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FINANCIAL NEWS
Mubadala to introduce first UAE aircraft by 2019
03 Feb 2012
(MENAFN) Abu Dhabi’s Mubadala Aerospace said that by 2019, the company would deliver the first UAE-manufactured plane, reported Gulf News.
The firm, a unit of Mubadala Development Company, added that it would build the jet gradually as the company sets up the MRO [maintenance, repair and overhaul] with plans to make it globally competitive.
It also said that over the last 2 years, Mubadala moved into manufacturing and established Strata, which is a composite aerostructures manufacturing facility wholly-owned by Mubadala, in Al Ain, which was the first step to build the firm’s aircrafts.
It is worth noting that according to experts, the Middle East MRO spend is expected to grow at 9.4 percent CAGR (compounded annual growth rate), well above the global average, mainly driven by the high rate of twin-aisle fleet growth in the region.
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