Emirates Airline is adding property development to its fast expanding aviation empire as it hires thousands of cabin crew, pilots and engineers. The Dubai-based carrier said it plans to develop five residential towers in Dubai Silicon Oasis (DSO), home to hundreds of its staff.
The airline already has more than 12,600 leased and owned apartments and villas, making it one of the city's largest landlords.
Emirates will begin construction of the towers in the third quarter of this year, the airline said yesterday. The residences will house approximately 2,000 cabin crew. The carrier plans to recruit some 2,700 staff this year.
Mohammed Al Zarooni, the vice chairman and chief executive of the DSO authority, and Ali Mubarak Al Soori, Emirates' executive vice president for facilities and projects management, signed the agreement to build the towers yesterday.
A wholly owned entity of the Government of Dubai, DSO operates as a free-zone technology park for semiconductors, microelectronics and other electronics-based companies looking to set up their regional headquarters and research and development divisions in Dubai.
Emirates Airline is benefiting from the emerging status of Dubai as a global aviation hub, with its international airport being widely predicted within the industry to overtake London's Heathrow airport as the world's busiest international airport by 2015.
The airline carried 34 million passengers and flew to 122 destinations in 72 countries last year. Measured in revenue passenger kilometres, passenger traffic carried was up 10 per cent from the year before.
The airline's growing successes have helped to fill housing developments across the city, which is now home to about 16,000 Emirates cabin crew and 3,000 pilots. Communities on the outskirts of the city, such as Dubai Silicon Oasis, have seen rents and prices surge by more than 30 per cent as the airline has snapped up properties to accommodate staff, Samir Munshi, the managing director of Orion Holdings, a property investment company told The National in December.
"Emirates have moved a lot of staff into Dubai Silicon Oasis. Majan is another development that was half empty - now a lot of occupancy is coming from Emirates," said Mr Munshi at the time.
According to the contract terms, Emirates will build five towers spanning 21,500 square metres. The buildings are in the vicinity of Emirate's 570 Semmer villas for airline captains. The buildings are 25 storeys high, with 669 three-bedroom apartments, and six four-bedroom apartments. The new project will also feature three floors for parking and three retail units over an area of 11,737 square feet in each of the towers.
halsayegh@thenational.ae
Global state-owned investor ranking by size
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Norway
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Canada
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Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
