A possible European Union investigation into Etihad Airways’ growing investments in the region’s airlines and the question of how to produce the next generation of aerospace workers are the backdrop to an international gathering of industry executives in the capital this week.
The astronaut Buzz Aldrin, the chief executives of Lockheed Martin and the European carriers KLM and Turkish Airlines will line up next to Etihad's chief executive and the head of Mubadala's aerospace division at the Abu Dhabi Global Aerospace Summit today to address challenges that face the industry.
The summit, which takes place every two years, will address topics such as increasing profit margins, encouraging investment, implementing effective regulations, and finding a qualified workforce.
A spokesman for Siim Kallas, the EU commissioner for transport policy, said on Friday that the commission was looking at a number of non-EU investments in European airlines, including Etihad’s stake in Air Berlin. The commission is also watching Etihad’s continuing talks over a possible investment in Alitalia.
More than 1,000 senior executives are expected to be at the summit in the capital.
“The summit is a think tank platform for the industry,” said Homaid Al Shemmari, the chief executive of aerospace and engineering services at Mubadala, the Abu Dhabi government
investment and development company. “It made sense for us to invite all of these key players here and talk about concerns of this industry, its growth and its challenges.
“There’s a paramount shift in this industry from the old West to the emerging East. We are here in the Middle East at the heart of this convergent and change of power.”
Expansion of Arabian Gulf carriers such as Etihad, Emirates Airline and Qatar Airways is gradually shifting the future of air travel to the region. The strategic location of Dubai and Abu Dhabi is another great advantage, where almost 80 per cent of the world's population lies within eight to 10 hours' flying time.
Known as “the big three” – the Gulf airlines made multibillion dollar purchases of aircraft and engines at Dubai’s Airshow in November.
But unlike the Dubai Airshow, the Global Aerospace summit will not produce commercial deals.
“This is not an air show. This is not a platform for people to come and sell their products or market their products or talk about major or mega deals,” said Mr Al Shemmari.
Since 2007, the UAE has realised the importance of developing its aerospace industry. Investing in aerospace also fits into Abu Dhabi’s 2030 vision to diversify its economy into other sectors and reduce the reliance on oil and create skilled jobs for UAE nationals.
“Mubadala still believes aerospace, defence services and communications are three of the strongest sectors we have. We are very bullish about them,” said Mr Al Shemmari.
“We still look very favourably at international investments and to also increase our investments.”
Strata Manufacturing, Mubadala’s advanced composite aerostructures manufacturing plant in Al Ain, in November won deals from Airbus and Boeing worth US$5 billion to manufacture airplane parts.
James Hogan, the president and CEO of Etihad Airways said: “The Global Aerospace Summit is a great opportunity to share ideas, experience and thinking with leaders from across the industry,”
“Ten years ago, it [Abu Dhabi] was only just launching its national airline. Today, the emirate has become a vibrant centre for many strands of the aviation and aerospace sectors.”
selgazzar@thenational.ae
Follow us on Twitter @Ind_Insights
Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House
COMPANY%20PROFILE
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
'Cheb%20Khaled'
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Profile Periscope Media
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders
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COMPANY%20PROFILE
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Company%20Profile
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COMPANY%20PROFILE%20
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
MATCH INFO
Aston Villa 1 (Konsa 63')
Sheffield United 0
Red card: Jon Egan (Sheffield United)
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Mozn%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammed%20Alhussein%2C%20Khaled%20Al%20Ghoneim%2C%20Abdullah%20Alsaeed%20and%20Malik%20Alyousef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Riyadh%2C%20Saudi%20Arabia%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Raed%20Ventures%2C%20Shorooq%20Partners%2C%20VentureSouq%2C%20Sukna%20Ventures%20and%20others%3C%2Fp%3E%0A
Killing of Qassem Suleimani
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
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Dengue%20fever%20symptoms
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Killing of Qassem Suleimani
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions