Business

Qatar Airways hits back at Airbus with video amid safety dispute

Published

2 years ago

22/01/2022

MNN

The Doha-based airline has said technical problems had forced the company to ground over a dozen jets of its 53 A350 fleet.

Qatar Airways took their dispute with Europe’s Airbus to social media, publishing a video of the scarred exterior of grounded A350 jets that the airline said underscored “serious and legitimate safety concerns.”

The two sides have been locked for months in a spiralling dispute over deterioration to paint and anti-lightning protection on the passenger jets, which Airbus has said is happening prematurely but does not represent any safety issues.

Qatar Airways hit back on Friday with the first official images of jets grounded by its regulator after Airbus accused the state airline of engineering the dispute to obtain compensation.

The dispute has led to the grounding of 21 planes out of 53 A350s operated by Qatar Airways, casting a pall over the airline’s preparations for the World Cup later this year.

Qatar Airways demanded $618 million in compensation, plus $4 million more per day for each day the A350 planes were kept idle.

Airbus must run investigation

Qatar Airways is pressing a London court for compensation of more than $600 million, while Airbus raised the stakes on Thursday by revoking a separate order for 50 A321neos, portraying the rift as a contractual rather than safety spat.

In the video lasting just over a minute and a half, Qatar Airways showed degradation on two A350s grounded by the country’s regulator.

Airbus has said there is “no reasonable or rational basis” for the groundings, which have not been matched by operators of A350s in other countries.

The clip showed peeling or missing paint and damage to underlying anti-lightning protection, as well as what the airline described as patches of the underlying structural carbon-fibre exposed to moisture and ultraviolet light.

The images echoed damage to A350s first revealed in pictures, as part of an investigation showing at least five other airlines had reported A350 surface damage since 2016, well before the Qatar dispute.

“We continue to strongly believe that Airbus must undertake a thorough investigation of this condition to conclusively establish its full root cause,” Qatar Airways said.

Airbus says it has provided the relevant information and concluded that there is no airworthiness risk, a view echoed by Europe’s aviation regulator.

Airbus had no immediate comment on the video.

Source: TRTWorld and agencies

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

2 days ago

16/05/2024

Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

Business

Dubai company awarded the development of SEZ

Published

6 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

Business

Over USD 713M generated attributing to revenue increasing by 3.7%

Published

7 days ago

11/05/2024

Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews