The chief executive of flydubai says he is “confident” that management changes at Boeing will help it fix the company's current problems and improve service delivery standards, as Moody's Investors Service said it was reviewing a potential downgrade of the US plane maker's ratings.
“Flydubai continues to engage closely with the aircraft manufacturer,” Ghaith Al Ghaith told The National.
“We are confident that Boeing will take all necessary measures to further strengthen its plans to address current issues. Unwavering transparency, assuming responsibility and working closely with the regulatory authorities will see Boeing overcome these issues,” he said.
The Dubai airline, one of Boeing's key customers in the Middle East, is looking “forward to seeing confidence in Boeing’s long-standing commitment to the highest quality, safety and service delivery standards regained”, Mr Al Ghaith said in an emailed statement.
“The new leadership will continue to have our ongoing support.”
Flydubai, an all-Boeing fleet operator, ended 2023 with 84 aircraft, comprising 29 Next-Generation Boeing 737-800, 52 Boeing 737 Max 8, and three Boeing 737 Max 9 aircraft.
At the Dubai Airshow last year, flydubai also placed an $11 billion order for 30 Boeing 787 Dreamliners to be delivered from 2026, marking its first wide-body aircraft order.
In February, flydubai said “ongoing challenges” with Boeing's delivery schedule had resulted in four fewer aircraft being delivered in 2023. To mitigate the delays in aircraft deliveries, meet the surge in travel demand and add capacity during peak travel periods, flydubai entered an agreement with Smartwings for six wet-leased aircraft.
Boeing has been grappling with a series of problems including a near-catastrophic incident in January, when a fuselage panel on a Boeing 737 Max 9 jet operated by Alaska Airlines blew off mid-flight.
It has come under intense scrutiny by the US Federal Aviation Administration, airline customers and the public.
The high-profile incident resulted in a major shake-up of top management on March 25 in an attempt to address its spiraling safety and quality crisis and to turn around the troubled aerospace company.
Boeing's chief executive Dave Calhoun is stepping down at the end of the year. The departure of Stan Deal, head of Boeing’s commercial aeroplane unit, was immediate with chief operating officer Stephanie Pope replacing him.
The move drew comments from Boeing's top airline customers, including Dubai-based Emirates. Boeing needs a “strong engineering lead” after Mr Calhoun steps down, but “only time will tell” if management changes will resolve the problems facing the US plane maker, the airline's president and aviation industry veteran, Tim Clark, said on March 26.
Meanwhile, Moody's said on Tuesday that it is placing Boeing's “Baa2" senior unsecured rating and “Prime-2" short-term rating on review for downgrade.
The Baa2-backed long-term revenue bond and VMIG 2-backed short-term revenue bond, issued by Miami-Dade County Industrial Development Authority, were also placed on review for downgrade, Moody's said. The rating outlook was previously stable.
“Placing the ratings on review for downgrade follows Moody's belief that Boeing will be unable to deliver 737 narrow-body aircraft at the volumes required for it to materially expand its free cash flow and retire debt in a reasonable time frame,” the credit rating agency said.
The Federal Aviation Administration has placed caps that limit the production of Boeing's 737 Max jet, the company's best-selling jetliner and its main source of revenue, until the regulator is confident that the plane maker has satisfactory quality controls in place.
Moody's said that Boeing is entering 2024 with almost $16 billion of cash plus short-term investments and that in early March it had retired $4.4 billion of debt that had matured.
However, the after-effects of the Alaska Airlines incident and investments in components and parts inventory in an attempt to reduce travelled work in the production of 737s, will result in about $4.5 billion of negative free cash flow in the first quarter, Moody's said.
Travelled work is when parts are unavailable when the plane is in final assembly. To keep production moving, the manufacturer notes the missing item and continues production. The aeroplane is rolled off the line and the work is finished on the ramp when the part becomes available.
Boeing's cash will fall “well below” $10 billion by March 31, the credit rating agency said.
On March 20, Boeing's chief financial officer Brian West said the company expects free cash flow in the low single digits for 2024.
Aviation industry analysts said that while the management shake-up is a step in the right direction, it needs to be coupled with other changes that ensure consistent high-quality manufacturing, rare defects in products and on-time jet deliveries over the long run.
“Turning Boeing around is needed because the commercial aviation silo needs a stable duopoly,” Addison Schonland of AirInsight Weekly, said in a note on Wednesday, referring to the competition between Boeing and Airbus.
The two aerospace companies together account for over 90 per cent of new commercial jet deliveries.
“Airbus does not 'win' because Boeing is weak. A strong Boeing pushes Airbus to do better. A strong Boeing is why Airbus is such a strong competitor today,” he said.
Boeing's new chief executive must take the opportunity to draw its employees into “a vision that speaks to product quality”, better management, better labour relations and once again delivering the best aircraft”, Mr Schonland said.
FA Cup fifth round draw
Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
Chelsea v Shrewsbury Town/Liverpool
West Bromwich Albion v Newcastle United/Oxford United
Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal
The five pillars of Islam
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
COMPANY%20PROFILE
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The Norwegian Nobel Committee, which awards the prestigious peace prize, held its final meeting on Monday, the Nobel Institute said Thursday, a day ahead of the announcement of the 2025 laureate.
This means a decision was made about the laureate or laureates before the conclusion of an agreement between Israel and Hamas, which included a ceasefire and the release of hostages.
President Donald Trump pushed for the ceasefire as part of a 20-point plan to resolve the Gaza war.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Kibsons%20Cares
%3Cp%3E%3Cstrong%3ERecycling%3Cbr%3E%3C%2Fstrong%3EAny%20time%20you%20receive%20a%20Kibsons%20order%2C%20you%20can%20return%20your%20cardboard%20box%20to%20the%20drivers.%20They%E2%80%99ll%20be%20happy%20to%20take%20it%20off%20your%20hands%20and%20ensure%20it%20gets%20reused%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKind%20to%20health%20and%20planet%3C%2Fstrong%3E%3Cbr%3ESolar%20%E2%80%93%2025-50%25%20of%20electricity%20saved%3Cbr%3EWater%20%E2%80%93%2075%25%20of%20water%20reused%3Cbr%3EBiofuel%20%E2%80%93%20Kibsons%20fleet%20to%20get%2020%25%20more%20mileage%20per%20litre%20with%20biofuel%20additives%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESustainable%20grocery%20shopping%3C%2Fstrong%3E%3Cbr%3ENo%20antibiotics%3Cbr%3ENo%20added%20hormones%3Cbr%3ENo%20GMO%3Cbr%3ENo%20preservatives%3Cbr%3EMSG%20free%3Cbr%3E100%25%20natural%3C%2Fp%3E%0A
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
MORE ON IRAN'S PROXY WARS
Company%20profile
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
MATCH INFO
Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD
Navdeep Suri, India's Ambassador to the UAE
There has been a longstanding need from the Indian community to have a religious premises where they can practise their beliefs. Currently there is a very, very small temple in Bur Dubai and the community has outgrown this. So this will be a major temple and open to all denominations and a place should reflect India’s diversity.
It fits so well into the UAE’s own commitment to tolerance and pluralism and coming in the year of tolerance gives it that extra dimension.
What we will see on April 20 is the foundation ceremony and we expect a pretty broad cross section of the Indian community to be present, both from the UAE and abroad. The Hindu group that is building the temple will have their holiest leader attending – and we expect very senior representation from the leadership of the UAE.
When the designs were taken to the leadership, there were two clear options. There was a New Jersey model with a rectangular structure with the temple recessed inside so it was not too visible from the outside and another was the Neasden temple in London with the spires in its classical shape. And they said: look we said we wanted a temple so it should look like a temple. So this should be a classical style temple in all its glory.
It is beautifully located - 30 minutes outside of Abu Dhabi and barely 45 minutes to Dubai so it serves the needs of both communities.
This is going to be the big temple where I expect people to come from across the country at major festivals and occasions.
It is hugely important – it will take a couple of years to complete given the scale. It is going to be remarkable and will contribute something not just to the landscape in terms of visual architecture but also to the ethos. Here will be a real representation of UAE’s pluralism.
CONFIRMED%20LINE-UP
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
UAE currency: the story behind the money in your pockets
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
