Business

Aviation

Dubai Airshow 2021: UAE Ministry of Defence awards $1.4bn worth of contracts

Progressive Technologies awarded deal to supply ammunition to the country's Air Force and Air Defence

Sarmad Khan
Sarmad Khan

November 14, 2021

  • English
  • Arabic

The UAE Ministry of Defence has awarded contracts worth Dh5.23 billion ($1.42bn) on the first day of the Dubai Airshow, with the biggest deal of the day going to Progressive Technologies.

The ministry signed a Dh2.67bn deal with Progressive for supply of ammunition for the UAE Air Force and Air Defence (Afad), a ministry representative told a media briefing on Sunday.

The UAE also signed a Dh2.46bn contract with Airbus Defence and Space to procure two Airbus 330 Multi-Role Tanker Transport aircraft for the UAE Air Force, which will be in addition to the three aircraft the Air Force is already operating, said Maj Gen Staff Pilot Ishaq Al Balushi, head of the ministry's Executive Directorate of Industries and Development of Defence Capabilities.

The ministry also signed two deals with France’s Thales for communication systems and the supply of spare parts and maintenance, according to ministry spokeswoman Lt Col Sarah Al Hajri.

The Dubai Airshow taking place this week in person is the first major global aerospace exhibition in two years since the aviation industry was hit by the worst crisis in its history and is a bellwether for the sector's rebound from the Covid-19 pandemic.

This year's civil and military exhibition – a major display of products from jumbo jets to military drones – was held against the backdrop of the pandemic and is significant because it indicates a return to some degree of normality in an industry profoundly changed by the crisis.

About 1,200 companies are exhibiting at this year's air show, of which 371 are new exhibitors and 80 are start-ups.

Dubai Airshow over the years - in pictures:

  • The UAE's Air Force Aerobatic Team, Al-Fursan, performs stunts at the Dubai Airshow in 2019. Karim Sahib / AFP
    The UAE's Air Force Aerobatic Team, Al-Fursan, performs stunts at the Dubai Airshow in 2019. Karim Sahib / AFP
  • Visitors arrive at the Dubai Airshow in 2019. Karim Sahib / AFP
    Visitors arrive at the Dubai Airshow in 2019. Karim Sahib / AFP
  • The Royal Air Force, UK Trade and Investment stand at the air show in 2013. Antonie Robertson / The National
    The Royal Air Force, UK Trade and Investment stand at the air show in 2013. Antonie Robertson / The National
  • Guests walk past the flydubai B737-700 BBJ plane at the show in 2013. Sarah Dea / The National
    Guests walk past the flydubai B737-700 BBJ plane at the show in 2013. Sarah Dea / The National
  • Visitors walk past the Emirates Airbus A380-800 plane in 2013. Sarah Dea / The National
    Visitors walk past the Emirates Airbus A380-800 plane in 2013. Sarah Dea / The National
  • Sheikh Ahmed Bin Saeed Al Maktoum, President of the Department of Civil Aviation, CEO and Chairman of The Emirates Group and Chairman of Dubai World, steps out from the Legacy 650 by Embraer at the show in 2013. Sarah Dea / The National
    Sheikh Ahmed Bin Saeed Al Maktoum, President of the Department of Civil Aviation, CEO and Chairman of The Emirates Group and Chairman of Dubai World, steps out from the Legacy 650 by Embraer at the show in 2013. Sarah Dea / The National
  • A media flight onboard the Airbus Military A400M MRTT in 2013. Christopher Pike / The National
    A media flight onboard the Airbus Military A400M MRTT in 2013. Christopher Pike / The National
  • Planes form a line at the air show. Pawan Singh / The National
    Planes form a line at the air show. Pawan Singh / The National
  • The Pakistan Aeronautical Complex stand at the 2015 Dubai Airshow. Antonie Robertson / The National
    The Pakistan Aeronautical Complex stand at the 2015 Dubai Airshow. Antonie Robertson / The National
  • Sheikh Ahmed Bin Saeed examines a Bell helicopter. Pawan Singh / The National
    Sheikh Ahmed Bin Saeed examines a Bell helicopter. Pawan Singh / The National
  • An Iomax Arch Angel border security aircraft at the 2015 Dubai Airshow. Antonie Robertson / The National
    An Iomax Arch Angel border security aircraft at the 2015 Dubai Airshow. Antonie Robertson / The National
  • The 2015 Dubai Airshow. Antonie Robertson / The National
    The 2015 Dubai Airshow. Antonie Robertson / The National
  • Crowds flock to the show in 2015. Antonie Robertson / The National
    Crowds flock to the show in 2015. Antonie Robertson / The National
  • A media flight onboard the Airbus Military A400M MRTT in 2013. Christopher Pike / The National
    A media flight onboard the Airbus Military A400M MRTT in 2013. Christopher Pike / The National
  • Sheikh Ahmed Bin Saeed visits the show. Pawan Singh / The National
    Sheikh Ahmed Bin Saeed visits the show. Pawan Singh / The National
  • Visitors walk by a Hawk Advanced Jet Trainer model at the BAE Systems stand. Sarah Dea / The National
    Visitors walk by a Hawk Advanced Jet Trainer model at the BAE Systems stand. Sarah Dea / The National
  • Visitors attend the show in 2014. Pawan Singh / The National
    Visitors attend the show in 2014. Pawan Singh / The National
  • Back in 2005, the Airbus A380, sporting the colors of air carrier Emirates, takes off. AFP
    Back in 2005, the Airbus A380, sporting the colors of air carrier Emirates, takes off. AFP
  • A LEAP high-bypass turbofan engine on display in 2013. Sarah Dea / The National
    A LEAP high-bypass turbofan engine on display in 2013. Sarah Dea / The National
  • An Emirates Airline A380 leads the Al Fursan aerobatic display team during the opening ceremony in 2017. AP Photo / Kamran Jebreili
    An Emirates Airline A380 leads the Al Fursan aerobatic display team during the opening ceremony in 2017. AP Photo / Kamran Jebreili
  • The Al Fursan team puts on a dazzling display in 2019. Reuters / Christopher Pike
    The Al Fursan team puts on a dazzling display in 2019. Reuters / Christopher Pike
  • A Dubai Airshow press briefing gets under way, led by Sheikh Ahmed Bin Saeed. Photo: Tarasus
    A Dubai Airshow press briefing gets under way, led by Sheikh Ahmed Bin Saeed. Photo: Tarasus

Company Profile 

Founder: Omar Onsi

Launched: 2018

Employees: 35

Financing stage: Seed round ($12 million)

Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners

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Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag
While you're here
While you're here

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

School uniforms report
A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

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.”

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The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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Squads

Australia: Finch (c), Agar, Behrendorff, Carey, Coulter-Nile, Lynn, McDermott, Maxwell, Short, Stanlake, Stoinis, Tye, Zampa

India: Kohli (c), Khaleel, Bumrah, Chahal, Dhawan, Shreyas, Karthik, Kuldeep, Bhuvneshwar, Pandey, Krunal, Pant, Rahul, Sundar, Umesh

MATCH INFO

Chelsea 0

Liverpool 2 (Mane 50', 54')

Red card: Andreas Christensen (Chelsea)

Man of the match: Sadio Mane (Liverpool)

SPECS
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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

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Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

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Updated: November 14, 2021, 6:33 PM
Dubai Airshow