Aviation Emirates buys five A380 jets from London-listed lessor By Pramod Kumar August 22, 2024, 5:28 AM WAM The airline will pay $40 million per jet under the new deal compared to $35 million last year Dubai’s Emirates will buy five A380 jumbo jets leased from London Stock Exchange-listed Doric Nimrod Air Two Limited for $200 million. The leases on the five jumbo jets are expected to end between October 1 and November 30, 2024. Emirates will pay $40 million per jet under the new deal. NewsletterGet the Best of AGBI delivered straight to your inbox every week Doric Nimrod Air Two purchased seven Airbus A380-861 aircraft from October 2011 onward, which were each leased for 12 years to Emirates. The UK plane lessor sold two leased wide-body A380 aircraft last year following the end of their respective leases for $70 million. The Dubai airline has 116 A380s in its fleet as of March 31, 2024, according to the 2023-2024 annual report. Airbus trims order book outlook for the Middle East Emirates seeks damages from Boeing over jet delays Airbus to expand production in Morocco as orders grow In May, Emirates Group, the airline’s parent company, announced record profits of just over $5 billion for the year. The airline reported its best performance on record as profits hit $4.7 billion for the 12-month period, despite operating costs increasing by 8 percent. The airline’s fuel bill was up marginally by $1 million year on year to $9.3 billion.
Markets Oman’s Asyad Group plans IPO of shipping unit Asyad Group, a logistics business owned by Oman’s sovereign wealth fund, has announced plans to float its shipping unit on the Muscat stock exchange. At least 20 percent of Asyad Shipping Company will be sold in the initial public offering. The Asyad IPO will be divided into two tranches. The first is 75 percent of […] 2 hours ago
Video length: 04:02 VIDEO Finance One million users for Saudi Arabia’s Sahm trading app “Riyadh has a population of 8 million. The government is going to double the population. That means money. That means capital,” says Steven Chou, chairman of Saudi-based fintech-driven financial company Sahm Capital. “Local Saudis are keen to look for a new product. They are options lovers,” Chou says, adding that the sectors of interest include […] 27 mins ago In association with
Industry Almarai to increase poultry output by 35% Almarai, the Middle East dairy and food production group, announced plans to increase its poultry output by 35 percent this year as it continues with its multi-billion-dollar expansion plans. The Riyadh company reported fourth-quarter profit of SAR430 million ($115 million), an increase of 16 percent, as revenue rose 4.8 percent to SAR5.15 billion. It announced a […] 50 mins ago
Construction German company to assess proposed Spain-Morocco tunnel A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […] 1 hour ago
