Middle East aviation to steal the show



Middle East aviation companies and Asian airlines are expected to dominate the deal-making this week at the UK's Farnborough International Airshow as austerity measures to battle turbulence in European economies keep many global players grounded. Abu Dhabi Aircraft Technologies (ADAT), a maintenance company, yesterday announced a major 10-year servicing contract with flydubai, the budget airline start-up.

Multibillion-dollar orders are expected from Emirates Airline, while Qatar Airways has also hinted at air show announcements. This year is not likely to match the record-breaking US$88.7 billion (Dh325.52bn) of deals announced in Farnborough in 2008, but it should reflect the improved global outlook in the 12 months since the Paris Air Show, when orders were scarce. While the global economy has improved in the past year, European countries have recently committed themselves to tough spending cuts to pull back huge national debts.

"Austerity measures at the moment are the biggest enemies of the sector," said Richard Aboulafia, of the aerospace and defence consultancy Teal Group. The new conservatism threatens to curb the recovery of Europe's commercial airlines as well as national defence budgets, two important drivers for the aerospace industry. Aircraft financing credit has also been stretched thin by the global crisis, limiting the ability of airlines to take on new orders.

Such complications could see the Middle East and Asian carriers, which are recording the fastest traffic growth worldwide, play leading roles at Farnborough, the largest air show in the world. Emirates, the world's largest airline by international seating capacity, is also the largest customer for Boeing and Airbus aircraft, with $59bn of planes on order. But with $964 million in profits last year, the carrier said it needed more planes to fuel its expansion.

"[Emirates] will have to order some more in the air show in Farnborough ? because of the growth," said Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, last month. One of the airline's announcements will be with GE, indicating a possible engine order. Qatar Airways, with $35bn worth of planes on order, has been considering buying more narrow-body aircraft, possibly to create a budget airline arm.

Etihad Airways, meanwhile, is unveiling its latest cargo aircraft from Airbus at the show. It is not expected to announce any new deals after it sewed up its growth needs for the next decade at the Farnborough show in 2008, with a deal worth up to $43bn. ADAT's servicing deal highlights the growing ambitions of Abu Dhabi to take on a larger role in the aerospace supply chain. It is owned by Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, which aims to pair ADAT with its sister company SR Technics in Zurich to become one of the world's top three aviation maintenance businesses.

Mubadala has several announcements this week to "solidify our ambitions and capabilities", said Homaid al Shemmari, the executive director of Mubadala Aerospace. igale@thenational.ae

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Duminy's Test career in numbers

Tests 46; Runs 2,103; Best 166; Average 32.85; 100s 6; 50s 8; Wickets 42; Best 4-47

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

A Long Way Home by Peter Carey
Faber & Faber

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

THE BIO

Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking

The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

The specs: 2018 Audi RS5

Price, base: Dh359,200

Engine: 2.9L twin-turbo V6

Transmission: Eight-speed automatic

Power: 450hp at 5,700rpm

Torque: 600Nm at 1,900rpm

Fuel economy, combined: 8.7L / 100km

What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
  7. Professional ethics.
Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
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A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

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Brief scoreline:

Toss: South Africa, elected to bowl first

England (311-8): Stokes 89, Morgan 57, Roy 54, Root 51; Ngidi 3-66

South Africa (207): De Kock 68, Van der Dussen 50; Archer 3-27, Stokes 2-12

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