Airbus Ended the A380 Years Ago. Its Biggest Buyer Remains a Fan - Bloomberg
Tim Clark won’t let go of the Airbus A380.
The president of Emirates Airline has long been the biggest cheerleader of the super-jumbo, highlighted by the fact that his airline operates more than 100 of the double-decker behemoths, far in excess of any rival.
Yet despite all the praise the long-serving executive has heaped on the plane over the years, Airbus SE could never make the numbers work. After orders ran dry, the European planemaker killed the program in 2019 and handed over the last unit at the end of 2021 — to Emirates. Dubai’s state-owned airline plans to fly its A380s into the next decade, and start retiring them in 2032, Clark said.
There’s still life for aircraft that size, Clark said Tuesday, likening the A380 to a Dyson vacuum cleaner that’s capable of gobbling up transfer capacity and redirecting it like no other jet. With travel demand booming and more people upgrading to the front of the cabin, Clark says his A380s are full and that passengers are loving the experience.
Most Gulf markets rise on Fed rate pause hopes; oil limits gains | Reuters
Most stock markets in the Gulf ended higher on Tuesday ahead of a widely expected pause in interest rate hikes by the U.S. Federal Reserve, while falling crude prices weighed on investor sentiment.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia's benchmark index (.TASI) gained 0.2%, led by a 3.2% rise in Savola Group (2050.SE).
However, oil behemoth Saudi Aramco (2222.SE) fell 0.2%.
Dubai's main share index (.DFMGI) advanced 0.7%, rising for an eighth session, with Gulf Navigation (GNAV.DU) jumping more than 8%.
The Dubai stock market saw gains this week but could be exposed to price corrections after its surge since the beginning of the month if traders move to secure their gains, said Ahmed Negm, Head of Market Research MENA at XS.com.
"At the same time, improving sentiment among investors could limit the downside potential."
In Qatar, the index (.QSI) retreated 1.7%, snapping three sessions of gains, as most of the stocks on the index were in negative territory including Qatar Islamic Bank (QISB.QA), which was down 2.9%.
Prices of oil - a key catalyst for the Gulf's financial markets - tumbled more than $1 a barrel, after a strong rally in the previous session, as worries about global economic growth outweighed Saudi Arabia's pledge to deepen output cuts.
The Abu Dhabi index (.FTFADGI) eased 0.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 0.8% higher.
According to Negm, the Egyptian bourse could see more gains this week with trading volumes at high levels, driven by local investors.
"However, international investors returned to their selling trend, which could weigh on the main index to a certain extent."
PIF’s AviLease Nears Deal for Standared Chartered Jet Leasing Arm - Bloomberg
AviLease, a jet lessor owned by Saudi Arabia’s Public Investment Fund, is in advanced talks to acquire an aviation finance business from Standard Chartered Plc, people with knowledge of the matter said.
Riyadh-based AviLease and London-listed Standard Chartered are putting the final touches on a deal that could be valued at at least €3.5 billion ($3.7 billion), according to the people.
Standard Chartered shares rose as much as 1.5% in early Tuesday trading. They were up 0.8% at 8:56 a.m. in the UK capital, giving the lender a market value of £18.7 billion ($23.2 billion).
Dublin-based Standard Chartered Aviation Finance owns and manages more than 120 aircraft and offers services including jet fuel hedging, debt financing and remarketing of unneeded planes. Standard Chartered is selling the asset as part of plans to cut costs and boost shareholder returns.
Dubai's Emirates Airlines Says Back in Market Soon for Order of Up to 150 Jets - Bloomberg
Emirates Airline is close to a substantial aircraft order of as many as 100 to 150 jets as it prepares to replace its fleet of Airbus SE A380 double-decker planes due to come offline early next decade, President Tim Clark said.
The airline is “close to doing something” that will involve buying more Airbus A350s and Boeing Co. 777s, and “maybe” also Boeing’s smaller 787 Dreamliner, Clark said in an interview with Bloomberg TV in Istanbul at the IATA annual general meeting on Tuesday.
“We will be making orders fairly soon,” Clark said. The airline will seek to place the orders for delivery starting 2027 through 2033, with the A380 planes exiting the operation in 2032. “It could come next week, it could come at the Dubai Air Show,” he said.
Clark said demand for flying is the strongest it’s been in a long time, with the possibility of some “tapering” toward the middle of next year. Emirates’ president has built the Dubai-based carrier into the world’s largest long-haul airline, commanding a fleet of more than 100 Airbus A380s that use Dubai as a global hub.
Alvarez & Marsal Says Dealmaking Wave Robust In Mideast Despite Global Dip - Bloomberg
Alvarez & Marsal Inc. is expanding in the Middle East on bets that mergers, acquisitions and restructuring will drive business.
The New York-based turnaround firm recently opened offices in Riyadh and Abu Dhabi and is on track to have more than 200 employees in the region this year. The company made its mark in the Middle East after being appointed as the administrator of scandal-hit NMC Health Plc in 2020.
Faisal Shaikh, managing director and regional head of corporate finance at A&M in Dubai, talked to Bloomberg News.
Saudi bourse inches higher on Fed rate pause hope; oil limits gains | Reuters
Saudi Arabia's stock market edged higher in early trade on Tuesday amid hopes of a pause in rate hikes by the U.S. Federal Reserve, although falling oil prices limited gains.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia's benchmark index (.TASI) added 0.1%, helped by a 0.8% gain in Al Rajhi Bank (1120.SE) and a 0.9% increase in Alinma Bank (1150.SE).
Meanwhile, Saudi Arabia's economy is likely to contract by 0.5% this year following its decision on Sunday to cut oil output, Capital Economics forecasts.
On the other hand, oil giant Saudi Aramco (2222.SE) fell 0.6%.
Dubai's main share index (.DFMGI) advanced 0.8%, on course to extend gains for an eighth session, led by a 1.3% rise in blue-chip developer Emaar Properties (EMAR.DU).
In Abu Dhabi, the index (.FTFADGI) was flat.
Separately, Abu Dhabi's police and civil defence teams have brought a fire that broke out on Monday evening under control in a warehouse in the Mussafah industrial area, police said in a tweet early on Tuesday.
The Qatari benchmark (.QSI) declined 0.6%, weighed down by a 2.1% slide in petrochemical maker Industries Qatar (IQCD.QA).
Oil - which fuels the Gulf's economy - fell coming off gains made the previous day as concerns about the global economic backdrop outweighed supply worries raised when Saudi Arabia announced its biggest output cut in years.
