Economy UAE cancels $880m Airbus H225M helicopter deal By Pramod Kumar May 10, 2023, 5:53 AM Airbus The UAE placed the order during a visit to Abu Dhabi by French President Emmanuel Macron in December 2021 The UAE has cancelled an €800 million ($880.6 million) contract to procure 12 H225M caracal multirole helicopters. “We recently terminated a contract with Airbus Helicopters to purchase H225 helicopters,” Muammar Abdulla Abushehab, sector chief, defence and security industrial affairs of Tawazun Council, UAE’s defence and security acquisitions authority told Breaking Defense magazine. The official said the cancellation was based on financial and technical reasons, adding one of the reasons was the failure to achieve in-country value goals. “We found it difficult to continue the contract due to the high lifecycle cost, the limitations in adapting to modular designs of future mission requirements and the complex technical proposal,” he added. The H225M is a long-range tactical transporter equivalent to the Super Puma VIP, offshore and search-and-rescue helicopter. The order was placed during a visit to Abu Dhabi by French President Emmanuel Macron in December 2021.
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 […] 9 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 […] 33 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
