Business | Aviation
Dubai unveils Dh55b aerospace enterprise
Dubai yesterday launched a Dh55 billion ($15 billion) initiative, Dubai Aerospace Enterprise, that will place the emirate in the global aviation manufacturing supply chain in soon, officials said.
- By Saifur Rahman, Staff Reporter
- Published: 00:00 February 20, 2006
Dubai: Dubai yesterday launched a Dh55 billion ($15 billion) initiative, Dubai Aerospace Enterprise, that will place the emirate in the global aviation manufacturing supply chain in soon, officials said.
The announcement was made in the presence of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The government entity will tap a Dh3.67 trillion ($1 trillion) global aviation industry and transfer international aviation and aeronautics technology to the region.
The enterprise will participate in components and aircraft fuselage production for new aircraft models such as the Airbus A350 programme, and generate 30,000 new jobs.
"Within 10 years, DAE will become an integral part of the global aerospace industry," Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai's Department of Civil Aviation and Chairman of Emirates Group and DAE Chairman, told a gathering last night.
"We are putting down a marker for the future. DAE signals our clear intention to become one of the driving forces of the global economy and reflects confidence in our ability to achieve this."
Dr Mohammad Al Zarouni, director-general of the Dubai Airport Free Zone Authority, and managing director of the aerospace enterprise, said more than 60 per cent of the future aircraft orders will be made by airlines in the Middle East.
The enterprise, to be based in the 140-square kilometre Jebel Ali Airport City (JAAC), will create the world's largest aviation hub and prepare Dubai to participate in major aircraft manufacturing programmes.
It will be part of the development and management of airports and free zones across the Middle East and Asia, including India and China.
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