UAE regulator not optimistic on Boeing 737 MAX return this year

UAE’s budget carrier flydubai is one of the largest Boeing 737 MAX aircraft customers, having ordered 250 of the fast-selling narrow-body jets. (Courtesy Boeing)
Updated 15 September 2019

UAE regulator not optimistic on Boeing 737 MAX return this year

  • The 737 MAX has been grounded since March while Boeing updates flight control software
  • UAE airline flydubai is one of the largest MAX customers

DUBAI: The head of the United Arab Emirates’ General Civil Aviation Authority said on Sunday he was not optimistic that the Boeing 737 MAX would return to operations this year and that the first quarter of 2020 was more likely.
The 737 MAX has been grounded since March while Boeing updates flight control software at the center of two fatal crashes in Indonesia and Ethiopia that together killed 346 people within a span of five months.
Boeing is targeting regulatory approval for the fixes in October, though the US Federal Aviation Administration has said it does not have a firm time for the aircraft to be flying again.
The GCAA will conduct its own assessment to allow the MAX to return to UAE airspace, rather than follow the FAA, Director General Said Mohammed Al-Suwaidi told reporters in Dubai.
He said the GCAA would look at the FAA decision and that the UAE regulator had so far not seen details of Boeing’s fixes.
The FAA has traditionally taken the lead on certifying Boeing jets, though other regulators have indicated they would conduct their own analysis.
UAE airline flydubai is one of the largest MAX customers, having ordered 250 of the fast-selling narrow-body jets.
It has not said when it expects the aircraft to be operational again. American Airlines has canceled flights through Dec. 3, United Airlines until Dec. 19 and Southwest Airlines Co. into early January.


Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

Updated 14 October 2019

Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

TOKYO: Under-pressure start-up WeWork is considering two huge bailout plans including a cash injection that could see Japanese investment titan SoftBank take control of the firm, according to reports.
The office-sharing giant had been on course for a massive initial public offering until last month when questions began to be asked over its governance and profit outlook.
The firm’s valuation plunged from $47 billion in January to less than $20 billion in September and the listing plans have been dropped, while co-founder Adam Neumann stepped down as chief executive.
With New York-based parent company We Co. not expected to push for the IPO this year, the cash-strapped firm is looking for a financial lifeline.
The Wall Street Journal, New York Times and Bloomberg News cited unnamed sources close to the talks as saying SoftBank — the US firm’s biggest shareholder — had drawn up a proposal that gives it full control of WeWork.
The move would dilute the voting power of Neumann, who remains as chairman of the company he started in 2010 and also currently maintains control a majority of voting shares.
They also reported that WeWork is looking at a deal with Wall Street giant JP Morgan to raise $5 billion in debt, with the Times saying directors of We would be meeting as soon as Monday afternoon to discuss that.
“WeWork has retained a major Wall Street financial institution to arrange financing,” the Journal reported a company spokesman as saying.
“Approximately 60 financing sources have signed confidentiality agreements and are meeting with the company’s management and its bankers over the course of this past week and this coming week.”
The New York-based startup that launched in 2010 has touted itself as revolutionizing commercial real estate by offering shared, flexible workspace arrangements, and has operations in 111 cities in 29 countries.
However, the company, which lost $1.9 billion last year, has faced skepticism over its ability to make money, especially if the global economy slows significantly.