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Travel & Tourism

Flydubai places USD 11 billion order for 30 Boeing 787 Dreamliners

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Flydubai places USD 11 billion order for 30 Boeing 787 Dreamliners

  • The Dubai-based carrier places its first wide-body order for 30 Boeing 787-9s at the Dubai Airshow, diversifying its current fleet of all-Boeing 737 aircraft
  • This is the fourth aircraft order placed by the carrier since it was founded in 2008; building on the success of its business model

Dubai, United Arab Emirates, 13 November 2023: The Dubai-based carrier, flydubai, and Boeing [NYSE: BA] announced today flydubai’s commitment to purchase 30 Boeing 787-9 Dreamliners as the airline diversifies its fleet with the introduction of wide-body aircraft.

The signing ceremony was attended by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai; His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE; His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai; Boeing Commercial Airplanes President and CEO, Stan Deal and Ghaith Al Ghaith, CEO of flydubai, on the opening day of the Dubai Airshow 2023.

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Business & Investments

Mastercard collaborates with Dubai Islamic Bank to introduce cross-border payment services

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Mastercard collaborates with Dubai Islamic Bank to introduce cross-border payment services

Dubai, UAE; 13 November 2023: Mastercard has initiated a strategic partnership with Dubai Islamic Bank (DIB) to launch cross-border payment services for peer-to-peer (P2P) and business-to-business (B2B) fund transfers. The collaboration leverages Mastercard Cross-Border Services to enable the bank to provide real-time remittances through its digital channels across more than 40 countries worldwide. The Mastercard-powered remittance solution allows people and organizations to send and receive money around the world almost instantly.

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Travel & Tourism

Emirates orders 202 additional GE9X engines and services for Boeing 777X fleet

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Emirates orders 202 additional GE9X engines and services for Boeing 777X fleet

Agreement for world’s most powerful widebody engine builds on previous order for 258 GE9X engines, bringing total to 460 engines

Dubai, UAE; November 13, 2023 – Emirates today announced an order for 202 GE9X engines and spares to power its upcoming fleet of Boeing 777X family of aircraft. The order also includes a long-term services agreement. This brings Emirates’ total order for GE9X engines to 460. The 777X will be the world’s largest and most efficient twin-engine jet, delivering 10% better fuel consumption, emissions, and operating costs than any aircraft in its class.

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Education

Canadian University Dubai publishes inaugural PRME report on contribution to UN SDGs

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Launch event spotlights role of women in sustainable development

Release date, Dubai, UAE: Canadian University Dubai (CUD) has published its inaugural Principles for Responsible Management Education (PRME) report, showcasing the institution’s contribution to the 17 United Nations Sustainable Development Goals (UN SDGs). The report was presented alongside a panel discussion that showcased the voices of women in promoting sustainability in the MENA region.

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Business & Investments

‘Global Payments Report 2023’ from BCG

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UAE Payments Revenue Pool Projected to hit $19.8 Billion by 2027, Despite a Global Slowdown in Growth Rates Compared to Previous Years

  • Global payment revenues are projected to grow by $2.2 Trillion by 2027 at a CAGR of 6.2%.
  • The total payments revenue for the UAE payments industry grew at an annual rate of 9.7%, reaching $12.8 Billion by the end of 2022.

Dubai, UAE 13 November 2023: Amid global challenges such as the pandemic and economic fluctuations, the UAE payments industry has demonstrated resilience. Between 2018 and 2022, the total revenue for the UAE payments industry grew at a Compound Annual Growth Rate (CAGR) of 9.7%, reaching a revenue pool of $12.8 Billion by the end of 2022. In contrast, the global payments industry registered an annual growth rate of 8.3% to reach $1.6 Trillion by the end of 2022. According to the latest report from Boston Consulting Group (BCG), titled ‘Global Payments Report 2023’, slower growth is on the horizon globally.

BCG’s in-depth analysis of the UAE payments sector expects that the overall revenue growth will increase in the next 5 years (2023-2027) to a CAGR of 3.6% pushing the revenue pool to $19.8 Billion. In comparison, the global payment revenues are projected to grow by $2.2 Trillion by 2027 at a CAGR of 6.2%.  The report provides an in-depth market analysis, exploring challenges and opportunities for acquirers, issuers, and other key players in the UAE payments ecosystem.

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