A Boeing 787-9 Dreamliner at the Paris Air Show. Strata is expanding its 787 parts production facilities. Reuters
A Boeing 787-9 Dreamliner at the Paris Air Show. Strata is expanding its 787 parts production facilities. Reuters
A Boeing 787-9 Dreamliner at the Paris Air Show. Strata is expanding its 787 parts production facilities. Reuters
A Boeing 787-9 Dreamliner at the Paris Air Show. Strata is expanding its 787 parts production facilities. Reuters

Abu Dhabi's Strata to expand Al Ain manufacturing facility for Boeing 787 jet parts


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Strata Manufacturing, a unit of Abu Dhabi's Mubadala Investment Company, will expand its current facility for the assembly of Boeing 787 plane parts as the emirate looks to further develop its aerospace capabilities as part of its economic overhaul plan.

Strata, which makes composite aircraft parts, will modify its existing plant at Nibras Al Ain Aerospace Park for the assembly of the Boeing 787 Dreamliner vertical fins, it said on Sunday. Under the terms of an agreement with Boeing, signed at the UK Farnborough Airshow in 2016, Strata will replicate the capabilities of the Boeing Salt Lake City 787 vertical fin assembly line to sub-assemble the parts at its Al Ain facility.

Strata's expanded facility is "an important milestone for the company to position it for the next phase of growth, as the technology-based expansion will be dedicated for the assembly of the B787 vertical fin assembly line", said Ismail Ali Abdulla, chief executive of Strata.

The company is the Arabian Gulf’s only active producer of aircraft components and is a key part of the UAE's efforts to diversify its economy away from oil as it builds its manufacturing base. Strata, which started operations in 2010, makes composite parts for jetliner wings and tail fins for Airbus A380 and A330 models, and vertical fin ribs for Boeing 777s and 787 Dreamliners.

"Our relationship with Boeing on the 787 project further solidifies Strata’s position as a direct supplier of primary aero structure components to Boeing Commercial Airplanes programmes," Mr Abdulla said.

Assembly is scheduled to start in 2020 and the parts will be shipped to North Charleston, South Carolina and then installed on 787 jet fuselages.

The UAE, one of the biggest customers of commercial planes, is seeking a bigger role as a global supplier in the aerospace chain.

"The expansion of their facilities is a significant commitment and investment by [the] UAE and Strata to advance their aerospace manufacturing capabilities and support their long-term economic vision,” said Bernard Dunn, president of Boeing Middle East North Africa and Turkey.

Boeing and Strata have worked closely together to expand the global supply of aerospace composites and to meet Boeing requirements for quality and affordability, Mr Dunn said.

Strata is sending key UAE-based engineers, leading the Al Ain manufacturing process, to the US to train at Boeing's facilities, the company said.

Boeing and Strata started the partnership in 2011, when Strata was first contracted as a Tier 1 supplier to the world's biggest plane maker.

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Brief scores:

Manchester City 3

Aguero 1', 44', 61'

Arsenal ​​​​​1

Koscielny 11'

Man of the match: Sergio Aguero (Manchester City)

The years Ramadan fell in May

1987

1954

1921

1888

What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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Empty Words

By Mario Levrero  

(Coffee House Press)
 

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The specs

Engine: 2.0-litre 4cyl turbo

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Transmission: 9-speed auto

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MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

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.”

THE%20SWIMMERS
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COMPANY%20PROFILE
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Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

THE DETAILS

Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5