Abu Dhabi's Etihad Airways may buy an additional 12 aircraft from Boeing (BA.N), including 10 787 Dreamliners and two 777 jets, sources familiar with the matter said on Saturday.
The value of the deal, if signed, is expected to be around $2.5 billion based on the average list price of the aircraft.
Etihad and Boeing declined to comment.
Saturday 12 November 2011
DUBAI: UAE issues shock Eurofighter Typhoon request
France’s long-running campaign to sell up to 60 Dassault Rafales to the United Arab Emirates faces a shock last-minute challenge, with the Eurofighter consortium having been asked to submit a proposal based on its Typhoon combat aircraft.
News of the development broke on the eve of the Dubai air show, where both types are scheduled to take part in the daily flying display.
Sources have confirmed that the UK provided a formal briefing about the Typhoon to UAE officials on 17 October, after being asked to explore how it might meet future fast jet requirements.
News of the development broke on the eve of the Dubai air show, where both types are scheduled to take part in the daily flying display.
Sources have confirmed that the UK provided a formal briefing about the Typhoon to UAE officials on 17 October, after being asked to explore how it might meet future fast jet requirements.
Expansion of DIFC courts introduces a new set of choices - The National
The UAE's judicial system will require serious legislative reforms, Dr Hadef Al Dhaheri, the Minister of Justice, said in Dubai this month, as he welcomed over 5,000 lawyers and judges from around the world to the International Bar Association conference.
Two days later the Dubai Government introduced one such major reform with a decree extending the jurisdiction of the Dubai International Financial Centre (DIFC) courts.
A 2004 law had limited the authority of those courts to cases involving companies registered in the DIFC. But now companies that are not registered will also have access to those courts, provided that both parties have agreed to this in advance and that no final judgment has been issued by another court.
Two days later the Dubai Government introduced one such major reform with a decree extending the jurisdiction of the Dubai International Financial Centre (DIFC) courts.
A 2004 law had limited the authority of those courts to cases involving companies registered in the DIFC. But now companies that are not registered will also have access to those courts, provided that both parties have agreed to this in advance and that no final judgment has been issued by another court.
Will Saudi Arabia Open Its Stock Market? - Arabianomics
The Tadawul All Share Index, also known as the Saudi Stock Market, is closed to foreign investment. Only Saudis are permitted to buy and sell shares, and only Saudi companies can be listed on the exchange.
This may all soon change. Speculation that Saudi Arabia will open its stock market to foreign investors is becoming more common.
Saudi Arabia’s $330 billion bourse might slowly open up as early as next year.
This may all soon change. Speculation that Saudi Arabia will open its stock market to foreign investors is becoming more common.
Saudi Arabia’s $330 billion bourse might slowly open up as early as next year.
Saudi assets to gain $98bn in 2011: report - Emirates 24/7
Strong oil prices will ally with a sharp rise in Saudi Arabia’s crude output to expand its foreign assets by nearly $98 billion through 2011 although the world’s dominant oil exporter is spending much higher than it had projected this year, according to a key Western financial institution.
From around $445 billion at the end of 2010, the Gulf Kingdom’s foreign assets are expected to hit an all time high of nearly $543 billion at the end of 2011 and continue their rise to reach $591 billion at the end of 2012, the Washington-based Institute for International Finance (IIF) said in its latest report.
The assets, controlled by the Saudi Arabian Monetary Agency (SAMA), have already swelled by nearly $80 billion in the first nine months of 2011 as a result of a surge in crude prices and a decision by the Kingdom to raise its oil output to more than nine million bpd to offset disruption of Libya’s supplies.
From around $445 billion at the end of 2010, the Gulf Kingdom’s foreign assets are expected to hit an all time high of nearly $543 billion at the end of 2011 and continue their rise to reach $591 billion at the end of 2012, the Washington-based Institute for International Finance (IIF) said in its latest report.
The assets, controlled by the Saudi Arabian Monetary Agency (SAMA), have already swelled by nearly $80 billion in the first nine months of 2011 as a result of a surge in crude prices and a decision by the Kingdom to raise its oil output to more than nine million bpd to offset disruption of Libya’s supplies.
Saudi Shares Reach Three-Month High on Europe Leadership Changes - Businessweek
Saudi Arabian shares, led by petrochemical makers, rallied to their highest level since August as post-Eid investors reacted to leadership changes in Greece and Italy.
Saudi Basic Industries Corp., the world’s largest petrochemicals producer, gained more than 1 percent, while Arab National Bank advanced more than 3 percent.
The 149-company Tadawul All Share Index rose 0.6 percent to 6,251.60, the highest intraday level since Aug. 6, at 1:35 p.m. in Riyadh. Eight shares increased for every stock that fell.
Saudi Basic Industries Corp., the world’s largest petrochemicals producer, gained more than 1 percent, while Arab National Bank advanced more than 3 percent.
The 149-company Tadawul All Share Index rose 0.6 percent to 6,251.60, the highest intraday level since Aug. 6, at 1:35 p.m. in Riyadh. Eight shares increased for every stock that fell.
gulfnews : Iran to call for pre-Libya Opec production levels
Current Opec president Iran will ask the oil producers' group, ahead of its Dec-ember meeting, to return output levels to where they were before the Libya crisis earlier this year, the Oil Ministry's SHANA website reported yesterday.
"We will ask the countries that increased their production when Libya stopped production to change the level of production to the previous level," SHANA quoted Oil Minister Rostam Qasimi as saying.
Iran successfully opposed a move led by the biggest producer Saudi Arabia at the last Opec meeting in June to raise Opec quotas to meet a shortfall in supplies from Libya.
"We will ask the countries that increased their production when Libya stopped production to change the level of production to the previous level," SHANA quoted Oil Minister Rostam Qasimi as saying.
Iran successfully opposed a move led by the biggest producer Saudi Arabia at the last Opec meeting in June to raise Opec quotas to meet a shortfall in supplies from Libya.
gulfnews : Boeing rides Dreamliner tailwind to Dubai as Airbus A350 slips
Boeing arrives at the Dubai Air show tomorrow on the tailwind of its 787 Dreamliner finally in service, gaining a boost of confidence after rival Airbus dominated their most recent duel four months ago in Paris.
The 787 began flying with All Nippon Airways last month to end more than three years of delays. Airbus won't have a new plane until 2014's first half, with Thursday's six-month postponement for the entry into service of the A350-900. It also ended production of the unsuccessful A340 long-haul model.
Dubai's event is usually geared toward wide-body jets, the dominant fleet type at Middle East carriers such as Emirates and a category where Boeing leads. Airbus's upgraded A320neo single-aisle jet won 667 orders and commitments at the Paris show in June, as Boeing pondered how to respond to the fastest-selling aircraft in aviation history.
The 787 began flying with All Nippon Airways last month to end more than three years of delays. Airbus won't have a new plane until 2014's first half, with Thursday's six-month postponement for the entry into service of the A350-900. It also ended production of the unsuccessful A340 long-haul model.
Dubai's event is usually geared toward wide-body jets, the dominant fleet type at Middle East carriers such as Emirates and a category where Boeing leads. Airbus's upgraded A320neo single-aisle jet won 667 orders and commitments at the Paris show in June, as Boeing pondered how to respond to the fastest-selling aircraft in aviation history.
gulfnews : Ford eyes Iraq expansion despite security concerns
Ford is looking at expanding into Iraq despite ongoing concerns about security and stability in the country.
"The biggest opportunity coming up is Iraq. The stability and security is still an issue but that is a growth market, especially as hopefully the situation improves and they have great plans to increase oil output. It'll be a long-term opportunity, but it's out there. We see it as a big opportunity longer term," said Larry Prein, managing director of Ford Middle East.
Ford currently has one dealership in the country and is working with them to make a mark in Iraq.
"The biggest opportunity coming up is Iraq. The stability and security is still an issue but that is a growth market, especially as hopefully the situation improves and they have great plans to increase oil output. It'll be a long-term opportunity, but it's out there. We see it as a big opportunity longer term," said Larry Prein, managing director of Ford Middle East.
Ford currently has one dealership in the country and is working with them to make a mark in Iraq.
gulfnews : Abu Dhabi adjusts to economic realities
Abu Dhabi was set to avoid the pitfalls suffered by its Gulf neighbours with a decades-long plan to replace oil revenue with industry and tourism as drivers of growth.
Now those plans need to be scaled back as companies behind some of the biggest developments cut jobs and push back projects, said Gassan Chehayeb, associate director of research at Dubai-based Exotix.
Delays include beach-front apartments and branches of the Louvre and Guggenheim museums.
Now those plans need to be scaled back as companies behind some of the biggest developments cut jobs and push back projects, said Gassan Chehayeb, associate director of research at Dubai-based Exotix.
Delays include beach-front apartments and branches of the Louvre and Guggenheim museums.
Qatar Airways: Doha’s flag carrier plans big expansion - FT.com
Qatar Airways is growing fast, seeking to boost its fleet almost 20 per cent to 120 by 2013. Yet it is based a mere 240 miles from Dubai airport, another fast-expanding hub.
The parallels between Qatar Airways and Dubai’s Emirates just will not go away.
Qatar Airways, which started operations in 1994, is 50 per cent owned by the emirate’s government, with the other half owned by members of the ruling family.
The parallels between Qatar Airways and Dubai’s Emirates just will not go away.
Qatar Airways, which started operations in 1994, is 50 per cent owned by the emirate’s government, with the other half owned by members of the ruling family.
Etihad Airways: UAE carrier works hard to soar - FT.com
For Etihad Airways, the national carrier of the United Arab Emirates, the hardest job is to establish that fact.
At just eight years old, Abu Dhabi’s Etihad remains in the shadow of Emirates, the highly successful government-owned airline of neighbouring Dubai.
To create its own space in the market, Etihad has had to spend billions of dollars to get noticed.
It came to the fore in 2008, when it placed one of the largest orders in the history of commercial aviation. The order, worth about $20bn, sent a signal that the airline was serious about becoming a global force, and made not just its Gulf rivals, but also its western competitors, take note.
At just eight years old, Abu Dhabi’s Etihad remains in the shadow of Emirates, the highly successful government-owned airline of neighbouring Dubai.
To create its own space in the market, Etihad has had to spend billions of dollars to get noticed.
It came to the fore in 2008, when it placed one of the largest orders in the history of commercial aviation. The order, worth about $20bn, sent a signal that the airline was serious about becoming a global force, and made not just its Gulf rivals, but also its western competitors, take note.
Emirates: Dubai airline’s bid to be biggest takes off - FT.com
Far from a straightforward task: Emirates faces increased competition from local carriers as well as pressure on margins
It started out with a stipend of $10m from Dubai’s ruler in 1985. Now, Emirates, one of the fastest-growing airlines in the world, is knocking on the door of global domination.
Other airlines fret about projections that Emirates is on track to become the largest long-haul carrier by 2015, as its relentless growth in passenger numbers continues to underpin Dubai’s recovery after its damaging property crash in 2008.
Over the past five years, the airline has tripled capacity and revenues, and is set for a 9 per cent increase in capacity through 2015, says a recent report by Boston Consulting Group.
It started out with a stipend of $10m from Dubai’s ruler in 1985. Now, Emirates, one of the fastest-growing airlines in the world, is knocking on the door of global domination.
Other airlines fret about projections that Emirates is on track to become the largest long-haul carrier by 2015, as its relentless growth in passenger numbers continues to underpin Dubai’s recovery after its damaging property crash in 2008.
Over the past five years, the airline has tripled capacity and revenues, and is set for a 9 per cent increase in capacity through 2015, says a recent report by Boston Consulting Group.
Dubai Air Show 2011 - Special Report: Dubai Airshow - No Austerity Signs Yet! - CNBC
Defying gravity, let alone already well-evident signs of global economic downturn, the world’s commercial aerospace manufacturers arrive at the Middle East’s premier Dubai Airshow in seemingly strapping health.
For Boeing [BA 66.92 2.09 (+3.22%) ] and Airbus, the world’s two largest commercial aircraft manufacturers, this year has been truly remarkable, although it's fair to say that the same can be said for most of the world’s other players too.
On one hand the idea of another record year hardly makes sense, and yet on the other, air travel remains an industry that's still expanding. The airline industry is also hugely competitive, meaning that unless underlying revenue is growing, an airline has little choice but to further reduce cost and capacity.
On one hand the idea of another record year hardly makes sense, and yet on the other, air travel remains an industry that's still expanding. The airline industry is also hugely competitive, meaning that unless underlying revenue is growing, an airline has little choice but to further reduce cost and capacity.