Boeing 737 MAX model takes off on maiden flight

Boeing 737 MAX model takes off on maiden flight
A Boeing 737 MAX 10 airliner sits on the flight line before its first flight at Renton Municipal Airport on Friday in Renton, Washington. (AFP)
Short Url
Updated 19 June 2021

Boeing 737 MAX model takes off on maiden flight

Boeing 737 MAX model takes off on maiden flight
  • The plane completed a roughly 2-1/2-hour flight over Washington State, returning to Renton Municipal Airport near Seattle

WASHINGTON: Boeing Co.’s 737 MAX 10, the largest member of its best-selling single-aisle airplane family, took off on its maiden flight on Friday, in a further step toward recovering from the safety grounding of a smaller model.

The plane completed a roughly 2-1/2-hour flight over Washington State, returning to Renton Municipal Airport near Seattle at 12:38 p.m.

The first flight heralds months of testing and safety certification work before the jet is expected to enter service in 2023.

In an unusual departure from the PR buzz surrounding first flights, the event was kept low-key as Boeing tries to navigate overlapping crises caused by a 20-month grounding in the wake of two crashes and the COVID-19 pandemic.

Boeing must also complete safety certification of the plane under a tougher regulatory climate following two fatal crashes of a smaller 737 MAX version grounded the model for nearly two years — with a safety ban still in place in China.

Boeing has carried out design and training changes on the MAX family, which returned to US operations in December.

Boeing Commercial Airplanes CEO Stan Deal said the company is producing about 16 737 MAX jets a month at its Renton factory.

Boeing is working on safety enhancements for the 737 MAX 10, including for its air data indication system and adding a third cockpit indication requested by European regulators of the “angle of attack,” a parameter needed to avoid stalling or losing lift. Deal’s comments were provided to the media via a pool reporter inside a Boeing aircraft delivery center.

“We’re going to take our time on this certification,” Deal said.

The flight showcased a revamped landing gear system illustrating an industry battle to squeeze as much mileage as possible out of the current generation of single-aisles.

It raises the landing gear’s height during takeoff and landing, a design needed to compensate for the MAX 10’s extra length and prevent the tail scraping the runway on takeoff.


Innovest Properties launches $200m Al-Ahssa Real Estate Investment Fund

Innovest Properties launches $200m Al-Ahssa Real Estate Investment Fund
Updated 20 min 30 sec ago

Innovest Properties launches $200m Al-Ahssa Real Estate Investment Fund

Innovest Properties launches $200m Al-Ahssa Real Estate Investment Fund
  • nnovest Properties has previously developed the residential communities in Al-Bayraq in the Eastern Province

RIYADH: Saudi Arabia’s Innovest Properties, one of the Kingdom’s largest investment and property companies, has launched the SR755 million ($200 million) Al-Ahssa Real Estate Investment Fund with Lebanon’s Blominvest.

Innovest Properties has previously developed the residential communities in Al-Bayraq in the Eastern Province, which provided more than 1,100 housing units under the Sakani Program, it said in a statement.

Al-Ahssa Real Estate Investment Fund is a closed private investment fund licensed by the Saudi Capital Market Authority (CMA) and compliant with the regulations of the Shariah Supervisory Board.

The fund aims to invest in the urban area west-south of Al-Ahsa city. The plan is to acquire a sector of raw land to be developed and marketed in the form of residential plots and commercial facilities.

“The launch of this fund is a major tributary that contributes to the development and consolidation of the real-estate sector in the region and crowns our investment successes in the residential real estate sector,” said Innovest Properties Chairman Mohammed Alkhars.


Buy-now-pay-later fintech leads 2021 Saudi venture capital financing

Buy-now-pay-later fintech leads 2021 Saudi venture capital financing
Updated 35 min 10 sec ago

Buy-now-pay-later fintech leads 2021 Saudi venture capital financing

Buy-now-pay-later fintech leads 2021 Saudi venture capital financing
  • Tamara is best-funded startup in Saudi Arabia this year
  • B2B marketplace Sary is second in list

RIYADH: Tamara, a financial technology company that allows consumers to spread out payments for their purchases, has received the most venture capital funding of any Saudi startup this year, according to a report by MAGNITT.

The buy now, pay later company raised $110 million in April via a Series A round led by global payment processor Checkout.com, adding to $6 million it raised earlier in the year.

In second place is Sary, a business-to-business e-commerce marketplace targeting grocery stores, which attracted $30.5 million in May. The Series B round was led by Silicon Valley’s Rocketship.vc, Saudi Arabia’s largest VC investor STV and returning investors Raed Ventures, MSA Capital and Derayah VC. Sary has now raised $37 million altogether.

The third best funded Saudi startup this year is Foodics, which specializes in restaurant management systems. The Riyadh-based business received $20 million in Series B funding in February in a round co-led by PIF subsidiary Sanabil Investments and STV.

Endeavor Catalyst, Elm and Derayah Ventures also joined the round, which and takes its total funding to date to $28 million.

Fourth of MAGNITT’s list is Azom, a developer of electronics and computer software, which raised $9.5 million in February. The Series A round from distribution company Assr AlJawal and an undisclosed individual investor brings total funding for the company to $10.7 million.

In fifth place was Lendo, which offers instant invoice financing to SMEs through its Shariah-complaint lending marketplace. It raised $7.2 million in March from investors led by Derayah Ventures and including Seedra Ventures, Shorooq Partners, 500 Startups, and Impact46.

 


Qatar Airways grounds 13 Airbus A350s as fuselage degrading

Qatar Airways grounds 13 Airbus A350s as fuselage degrading
Updated 43 min 44 sec ago

Qatar Airways grounds 13 Airbus A350s as fuselage degrading

Qatar Airways grounds 13 Airbus A350s as fuselage degrading
  • Aircraft to be removed “from service until such time as the root cause can be established"

DOHA: Qatar Airways says it has grounded 13 Airbus A350s over degradation of the plane’s fuselage.
Qatar Airways made the announcement on Thursday, further escalating a monthslong dispute with the European airplane maker.
It says the aircraft will be removed “from service until such time as the root cause can be established and a satisfactory solution made available to permanently correct the underlying condition.”
Airbus did not immediately respond to a request for comment.
Qatar Airways, based in the energy-rich Arabian Peninsula nation of the same name, is a major East-West long-haul carrier. It is one of the biggest buyers of the twin-aisle aircraft.


Saudi Arabia digital content market to hit $5.3bn by 2030

Saudi Arabia digital content market to hit $5.3bn by 2030
Updated 05 August 2021

Saudi Arabia digital content market to hit $5.3bn by 2030

Saudi Arabia digital content market to hit $5.3bn by 2030
  • Investment in digital video in KSA to read SR1.2 billion

RIYADH: Saudi Arabia’s digital content market is expected to grow to between SR16 and SR20 billion ($5.3 billion) by 2030, according to a report by the Trend Corporation in cooperation with the Riyadh Chamber of Commerce and Industry.

An initiative to invest in video content creation aims to attract major companies specialized in visual content, and the investment rate in video in Saudi Arabia is expected to reach SR1 billion to SR1.2 billion.

Video generated $175 million in revenue locally, with video streaming $127 million, and the expected market size is $262 million in 2025.

Videos make up 79 percent of global Internet traffic. In the Middle East and Africa, video traffic has grown eight-fold, and the region is estimated to have created 169 billion minutes of video content every month by the end of 2020.

The Digital Media Committee was created in Saudi Arabia, and it’s meant to activate the digital media to contribute to developing the business sector, create partnerships, and to benefit from the media experts.


PIF-backed developer Roshn launches 30,000 home Saudi community

PIF-backed developer Roshn launches 30,000 home Saudi community
Updated 05 August 2021

PIF-backed developer Roshn launches 30,000 home Saudi community

PIF-backed developer Roshn launches 30,000 home Saudi community
  • 30,000-home development spread across 20 million sq m north of Riyadh
  • 4,500 of the units will be built in phase one

RIYADH: Roshn, the community developer backed by Saudi Arabia’s Public Investment Fund, has launched its first project in the Kingdom.

Sedra will be a 30,000-home development spread across an area of 20 million square meters north of Riyadh, south of King Khalid Airport, Roshn said in a statement.

More than 4,500 of the units will be built in phase one of construction, providing homes of various sizes and facades. They will be delivered ready to live in and come with kitchens, split unit ACs, water heating systems, and LED light fixtures, among other amenities.

“Our communities will represent a global exemplar in residential living and will play a vital role in further advancing the nation’s flourishing infrastructure and real estate sectors, which are crucial to the Kingdom’s economic diversification and growth goals,” said Roshn Group CEO David Grover.