Etihad Airways losses narrow amid fall in operating costs

Etihad Airways losses narrowed in 2019, with the company reporting revenues of $5.6 billion driven by a reduction in operating costs and a fall in fuel prices, the company announced on Thursday.

According to a statement from the airline, losses were reduced to $0.87 billion, $1.28 billion less than the company’s 2018 revenue of $5.9 billion.

Over the course of the year, the airline carried 17.5 million passengers, compared to 17.8 million in 2018. Its load factor, however, rose to 78.7 percent, compared to 76.4 percent in 2019.

While passenger revenues decreased slightly to $4.8 billion from $5 billion in 2018, the airline said that route profitability improved.

Investments
“Operating costs were reduced significantly last year and both yields and load factors were increased despite passenger revenues being down due to network optimisation,” said Etihad Aviation Group CEO Tony Douglas.

“An improvement to the cost base significantly offset the cost pressures faced by the business, giving us headroom to invest in the guest experience, technology and innovation, and our major sustainability initiatives.

“There’s still some way to go but profess made in 2019, ad cumulatively since 2017, has instilled in us a renewed vigour and determination to push ahead and implement the changes needs to continue this positive trajectory,” he added.

Stark improvement
Saj Ahmad, chief analyst at London-based StrategicAero Research, said that Etihad’s 2019 performance “shows a stark improvement in contrast to where it was two years ago”.

“While the airline still accumulated losses, considering the paring back of routes, reduction in frequencies and overhauling its fleet, Etihad is losing less money than before – putting it on track to get back into the black by 2022,” he said.

In the near future, Ahmad said that Etihad “isn’t immune to demand erosion” as a result of the ongoing coronavirus epidemic.

“It’s too early to tell the financial fallout – if Etihad starts standing down a sizeable portion of its fleet and puts staff on leave, then things could suddenly undo their hard work,” he added. “Further, the launch of Air Arabia Abu Dhabi could well be delayed too.”

Source:https://www.arabianbusiness.com/transport/442109-etihad-airways-losses-narrow-amid-fall-in-operating-costs

Abu Dhabi Ports inks deal to develop first autonomous tugboats

Scion Industrial Engineering

Abu Dhabi Ports has announced its collaboration with Robert Allan Ltd to develop the world’s first fully unmanned autonomous commercial marine tugs.

Once developed, the tugs will join Safeen, Abu Dhabi Ports’ maritime service arm, which maintains an expanding fleet of world-class service vessels.

The autonomous vessels will be able to operate in far more adverse weather conditions, helping to increase efficiency and enhance operational safety.

Abu Dhabi Ports said it will work closely with one of Canada’s oldest privately-owned Naval Architectural and Marine Engineering firms on the research and development of remotely-controlled marine tugs that will be fully unmanned.

Falah Mohammad Al Ahbabi, chairman of Abu Dhabi Ports said: “It’s a top priority for Abu Dhabi Ports to lead the charge towards digitalising the region’s maritime operations, and we are committed to providing a pioneering model for the sector. Adopting digital solutions and keeping up with the changing demands of global trade have proven to be key drivers for economic growth and are integral towards achieving our goal of being a smart port.

“Developing solutions and building strategic partnerships with industry experts will help achieve a paradigm shift in maritime operations worldwide, and globally in line with the directives of the leadership.”

Mohamed Juma Al Shamisi, Abu Dhabi Ports Group CEO, added: “Our cooperation with Robert Allan to develop a new generation of tugboats equipped with superior capabilities and modern technologies, reflects our commitment to ensuring that the infrastructure at Abu Dhabi Ports is at the cutting edge.”

Mike Fitzpatrick, president and CEO of Robert Allan Ltd, said: “We are excited to cooperate with Abu Dhabi Ports in this initiative, which provides us with an optimal opportunity to develop the world’s first fleet of remotely-operated tugboats for the commercial sector.”

Source:https://www.arabianbusiness.com/technology/442161-abu-dhabi-ports-inks-deal-to-develop-first-autonomous-tugboats

Developer Ellington says to fast-track new Dubai residential project

Scion Industrial Engineering

Ellington Properties has announced it is accelerating the development of Belgravia III, a trendy residential destination in Jumeirah Village Circle through its partnership with construction firm Dutco.

With all approvals secured already, resources have already been mobilised on-site and work will commence shortly to fast-track the project, the developer said in a statement.

Belgravia III is the third residential project under the Belgravia brand of Ellington Properties. The company has already handed over Belgravia I and Belgravia II.

Belgravia III has 260 studios, one and two-bedroom apartments and townhouses.

Belgravia III features two L-shaped buildings that face each other and overlook a central courtyard which is the largestof its kind in the JVC community and includes a large infinity-edge swimming pool with shaded pergolas and lounge seating, kids’ playground, private seating areas, and landscaping.

Joseph Thomas, managing director of Ellington Properties, said: “We are committed to delivering our projects to the highest standards of build quality. To ensure this, we work with contractors that have proven competencies and an exceptional track-record, such as Dutco.”
The project will also include a Residents’ Club lounge as well as a dedicated children’s playroom and a fitness centre, yoga area and change rooms.

In addition to Belgravia I and II, Ellington Properties has several projects located in Jumeirah Village Circle such as Belgravia Square, Belgravia Heights I and Belgravia Heights II as well as Eaton Place and Somerset Mews.

Source:https://www.arabianbusiness.com/construction/442155-developer-ellington-says-to-fast-track-new-dubai-residential-project

Dubai set to add 48,500 new homes before Expo 2020

Dozens of real estate projects, currently under construction, are set to complete prior to the start of Expo 2020 Dubai in October, according to new research

Property Finder’s latest market analysis has revealed a total of 179 projects nearing completion in Dubai, from Dubai South to Mirdif.

It said the number of properties that look set to hit the market by September mean sale prices and rental values will come under increasing pressure.

Lynnette Abad, director of Data and Research, Property Finder, said: “With some 48,500 units coming onto the market by September, it will certainly be a buyers and renters’ market. More cost-conscious buyers are expected to pay keen attention to the market, and with so many of Dubai’s leading developers involved in many of the projects, they can expect high quality property at some very reasonable prices.”

Developments from dominant market players like Emaar Properties are expected to attract a great deal of interest, with the developer registering a 260 percent increase in off-plan property sales last year compared to 2018.

Emaar Properties developments under construction will add nearly 4,000 more apartments to the city’s stock this year.

Damac Properties is expected to open its three Carson Towers in Damac Hills this month, adding 1,058 freehold apartments to Dubai’s property bank.

Also due for completion this month is Arabian Gate at Dubai Silicon Oasis, offering 704 apartments while Wasl Asset Management Group’s enormous 2,500 apartment complex at Ras Al Khor is now at 89 percent completion.

Al Habtoor Group’s Al Habtoor City Residential Towers, comprising three towers of freehold apartments in Business Bay is due for completion in April, offering 1,427 apartments while June should see completion of Millennium Place, a Mirdif Hills-based complex offering 1,500 apartments and 128 serviced apartments, backed by Dubai Investments Real Estate Company (DIRC).

“This phenomenal growth and rapid completion of so many projects makes 2020 a pivotal year for Dubai’s real estate market. We believe this year will set demand and supply cycles for many years to come, underpin pricing trends and have a clear effect on the wider economy,” added Abad.

Source:https://www.arabianbusiness.com/construction/442160-dubai-set-to-add-48500-new-homes-before-expo-2020