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Gulf states ink deal to seek reciprocity
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Airbus and Boeing signed deals to buy some US$5 billion of parts and materials from Abu Dhabi yesterday, in a sign Gulf states are seeking a reciprocal boost to their economies from the huge orders they have placed with the planemakers.
Gulf airlines, led by DubaiÕs Emirates and Abu DhabiÕs Etihad, struck plane deals worth almost US$150 billion Ñ or more, including options Ñ on the first day of the Dubai Airshow on Sunday.
The buying spree underscored a shift in power in the aviation industry, as oil-rich, fast-growing economies of the Gulf take advantage of their strategic position between East and West to draw more travelers from hubs in Europe and Asia.
While the orders are a big boost to Airbus and Boeing, the worldÕs dominant civil aircraft makers, suppliers in Europe and the United States are worried they will suffer from the growing globalization of the aircraft supply chain, in which Gulf firms are playing a part.
Airbus agreed a new deal yesterday with Abu DhabiÕs state investment fund Mubadala to expand their partnership Òfor further composite and metallic aerostructure production in the United Arab Emirates, in addition to procurement of composite raw materials, worth US$2.5 billion,Ó Mubadala said.
Reuters reported on Sunday the two parties were close to an agreement.
Separately, Boeing said it had also signed a new deal with Mubadala for Abu Dhabi to supply as much as US$2.5 billion in advanced composites and machine metals to the US planemaker.
In addition, Boeing said it had reached an agreement with Abu DhabiÕs Tawazun Precision Industries, a state-owned manufacturer, to set up a facility in the UAE for producing aerospace parts.
The facility will be up and running by 2016 and will produce parts for other aircraft manufacturers as well as Boeing, the two parties said, without disclosing financial details.
The hub cities in the Gulf Ñ Dubai, Abu Dhabi and Doha Ñ are spending billions on infrastructure in a bid to attract travelers and diversify their oil-based revenues, at a time when faltering Western economies are struggling to invest.
Mubadala, which has a mandate to develop the emirateÕs local economy, has sought to play a major role in the production of composite tail sections for passenger jets.
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