Expansion of Al-Maktoum airport delayed to 2018

In this March 22, 2017 photo, an Emirates plane taxis to a gate at Dubai International Airport at Dubai International Airport in Dubai, United Arab Emirates. (AP)
Updated 18 May 2017
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Expansion of Al-Maktoum airport delayed to 2018

DUBAI: An expansion of Dubai’s Al-Maktoum International Airport has been delayed by a year until 2018, the airport’s operator said on Wednesday.
Currently Dubai’s second-largest airport, it will have the capacity to handle 26 million passengers a year when the expansion is complete.
Al-Maktoum airport opened in 2013 and can currently handle about 7 million passengers a year. Its expansion has been delayed due to the completion of construction and to allow time for trials and testing, a spokesman for Dubai Airports said.
The Dubai government said on Sunday that it had secured $3 billion in long-term financing for the expansion of its airports, which are forecast to serve 146.3 million passengers by 2025.
Al-Maktoum International, located on the edge of Dubai, is being gradually ramped up to take over from Dubai International Airport (DIA), currently the world’s busiest and home to state-owned Emirates Airline.
Dubai Airports’ Chief Executive Paul Griffiths told Reuters in January that budget carrier flydubai would move its operations from Dubai International to Al- Maktoum International in the third quarter of this year.
Emirates Airline is slated to move to Al-Maktoum International in 2025.
A Dubai Airports spokesman said it aims to expand Al- Maktoum further to handle 240 million passengers a year but that there was no date yet for when that would be.
This year, passenger traffic across Dubai’s two international airports is expected to reach just over 90 million in 2017, the spokesman said.


BMW plans massive cost cuts to keep profits from sputtering

Updated 20 March 2019
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BMW plans massive cost cuts to keep profits from sputtering

  • ‘Our business model must remain a profitable one in the digital era,’ chief executive Harald Krueger said
  • Total number of employees is set to remain flat at around 135,000 worldwide

MUNICH: German high-end carmaker BMW warned Wednesday it expects pre-tax profits “well below” 2018 levels this year as it announced a massive cost-cutting scheme aimed at saving $13.6 billion (€12 billion) in total by 2022.
A spokesman said that “well below” could indicate a tumble of more than 10 percent.
The Munich-based group’s 2019 result will be burdened with massive investments needed for the transition to electric cars, exchange rate headwinds and rising raw materials prices, it said in a statement.
Meanwhile it must pump more cash into measures to meet strict European carbon dioxide (CO2) emissions limits set to bite from next year.
And a one-off windfall in 2018’s results will create a negative comparison, even though pre-tax profits already fell 8.1 percent last year.
Bosses expect a “slight increase” in sales of BMW and Mini cars, with a slightly fatter operating margin that will nevertheless fall short of their 8.0-percent target.
“We will continue to implement forcefully the necessary measures for growth, continuing performance increases and efficiency,” finance director Nicolas Peter said at the group’s annual press conference.
BMW aims to achieve €12 billion of savings in the coming years through “efficiency improvements” including reducing the complexity of its range.
“Our business model must remain a profitable one in the digital era,” chief executive Harald Krueger said.
This year, most new recruits at the group will be IT specialists, while the total number of employees is set to remain flat at around 135,000 worldwide.
Departures from the sizeable fraction of the workforce born during the post-World War II baby boom and now reaching retirement age “will allow us to adapt the business even more to future topics,” BMW said.
All the firm’s forecasts are based on London and Brussels reaching a deal for an orderly Brexit and the United States foregoing new import taxes on European cars.
“Developments in tariffs” remain “a significant factor of uncertainty” in looking to the future, finance chief Peter said, adding that “the preparations for the UK’s exit from the EU will weigh on 2019’s results as well.”
In annual results released ahead of schedule last Friday, BMW blamed trade headwinds and new EU emissions tests for net profits tumbling 16.9 percent in 2018, to €7.2 billion.