ICD now owns Emirates Group

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Emirates GroupEmirates Group yesterday confirmed that its ownership has been transferred from the Government of Dubai to the Investment Corporation of Dubai (ICD)Investment Corporation of Dubai (ICD) as per a decree issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The decree also transfers ownership of DnataDnata to ICDICD, as per three new laws issued by Sheikh Mohammed and disseminated through his own website.

"According to the decree companies continue to be wholly-owned by the government, although now indirectly through the Investment Corporation of DubaiInvestment Corporation of Dubai," an EmiratesEmirates spokesperson said in an e-mailed statement.

"The transfer does not affect our management structure, nor any of our contracts with employees, suppliers or other third parties. It is business as usual," the statement said.

Sheikh Mohammed, in his capacity as Ruler of Dubai, issued Law No 27 of 2008 on the transfer of the ownership of DnataDnata to ICDICD. He also issued Law No 28 on the transfer of Dnata World Travel to ICDICD. Law No 29 of 2008 transfers ownership of EmiratesEmirates to ICDICD. He also issued Decree No36 of 2008 on the amendment of some of the provisions of Decree No 3 of 1989.

Two articles have been added to the original decree. Article 1 stipulates that as of the date the decree comes into effect, Dubai Government shall replace the late Sheikh Rashid bin Saeed Al Maktoum in his ownership of DnataDnata. Article 2 stipulates the phrase "Sheikh Rashid bin Saeed Al Maktoum" shall be replaced with Dubai Government wherever it is mentioned in the original decree. Decree No 37 of 2008 stipulates the appointment of Sheikh Ahmed bin Saeed Al Maktoum as Chairman of DnataDnata.

The laws will be effective on the date they are published in the official gazette, the notification said.

Fifth airbus A380 delivery may be delayed

EmiratesEmirates, which received its fourth Airbus A380 late last night or early this morning, sees a delay in the delivery of a fifth plane next year, its president said.

"It should have been by end-March but it will now probably be mid-April," EmiratesEmirates President Tim Clark told Reuters.

AirbusAirbus, the planemaking unit of European aerospace group EADS, has been racing against the clock to reach its target of a dozen deliveries in 2008 as it recovers from a series of setbacks and two years of production delays.

However, AirbusAirbus warned recently it would miss its 2009 target of 21 superjumbo deliveries by a "couple" of planes.

EmiratesEmirates, the biggest customer of the A380, the world's largest passenger aircraft, received the first of 58 superjumbos in July.

By Shweta Jain

© Emirates Business 24/7 2008