Emirates Says to Make Purchase Order of 150 Jets

An Emirates plane at Dubai International Airport. (Asharq Al-Awsat)
An Emirates plane at Dubai International Airport. (Asharq Al-Awsat)
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Emirates Says to Make Purchase Order of 150 Jets

An Emirates plane at Dubai International Airport. (Asharq Al-Awsat)
An Emirates plane at Dubai International Airport. (Asharq Al-Awsat)

Emirates is close to a substantial aircraft order of as many as 100 to 150 jets as it prepares to replace its fleet of Airbus SE A380 double-decker planes, due to come offline early next decade.

The airline is “close to doing something that will involve buying more Airbus A350s and Boeing Co. 777s,” and “maybe also Boeing’s smaller 787 Dreamliner,” Emirates President Tim Clark said in an interview with Bloomberg TV in Istanbul at the IATA annual general meeting on Tuesday.

“We will be making orders fairly soon,” Clark said. The airline will seek to place the orders for delivery starting 2027 through 2033, with the A380 planes exiting operation in 2032. “It could come next week, it could come at the Dubai Air Show,” he said.

Clark said demand for flying is the strongest it’s been in a long time, with the possibility of some “tapering toward the middle of next year.”

In parallel, IATA boosted its industry profit forecast to $9.8 billion from $4.7 billion cheered by strong travel demand and an easing in oil prices. Revenue is expected to grow to $803 billion, inching closer to 2019's pre-pandemic level of $838 billion.

“The pandemic years are behind us, and borders are open as normal,” said the director general of the International Air Transport Association William Walsh.

“Margins are, however, wafer thin,” he added.

Emirates Group reported a record profit during FY 2022-2023 of 10.9 billion dirhams ($2.96 billion), compared with a 3.8 billion dirhams ($ 1.1 billion) loss in the previous year. The Group’s revenue recorded in the FY ending March an increase of 81% to 119.8 billion dirhams ($32.6 billion).



Saudi Energy and Economy Ministries Launch Carbon Capture, Utilization Challenge with UpLink

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Energy and Economy Ministries Launch Carbon Capture, Utilization Challenge with UpLink

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Arabia's Ministry of Economy and Planning (MEP) and Ministry of Energy (MoEnergy), in collaboration with UpLink, have launched the Carbon Capture and Utilization Challenge which seeks innovative solutions that accelerate the circular carbon economy.

The challenge was launched during the United Nations High-Level Political Forum on Sustainable Development (HLPF) in a main session titled ‘SDG 13 and Interlinkages with Other SDGs – Climate Action’ held on July 10.

The challenge encourages startups to submit distinct solutions that drive carbon reductions through sustainable systems transformation, including carbon capture technologies, novel carbon utilization applications, and industrial integration.

The initiative emphasizes the importance of carbon capture and utilization (CCU), highlighting the crucial role innovation plays in driving a sustainable and economically prosperous future and the important role of carbon removal in reaching net-zero goals by mid-century.

“The climate change issue and sustainability is a global issue,” Saudi Minister of Energy Prince Abdulaziz bin Salman said. “It cannot be attended to in regional scopes or as a smaller territorial thing. It has to be global.”

He stated that the Kingdom seeks to enhance its efforts to achieve its ambitious goal of reaching net zero by 2060 through the Circular Carbon Economy Framework, which not only reduces the impact of carbon emissions, but also values carbon as a resource with real economic value, rather than pollutant.

He also indicated that the Kingdom, in line with this vision, and in order to exploit the economic value of carbon worldwide, has launched, in partnership with leading organizations, a global carbon capture and utilization challenge.

The Minister stressed that Saudi Arabia, by adopting such challenge, is leading influential changes in efforts to confront climate change, as this challenge represents an opportunity for individuals and organizations to transform tomorrow’s challenges into today’s solutions, through joint efforts and pioneering innovations.

Saudi Minister of Economy and Planning Faisal Alibrahim said: “The Kingdom is keen on a just, orderly, and pragmatic energy transition and is working towards the advancement of the circular carbon economy framework.”

“Through this challenge, related to innovation inside the circular carbon economy, we look forward to seeing new solutions that would help push innovation forward,” he said.

He encouraged all innovators and companies to come up with “out-of-the-box solutions.”

Submissions will be evaluated on factors such as scalability, commercial viability, technological readiness, and fundraising success.

Winners will be recognized as top innovators and form part of the UpLink Innovation Ecosystem, a curated program for founders, CEOs, executive directors, and other leaders. They will also share a cash award of up to CHF 300,000 and receive technical, business, and operational support to scale their ideas.