$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.

Bupa Arabia supports the underprivileged & orphans

Updated 26 May 2020

Bupa Arabia supports the underprivileged & orphans

Bupa Arabia for Cooperative Insurance has partnered with the Ministry of Human Resources and Social Development to distribute 3,000 food baskets among underprivileged families, which are registered with the ministry’s Social Welfare and Family Welfare Agency. The initiative comes in line with the spirit of Ramadan, a month of giving, and in response to the COVID-19 outbreak.

This year, orphans who are covered under Bupa Arabia’s free health insurance program will help in preparing and distributing the baskets to inculcate a sense of giving among them.

Dr. Abdullah Al-Wahaibi, undersecretary at the Social Welfare and Family Welfare Agency, hailed Bupa Arabia’s move to involve orphans in preparing and distributing baskets under the supervision of the agency, saying: “This is a caring gesture from Bupa Arabia, and it promotes a sense of belonging among orphans while cultivating the principles of giving, communication and closeness between them and society.”

He added that the initiative supports what the company has been offering orphans for years. More than 2,600 orphans, living in more than 47 homes across the Kingdom, benefit from Bupa Arabia’s free health insurance program. The program includes divorced orphans and widows who live with their children in social care homes.

Loay Hisham Nazer, chairman of Bupa Arabia, said: “The orphans will be joining hands to assemble and distribute baskets to the families in an attempt to get a sense of the pride of giving during the holy month. We’ve also extended this to our employees, who collectively prepared 411 food baskets. We hope that we make a real and positive impact through this initiative.”

Bupa Arabia was the first company to offer free health insurance for residents of “Dar Al-Rafeef” in 2011. Three years later, in 2014, the program expanded to cover all orphans residing in shelters supervised by the Ministry of Human Resources and Social Development.

“We believe that in order to play a proactive role in society, we need to provide more than just health insurance; we should aim to become the health care partner for every orphan in Saudi Arabia. Therefore, we would like them to know that we are always by their side,” Nazer said, adding that the orphans receive special treatment and the same services that are given to some VIP clients.

The free health insurance program offers a range of quality services, including a designated hotline to receive calls and provide immediate assistance. Bupa Arabia also developed an integrated program that enables doctors to visit beneficiaries periodically for checkups, and regularly organizes health education workshops to raise awareness. The program is approved by the Cooperative Health Insurance Council and covers all treatments, including plastic surgery, dermatology, and even cases that are not covered by regular health insurance.