FARNBOROUGH AIR SHOW. UK.19th July 2010. The Boeing Dreamliner  at the opening day of Farnborough Air show in England . yesterday (monday)   Stephen Lock for The National.
Fifteen Boeing Dreamliners were included in the cuts.

DAE cuts Airbus and Boeing plane orders by $8bn



Dubai Aerospace Enterprise (DAE) has cancelled orders for 50 aircraft from Airbus and Boeing worth an estimated US$8 billion (Dh29.4bn), the two manufacturers' orders websites show. The leasing company last month cut orders for 25 long-range, high-density commercial jets, Boeing's orders website revealed. Those orders comprised 15 Boeing 787 Dreamliners and 10 777-300 extended-range aircraft.

In addition, DAE has cut 18 orders for narrow-body A320 planes and orders for seven A350-900 mid-size jets from Airbus, the European plane maker's figures for last month show. "I have no comment on that," said Mohammed al Zarooni, the chairman of the state-owned DAE. Airbus and Boeing declined to comment on the cancellations. A bullish DAE ordered a total of 200 aircraft from the two makers at the height of the aviation order boom in 2007. The company was in an expansion phase and was said to have $15bn of backing.

The company, which also has engineering and IT products divisions, still has 91 planes on order at Boeing and 75 at Airbus. Those orders are worth an estimated $19bn at list prices, although major customers such as DAE traditionally receive discounts. Some of the aircraft on order were due to be delivered this year, but these are believed to have been delayed. DAE already has about 35 aircraft, which it has leased out to 15 airlines worldwide.

The Dubai company has been at the centre of speculation all summer about its plans to reschedule its orders and possibly divert orders to Emirates Airline. Emirates is already the largest purchaser of long-range jets and this summer it committed itself to another $25bn worth of aircraft including 30 Boeing 777-300ERs, 32 Airbus A380 superjumbos and engines from Engine Alliance. Saj Ahmad, an aerospace analyst based in London, said DAE probably escaped the standard cancellation fees as a result of Emirates's recent purchases.

"It's highly likely the recent A380 and 777-300ER orders from [Emirates] are in part a substitute for DAE's cancellations," Mr Ahmad said. "Emirates is too important a customer for Airbus or Boeing to ignore and they will have worked hard to minimise the cancellations but give Emirates aeroplanes that they want. "Cancellation fees are usually confidential but it is clear that losing just 50 orders out of 200 will have been mitigated by trading over deposits to Emirates's A380 and 777-300ER orders."

DAE's buying spree at the Dubai Airshow in November 2007 took place at the height of the global aviation boom. Since then, credit has tightened dramatically and many airlines have become cautious about growth. DAE Capital, DAE's leasing division, in the past 18 months announced two new customers, Turkish Airlines and Garuda Indonesia. It also announced financing from Citibank and the Export-Import Bank of the US.

When DAE was launched in 2006, it outlined investments in six aviation-related sectors but its business plans have come under review during the global financial crisis. Its academic wing has been shut and its airport investment division was also wound down after an unsuccessful bid in 2007 to buy Auckland Airport, New Zealand's busiest air centre, after experiencing unexpected resistance from the New Zealand public. It no longer lists manufacturing as one of its target areas.

DAE's engineering division was launched in 2007, the year the company acquired the aviation service providers StandardAero and Landmark Aviation from the Carlyle Group for $1.9bn. DAE's shareholders are all state-backed Dubai companies: Istithmar World; Emaar Properties; Dubai International Capital; Dubai International Financial Centre; Amlak; and the Dubai Airport Free Zone. * with Reuters igale@thenational.ae

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If symptoms occur, they usually last for two-seven days

Russia's Muslim Heartlands

Dominic Rubin, Oxford

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The biog

Age: 19 

Profession: medical student at UAE university 

Favourite book: The Ocean at The End of The Lane by Neil Gaiman

Role model: Parents, followed by Fazza (Shiekh Hamdan bin Mohammed)

Favourite poet: Edger Allen Poe 

Score

Third Test, Day 2

New Zealand 274
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Pakistan trail by 135 runs with 7 wickets remaining in the innings

England-South Africa Test series

1st Test England win by 211 runs at Lord's, London

2nd Test South Africa win by 340 runs at Trent Bridge, Nottingham

3rd Test July 27-31 at The Oval, London

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The story in numbers

18

This is how many recognised sects Lebanon is home to, along with about four million citizens

450,000

More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps

1.5 million

There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m

73

The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association

18,000

The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme

77,400

The number of people believed to be affected by the current nationality law, according to the 2009 UN study

4,926

This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee

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Getting there

Given its remote location, getting to Borneo can feel daunting even for the most seasoned traveller. But you can fly directly from Kuala Lumpur to Sandakan and Sepilok is only half an hour away by taxi. Sandakan has plenty of accommodation options, while Sepilok has a few nature lodges close to the main attractions.

The 24-man squad:

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Midfielders: Marouane Fellaini (Manchester United), Axel Witsel (Tianjin Quanjian), Kevin De Bruyne (Manchester City), Eden Hazard (Chelsea), Nacer Chadli (West Bromwich Albion), Leander Dendoncker (Anderlecht), Thorgan Hazard (Borussia Moenchengladbach), Youri Tielemans (Monaco), Mousa Dembele (Tottenham Hotspur).

Forwards: Michy Batshuayi (Chelsea/Dortmund), Yannick Carrasco (Dalian Yifang), Adnan Januzaj (Real Sociedad), Romelu Lukaku (Manchester United), Dries Mertens (Napoli).

Standby player: Laurent Ciman (Los Angeles FC).

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Author: Kaoutar Harchi 

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PETER PAN & WENDY

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Rating: 3/5

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'Jurassic World Dominion'

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Stars: Sam Neill, Laura Dern, Jeff Goldblum, Bryce Dallas Howard, Chris Pratt

Rating: 4/5

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Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wicketkeeper), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wicketkeeper), Keshav Maharaj, Aiden Markram, Morne Morkel, Wiaan Mulder, Lungi Ngidi, Vernon Philander and Kagiso Rabada.

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

match info

Southampton 2 (Ings 32' & pen 89') Tottenham Hotspur 5 (Son 45', 47', 64', & 73', Kane 82')

Man of the match Son Heung-min (Tottenham)


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