideas of a good living into the next years. Now you live and now you need to enjoy your life.
QUEST: What a fascinating thought. Bearing in mind the cost of that car. Before we go, just tell me, it's best part of what -- I know it starts at
300,000 but it's -- to get the nice one, it's going to cost me a bit more than that, isn't it?
MULLER-OTVOS: Yes. I mean, quite a lot of our cars go for over half a million. Depends very much on what you ask us to do with the car. We have
that world famous bespoke program which basically gives you imagination or freedom in commissioning what you want to see. It will be your Richard
Quest Rolls-Royce rest assured, and we will build it up to your specification and you imagination is our limit and that obviously also
drives prices up. And for that reason, the average goes for half a million.
QUEST: I will ask -- I won't ask for a discount. I'll just sort of keep -- I know, it's such a beautiful car. Thank you, sir. And maybe provide a chat
after the show who knows that we can sort out. Good . Good to see -- Thank you, Torsten. Now, travel join the pandemic is not for the faint hearted.
Let's see what car deal offers me. It'll be about to protect me by according to my calculations.
Anyway back to travel. Delays, cancellations, the aggravating along the lines, personal tales about the trek from South Africa to Dubai. It's Eleni
Giokos after the break. QUEST MEANS BUSINESS.
QUEST: About 25 million visitors are expected to attend this Expo by the time it's all over. Travelers from abroad need a negative COVID test to get
here. They also have to take a PCR test within 72 hours of arrival and register their vaccination status on the government's health app which I
have to say I've successfully not managed to get to work. I haven't honestly. With me is Eleni Giokos.
People who have been in or through certain African nations within the last 14 days are not allowed here. CNN's Eleni Giokos is with me now. Firsthand
experience of the difficulties. What happened?
ELENI GIOKOS, CNN CORRESPONDENT: I'm here finally I mean, it took me a while. I got stuck in South Africa was there to do conferences and felt. We
were under the illusion that things were getting back to normal and thousands of African leaders had congregated to Durban. And I found out
literally while I was on stage that a new variant had been discovered and I was stuck. The U.K. put South Africa and other African countries on the red
list and it was all over. It literally just fell apart within 24 hours.
QUEST: So how did you get home?
GIOKOS: OK. So we had to find a corridor and that was the big thing. So we had attempted to get through Kenya. And then the big issue was what if
Kenya gets on the red list and I heard from a Kenyan government official that the U.K. government was putting pressure on the Kenyans to also add
other African countries on the red list. So pressure was mounting, use my E.U. passport and went to Greece.
And I was forced into 10-day quarantine in a government hotel which by the way gave us really good food, I have to say. And then spend an extra four
days so that I could complete my 14 days and then finally get back home to Dubai. It was -- it was a -- it was really -- it was --
QUEST: It I think this is something people don't realize. I mean, I've done what I think I'm on my 72nd PCR or test for travel purposes. I've done
plenty more antigens for meetings and things. People just don't -- w love travel. But there is a difficulty in doing it, which has to be respected.
GIOKOS: Absolutely. And to be honest, the airport experience was like nothing I'd seen before. And I went to the Johannesburg airport, you knew
that every traveler that was in the line getting -- waiting to get out had gone through some kind of trauma, to figure out that corridor to be able to
leave, because even citizens of other countries were able to get home. Flights had been canceled completely. It was complete chaos.
QUEST: All right. We're here now.
GIOKOS: Yes. It is absolutely --
QUEST: The temperature I'm told is 21 degrees.
GIOKOS: It's quite cold. I never thought I'd be cold in Dubai. It's freezing. You show me. He's going to show --
QUEST: I have a confession. I have a confession to make. The -- I did actually bring some long John's with me because it's (INAUDIBLE) I never
thought I would wear long John's in Dubai.
GIOKOS: Well, when we were doing shows live shows in October. We were dying of the heat by the way. So you came during the right time. But I have to
say and you were saying 25 million visitors are expected here by the end of March.
GIOKOS: Only 10 million have arrived thus far. But are they doing well, right? And even though --
QUEST: They did very well.
GIOKOS: And even though COVID cases arising people are still coming.
QUEST: Thank you.
GIOKOS: Good to see you.
QUEST: We will have a profitable moment after the break. This is CNN.
QUEST: Tonight's profitable moment. I'm tempted to talk about the markets and what's happened there. But that can all wait another day interest
rates. We know they're going up. Instead let's think about Expo. Expo 2020. And they get the name even though of course it is a year delayed. And being
here is absolutely phenomenal. Really the achievement of that which has been created.
It's a shame in some senses that more people won't get a chance to see it because of the travel difficulties. But that should not detract from the
incredible achievement of getting this done in difficult times. And that's why we chose to come here regardless because we took the view that life
goes on. Travel continues and we are here. And that's QUEST MEANS BUSINESS for tonight. I'm Richard Quest in Dubai.
Whatever you're up to in the hours ahead, I hope it's profitable. The closing bell is ringing.