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FINANCIAL NEWS
UAE to invest $136.1b in aviation industry
23 Dec 2010
(MENAFN) Sultan bin Saeed Al-Mansouri, the UAE’s Economy Minister, unveiled the country’s plans to invest $136.1 billion in its aviation industry over the next 10 years, in an ongoing effort to diversify its economy and capitalize on its transport and communications infrastructure, Reuters reported.
According to Al Mansouri, by June-end of the current year, air traffic increased 11.5 percent in the UAE, the world’s largest oil exporter.
Moreover, the country is home to Dubai’s Emirates airline, the largest customer for the Airbus A380 superjumbo, as well as Abu Dhabi’s Etihad Airways and Sharjah’s Air Arabia. Additionally, Abu Dhabi’s government-owned investment firm Mubadala and aircraft maker, Boeing, have signed an aerospace pact to help the emirate launch its fledgling aerospace industry, said Al Mansouri.
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