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FINANCIAL NEWS
Abu Dhabi’s Mubadala wins USD1b deal from Boeing
17 Apr 2012
(MENAFN) Mubadala Aerospace, a unit of Abu Dhabi’s government fund Mubadala, won a USD1 billion contract to build carbon-composite parts for Boeing, Reuters reported.
Under the 10-year deal, Mubadala Aerospace will produce ribs, or strengthening components, for the tail section of the 777 mini-jumbo and the vertical part of the tail for the 787 Dreamliner.
CEO Homaid al-Shemmari said the deal is a further step into Mubadala Aerospace’s goal to become one of the world’s top five suppliers to the aerospace industry.
Boeing said this is the first direct outsourcing deal for composites production in the Arab world. Airline manufacturers are using more and more lightweight composite materials in their aircraft to boost fuel efficiencies.
Mubadal Aerospace’s unit Strata will begin delivering the carbon-composite tail parts to Boeing in 2013, according to the deal finalized at an Abu Dhabi aerospace conference.
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