Boeing: Timing of 737 MAX return in hands of regulators

The Boeing 737 MAX aircraft has been grounded since March in the wake of two fatal crashes. (Reuters)
Updated 16 November 2019

Boeing: Timing of 737 MAX return in hands of regulators

  • Boeing earlier said it expected the US Federal Aviation Administration to certify the 737 MAX in mid-December

DUBAI: Boeing said on Saturday the US Federal Aviation Administration and other global regulators would decide the timing of the return to service of its 737 MAX, which has been grounded since March in the wake of two fatal crashes.
The head of the FAA has told his team to “take whatever time is needed” in its review of the MAX, according to a Nov. 14 memo seen by Reuters, issued days after Boeing said it expected the FAA to certify the 737 MAX in mid-December.
“The FAA and regulators around the world control the schedule,” Stan Deal, chief executive of Boeing Commercial Airplanes, told a news conference on the eve of the Dubai Airshow.


S&P downgrades trio of Dubai developers as pandemic hits property and retail

Updated 10 July 2020

S&P downgrades trio of Dubai developers as pandemic hits property and retail

  • Gulf states are being hit hard by the coronavirus pandemic that has come at a time of weak oil prices

RIYADH: The credit ratings of three Dubai property companies were downgraded by S&P as the coronavirus pandemic hits confidence in the retail and real estate sectors.
S&P Global Ratings reduced the credit ratings for the real estate developer Emaar Properties as well as Emaar Malls to +BB from -BBB with a negative forward outlook, adding that it sees a “weakening across all its business segments” in 2020. S&P also cut its rating for DIFC Investments to +BB from -BBB, while keeping a stable outlook.
Gulf states are being hit hard by the coronavirus pandemic that has come at a time of weak oil prices, heaping pressure on governments, companies and employees.
The ratings agency expects the emirate’s economy to shrink by 11 percent this year
“The supply-demand imbalance in the realty sector appears to have been exacerbated by the pandemic. We now expect to see international demand for Dubai’s property to be subdued, and the fall in residential prices to be steeper than we had expected, lingering well into 2021” S&P reported.
Despite easing restrictions and the opening of the economy, S&P said that overall macroeconomic conditions remained challenging.
Global travel restrictions and social distancing constraints “significantly weigh on Dubai’s tourism and hospitality sectors” the rating agency reported.
Still, Dubai’s tourism chief was upbeat on the emirate’s prospects when international tourism resumes.
“Once we do get to the other side, as we start to talk about next year and later on, we see very much a quick uptick. Because once things normalize, people will go back to travel again,” Helal Al-Marri, director general of Dubai’s Department of Tourism and Commerce Marketing told AFP in an interview.