ABU DHABI, 21 June 2007 — Etihad Airways has signed a firm contract for the purchase of 12 Airbus wide-body aircraft including the newest model in its freighter product range, the A330-200F. The order is for five A330-200s, four A340-600s and three A330-200Fs worth $2.2 billion. The agreement was signed by James Hogan, Etihad chief executive and Louis Gallois, Airbus president and CEO, at a ceremony at the 47th International Paris Air show at Le Bourget. “This aircraft order will enable Etihad to continue its impressive route network growth which now stands at 43 global destinations” Hogan said. The new aircraft are scheduled for delivery between 2008 and 2011 and on completion, will increase UAE national airline’s fleet to 42 aircraft.
Serco to Operate Dubai Metro
DUBAI, 21 June 2007 — The $795 million contract won by Serco to operate Dubai Metro demonstrates the strengthening commercial ties between the UK and Dubai and the commitment by UK companies to contribute to the development of the Emirate, the chairman of the British Business Group said yesterday. Newly elected BBG chairman Mark Beer said that the deal announced on Tuesday showed the extent to which expertise developed in the UK can support the development of the Emirate. The 400 million British pound ($795 million) contract begins this summer with a prelaunch consultancy phase and runs over 12-and-a-half years.
MEED Holds Islamic Project Finance Forum
DUBAI, 21 June 2007 — Against a backdrop of robust Islamic finance and construction sectors, MEED’s Islamic Project Finance conference turns the spotlight on the latest Shariah-compliant innovations in project funding. Leading players representing all of the industries involved in this growth market will meet at the Park Hyatt, Dubai on June 24-25 to explore opportunities the sector has to offer and its current and future investment trends. The project finance market in the GCC alone is valued at $1 trillion, and Islamic financing is playing an ever more important role in its development.
90-Story DAMAC Heights Launched
DUBAI, 21 June 2007 — DAMAC Properties yesterday unveiled DAMAC Heights — its first branded tower. The launch of the iconic 90-story tower is part of its exciting promotion during the Dubai Summer Surprises. The tower features exclusive penthouses, duplexes, 3, 2 and 1-bedroom apartments. DAMAC has announced a host of other promotions revolving around all its Dubai-based properties during DSS. Every purchase of a DAMAC property worth AED350,000 during DSS 2007 entitles the buyer to enter a draw, where one luxury car from the bouquet of one Bentley Continental, two Aston Martin V8 Vantage Coupe cars and two Lamborghini Gallardo Coupe cars will be raffled.
Ras Al-Khaimah Hotel Regulations
RAS AL-KHAIMAH, 21 June 2007 — Sheikh Saqr ibn Mohammed Al-Qasimi, Supreme Council member and ruler of Ras Al-Khaimah, has issued a decree regarding transfer of authority for licensing and controlling hotels, inns and hotel apartments in the emirate to the Economic Development Department. The department will be the competent authority for controlling and issuing licenses for the hotels, hotel apartments and inns.