Majed Saif al Shamsi, sales and account manager, defence unit, and Vincent Mohni, senior manager-operations of Tawazun Precision Industries, TPI, with a display at Idex. Ravindranath K / The National
Majed Saif al Shamsi, sales and account manager, defence unit, and Vincent Mohni, senior manager-operations of Tawazun Precision Industries, TPI, with a display at Idex. Ravindranath K / The National

Advanced fighter jets to have UAE parts



ABU DHABI // Eurofighter Typhoon jets, sold around the world, are soon to have UAE-made components, it was announced yesterday at the International Defence Exhibition.

The advanced, multi-purpose fighter, developed by a European consortium of EADS, Alenia Aeronautica and BAE Systems, will be incorporating a major structural component developed by UAE company Tawazun Precision Industries (TPI).

The development was announcd by Enzo Casolini, the chief executive of the Eurofighter holding company, GmbH.

Mark Parkinson, the business development manager for combat air military and information at BAE Systems, said the component is a pure aluminium V-frame used at the rear of the aircraft, near the engine.

"It is a major structural component in the aircraft and we have done our first article inspections," he said.

He added that the V-frame component is a high-tolerance part and that the first piece made is on display at the exhibition.

"So far, the product has proven to be good and is looking good," he said.

TPI had also been listed as an accredited supplier of the component and further parts may be manufactured in the UAE.

"We are also in talks to develop titanium firewalls at the TPI factories," said Andy Wilson, industrial partnerships and offset director for military air and information at BAE Systems.

Titanium firewalls are shields that suppress the engine blast fire from spreading in to the fuselage of the aircraft.

Mr Wilson said that BAE is in discussions with other UAE-based defence industry manufacturers to develop other components.

Meanwhile, talks are ongoing between the Government and Eurofighter for the incorporation of the jet fighter into the UAE fleet, as well as with Dassault Systems for its Rafale multi-purpose fighter.

According to the Idex and Navdex chairman, Staff Maj Gen Obaid Al Ketbi, the negotiations are progressing well. "The two companies and the UAE Armed Forces are still working on the project. It is not yet finalised. It is a question of time," he said.

"Both teams are working very hard to come up with a final settlement on the deal itself and a final agreement. Some things still need to be studied more and we have not yet decided," he said.

Mr Casolini said: "I will be finishing my term by May this year as CEO and I hope that the deal is finalised."

He stressed that his aircrafts are adaptable to the client's needs and they can accommodate any requirements.

BAE Systems' Laurie Hilditch said the Eurofighter Typhoon had been in development since the 1980s and the first was delivered in 2003.

"The special thing about the Typhoon is that it is adaptable and built to be enhanced and continuously developed," he said.

"The goal is to maintain a multipurpose, high-performance, cutting edge technology aircraft and we have the only fighters in the world to be interoperable with the advanced United States F-22 raptors."

Senior manager of operations at TPI, Vincent Mohi, said that the manufacture of components for Eurofighters highlights the capability of the UAE company.

"We have been producing components for civilian aircrafts and now also military," he said. TPI, which has more than 100 Emirati engineers and workers, also develops components for the Marte anti-ship missile systems for Paris-based MBDA missile systems.

MBDA is a missile developer and manufacturer with operations in France, Italy, the US, UK, Germany and Spain.

According to Michele Di Nunzio, the sales manager at MBDA, the company is looking to increase its work with TPI and develop more components locally.

"We would like to work on other parts of the missile system here and even other kinds. The final products would be sold all over the world with UAE-made components," he said.

Mr Mohi said that the value of chain assembly locally is beneficial to the UAE's industrial programme, however, but challenges remain.

"There are millstones to get through to be able to completely construct high-technology materials and, although we have been operating for only two years, we are developing and getting there," he said.

Company Profile

Company name: Yeepeey

Started: Soft launch in November, 2020

Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani

Based: Dubai

Industry: E-grocery

Initial investment: $150,000

Future plan: Raise $1.5m and enter Saudi Arabia next year

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Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

Omar Yabroudi's factfile

Born: October 20, 1989, Sharjah

Education: Bachelor of Science and Football, Liverpool John Moores University

2010: Accrington Stanley FC, internship

2010-2012: Crystal Palace, performance analyst with U-18 academy

2012-2015: Barnet FC, first-team performance analyst/head of recruitment

2015-2017: Nottingham Forest, head of recruitment

2018-present: Crystal Palace, player recruitment manager

 

 

 

 

LIVING IN...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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.

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

RACECARD
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Company Profile

Company name: NutriCal

Started: 2019

Founder: Soniya Ashar

Based: Dubai

Industry: Food Technology

Initial investment: Self-funded undisclosed amount

Future plan: Looking to raise fresh capital and expand in Saudi Arabia

Total Clients: Over 50

HIV on the rise in the region

A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.

New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.

Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.

Access to HIV testing, treatment and care in the region is well below the global average.  

Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

The 15 players selected

Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans

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

Francesco Totti's bio

Born September 27, 1976

Position Attacking midifelder

Clubs played for (1) - Roma

Total seasons 24

First season 1992/93

Last season 2016/17

Appearances 786

Goals 307

Titles (5) - Serie A 1; Italian Cup 2; Italian Supercup 2

Cry Macho

Director: Clint Eastwood

Stars: Clint Eastwood, Dwight Yoakam

Rating:**

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar

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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