$600bn needed to meet regional aircraft demands by 2038

Saif Mohammed Al-Suwaidi
Updated 06 August 2019

$600bn needed to meet regional aircraft demands by 2038

Regional aircraft markets will need $600 billion in investments to meet the demand for 150-seat 10,550 aircraft by 2038 due to rise in air travelers, according to a report by aerospace company Embraer. Market growth will drive 65 percent of this demand for the aircraft, while the remaining 35 percent will replace aging aircraft, the report added.

These developments will be one of the highlighted investment opportunities at the next edition of Global Investment in Aviation Summit (GIAS). 

GIAS is an initiative of the UAE General Authority of Civil Aviation (GCAA) and will be held from Jan. 27 to 29th in Dubai under the theme “Enabling Global Aviation Growth through Fund Raising and Key Partnerships.” 

The mega event will bring together more than 200 investors, besides selected government officials, aviation organizations, finance and insurance firms, aviation asset owners, aircraft operators and logistic service providers and legal consultants.

Saif Mohammed Al-Suwaidi, director general of UAE-GCAA, said: “Investments in aviation are more vital now as regional aviation enjoys the economic benefits of robust tourism and improved regional connectivity. The rapid growth of aviation is propelled by many factors, including booming tourism industry, lower air fares, improved connectivity, and the rise of disposable incomes with the middle-class expansion. All these and more will be part of the investment opportunities that will be presented at GIAS.”

Asia Pacific will drive the highest market share for 150-seat aircraft capacity by 28 percent or 3,000 deliveries with North America following closely behind with 2,780 (27 percent), Europe with 2,240 (21 percent), Latin America with 1,140 (11 percent), CIS with 580 (6 percent), Africa with 450 (4 percent) and the Middle East with 360 (3 percent), according to Embraer, a Brazilian manufacturer of commercial aircraft with up to 150 seats.

Contributing to the greater demand for airline services is the successful tourism promotion of emerging economies.

Al-Suwaidi also added that as aviation is a key pillar in UAE national economy, the nation is investing heavily on modernization and expansion of its major international airports to meet the demands for passenger traffic, which is anticipated to increase every year. 

Investment opportunities in the UAE and participating countries will be featured during the three-day GIAS in January.

Dubai to host Mideast’s first dinosaur auction

Updated 18 August 2019

Dubai to host Mideast’s first dinosaur auction

A massive 155-million-year-old dinosaur skeleton will be up for grabs for lovers of rare collectibles as Emirates Auction announced it will organize the Middle East’s first auction to sell the giant dinosaur skeleton. 

The online auction will be conducted by Emirates Auction, which specializes in organizing and managing public and electronic auctions, at a starting value of 14.6 million dirhams (SR14.9 million, $4 million) and will end on Aug. 25. 

The 24.4-meter-long by 7-meter-high skeleton, which dates back to the Jurassic period, is the first of its kind in the world to be installed at the Dubai Mall. 

Back then the 25-year-old dinosaur weighed up to five elephants and was one of the long-necked herbivorous dinosaurs and has a tail tapering to a long, thin whip-like end to defend itself against predators.

The dinosaur belongs to the Diplodocus longus variety, deriving it from the Greek words “diplos,” meaning “double,” and “dokos” meaning “beam.” 

Nearly 90 percent of the fossil’s bones are original, making it a stunning discovery in the history of palaeontology. The remains of the adult dinosaur were discovered in a sleeping position in 2008 at the Dana Quarry in the US state of Wyoming.

The auction will be an ideal opportunity for those looking for excellence to supplement their collections with a historic masterpiece rarely found around the world.

The specimen was previously displayed at the Houston Museum of Natural Science in the US state of Texas. It was sourced through Khalid Seddiq, founder of Etihad Modern Art Gallery in Abu Dhabi, and was put on permanent display at The Dubai Mall in 2014.

Emirates Auction is a UAE-based auction company in the Middle East. Founded in 2004, the company specializes in automobiles, vehicle license plates, real estate and properties, asset liquidation, VIP mobile numbers, jewelry, time-sensitive items, and heavy machinery, plant and construction equipments. 

Emirates Auction has achieved a number of milestones in a short span of time since its establishment, breaking 10 Guinness World Records along the way.

With increasing annual sales and registered bidders across the UAE, GCC and North Africa states, Russia and other countries across the world, the auctioneer conducts over 200 online and physical auctions per year. The company is credited with significantly contributing to the development of auction concepts in the Arab world.