| Dubai, prospering from near-record oil | | | | announced the formation of Dubai |
| prices, plans to invest $20 billion to | | | | Aerospace Enterprise as a holding |
| create a company that will lease planes, | | | | company with six operating subsidiaries. |
| develop airports and make aircraft parts | | | | Dubai Aerospace Enterprise will be |
| to tap into growing demand for air | | | | chaired by Sheikh Ahmed bin Saeed al |
| travel in the Middle East and Asia. The | | | | Maktoum, chairman of the Emirates |
| family ruled emirate, which owns the | | | | airline group and president of the Dubai |
| largest Arab airline, may buy as many as | | | | department of civil aviation. |
| 50 wide-body aircraft from Boeing and | | | | Dubai's ambitious foray into the |
| Airbus in the next four years, said | | | | aerospace industry will build on the |
| Rashid Al-Malik, project director for | | | | presence the emirate has already |
| the planned company, which will be | | | | established in the aviation sector |
| called Dubai Aerospace. "It's not | | | | through the development of Dubai |
| surprising Dubai is moving into these | | | | international airport and the rapid |
| activities because the whole focus of | | | | expansion of Emirates into one of the |
| the aerospace industry has shifted | | | | world's leading long-haul airlines. |
| eastward in recent years," said Doug | | | | The business concept here is to create a |
| McVitie, managing director of Arran | | | | new hub for aviation, from the leasing |
| Aerospace, a forecasting company in | | | | and maintenance of planes to training |
| France. | | | | personnel at a new university to |
| Mr. Al-Malik said Middle Eastern | | | | operating other airports and even |
| governments including Dubai, Abu Dhabi | | | | manufacturing aircraft. It clearly makes |
| and Qatar had ordered as many as 300 | | | | excellent business sense to lever off |
| aircraft for delivery in the next five | | | | Emirates position as a major buyer of |
| years and Dubai Aerospace would order | | | | aircraft to promote the Dubai Aerospace |
| its first this year. | | | | Enterprise to the aircraft manufacturers |
| The Dubai Government at the weekend | | | | like Boeing and Airbus. |