Rolls-Royce sticks to profit forecast, working on engine repair solution

Above, Rolls-Royce Trent engines on the assembly line at the company’s factory in Derby. (Reuters)
Updated 03 May 2018
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Rolls-Royce sticks to profit forecast, working on engine repair solution

LONDON: Britain’s Rolls-Royce stuck to its profit and cash flow guidance for 2018 in a statement made ahead of its annual shareholder meeting, and said it was making progress with a plan to repair some problematic engines more quickly.
While a long-term turnaround program to improve the engine-maker’s profits is on track, difficulties with one of its aero-engines, the Trent 1000 which powers Boeing Dreamliner 787 aircraft, has caused setbacks.
Turbine blades on some Trent 1000 engines have worn out sooner than expected, forcing airlines to disrupt their schedules to allow for the engines to be inspected more regularly.
Rolls-Royce said on Thursday that about two-thirds of the inspections had now been carried out, and the company was making “significant progress” in finding or developing new maintenance and repair facilities to enable it to fix engines and return them more quickly to airline customers.


Dubai eyes stronger business, investment ties with Egypt

Competitive advantage: Dubai’s reputation as a wealth generator and investment stronghold continues to drive the city’s growth. (Reuters)
Updated 17 min 2 sec ago
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Dubai eyes stronger business, investment ties with Egypt

Dubai has moved to further strengthen the emirate’s business and investment ties with Egypt, following meetings with a high-level Egyptian delegation.

During the discussions held in Dubai, Dubai FDI and Egyptian delegates from the General Authority for Investment and Free Zones appraised the many foreign investments coming into the city as a result of the government’s intensive efforts to create a business-friendly environment.
Dubai FDI (the investment agency of the Dubai Economic Development Department) also took the opportunity to explain its mandate and role in creating a business-appropriate landscape to attract international companies and help stimulate capital growth.
Khalid Al-Boom, Deputy CEO of Dubai FDI, who welcomed the Egyptian officials, said that Dubai and Egypt’s joint efforts and deepening relations constitute a significant boost to the government’s initiative to make Dubai one of the most sustainable and competitive business hubs in the world. Al-Boom also said that the visit would further reinforce government-to-government ties and promote sharing of knowledge of expertise.
He noted that the current favorable business environment would further push a new phase of economic and investment cooperation between the two countries to help realize their growth and development goals.
“We at Dubai FDI are fully committed to continue on the path toward success and optimize Dubai’s transformation and potential to make the emirate’s one of the most stable economies in the Middle East and the world,” he concluded. The Egyptian delegates were introduced to local business, government, and legislative processes and procedures. Dubai FDI officials also discussed promising business opportunities and key services that benefit foreign companies operating in the emirate.
The Dubai Government has rolled out a comprehensive program to help foreign companies interested in starting their business in the city. The visiting delegation toured the Dubai Multi Commodities Center and the Dubai Silicon Oasis Authority, during which they were informed about the institutions’ best practices, development strategies, main service offerings, and major investment opportunities.
Dubai’s global reputation as a wealth generator and investment stronghold continues to drive the city’s growth and was a matter of interest to the visiting Egyptian delegates. They were informed that though Dubai moved away from traditional trading and looked to its natural resources for sustenance in the latter half of the 20th century, revenue from oil was soon complemented and later almost replaced with a knowledge-based and services driven economy.
The innovative businesses which establish themselves in Dubai are supported by the Emirate’s ambition to drive technology, pioneer new innovation and foster thought leadership.
Trade, logistics, financial services, hospitality and tourism, real estate, construction and manufacturing now make up more than 90 percent of business activity in the Emirate.
This diversification, along with Dubai’s strategic location, infrastructure and ease of business philosophy, make it a popular choice for local and international organizations to begin operations and expand into the Middle East.