Emirates airline ordered 70 Airbus jets at a value of $21.5 billion (Dh78.97bn) and reached an agreement with the plane manufacturer to receive 14 more A380s, whose production will stop by 2021.
Emirates ordered 40 A330-900 aircraft and 30 A350-900 jets, the airline said in a statement on Thursday. The latest generation of A330neo and A350 aircraft, will be delivered to Emirates starting from 2021 and 2024, respectively.
The Toulouse plane manufacturer and Emirates reached an agreement on the outstanding A380 deliveries, according to which the airline will receive 14 more double-decker jets from 2019 through to the end of 2021.
These deliveries will take Emirates' total A380 order book to 123 units, a drop from the original 162 figure.
“While we are disappointed to have to give up our order and sad that the programme could not be sustained, we accept that this is the reality of the situation," said Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates.
The A380 is a "differentiator" for Emirates and the aircraft "will remain a pillar" of its fleet until the 2030s, he added.
Emirates, which shunned the double-decker at the 2017 Dubai Airshow for Boeing's 787s, salvaged the A380's production in January of last year with an order for 20 more jets as the future of the superjumbo was in question.
Until that point, Airbus had not sold the aircraft dubbed the flying palace in more than two years. Emirates, which invested billions of dollars to establish a transportation hub in Dubai, had demanded that Airbus commit to a production timeline of at least a decade due to a lack of traction from other airlines for the aircraft and the absence of a secondary market for the jet.
But even with Emirate's order, the market dynamics didn't change for the A380, making it the second most iconic aircraft to be retired after the Concorde ceased operating in 2003.
“As a result of this decision we have no substantial A380 backlog, and hence no basis to sustain production, despite all our sales efforts with other airlines in recent years. This leads to the end of A380 deliveries in 2021,” said Airbus chief executive Tom Enders.
__________
The age of the A380 - how to fly the world's largest passenger play
__________
Airbus incurred €463 million (Dh1.191 billion) in charges for scrapping the production of the A380. The first double-decker to go into operation was in 2007 as part of Singapore Airlines’ fleet, and was retired in June 2017. Airbus' shares rallied in morning trading, jumping 5.3 per cent to €109.86 at 10:43am Paris time.
Sheikh Ahmed said Emirates’ order of A330neos and A350s complements the airline's fleet mix, enhances its flexibility and supports the growth of its network. The jets will "play an important role in our future fleet and network plans", he said.
Emirates will operate the A330neos on its regional destinations, helping the airline serve smaller airports and new routes, and also provide the latitude to enhance its global network. The A350s will supplement Emirates’ long-haul operations, providing the airline with added flexibility in terms of capacity deployment on eight to 12-hour routes from its Dubai hub.
________
Cabin tour: inside an Emirates A380
__________
Emirates ordering the A330neos and A350s and reducing its original order of A380, lessens "its exposure to the giant jet and arguably introduces more fleet flexibility", said Saj Ahmad, chief analyst of StrategicAero Research.
"This is critical with its deepening relationship with flydubai in its pursuit to expand and capture efficiencies across its growing fleet. Given that Emirates leases all its A380s, it has shielded itself against a new defunct programme and an asset whose values will only decline as time goes on," he said.
Meanwhile, Etihad Aviation Group said it has restructured its aircraft orders after concluding talks with Airbus and Boeing.
The parent of Etihad Airways said on Thursday it will take delivery of five long-range A350-1000 aircraft and 26 A321neos from the European manufacturer Airbus and receive six 777-9x from the US plane maker Boeing.
Middle East airlines will spend about $600bn on new aircraft in the next 20 years, as the fleet size of the regions’ carriers are projected to more than double to 3,320 aircraft in the period, according to Airbus. The region’s carriers will require around 2,590 new aircraft by 2036.
Passenger traffic to and from the Middle East is forecast to grow 5.9 per cent until 2036, beating the world average of 4.4 per cent, according to Airbus projections. The region is forecast to experience the fastest growth rate in the world behind Africa, which is projected to grow by 5.9 per cent to 400 million passengers by 2036, according to the International Air Transport Association (IATA).
Fifa Club World Cup:
When: December 6-16
Where: Games to take place at Zayed Sports City in Abu Dhabi and Hazza bin Zayed Stadium in Al Ain
Defending champions: Real Madrid
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The%20Beekeeper
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First Person
Richard Flanagan
Chatto & Windus
Company%20profile
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TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
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MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
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Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Mohammed bin Zayed Majlis
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
RIDE%20ON
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Stage 5 results
1 Tadej Pogacar (SLO) UAE Team Emirates 3:48:53
2 Alexey Lutsenko (KAZ) Astana Pro Team -
3 Adam Yates (GBR) Mitchelton-Scott -
4 David Gaudu (FRA) Groupama-FDJ 0:00:04
5 Ilnur Zakarin (RUS) CCC Team 0:00:07
General Classification:
1 Adam Yates (GBR) Mitchelton-Scott 20:35:04
2 Tadej Pogacar (SlO) UAE Team Emirates 0:01:01
3 Alexey Lutsenko (KAZ) Astana Pro Team 0:01:33
4 David Gaudu (FRA) Groupama-FDJ 0:01:48
5 Rafał Majka (POL) Bora-Hansgrohe 0:02:11
The%20specs%20
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
List of alleged parties
May 15 2020: PM and Carrie attend 'work meeting' with at
least 17 staff members
May 20 2020: PM and Carrie attend 'bring your own booze'
party
Nov 27 2020: PM gives speech at leaving do for his staff
Dec 10 2020: Staff party held by then-education secretary
Gavin Williamson
Dec 13 2020: PM and Carrie throw a flat party
Dec 14 2020: London mayor candidate Shaun Bailey holds staff party at Conservative
Party headquarters
Dec 15 2020: PM takes part in a staff quiz
Dec 18 2020: Downing Street Christmas party