20 July, 2006

NEW CEO OUTLINES THE VISION FOR DAE AT WORLD’S LARGEST AIRSHOW

Bob Johnson, newly appointed Chief Executive Officer, outlined his vision for Dubai Aerospace Enterprise (DAE), at a press conference earlier today (Tuesday) to the world’s media at the Farnborough International Airshow.

Johnson said: “From our base in Dubai, one of the world’s fastest growing cities, we intend to build a multi-billion dollar aerospace, manufacturing and services’ corporation that will help shape our industry of tomorrow.

“We aim to establish DAE as one of the most innovative and successful businesses in the global aerospace industry inside the next 10 years. That is a bold statement but Dubai has a ‘can do’ attitude, setting out to break boundaries and deliver ground-breaking initiatives that have a track record of succeeding on a world stage. That’s just what we plan to do with DAE.”

Johnson, who revealed that DAE will eventually employ some 30,000 people and support a further 5,000 indirect jobs, continued: “You will see rapid and significant progress as we build a place for DAE at the forefront of our global aerospace industry inside the next 10 years, and which will be at the vanguard of aerospace development for many decades to come.”

After nearly 40 years in the aerospace industry, starting at GE Aircraft Engines and most recently at Honeywell, Johnson has the breadth of experience to take on this challenging but hugely rewarding role.

On taking up his role at DAE, Johnson’s immediate focus will be building DAE’s executive team and launching DAE’s first four operational subsidiaries: DAE Capital, DAE Airports, DAE University and DAE Engineering.

- DAE Capital will support the rapid airline expansion currently taking place in many global markets, particularly the Middle East and Asia which are likely to account for 58% of all widebody fleet deliveries between 2004 and 2023. It will initially focus on financing for widebodied aircraft, working with carriers with aggressive expansion plans for their long-haul networks.

- DAE Airports has assembled a winning consortium of companies as it aims to become a global leader in airport development and operations. It is determined to be part of this rapidly growing sector, which has a forecasted cumulative investment of over $120 billion in airports in Africa, the Middle East, the Indian sub-continent and Asia by 2014.

- DAE Engineering aims to become a major player in the global aircraft and engine maintenance, repair and overhaul industry. To achieve this, it will be focusing on five key sectors of the industry: heavy maintenance, line maintenance, component MRO, engine MRO and conversions & completions.

- DAE University will open its doors in Dubai this autumn and offer a wide range of top-level courses. Students will be given the opportunity to complete MSc, MPhil and PhD programmes in aerospace-related fields to achieve degrees accredited by Cranfield University and recognised the world over.

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DAE, commented on Bob Johnson’s appointment as CEO: “Bob’s arrival is a significant step forward in the recruitment of a top level management team. He brings with him a wealth of experience and I know that, with him at the helm, DAE will quickly become an integral part of the global aerospace industry.”

DAE was launched earlier this year, against a background of unprecedented growth in the aviation market. The Middle East has become the leading buyer of aircraft internationally and together with Asia will account for three out of every five wide-body aircraft delivered in the next few years, according to a feasibility study conducted by A.T. Kearney, the leading management consultancy.

About Dubai Aerospace Enterprise (DAE)

DAE was established in Dubai in February 2006 and is building a US$15 billion global aerospace, manufacturing and services corporation.

DAE is made up of six divisions – DAE Capital, DAE Manufacturing, DAE Airports, DAE University, DAE Engineering and DAE Services. It is forming international partnerships at the highest level of industry with the aim of establishing one of the most innovative and successful businesses in the global aerospace industry inside the next decade.

The group will grow through a series of phased developments to produce an integrated aerospace cluster, based at Dubai World Central – the 140 square kilometre new airport and logistics city being constructed in Jebel Ali, Dubai.

DAE’s strategic partners include EMAAR, ISTITHMAR, Dubai Airport Free Zone Authority (DAFZA), Dubai International Capital, Dubai International Financial Centre, the Government of Dubai and AMLAK Finance. www.dubaiaerospace.com