Dubai sets up 15-billion-dollar aerospace facility ! (Full Version)

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SiliconFreak -> Dubai sets up 15-billion-dollar aerospace facility ! (2/19/2006 6:07:45 PM)

The booming Gulf emirate of Dubai is to set up a 15-billion-dollar aerospace enterprise aimed mainly at providing worldwide maintenance services, the civil aviation chief said.

The new facility will provide aircraft maintenance at world airports and lease planes, as well as set up an aviation academy, said Sheikh Ahmad bin Saeed al-Maktoum, who is also chairman of Dubai's flagship carrier Emirates.

Announcing the formation of Dubai Aerospace Enterprise (DAE), Sheikh Ahmad said that "within 10 years, DAE will become an integral part of the global aerospace industry".

"Here in the UAE we are right at the heart of the most dynamic developments in the industry.

"This region is in a position to shape the trends that will decide the future of the global industry," he told an audience led by Dubai's ruler Sheikh Mohammed bin Rashed al-Maktoum, the driving force behind the emirate's ambitious projects.

DAE's operations will be divided between six subsidiaries, the first of which is "Airport Development and Operations".

It will focus on developing and extending existing airport infrastructure and target the rapidly emerging markets of China and India, DAE said in a statement.

Another subsidiary, for aircraft Maintenance, Repair and Overhaul (MRO), will be launched by the end of the year, "enabling DAE to ... become a major MRO hub for airline operators in the region and internationally," it added.

Others will include aircraft leasing and finance, and a Dubai-based aerospace university and research and development facility, in addition to components and engines manufacturing and assembly.

DAE is expected to create some 30,000 jobs, while 8,000 students are expected to pass through the new university, it said.

Affluent Dubai, a member of the seven-strong United Arab Emirates federation, is in the midst of a construction frenzy, with resorts, malls and residential complexes sprouting up across its desert sands.

Dubai, with a population of 1.2 million including more than a million foreigners, hosted 5.4 million visitors in 2004 and has made plans to receive about 15 million a year from 2010.

Source : YahooNews

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