An Airbus A350 aircraft operated by Cathay Pacific Airways on the tarmac at Hong Kong International Airport on Tuesday, September 3, 2024. Cathay Pacific has canceled several A350 flights for fleet-wide precautionary checks. Bloomberg
An Airbus A350 aircraft operated by Cathay Pacific Airways on the tarmac at Hong Kong International Airport on Tuesday, September 3, 2024. Cathay Pacific has canceled several A350 flights for fleet-wide precautionary checks. Bloomberg
An Airbus A350 aircraft operated by Cathay Pacific Airways on the tarmac at Hong Kong International Airport on Tuesday, September 3, 2024. Cathay Pacific has canceled several A350 flights for fleet-wide precautionary checks. Bloomberg
An Airbus A350 aircraft operated by Cathay Pacific Airways on the tarmac at Hong Kong International Airport on Tuesday, September 3, 2024. Cathay Pacific has canceled several A350 flights for fleet-wi

Qatar Airways says 'no impact' from Airbus A350 Rolls Royce engine issue


Deena Kamel
  • English
  • Arabic

Qatar Airways said there are no issues with its fleet of Airbus A350-1000s in the wake of Hong Kong's Cathay Pacific grounding its A350 fleet for “precautionary” inspections after the in-flight failure of a Rolls-Royce engine part.

Cathay Pacific cancelled several flights after discovering an engine component failure on an A350-1000 wide-body aircraft that was forced to return from its flight to Zurich minutes after taking off from Hong Kong on Monday.

Among the top operators of the A350 in the Middle East is Qatar Airways with 24 of the wide-body aircraft in its fleet.

“At present, there has been no impact on the operation of any Qatar Airways Airbus A350-1000s. We are continuing to monitor any developments,” an airline representative told The National.

Etihad Airways, which operates five of the Airbus A350-1000s, and Turkish Airlines, which operates the smaller A350-900 variant, did not immediately provide a comment on the status of their fleet.

British engine manufacturer Rolls-Royce confirmed that Cathay Pacific's aircraft was powered by its Trent XWB-97 engines.

The company said it was committed to working closely with the airline, Airbus and the relevant Hong Kong authorities to support their investigation of the issue.

Rolls-Royce will “keep other airlines that operate Trent XWB-97 engines fully informed of any relevant developments as appropriate”, it said.

Airbus said it is “working closely” with Rolls-Royce and Cathay Pacific.

“At this time it would be inappropriate for us to comment further, pending the ongoing investigation,” the plane manufacturer said.

Passengers at Cathay Pacific check-in counters at Hong Kong International Airport on Tuesday, September 3, 2024. Bloomberg
Passengers at Cathay Pacific check-in counters at Hong Kong International Airport on Tuesday, September 3, 2024. Bloomberg

Cathay Pacific did not identify the engine part that failed but the airline said it was the “first of its type to suffer such failure on any A350 aircraft worldwide”.

The Airbus A350 is a twin-engined long-haul passenger jet that can carry between 300 and 480 passengers. It comes in two sizes: the A350-900 and the larger A350-1000, both powered exclusively by Rolls-Royce engines.

The A350-1000 is Airbus's twin-aisle aircraft which was designed to compete with Boeing's popular 777-300 and 777-300ER versions that go up to a 400-seat capacity. The lightweight carbon-fibre Airbus jet is an all-new design aircraft and was intended to break its US rival's dominance in the “mini-jumbo” segment.

The A350-1000 took to the skies for the first time in November 2016, followed by the first aircraft delivery in 2018 to debut customer Qatar Airways.

It is a larger variant to the new-generation A350-900, which entered service in 2015 also with Qatar Airways. That aircraft competes with Boeing's 777-200ER/LR jets and the 787-10 Dreamliner.

Customers of the A350-1000 include British Airways, Virgin Atlantic, Cathay Pacific and Qatar Airways.

The A350-1000 and the A350 freighter use Trent XWB-97 engines, Rolls-Royce's biggest civil jet engine. The A350-900 uses the Rolls-Royce Trent XWB-84 engines.

Dubai-based Emirates has also ordered the Airbus A350-900, but airline president Tim Clark has expressed dissatisfaction with the Rolls-Royce XWB engines that power the larger A350-1000 because he says they need too much maintenance in a hot and sandy environment.

Rolls-Royce has committed to investing more than £1 billion ($1.3 billion) to upgrade the engines, seeking to improve their performance and durability.

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.”

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Company profile

Name: Thndr

Started: October 2020

Founders: Ahmad Hammouda and Seif Amr

Based: Cairo, Egypt

Sector: FinTech

Initial investment: pre-seed of $800,000

Funding stage: series A; $20 million

Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC,  Rabacap and MSA Capital

Company Profile

Company name: Fine Diner

Started: March, 2020

Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka

Based: Dubai

Industry: Technology and food delivery

Initial investment: Dh75,000

Investor: Dtec Startupbootcamp

Future plan: Looking to raise $400,000

Total sales: Over 1,000 deliveries in three months

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

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COMPANY%20PROFILE%20
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Silent Hill f

Publisher: Konami

Platforms: PlayStation 5, Xbox Series X/S, PC

Rating: 4.5/5

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

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

The 12 breakaway clubs

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

UAE currency: the story behind the money in your pockets
Updated: September 03, 2024, 2:48 PM