Demand for new aircraft in the Middle East is set to grow by 4.3 per cent annually, outstripping global demand of 3.2 per cent as passenger traffic numbers improve.
Passenger traffic in the region is forecast to grow at 4.3 per cent over the next 20 years, ahead of the global average of 4 per cent, according to plane maker Boeing.
The region will have a 13 per cent share of global air passenger traffic by 2039, a marginal increase from the 12 per cent share last year, according to Boeing's Middle East Commercial Market Outlook. Routes between Europe and the Middle East will continue to account for the biggest portion of traffic (25 per cent), followed by South Asia (18 per cent) South East Asia (12 per cent) and inter-regional traffic (12 per cent). China, Africa and North America will each make up 9 per cent of the total, with the remainder split between Russia/Central Asia and Oceania.
“In recent decades, several airlines in the Middle East have leveraged their geographical position to connect rapidly growing Asian economies and the more mature markets in Europe,” Darren Hulst, Boeing's vice president of commercial marketing, said. “At the historical crossroads connecting Europe, Africa and Asia, the Middle East and its airlines will remain a critical hub of sixth-freedom passenger flows and cargo throughout the 20-year outlook.”
Sixth freedom refers to the right of a country to transport passengers between two states through their home state.
Last month, Boeing revealed in its Global Commercial Market Outlook that the Middle East will need 2,945 new planes at a value of $685 billion over the next two decades.
The size of the region's commercial fleet is set to more than double to 3,500 by 2039, from 1,510 currently, both to meet new demand and replace older aircraft. The region's fleet will grow by 4.3 per cent per year, which is 35 per cent higher than the global growth forecast of 3.2 per cent per year. Demand for narrow-bodied jets will outstrip that for wide-bodies, growing to 49 per cent of the total, from 44 per cent last year.
In percentage terms, demand for freight planes will fall slightly to 4 per cent, but the number of freighters will grow to 150, up from 80 currently. The Middle East had a 13 per cent share of the global air cargo market last year, up from just 4 per cent in 1999.
The number of skilled aircraft personnel is also set to grow, with the region needing about 58,000 pilots, 59,000 technicians and 106,000 crew members by 2039.
Boeing and its main rival Airbus have struggled during the pandemic as customers have cancelled or postponed deliveries, with the aviation industry one of the hardest hit by the virus. Despite furloughing or laying off thousands of staff, global airlines are expected to burn through $77bn of cash in the second half of 2020 as declines in revenue continue to outpace cost savings, according to the International Air Transport Association.
Boeing, whose popular 737 Max were grounded since March last year after two fatal crashes, recorded a net loss of $3.5bn for the first nine months of the year, as revenue dropped by 27 per cent. On Wednesday, the Federal Aviation Authority gave clearance for the Max to return to the skies in the US.
Over a 20-year period, Boeing expects global demand for commercial aircraft to reach more than 43,000 new planes.
“While aviation has seen periodic demand shocks since the beginning of the jet age, the industry has recovered from these downturns every time as aviation plays an integral role in the global economy,” Mr Hulst said.
“The current market disruption will shape airline fleet strategies long into the future as airlines focus on building versatile fleets that provide future network flexibility, maximising capability while minimising risk and improving efficiency and sustainability."
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F1 2020 calendar
March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
Killing of Qassem Suleimani
A list of the animal rescue organisations in the UAE
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
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UAE currency: the story behind the money in your pockets
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
Two-step truce
The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.
By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National.
The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.
The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.
The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
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
RACECARD
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Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
UAE currency: the story behind the money in your pockets
