News

RITIKA SHARMA / EMIRATES BUSINESS The Middle East market has played an important role in the recent global executive aviation development. According to Embraer Executive Jets market analyses, the Middle East has a younger business jet fleet than the world’s average. The region holds a business jet fleet of 400 unit aircraft where Saudi Arabia and UAE account for more ...

EMIRATES BUSINESS The BMW Group has revised its websites, offering its customers a wide range of comprehensive and international services. The initiative was taken keeping into consideration the growing demand of digitalisation and future-oriented online communication. The website features new content, innovative technology and a new digital corporate design. The use of large-format graphics, sliders in gallery format and a ...

Abu Dhabi / Emirates Business A traditional heritage-inspired boutique Souq Zone, modelled on the old port markets of Abu Dhabi, is set to reflect the cultural richness and openness the UAE at the first-ever Mother of the Nation Festival. Organised by Abu Dhabi Tourism & Culture Authority and being held along the Abu Dhabi Corniche Beach from March 24 to ...

Bloomberg Singapore-based Hyflux has been selected to build the Ain Sokhna integrated desalination and power project in Egypt. Hyflux has received a letter of intent from the General Authority for the Suez Canal Economic Zone (SCZone) for a $500m EPC contract for the plant, which will have a desalinated water production capacity of 150,000 cubic metres a day (cm/d). The ...

Bloomberg The Kuwait National Petroleum Company (KNPC) is pushing ahead with a KD3bn ($9.98bn) loan, according to local banking sources. The mandated lead arrangers have been appointed for the Kuwaiti dinar, Islamic and dollar tranches of the commercial loan. They will work on the loan syndication in the first half, with the size of the tranches depending on appetite. The ...

Bloomberg Qatar Airways said it could soon give up on Airbus Group SE’s revamped A320neo jetliner if Pratt & Whitney fails to resolve a cooling issue with the plane’s engines, erasing a 2011 order worth a potential $6.4 billion to the manufacturer. Delivery delays requested by Qatar Air because of the hitch, which means planes must sometimes be idled to ...

CORAOPOLIS / AP Dick’s Sporting Goods fiscal fourth-quarter performance missed Wall Street’s view as warmer-than-usual winter weather crimped the sporting goods retailer’s sales. It also provided guidance below analysts’ estimates. The stock dropped more than 5 percent this week. Many people are wondering how Dick’s will fare now that rival Sports Authority has filed for Chapter 11 bankruptcy protection. Last ...

NAIROBI / Bloomberg Kenya Airways Ltd., sub-Saharan Africa’s third-largest airline, is planning a 70 billion-shilling ($690 million) restructuring programme that includes reducing its fleet and cutting staff, Chief Executive Officer Mbuvi Ngunze said. The carrier, based in the capital, Nairobi, has been working on a turnaround plan after reporting the largest loss in Kenyan corporate history last year. The carrier plans ...

NEW YORK / AP Amazon is taking to the skies. The e-commerce powerhouse has finalised an agreement to lease 20 Boeing jets from Air Transport Services Group Inc. as it builds out its US delivery capabilities. Amazon has been investing heavily in its shipping infrastructure, adding sorting centers, which sort packages by zip code and deliver them to post offices. ...

Bloomberg Cathay Pacific Airways Ltd., Asia’s largest international airline by passengers, will soon start using Airbus Group SE’s most fuel-efficient plane as it tries to trim costs in the face of mounting competition. Cathay will receive 12 new A350 aircraft this year, with the first one due in May, Chief Executive Officer Ivan Chu said after a briefing Wednesday afternoon. ...