Economy

In an interview with Economy Middle East, at COP28, H.E. Dr. Hala Elsaid, Minister of Planning and Economic Development of Egypt, underscores Egypt’s unwavering commitment to green and net-zero transition, outlining the planned initiatives to achieve the country’s ambitious sustainability goals.

Egypt has made a significant leap in its commitment to renewable energy, updating its Nationally Determined Contributions (NDCs) to reach 42% renewable energy by 2030, five years ahead of its previous target of 2035. The country has also implemented the first-ever Environmental Sustainability Standards Guide mandating all public institutions to embed green considerations within their investment projects.

“We have started with 20 percent green investments in 2021, we have reached 40 percent this year and targeting to reach 50 percent by 2024/2025,” says Dr. Elsaid.

H.E. confirms the success of the Monetization Program, highlighting that it has generated over USD 5.5 billion from privatized companies since its launch.

Despite ongoing border tensions, Egypt is closely monitoring its economic growth and projecting a promising 3.5% growth by year-end.

For more insights, watch the full interview.

The Bombardier Challenger 3500 can accommodate 10 passenger and strikes the perfect balance between sustainability, performance, and reliability. Accredited with having the most technologically advanced cabin in its class, Bombardier’s patented Nuage seats, 6,300 km range, and cruising speed of 882 km/h are only few of the many attributes that make it the ultimate luxury in the sky.

Salem Al Darei, CEO of Abu Dhabi Global Market (ADGM) Authority, outlines ADGM’s strategic plans to solidify its position as a global financial hub and enhance its offerings in an interview with Economy Middle East. The “Falcon Economy” concept, launched last year, embodies Abu Dhabi’s and the UAE’s growing prosperity, liberalization, and economic diversification.
ADGM, a leading international financial center, has seen its jurisdiction expand tenfold and its AUMs surge by 35%.
By hosting the second edition of ADFW, ADGM further strengthens Abu Dhabi as a global financial leader. Finally, Al Darei delves into the idea behind ADFW 2023’s theme, “Investing in the Transition Era.”

In an interview with Economy Middle East, John Kelly, president Middle East Turkey and Africa at Rolls-Royce, discusses the company’s groundbreaking UltraFan engine and its commitment to sustainable aviation. This next-generation gas turbine has demonstrated exceptional power and efficiency, marking a significant milestone in the race to net-zero emissions.

Rolls-Royce is paving the way for a greener future of air travel by making all its existing engines compatible with 100% sustainable aviation fuel.

Mansoor Janahi, Managing Director and Group CEO of Sanad, discusses with Economy Middle East the company’s focus on aviation sector growth, particularly in engine maintenance, repair and overhaul (MRO). Sanad has secured significant commitments exceeding AED 30 billion from global original equipment manufacturers (OEMs), reflecting the trust the company has built with industry-leading OEMs and airlines in its 35 years of operation. This underscores Sanad and Abu Dhabi’s pivotal role in the global aerospace supply chain. Janahi highlights the Dubai Airshow as a prime example of the Middle East’s robust contribution to the aviation sector’s growth —projected at 6% annually, surpassing the global rate of 3.6%.

Additionally, Janahi emphasizes the substantial market size of global engine MRO, projected to reach $64 billion by 2033, with the regional market expected to reach approximately $10.6 billion by the same year. Sanad currently holds the position as the only independent MRO provider in the Middle East, Africa, and India with a global customer base, and generates 90% of its revenue from outside the UAE. Importantly, this marks just the initial phase of Sanad’s strategic growth, with many more plans in progress.

Paul Griffiths, CEO of Dubai Airports, sat down with Economy Middle East, at the Dubai Airshow, to delve into the strategies that have propelled Dubai Airports to the peak of global aviation, retaining its position as the world’s busiest international airport for an impressive nine consecutive years. Griffiths highlighted Dubai’s strategic geocentric location as a key factor in its aviation dominance. The airport currently boasts an impressive network of 250 destinations across 104 countries, served by approximately 95 airlines. To further solidify its position as a global aviation hub, Dubai Airports has embarked on an ambitious mega-expansion project within the next 5-7 years. Furthermore, Dubai Airports is committed to embracing sustainable aviation practices, with plans to invest in sustainable aviation fuel and electric aircraft in the coming years.

At the Dubai Airshow, Captain Arnaud Martinez, CEO of The Helicopter Company (THC), shares with Economy Middle East insights into THC’s fleet expansion plans and vision for the future.
In addition to THC’s role far beyond transportation.

At the Dubai Airshow, Kuljit Ghata-Aura, president of Middle East, Turkey & Africa at Boeing, discusses with Economy Middle East the transformative power of aerospace as Boeing showcases its cutting-edge technology and adapts to the ever-evolving demands of the industry.

Sustainability takes flight with Boeing’s eco-conscious initiatives, paving the way for a greener future for aviation in the region.