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Boeing: Middle East to Require 3,350 New Airplanes Over 20 Years

Visitors are seen during the Dubai Airshow in Dubai, UAE November 13, 2017. REUTERS/Satish Kumar
Visitors are seen during the Dubai Airshow in Dubai, UAE November 13, 2017. REUTERS/Satish Kumar
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Boeing: Middle East to Require 3,350 New Airplanes Over 20 Years

Visitors are seen during the Dubai Airshow in Dubai, UAE November 13, 2017. REUTERS/Satish Kumar
Visitors are seen during the Dubai Airshow in Dubai, UAE November 13, 2017. REUTERS/Satish Kumar

In a report published on Monday, Boeing said the Middle East is going to need 3,350 new airplanes during the upcoming 20 years worth USD730 billion.

Major General Staff Pilot Ishaq Saleh al- Balushi, head of the Executive Directorate of Industries and Development of Defense Capabilities at the Ministry of Defense, announced on the sidelines of Dubai Airshow sealing eight deals worth AED3.247 billion (USD883 million) encompassing five local companies and three international companies.

Balushi stated that Global Aerospace Logistics contracted to provide technical and administrative services as well as logistic support to helicopters for the best interest of armed forces. Also a contract was made with Advanced Integrated Systems to provide logistical support maintenance and services to reconnaissance aircraft.

The first day witnessed the signing of 11 deals worth AED6.5 billion for the Ministry of Defense – the total signed deals amounted to over AED9.789 billion (USD2.6 billion) in the two days.

Further, Dubai Aerospace Enterprise Capital signed a deal with Gulf Air to lease it five Boeing 787-9 Dreamliner aircraft, which are expected to be added to Bahrain national carrier fleet in 2018. The company declared that the aircraft will assist Gulf Air in expanding its network and supporting its future growth demands on the long-run.

Gulf Air deputy CEO, Captain Waleed Abdulhameed al-Alawi, stated: “Our agreement with Dubai Aerospace Enterprise sees Gulf Air gear up for a landmark moment in our history as we welcome five Boeing 787-9 Dreamliners in the coming months. The incoming aircraft represent an important step in our strategic direction towards furthering Gulf Air’s fleet modernization process, enhancing passenger comfort and broadening our network as we look to strengthen our presence across the globe.”

In addition, Air Arabia and Air Lease Corp announced on Monday a leasing agreement for six Airbus A321neo long-range aircraft from at the Dubai Airshow.

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EU Needs Rare Earths Strategic Reserves against China Threat

File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
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EU Needs Rare Earths Strategic Reserves against China Threat

File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)

European Union countries should create joint reserves of rare earths to prevent supply chain disruptions and economic blackmail from China, the EU's Commissioner for Industrial Strategy, Stephane Sejourne, told the Handelsblatt newspaper.

Sejourne also said he would launch further tenders this year to promote alternative raw material sources, the German newspaper said.

"All European countries today have strategic reserves for oil and gas. We should do the same for strategic raw materials," Sejourne was quoted as saying on Monday.

The European Union in June announced 13 new raw material projects outside the bloc to increase its supplies of metals and minerals essential to its competitiveness in the energy transition as well as defense and aerospace.

The announcement followed China's decision in April to impose export curbs on rare earth magnets until new licenses are obtained, leaving diplomats, carmakers and other companies from Europe and elsewhere scrambling to secure meetings with Beijing officials and avert factory shutdowns.

Sejourne also warned Beijing that the EU has the tools to defend itself in a potential trade war. "Europe must finally use the same weapons as its competitors," he said.

China in June said it attached great importance to the EU's concerns and would look into speeding up the approval process to ship rare earth exports to the EU.