Airbus by November this year will start delivering all aircraft from its US manufacturing facility in Mobile, Alabama, with sustainable aviation fuel as it seeks to reduce emissions.
Airbus, which is based in Toulouse, France, has reached an agreement with Florida-based Signature Flight Support, a fixed-base operation and distribution network for business aviation services, to supply sustainable aviation fuel (SAF) made from renewable sources to its facility in Mobile, the European plane maker said in a statement on Thursday.
Signature Flight Support will work in partnership with World Energy to provide the US-sourced SAF to Airbus, the statement said.
SAF is a positive contributor to enhanced sustainability in aviation since it enables up to an 80 per cent reduction of carbon dioxide across the fuel lifecycle
Jeff Knittel,
chairman and chief executive, Airbus Americas
“Delivering our Mobile-produced aircraft with SAF is an important, iterative step toward solving the carbon challenge,” said Jeff Knittel, chairman and chief executive of Airbus Americas.
“SAF is a positive contributor to enhanced sustainability in aviation since it enables up to an 80 per cent reduction of carbon dioxide across the fuel lifecycle. We are committed to making sustainable fuels an everyday reality with use on an increasingly larger scale, and this announcement is further evidence of that.”
The aviation sector came to a grinding halt as a result of the Covid-19 pandemic, but demand is beginning to recover because of the increased pace of vaccine distribution in many countries.
Aviation watchdog the International Air Transport Association, expects the outlook for global airlines to improve during the second half of the year, possibly resulting in an increase in aircraft deliveries.
All aircraft delivered to customers from the Alabama hub will be powered by a blend of SAF and conventional jet fuel from November this year, Airbus said.
“The initiative is a further step toward fulfilling Airbus’s commitment to carbon-neutral growth in the aviation sector,” the plane maker said.
Airbus delivers A220 and A320 family aircraft to US-based customers from its manufacturing facility in Mobile. Since 2016, the company has delivered more than 260 Airbus aircraft from Mobile, 54 of which have been turned over to airlines this year.
The aviation industry currently represents 2 per cent of global carbon dioxide emissions, according to the International Civil Aviation Organisation, but a forecast increase in passenger air traffic means it could add more pollution to the skies unless measures are taken rapidly. The sector is under mounting pressure to meet its promise to cut its carbon emissions to half of 2005 levels by 2050.
In February, Airbus unveiled the carbon footprint of its aircraft. The company calculated that the 863 planes that it delivered in 2019 will emit 740 million tonnes of carbon dioxide during an estimated 22 years in service. As a point of comparison, France is estimated to have emitted 441 million tonnes of carbon dioxide in 2019.
Airbus pointed out, however, that the efficiency of its planes is improving.
It calculated that the planes delivered in 2019 will produce on average 66.6 grams of carbon dioxide per passenger per kilometre. In 2020, that figure dropped to 63.5 grams per passenger kilometre.
The current commercial aircraft fleet, including older aircraft, is estimated to emit on average 90 grams per passenger kilometre, according to the NGO International Council on Clean Transportation.
It estimates that cars produce an average of 122 grams per kilometre, but that figure needs to be divided by the number of passengers in the vehicle to offer a real comparison.
Last year Airbus released three zero-emission concept planes powered by hydrogen that it said could enter service by 2035.
The plane manufacturer doubled its profit forecast for the year and aims to deliver more than 600 aircraft in 2021, with plans to launch an A350 freighter as global demand for jets picks up and travel rebounds from the coronavirus pandemic.
In July, the company raised its forecast for earnings before interest and tax for the full year to €4 billion ($4.75bn) from an earlier target of €2bn.
The company swung to an operating profit of €2.01bn in the second quarter from a loss of €1.23bn a year earlier, as revenue rose 70 per cent to €14.18bn.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
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.”
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.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
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LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
