Emirates airline signs contracts worth $1.2bn with France's Safran

Emirates has signed several contracts worth a total of $1.2 billion with French aerospace company Safran that cover products from its new aircraft seats to wheels.

The agreements include a $1 billion deal at list prices for business, premium economy and economy class seats on Emirates’ new A350 and 777X-9 jets and its existing Boeing 777-300 fleet, the airline said on Tuesday, the second day of the Dubai Airshow.

There were also deals for cabin equipment, wheels and carbon brakes, landing gear component repairs, retrofit and maintenance support.

"We’re working closely to reimagine and elevate our future cabins with smart design and the latest technology," Emirates president Tim Clark said.

"These have been decisive factors in our selection of seat types, which will be customised for Emirates. Today’s announcement is significant ... because it supports aviation manufacturing and the wider value chain in France and across Europe."

Emirates, the world’s largest international airline, has announced a series of contracts awarded to Safran. Photo: Emirates

"Today’s agreements set the stage for Safran’s continued growth along with our customer, a leader in the global market," Safran chief executive Olivier Andries said. "More than ever, we are looking ahead to the future."

In addition to seats, Safran Cabin will be providing Emirates’ A350 fleet with galley shipsets.

Safran Landing Systems will supply wheels and carbon brakes for the Emirates A350 fleet. These brakes offer significant weight savings and a design that provides better cooling for shorter turnaround times and increased fleet availability, Emirates said.

Safran Passenger Innovations will be providing its RAVE AeroConnect Ka solution to Emirates for in-flight connectivity.

In addition to providing equipment for Emirates’ new fleet, Safran is also working closely with the airline on its current retrofit programme, which includes providing new seats for the Boeing 777 and Airbus A380, the statement said.

Safran Landing Systems will provide exclusive services to Emirates for the overhaul of nose landing gear on the A380 fleet.

Emirates has signed a 10-year agreement with Safran Aerosystems covering repair and maintenance for Boeing 777 safety and cabin systems components.

Safran Aerosystems has a base near Al Maktoum International Airport in Dubai and will deliver maintenance services that will further enhance Emirates' operational efficiency, the statement said.

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Stage result

1. Pascal Ackermann (GER) Bora-Hansgrohe, in 3:29.09

2. Caleb Ewan (AUS) Lotto-Soudal

3. Rudy Barbier (FRA) Israel Start-Up Nation

4. Dylan Groenewegen (NED) Jumbo-Visma

5. Luka Mezgec (SLO) Mitchelton-Scott

6. Alberto Dainese (ITA) Sunweb

7. Jakub Mareczko (ITA) CCC

8. Max Walscheid (GER) NTT

9. José Rojas (ESP) Movistar

10. Andrea Vendrame (ITA) Ag2r La Mondiale, all at same time

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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