Business and finance http://www.timesaerospace.aero/ en Fri, 26 Jul 2024 09:00:00 +0100 Boeing to strengthen Saudi ties with Riyadh HQ http://www.timesaerospace.aero/features/business-and-finance/boeing-to-strengthen-saudi-ties-with-riyadh-hq
Business and finance

Boeing to strengthen Saudi ties with Riyadh HQ

IMAGE: Boeing

During the World Defense Show 2024 in Riyadh, Boeing’s president for Saudi Arabia, Asaad Aljomoai, announced that a formal application had been submitted to sight the company’s Middle East headquarters in the Kingdom.

He said that Boeing will give its “strong support to the development of Saudi led-aerospace and defence capabilities”.

The partnership between Boeing and Saudi Arabia dates back to February 1945, when when U.S. President Franklin D. Roosevelt gifted a twin-engine DC-3 Dakota to King Abdulaziz Al Saud.  This also marked the beginning of commercial air travel in the kingdom.

For decades, Boeing’s investments have contributed to the growth of the local aerospace and defence capabilities of the Kingdom, creating jobs and driving innovation.

Boeing has supplied more than 400 defence aircraft to the Saudi Arabian Armed Forces while investing in partnerships with major players in the Saudi aerospace ecosystem like the Royal Saudi Air Force, Saudi Arabian Military Industries (SAMI), the General Authority for Military Industries (GAMI) and the National Guard.

Boeing’s presence at the World Defense Show was marked by a virtual-reality display of its F-15EX cockpit and the T-7A Red Hawk advanced pilot training system simulator, highlighting the ground-based training system of Boeing’s next-generation training jet.

The show also featured Boeing’s KC-46A tanker, its ScanEagle VTOL and rotorcraft including the CH-47 Chinook and the AH-64 Apache.

Boeing's Commercial Market Outlook (CMO) forecast shows a demand for more than 3,000 new aircraft in the Middle East by 2042 with new-technology widebodies leading the way.

"Air travel and cargo demand continue to gain momentum, driven by significant economic growth and national development plans. As airlines in the region will require efficient and versatile fleet solutions, Boeing products will be ready to meet market demands," said Darren Hulst, Boeing VP, commercial marketing.

As part of Vision 2030, Saudi Arabia aims to attract investments totaling $100 billion from both public and private sectors by 2030, spearheading its civil aviation strategy.

The strategy includes the construction of new airports, implementation of state-of-the-art ground services, and a substantial increase in air traffic, with the ultimate goal of welcoming 150 million international visitors by 2030.

Anuradha Deenapanray

Anuradha Deenapanray

Anuradha is a francophone editor for African and Arabian Aerospace magazines.

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 Fri, 26 Jul 2024 08:00:00 +0000 pIvanova 68687 at http://www.timesaerospace.aero Flynas signs agreement for 75 A320neo aircraft and 15 A330neo http://www.timesaerospace.aero/news/air-transport/flynas-signs-agreement-for-75-a320neo-aircraft-and-15-a330neo

Signed during Farnborough International Airshow in the presence of  President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer.

The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.

"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim programme."

Airbus chief executive officer, commercial aircraft, Christian Scherer said: "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."

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Flynas and MoU with Airbus for 75 A320neo family aircraft and 15 A330-900.

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 Thu, 25 Jul 2024 14:28:47 +0000 eNethersole 68705 at http://www.timesaerospace.aero Airbus and Avolon to explore future of hydrogen aviation http://www.timesaerospace.aero/news/sustainability/airbus-and-avolon-to-explore-future-of-hydrogen-aviation

They will also look into how they might be supported by the leasing business model.

Airbus revealed its ZEROe hydrogen powered aircraft ambition in 2020, focused on pioneering the technology required for hydrogen flight and developing the ecosystem to support it.

Avolon shares Airbus’ commitment to achieving the aviation sector’s decarbonisation goals, and has a track record of being a thought leader on future technologies through its investment in eVTOL developer Vertical Aerospace, and research into Sustainable Aviation Fuel (SAF) production. Avolon is also committed to having a fleet that comprises 75% new-technology lower emissions aircraft by the end of 2025.

Paul Geaney, President and Chief Commercial Officer, Avolon, commented: “Joining the ZEROe Project is another step in Avolon’s sustainability journey, and we look forward to building on our long-standing partnership with Airbus to consider how the next generation of aircraft will be financed and commercialised. It will take a wide ecosystem of contributors to meet the challenges of hydrogen powered commercial flight, and Airbus is playing a crucial role in bringing partners together. While we continue to focus on supporting our customers in modernising their fleets with lower emissions aircraft, it is also vital we look beyond that at what can further drive our industry’s decarbonisation.”

Glenn Llewellyn, Vice-President ZEROe Project, Airbus, commented: “There is real value in bringing together industry leaders to help solve the challenges facing aviation. We know we can’t solve decarbonisation alone and welcome Avolon’s expertise and worldwide leadership in the aircraft leasing business. Working together to consider how the transition can be commercialised and financed for airline customers is crucial to success.”

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Airbus and Avolon will investigate how future hydrogen-powered aircraft could be financed and commercialised.

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 Wed, 24 Jul 2024 11:26:25 +0000 eNethersole 68701 at http://www.timesaerospace.aero Qatar Airways to announce African airline deal in “weeks” http://www.timesaerospace.aero/news/air-transport/qatar-airways-to-announce-african-airline-deal-in-weeks

Al-Meer, the new head of Qatar Airways, revealed his group was in the advanced stages of the deal with an as-yet unnamed airline at the Doha Economic Forum in mid-May.

“I asked our legal people that question four or five days ago if we are able to announce at the Farnborough Air Show as promised a few months back, but they told me they are at the final stages of signing all documents,” he explained.

“If the air show was in two or three weeks, we would have been able to do it,” said Al-Meer.

No details are available yet on the identity of the carrier or the size of the investment, however, industry speculation has inevitably turned to South African carriers with Airlink, and flag carrier South African Airways mentioned.

Speaking about the carrier’s motivation for the deal, Al-Meer said: “As you know, Qatar Airways has a very big network in Africa where we serve more than 30 destinations. We see the growth in the eastern and western parts of Africa.

“In the northern parts of Africa, we have a very successful collaboration with Royal Air Maroc. The only missing area we want to invest in is central Africa and the south part of Africa,” he said.

“In central Africa we have been in discussion and negotiations for a very long time with the government of Rwanda. We are establishing a partnership with RwandAir, plus we are building a new hub for Rwanda. We will own equity in both the airline and the airport.

“So, the central part of Africa is now taken care of by our investment partnership with Rwanda. The last missing part of the equation is the south part of Africa. And this is where this airline [comes in]…as the southern part of Africa is important for us to create this network and cover every city in the country,” he said.

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Qatar Airways will announce an equity investment in a southern African carrier within weeks, Group Chief Executive Officer, Engr Badr Mohammed Al-Meer, told journalists at a media round table held at the Farnborough Air Show on 23 July.

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 Wed, 24 Jul 2024 07:39:07 +0000 eNethersole 68697 at http://www.timesaerospace.aero Flydubai’s expansion plans stunted by delays in Boeing’s delivery schedule http://www.timesaerospace.aero/news/air-transport/flydubais-expansion-plans-stunted-by-delays-in-boeings-delivery-schedule

The carrier is currently evaluating its route development plans and potential frequency revision across the network due to a lack of new aircraft deliveries over the next few months. flydubai urges Boeing to honour and renew its commitment to meet its delivery obligations.

Ghaith Al Ghaith, chief executive officer at flydubai, said: “we are extremely disappointed to learn that Boeing will not be able to fulfil its commitment to deliver more aircraft for the remainder of the year. Boeing’s short-noticed and frequent delivery schedule revisions have hindered our strategic growth plans resulting in significant disruptions to our published schedules. The reduced capacity will ultimately affect our customers as well as our projected financial performance.”

“flydubai has always valued its longstanding partnership with Boeing and both airline and the manufacturer have been resilient and agile in tackling challenges over the years. We urge Boeing to take immediate action and implement measures to stabilise its production and delivery processes to avoid further delays while upholding the highest standards. We look forward to a swift resolution of this issue,” added Al Ghaith.

The unpredictability of the aircraft delivery schedules from Boeing over the past few years has put significant pressure on the carrier and its ability to firmly plan for its projected growth, especially as it geared up to meet the strong demand for travel after the pandemic.

flydubai’s plans for this year were initially based on the commitment to receive 14 new aircraft. The carrier continues to explore all possible avenues to mitigate the impact of these delivery delays.

Fewer aircraft delivered annually

flydubai operates a single fleet-type of 88 Boeing 737 aircraft and includes: 29 Next-Generation Boeing 737-800, 56 Boeing 737 MAX 8 and 03 Boeing 737 MAX 9 aircraft.

Ongoing challenges with Boeing’s delivery schedule resulted in fewer aircraft being delivered every year for the past three years. Multiple revisions of the delivery schedule for 2024 meant that Boeing will not deliver the 14 Boeing 737 MAX aircraft originally scheduled for the year. The aircraft delivered in the first half of the year were from the backlog of previous years and faced extensive delays. flydubai has more than 125 Boeing 737 MAX aircraft on order to be delivered over the next decade.

Operational and cost implications of the delivery delays

flydubai’s strategic growth plans, which rely heavily on the timely addition of new aircraft to the fleet, have been significantly impacted by ongoing Boeing aircraft delivery delays.

To mitigate the delays in aircraft deliveries and to meet the surge in demand for travel and add capacity, particularly during peak travel periods, flydubai had to enter Aircraft, Crew, Maintenance and Insurance (ACMI) agreements.

The carrier has also extended the lease on some of the aircraft which were scheduled to be returned to the lessors under its Sale and Leaseback agreements, which has led to the airline incurring further costs.

In addition to these measures, flydubai has invested in an extensive retrofit programme for its fleet of Next-Generation Boeing 737-800 aircraft to ensure a more consistent onboard experience for its passengers and to align the cabin product in the absence of new aircraft joining the fleet for the remainder of the year.

Fewer aircraft being delivered this year has added pressure on flydubai’s fleet utilisation. With six new routes scheduled to launch over the next few months, the airline is currently reviewing its schedule and frequency of operations across its network due to restrictions in aircraft availability.

Over its 15 years of operations, flydubai has emerged as one of the key players in the aviation industry in the UAE and the region, building a strong diverse network and opening up underserved markets. flydubai is the largest operator of Boeing 737 MAX aircraft in the Middle East and GCC and its growing fleet has supported its ambitious growth plans over the years. Boeing’s ability to meet its contractual aircraft delivery commitments to the carrier has been crucial to realising these growth plans.

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Flydubai has announced that its expansion plans have been ‘significantly impacted’ by Boeing’s latest update regarding ongoing delays in its aircraft delivery schedule.

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 Mon, 22 Jul 2024 10:28:38 +0000 eNethersole 68683 at http://www.timesaerospace.aero IATA: African Airlines set for a small profit in 2024 http://www.timesaerospace.aero/news/business-and-finance/iata-african-airlines-set-for-a-small-profit-in-2024

Recently IATA announced that Africa’s airlines are expected to earn a collective net profit in 2024 for the second year in a row. That is a welcome and hard-won result reflecting the sector’s resilience in its post-COVID recovery. The expected $100 million profit, however, translates into just 90 cents per passenger—well below the global average of $6.14.

“Africa’s airlines are making a collective profit. That is good news. But it is razor-thin and well below the global benchmark. And there are wide variations across the continent where many individual airlines still struggle with losses. The demand to travel is there. To meet it, the African airline sector needs to overcome many challenges, not least of which are infrastructure deficiencies, high costs, onerous taxation, and the failure to broadly implement a continent-wide multilateral traffic rights regime,” said Kamil Alawadhi, IATA’s Regional Vice President for Africa and the Middle East.

“The challenges facing African aviation are significant, but they are not insurmountable. IATA’s Focus Africa initiative is by no means a panacea, but it does lay out a framework to build a stronger aviation sector that will provide even better support to economic growth and social development. The prize for working together across the continent for safe, efficient, and sustainable air connectivity is well worth focused policy efforts across the continent,” said Alawadhi.

2024 Financial Outlook Highlights

▪           Net Post-Tax Profit: African airlines are projected to achieve a net post-tax profit of $100 million, the second year of profits following the COVID crisis.

▪           Per Passenger Profit: Profit per passenger is expected to reach USD 0.9, nearly doubling the 2023 figure of $0.5, reflecting improved operational efficiency and increased demand, but well behind the global average of $6.14.

▪           Profit as a Percentage of Revenue: Profit margins are anticipated to be 0.6% of revenue, up from 0.4% in 2023. This remains significantly lower than the global net profit margin of 3.1%.

▪           Revenue Passenger Kilometers (RPK) Growth: RPK growth is forecasted at 8.5%, indicating continued strong passenger demand across the region. This does, however, lag behind the expected growth in capacity of 9.1%.

▪           Load Factor: The load factor is expected to reach 61.9%, slightly ahead of the 59.8% breakeven load factor for African Airlines.

Focus Africa Priorities

Focus Africa aims to address key challenges and opportunities within the continent's aviation sector. The initiative emphasises six priority areas: Safety, Infrastructure, Connectivity, Finance and Distribution, Sustainability, and Future Skills.

▪           Safety

Africa had no jet hull losses in 2023, for the second year in a row. Moreover, the continent recorded no fatalities in commercial aviation accidents in 2023, as presented within the IATA Annual Safety Report. The all accident rate for Africa was 6.38 per million sectors which is an improvement on the five-year average of 7.11.

IOSA registered carriers continue to outperform non-IOSA registered carriers both on the continent and globally. There are currently 31 operators in Africa on the IOSA registry.

The priority for Africa continues to be the implementation of safety-critical ICAO Standards and Recommended Practices (SARPS) for safety. Under the Focus Africa initiative IATA introduced the Collaborative Aviation Safety Improvement Program (CASIP) to help deliver this.

The Global Aviation Safety Plan (GASP) and the AFI Regional Aviation Safety Plan are targeting SARPS implementation at 75% for Africa. Currently, only 12 out of Africa's 54 states meet this standard.

▪           Connectivity

The Single African Air Transport Market (SAATM) seeks to liberalise civil aviation across the continent by removing restrictions on traffic rights for African airlines. SAATM provides Africa with a ready-made mechanism to drive economic growth, but few governments have taken the steps needed for its implementation. Moreover, an IATA analysis of 607 bilateral air service agreements (BASA’s) in Africa revealed limitations on the development of intra-Africa connectivity because the implementation of over half of these agreements was being compromised.

Non-compliance of by African governments BASA’s is a major obstacle to achieving seamless regional connectivity and growth in the African aviation sector. To develop economy-boosting intra-Africa connectivity Africa’s governments must back SAATM with actions. This is another key element Focus Africa is addressing.

▪           Blocked Funds

The development of connectivity in Africa also requires certainty that markets will abide by global standards with respect to the repatriation of funds from sales activities. Airlines still struggle with the inability to repatriate blocked funds efficiently and in line with international agreements and treaty obligations in several African markets.

The amount of blocked funds in African countries in June 2024 stood at $880 million, just over 52% of the $1.68 billion in blocked funds globally. This is an improvement following Nigeria clearing 98% of the total funds blocked ($831 million).

“The potential for aviation in Africa is huge. It has 17% of the world’s population yet only contributes about 2% of total global travel. While there are hurdles to overcome, through collaborative initiatives like Focus Africa with our partners including AFCAC, AFRAA and AASA we are addressing critical challenges hindering the advancement of aviation across Africa. Our goal is a safer, more efficient, and better-connected continent, driven by a diverse, skilled workforce to unleash aviation’s potential and unlock the economic and social opportunities,” said Al Awadhi.

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IATA has called on Africa’s governments to take advantage of a strengthening aviation sector to maximise its benefits for economic and social development.

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 Wed, 03 Jul 2024 06:19:09 +0000 eNethersole 68618 at http://www.timesaerospace.aero Eve Air Mobility announces $94M new equity to support eVTOL development http://www.timesaerospace.aero/news/general-aviation/eve-air-mobility-announces-94m-new-equity-to-support-evtol-development

The funding, which includes the issuance of new shares of common stock and warrants, includes participation from a diverse group of global industrial companies that include Embraer, Nidec and additional financial investors.  The new funding strongly positions the company for future success and will support the continued development and manufacturing of the company’s eVTOL.

“We appreciate the confidence that these investors are placing in Eve. The new equity, along with existing cash and credit lines, ensures Eve is well positioned as we continue to build momentum and advance in the development and manufacturing of our eVTOL,” said Eduardo Couto, chief financial officer at Eve Air Mobility. “With the industry’s largest pre-order book with letters of intent for 2,900 aircraft and strong program development partners, Eve has continued to demonstrate the opportunity that our company presents for both strategic and financial investors.”

The Company entered into agreements, dated as of June 28, 2024, for the issuance and sale of 23,500,000 new shares of the Company’s common stock at a purchase price of $4.00 per share, the exchange of certain warrants for shares of common stock, and the granting of warrants to certain investors. The private placement is expected to result in gross proceeds to Eve of $94 million, before deducting other offering expenses.

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Eve Air Mobility, a global electric vertical take-off and landing (eVTOL) aircraft manufacturer, has announced $94M in new equity financing from multiple investors.

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 Tue, 02 Jul 2024 09:52:45 +0000 eNethersole 68612 at http://www.timesaerospace.aero Qatar Airways Group celebrates net profit US$1.7 Billion for 2023/24 http://www.timesaerospace.aero/news/business-and-finance/qatar-airways-group-celebrates-net-profit-us17-billion-for-202324

The airline group reported historic net profits of QAR6.1 billion (US$1.7 billion) during the 2023/24 fiscal, with a total revenue of QAR81 billion (US$22.2 billion), representing an increase of QAR4.7 billion (US$1.3 billion) – up six per cent compared to last year.

The Group generated a strong EBITDA margin of 24 per cent at QAR19.1 billion (US$5.2 billion), around QAR1.2 billion (US$0.3 billion) higher than the previous year, reflecting the business’s continued focus on customer experience, innovation, digitalisation and sustainability, resulting in streamlined, agile and fit-for-purpose operations across all areas.

This has created a strong platform for the future of the Group’s airline business which carried more than 40 million passengers during the 2023/24 fiscal, an increase of 26 per cent over the previous year.

As a result, passenger revenue increased by 19 per cent, with a capacity increase of 21 per cent driven by the airline’s highest-ever load factor of 83 per cent, offering a sustainable upsurge in market share.

Minister of State for Energy and Qatar Airways Group Chairman, Saad Bin Sharida Al-Kaabi, said: “This latest remarkable annual performance demonstrates Qatar Airways Group’s flexibility and resilience in successfully navigating a constantly evolving global travel industry, and indicates a strong and sustained rebound from the challenges faced by the sector in recent years.”

Qatar Airways Group chief executive officer, Badr Mohammed Al-Meer, said: “These very strong financials are a testament to the ambition and clear direction that has informed the Qatar Airways Group’s progress throughout the 2023/24 financial year.

“Our continued focus on profitability, efficiency and customer experience have been underpinned by a strategic programme of network growth and fleet expansion, resulting in the highest revenues and profit margins in the history of the airline. We also cemented our undisputed role as a key industry leader, maintaining our position as the airline of choice for millions of passengers worldwide.

“This incredible achievement is in no small part thanks to the collective endeavour of the entire Qatar Airways Group family who have worked tirelessly to achieve such stellar results. We must now use this as a foundation on which to build our continued success.”

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Qatar Airways Group has reported the strongest financial performance in its 27-year history, announcing record profits of US$1.7 billion for its 2023/24 financial year.

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 Tue, 02 Jul 2024 09:40:16 +0000 eNethersole 68611 at http://www.timesaerospace.aero Airbus enters agreement with Spirit AeroSystems http://www.timesaerospace.aero/news/business-and-finance/airbus-enters-agreement-with-spirit-aerosystems

Activities include the production of A350 fuselage sections in Kinston, North Carolina, U.S., and St. Nazaire, France; of the A220’s wings and mid-fuselage in Belfast, Northern Ireland, and Casablanca, Morocco; as well as of the A220 pylons in Wichita, Kansas, U.S.

Airbus aims to ensure stability of supply for its commercial aircraft programmes through a more sustainable way forward, both operationally and financially, for the various Airbus work packages that Spirit AeroSystems is responsible for today.

The transaction would cover the acquisition of these activities. Airbus will be compensated by payment of $559 million from Spirit AeroSystems, for a nominal consideration of $1.00, subject to adjustments including based on the final transaction perimeter.

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Airbus has entered into a binding term sheet agreement with Spirit AeroSystems in relation to a potential acquisition of major activities related to Airbus.

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 Tue, 02 Jul 2024 09:33:22 +0000 eNethersole 68610 at http://www.timesaerospace.aero Boeing to acquire Spirit AeroSystems http://www.timesaerospace.aero/news/business-and-finance/boeing-to-acquire-spirit-aerosystems

The merger is an all-stock transaction at an equity value of approximately $4.7 billion, or $37.25 per share. The total transaction value is approximately $8.3 billion, including Spirit's last reported net debt.

 

Each share of Spirit common stock will be exchanged for a number of shares of Boeing common stock equal to an exchange ratio between 0.18 and 0.25, calculated as $37.25 divided by the volume weighted average share price of Boeing shares over the 15-trading-day period ending on the second trading day prior to the closing (subject to a floor of $149.00 per share and a ceiling of $206.94 per share). Spirit shareholders will receive 0.25 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or below $149.00, and 0.18 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or above $206.94.

 

"We believe this deal is in the best interest of the flying public, our airline customers, the employees of Spirit and Boeing, our shareholders and the country more broadly," said Boeing President and CEO Dave Calhoun. "By reintegrating Spirit, we can fully align our commercial production systems, including our Safety and Quality Management Systems, and our workforce to the same priorities, incentives and outcomes – centred on safety and quality."

Boeing's acquisition of Spirit will include substantially all Boeing-related commercial operations, as well as additional commercial, defence and aftermarket operations. As part of the transaction, Boeing will work with Spirit to ensure the continuity of operations supporting Spirit's customers and programs it acquires, including working with the U.S. Department of Defense and Spirit defence customers regarding defense and security missions.

"We are proud of the role Boeing plays in supporting our men and women in uniform and are committed to ensuring continuity for Spirit's defence programmes," said Calhoun.

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Boeing has entered into a definitive agreement to acquire Spirit AeroSystems.

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 Mon, 01 Jul 2024 13:13:51 +0000 eNethersole 68605 at http://www.timesaerospace.aero