Middle East Business Review – 4 Mar

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UAE TO RELEASE FIRST GOLD COIN BY MARCH END

The Dubai Multi-Commodities Centre (DMCC) announced the UAE’s first gold coin, bearing the portrait of President Sheikh Khalifa Bin Zayed Al Nahyan, will be available for distribution by the end of this month. “The coin will fill a gap in the global market for investment grade gold bullion coins, sales of which have been increasing on the back of volatility in financial markets and the increasing importance of gold as a distinct asset class. The proximity of the Indian market and its confidence in gold and jewellery from the UAE will further drive sales of these coins. In addition, the coins will serve as exclusive UAE souvenirs,” DMCC executive chairman Ahmad Bin Sulayem told newsmen.

BOEING DELIVERS 1,000th 777 TO EMIRATES

US plane-maker Boeing delivered the 1,000th edition of their 777 model to Emirates, their biggest client, in a colourful ceremony in Everett, Washington. “As the largest 777 customer, it’s very appropriate that Emirates is the recipient of our milestone 1,000th 777,” said Jim Albaugh, President and CEO of Boeing Commercial Airplanes. Sheikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates, guest of honour at the ceremony, said: “I would like to salute the 777 team of Boeing as without them we could not have become the global airline that we are today.”

EMIRATES MIGHT RESORT TO HEDGING TO WARD OFF SOARING FUEL COSTS AFFECT

Meanwhile, Dubai’s flag carrier chief hinted the airline may revive its hedging programme to protect its profits from getting dented by skyrocketing fuel prices. “Sometimes we have to accept that higher fuel prices is less profit. We used to have a (hedging) programme. We are looking at a programme to see what exactly we should be doing but we didn’t take a decision yet about how we are going to go about it,” Sheikh Ahmed bin Saeed al-Maktoum said in an interview with Reuters while adding that Emirates was forced to pay an additional $1 billion in its half year results alone.

QATAR AIRWAYS EXPECTS BOEING TO DELIVER ITS FIRST DREAMLINER SOON

Qatar Airways said in a statement it is expecting to take delivery of its first Boeing 787 Dreamliner this summer, while the remaining four aircraft to be delivered during the fall and winter of 2012. “Just over four years ago, Qatar Airways placed an order for 60 Dreamliners, so seeing these striking images of the aircraft on the production line gives us great pride as we are only months away from taking delivery of our first 787. We eagerly await the arrival of our first 787 to join our growing fleet of 105 aircraft that includes a mix of Boeing and Airbus passenger and cargo aircraft,” said Qatar Airways CEO Akbar Al Baker.

PRICE OF OIL TO FALL SOON CLAIMS GOLDMAN SACHS ECONOMIST

Inventor of the ‘BRIC’ economies terminology has claimed the price of oil is set to fall in the next few months as fears over Iran will subside eventually. “I returned from my trip thinking, as I did before, that an early attack on Iran doesn’t make sense for anyone, Israel included, and therefore between now and the summer, whatever premium is in the market because of this issue, it is quite feasible it will decline or be removed,” he told UAE’s The National newspaper.

F1 RACE IN BAHRAIN NOT ALL ABOUT MONEY, INSISTS RACING SUPREMO

Bernie Ecclestone, Federation of International Automobiles (FIA) chief, insisted the decision to go ahead with this year’s F1 grand prix in Bahrain has nothing to do with money. “They [the Bahrainis] will pay if there is no race. The money is in the bank already. So we’re not going because we’re going to get paid. That has nothing to do with it,” he was quoted as saying by the Sunday Telegraph. He also congratulated the Bahrain Grand Prix organisers for choosing the ‘UniF1ed – One Nation in Celebration’ as the slogan for the race.

(By Moign Khawaja – Editor: Arabian Gazette)

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