Emirates’ $18 Billion Boeing Order Kicks off Air Show

November 17, 2011 by · Leave a Comment 

By Praveen Menon and Tim Hepher

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An Emirates Airlines Boeing 777-300 aircraft takes off during the second day of the Dubai Airshow November 14, 2011.

REUTERS/Nikhil Monteiro

DUBAI (Reuters) – Emirates airline placed a blockbuster order for 50 Boeing 777 jetliners at the Dubai Air Show on Sunday, underscoring the confidence brimming among fast-growing Gulf airlines despite growing fears of stalling global growth.

The Dubai government-owned carrier, expanding its role as the world’s largest operator of Boeing’s most profitable plane, said the deal was worth $18 billion, the largest commercial order by value in the U.S. planemaker’s history.

Reuters reported on Friday that Emirates, which has led efforts by Gulf-based carriers to challenge European and Asian carriers by establishing the region as a major East-West hub, would place an order of between 30 and 50 Boeing 777 aircraft.

“This order represents a milestone — it is the single largest dollar value (order) in the Boeing history,” Emirates Chairman Sheikh Ahmed bin Saeed al Maktoum said at a press conference, before signing the deal with Boeing representatives as Dubai’s ruler, Sheikh Mohammed bin Rashid al Maktoum, looked on.

“(The) 777 has served Emirates very well in terms of seat costs … especially when we see the fuel price is quite high.”

Fuel costs took a big toll on the airline’s first half profits, sending them down 76 percent.

Emirates said it had adequate financing in place for 2012, and planned no new bond issue. Sheikh Ahmed said the airline, which launched a heavily oversubscribed $1 billion bond in June, would consider a bond if needed and if the timing was right, adding “we don’t have a push.”

Including options to buy 20 more of the twin-aisle aircraft and other agreements, the total deal is worth $26 billion, Emirates and Boeing said.

The airline planned to eye a mix of funding options for the order, including Islamic finance, he added. Delivery of the aircraft is slated to begin in 2015.

James Albaugh, chief of Boeing’s commercial division, said the order would sustain thousands of U.S. jobs.

Boeing delivered 127 commercial airplanes in the third quarter, including 100 of its best-selling 737 narrowbodies and 21 widebody 777s. The planemaker, which gets paid for its airplanes at delivery, set its commercial airplane delivery guidance for 2011 at about 480, down from previous guidance of 485 to 495.

GULF CARRIERS SPLASH OUT

Gulf airlines and lessors are set to splash out on Airbus and Boeing jets at the November 13-17 air show, underscoring the region’s role as the industry’s chief paymaster amid Europe’s worsening sovereign debt crisis.

Qatar Airways is expected to place a $6.5-billion order for 50 fuel-saving A320neo jets and five A380s from Airbus , and Kuwait lessor Alafco plans to boost a provisional order for 30 Airbus A320neos, industry sources said.

A muted air show two years ago came days before Dubai lurched into its own property and financial crisis in 2009, but the city state has been recovering after a bailout from neighboring Abu Dhabi.
Dubai’s ruler Sheikh Mohammed spent hours at the airshow, looking at commercial and military planes and touring the floor before taking a seat at the Emirates news conference, underscoring the keen interest that the emirate has in the success of its airline and ambitions for Dubai to become a major hub.

Demand for passenger aircraft has been remarkably robust led by rising numbers of middle classes in Asia and the Middle East and a shift of economic power from the West, but some analysts fear a contagion from Europe’s spiraling debt crisis.

“Nothing goes up forever but we really believe the demand for airplanes is driven by world GDP,” Boeing Commercial Airplanes Chief Executive Jim Albaugh said on the eve of the show.

“It goes up by about one and a half times GDP, and while you have spikes .. the long-term direction is pretty positive.”

EUROFIGHTER CHALLENGE

Increasing competition to sell military hardware to Gulf states amid rising tensions over Iran’s nuclear activities also dominated the start of the show.

In a blow to France, an $11 billion contest to sell fighters to the UAE heated up on the eve of the event when the Eurofighter consortium disclosed it had been asked to present its Typhoon warplane to the country’s top military.

A spokesman for the consortium from Britain, Germany, Italy and Spain confirmed a report on the briefing in industry publication Flightglobal.com, but declined further comment.

The briefing by UK officials took place in October in response to a request from the UAE, which has held long-running talks with France over a purchase of up to 60 Dassault-built Rafale fighters.

The move injected unexpected drama into the military side of the Dubai Air Show, which will feature rival flying displays by both jets.

Dassault Aviation Chief Executive Charles Edelstenne shrugged off the assault by the Eurofighter club which France backed away from in the 1980s to concentrate on developing its own independent successor to the Mirage.

“That’s very good, I’m happy,” he told Reuters, walking briskly among displays of military U.S., European and Russian military hardware.

Asked if he was disappointed about the decision to bring in a potential new bidder, he said, “No.”

The UAE has been in talks with France since 2008 but discussions have been subjected to occasional disruption and the UAE has also enquired about the Boeing F/A18 Super Hornet.

President Nicolas Sarkozy has made it a priority to find a foreign buyer for the multi-role Rafale, billed as one of the most effective but also one of the most expensive fighter jets in the world.

Analysts say rising geopolitical tensions surrounding Iran could lead to a spike in defense orders.

(Additional reporting by Sitaraman Shankar and Nadia Saleem; Editing by Amran Abocar and Reed Stevenson)

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Dr. Abdul Razzaque Ahmed Receives Lifetime Achievement Award From the Pan Arab League of Dermatologists

May 19, 2011 by · Leave a Comment 

Press Release

Pan Arab CeremonyDubai, UAE–On 19th of April 2011, the Pan Arab League of Dermatologists honoured Dr. Abdul Razzaque Ahmed of Boston, Massachusetts with a “Lifetime Achievement Award”.  The Award was given at a joint meeting of the Pan Arab League of Dermatologists and Dubai Derm 2011 held at the International Convention Center in Dubai.  The patron of the Meeting was HRH Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, who presided over the session.  In announcing the Award, Dr. Omar Al Sheikh of Riyadh, KSA, Secretary General, stated; 

“In recognition of his 35 years of dedication and commitment to treating patients with severe autoimmune blistering diseases and for the discovery of new and novel therapies to treatment them.  In addition, in recognition of his numerous landmark and milestone contributions enhancing the understanding of the molecular mechanisms of their pathogenesis, the Pan Arab League of Dermatologists present this Lifetime Achievement Award to Dr. Abdul Razzaque Ahmed.”

The Pan Arab League of Dermatologists has been in existence since 1979.  It consists of 23 Arab countries which have a cumulative population of over 8700 dermatologist that constitute the League.  It meets every three years in a different Arab country.  This is the first time in is 33 years of existence that it has bestowed such an Award. 

The objectives of the League are:

•    To hold conferences and educate its members with knowledge of the latest advances and discoveries in the science and practice of medical and surgical dermatology.
•    To promote the specialty, scientifically and professionally the League provides an avenue to advance collaboration between individual members and member countries. 
•    To foster the development of infrastructure in the academic institutions within member countries by aiding in the formulation of curricula, faculty recruitment and exchange, and sharing resources to create a learning environment that is challenging for young physicians to become competent dermatologists. 
•    To strongly support the translation of manuscripts, books, and other written educational resources into Arabic to advance scientific research and the utilization of information technology. 
•    To ultimately be the voice of dermatology in the Arab world by uniting Arab dermatologists under one umbrella.

Dr. Ahmed is originally from a small town called Wani in the District Yavatmal in Maharashtra in Central India.  He studied medicine at the internationally-renowned All-India Institute of Medical Sciences in New Delhi.  Shortly thereafter he went to the United States where he trained in Internal Medicine at the University of Pittsburgh, in Dermatology at the University of Buffalo, and in Allergy and Clinical Immunology at the University of California at Los Angeles.  Dr. Ahmed was on the Faculty of Medicine at UCLA for six years before moving to Harvard University in Boston.  He began molecular research and earned a Doctorate of Science degree from the Harvard University Faculty of Medicine, and a Master’s degree in Public Administration (MPA) from the Kennedy School of Government at Harvard University.

Thereafter, Dr. Ahmed continued his laboratory research for 20 years on the campus of the Harvard Medical School with funding provided by the National Institute of Health.  He also opened the first “Center for Blistering Diseases” in the U.S.  The Center provides an all-inclusive, holistic approach to treating every aspect of a patient’s life.  Dr. Ahmed established a model for the treatment of these autoimmune, potentially fatal diseases.  This model has been emulated in other cities with significant success.

Dr. Ahmed is one among a handful of blistering disease specialists in the world.  He has published original scientific papers in peer-reviewed journals, chapters in various books, and edited five  monographs.  He has lectured in the U.S. and worldwide throughout Asia, Canada, Europe, and the Middle East.  Blistering diseases patients come to him from all over the U.S. and several countries overseas.  He is unique because he is an excellent clinician, an imaginative and creative scientist, and an effective teacher with an infectious enthusiasm and the ability to make young physicians become interested and excited in what they study and learn.  He has received several prestigious awards in the U.S. and many other countries.  It is important to note that he also received two Citations for his research and its global impact; one from The Commonwealth of Massachusetts House of Representatives, and the other from the Governor of the Commonwealth of Massachusetts, Argeo Paul Cellucci. 

Dr. Ahmed treats patients with autoimmune, potentially fatal blistering diseases that affect the skin, mouth, throat, nose, eyes, voice box, swallowing tub, genitalia, and rectum.  The blisters break easily, leaving raw and open sores that are open to infection.  These sores stick to the clothes and bedsheets.  Patients are sick, toxic, and have difficulty coping with their daily lives, often afraid to be seen by society in general.  These diseases are rare.  For example, pemphigus occurs in one patient in a 250,000 population; cicatricial pemphigoid with a potential for causing blindness occurs in one in 1 million population, and epidermolysis bullosa acquisita occurs in one in 3 million people.  Most physicians do not know how to handle these patients and refer them to Dr. Ahmed for medical management.  His patients see him as a savior and “God sent”.  His treatments have saved numerous lives and prevented blindness in numerous others. 

When receiving the Pan Arab Lifetime Achievement Award, Dr. Ahmed thanked the patients who gave him their trust and the opportunity to make the discoveries he has made over the years.  He thanked his teachers, mentors, colleagues, and many students, for their dedication and assistance.  He focused on his research towards the discovery of the genes that predispose individuals to these diseases and their value and importance to all future research in this field.  He spoke about his discovery of two molecules involved in the process that allows these diseases to happen (target antigens).  He ended by discussing the discovery of two treatments (intravenous immunoglobulin and Rituximab) that can save patient lives and give them not only hope but offer the patients an opportunity to live normal lives. 

While many investigators are chasing “cures” for common diseases like cancer, heart attacks, and stroke, or wanting to find ways to lose weight, grow hair, and eliminate wrinkles, Dr. Ahmed has silent but perseveringly and relentlessly worked on these “orphan diseases” so that those unfortunate patients on the sidelines of the medical world may have hope and a chance to survive.  The Pan Arab League of Dermatologists has done the world, and especially the patients with pemphigus and pemphigoid, a great service by recognizing a physician truly worthy of such recognition. 

Direct inquiries to email address:  centerforblisteringdiseases@msn.com

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Dubai Officials’ Confidence-Building Britain, US Trip

December 17, 2009 by · Leave a Comment 

By Amran Abocar and Steve Slater

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An investor looks at stock information at the Dubai Financial Market December 16, 2009.   REUTERS/Mosab Omar

DUBAI/LONDON (Reuters) – Two top Dubai officials are visiting Britain and the United States over the coming days to rebuild investor confidence after neighboring Abu Dhabi helped bail out the emirate’s flagship company.

A source close to the government said the officials were already in London and would be in New York on Thursday and Washington on Friday to meet financial and political leaders.

“This is the next step in Dubai’s commitment to greater transparency,” said the source.

“They will spend the next few days meeting financial, economic and political leaders in London, New York and Washington, D.C. to discuss the actions taken this week to stabilize global markets.”

The emirate, famous for its man-made islands in the shape of palms and for other infrastructure projects, rocked global markets on November 25 with a request for a standstill agreement on $26 billion of debt linked to Dubai World and its two main property units, Nakheel and Limitless World.

The roadshow is being led by Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai’s Supreme Fiscal Committee and the uncle of Dubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum. Until recently he was best known as leader of the Emirates airline, but his public profile has risen since the debt crisis erupted.

Also on the trip is Mohammed al-Shaibani, deputy chairman of the same committee. He heads Sheikh Mohammed’s court and is chief executive of the Investment Corporation Dubai, which oversees the government’s investment portfolio.

‘Comprehensive Solution’

Earlier this week, Abu Dhabi, which produces 90 percent of the United Arab Emirates’ oil exports, provided $10 billion of financial aid to its fellow UAE member to meet the debt obligations of Dubai World until the end of April and to stave off a bond default by Nakheel.

Some $4.1 billion of the rescue funding helped Nakheel repay an Islamic bond, or sukuk, on Tuesday, a day after its due date.

The Abu Dhabi lifeline came in the form of bonds, at similar terms to a $10 billion bond issue to the UAE central bank in February, which carried a coupon of 4 percent per annum for the five-year, fixed-term issue.

Dubai also announced this week it would implement immediately an insolvency law modeled on U.S. and British practices in the event Dubai World needs to seek protection from its creditors. Meanwhile, Dubai’s ruler ordered the creation of a tribunal, headed by three international judges, to oversee any disputes between Dubai World and its creditors.

“They want to explain what happened this week,” said another source close to the government. “It’s very much the transparency message and to discuss the fact they presented a comprehensive solution.”

With the bond repayment out of the way, Dubai World must now agree a standstill with creditors, allowing it time to undergo a massive restructuring. It is slated to meet representatives from some 90 banks in Dubai on Monday.

(Editing by Andrew Callus and Kenneth Barry)

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Diabetes Spirals Out of Control in Gulf

March 12, 2009 by · 1 Comment 

By Sumayyah Meehan, MMNS

mcdonalds The unprecedented growth of diabetes around the world has raised red flags in the medical community, which is seeing a global spike in the disease in both the young and old alike. Nowhere is this more evident than in Gulf nations where the UAE is rated as 2nd in the world for the most diabetics per capita, 27% of the population is diabetic with the same percentage at risk for developing the disease. Other Gulf nations like Bahrain, Saudi Arabia and Kuwait are also fighting an uphill battle against the illness with more and more of their residents succumbing to a similar fate as their tiny Gulf neighbor.

Diabetes is one of the most common chronic illnesses in the world. It happens when the body stops producing insulin or when the body still produces insulin but is unable to respond to it. The most common treatment is the external administration of insulin through injection. However, many cases of diabetes in the Gulf go undetected until severe signs of the disease become manifest. Unlike most western nations, who are increasing budgetary expenditures to meet the influx of chronic disease within their borders, Gulf nations spent less than 4% of the GDP on the health sector last year that is in sharp contrast with the US who spent more than 11% of its GDP.

Perhaps the most disconcerting aspect of diabetes is the requirement, for some patients, to have a limb or extremity amputated. Diabetes restricts the amount of blood that flows throughout the body thus damaging nerves and often causing gangrene to set in. The only way to save the patient’s life is to amputate and even then it is estimated that the patient will only have 5 more years to live. In Saudi Arabia, where 25% of the population is diabetic, more than 90 foot amputations are carried out each month, which roughly translates into 3 amputations per day.

The increased revenue from years of oil surpluses and a life of ease has created a perfect storm that has swept through the Middle East with a ferocity that has taken many by surprise. With more money in the family budget, many families eat out a few times a week. And the choice of restaurant is not always the healthiest. Fast food restaurants, junk food and fizzy carbonated drinks have for years crept into the hearts of Gulf denizens who often prefer a McDonald’s Big Mac to traditional fare. Add to that the lifestyle in the Gulf, which turns lounging around into a sport and makes ‘exercise’ a dirty word.  Children are the most at risk for developing diabetes before they even reach puberty due to obesity, a decrease in physical activity and an increase in sedentary activities such as surfing the Internet or playing video games.

Diabetes is called the ‘silent killer’ for a reason as many people either don’t know they have it or ignore the treatment to care for it. Eating healthfully and engaging in exercise is often pushed to the wayside in favor of more pressing issues, like earning a living or caring for a family. According to the International Diabetes Fund, there are more than 250 million known cases of diabetes in the world. That figure is set to exponentially rise to 380 million in the next 15 years. And unless the governments of the Gulf take preventative measures now, the Middle East nations will make up a bulk of those cases. For this reason, the UAE based Harvard Medical School Dubai Center (HMSDC) has launched an initiative in cooperation with His Highness Mohamed Bin Rashid Al Maktoum’s Academic Medical Center to make 2009 the year to combat diabetes in the kingdom, educate the public and help doctors to better treat the disease.

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