Airbus has hired more than half of the 13,000 new employees it plans to add in 2023, despite an aviation labour shortage globally, as plane makers seek to ramp up their production to meet higher demand for aircraft.
The European company to date has recruited more than 7,000 people out of the 13,000 positions it seeks to fill this year, Airbus said in a statement on Wednesday.
Most of the new recruits are at the plane maker's main manufacturing sites – where it needs the most support with ramping up production – with the main types of jobs including manufacturing, engineering, digital and cyber, Airbus said.
Of these new hires, 29 per cent are under the age of 28, while 26 per cent of the new recruits are women, an Airbus representative told The National.
“We are happy to see that Airbus remains attractive despite the labour market challenges. Our recruitment efforts are paying off and will continue to support our production ramp-up and company transformation,” Thierry Baril, chief human resources and workplace Officer of Airbus, said in a company statement.
“We are focused on attracting, training and developing the best diverse talents in our company to help us shape the future of sustainable aerospace.”
Aircraft manufacturers and aerospace suppliers are struggling with a labour crunch globally. This is complicating their plans to ramp up aircraft production to meet airlines' demand for jets amid soaring travel demand.
At the Paris Air Show this week, airlines clamoured for much-coveted slots for new aircraft amid long manufacturer backlogs.
Indian budget airline IndiGo on Monday placed the biggest ever plane order by number of aircraft with a deal for 500 Airbus single-aisle jets.
On Tuesday, rival Air India firmed up an order for 470 Airbus and Boeing jets that, until Monday, had been the industry's leading plane deal.
Airbus said that a third of its total staff recruitment will be allocated to recent graduates.
In 2023, Airbus expanded its academic partnerships with 42 business schools and universities worldwide, it said.
“These partnerships will foster potential synergies in the aeronautical sector that will help develop the next generation of aerospace professionals,” the company said.
Airbus currently employs more than 134,000 people across its businesses globally.
The aviation industry will need to hire 1.3 million professionals by 2032 to keep pace with the anticipated growth of the commercial and private travel markets, Canadian aviation training company CAE said in a report on Wednesday.
The commercial aviation segment will need to recruit and train an estimated 1.18 million workers to fill vacancies arising from retirement, attrition and the expansion of the aviation industry, CAE said in its 2023 Aviation Talent Forecast report.
Semi-final fixtures
Portugal v Chile, 7pm, today
Germany v Mexico, 7pm, tomorrow
KILLING OF QASSEM SULEIMANI
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Rating: 2.5/5
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4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
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6. Neymar - to Barcelona in 2013/14 - €88.2m
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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.”
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
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7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
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THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Race card for Super Saturday
4pm: Al Bastakiya Listed US$250,000 (Dh918,125) (Dirt) 1,900m.
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m.
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m.
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m.
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m.
6.55pm: Al Maktoum Challenge Round 3 Group 1 $400,000 (D) 2,000m.
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m.