The debacle of the delayed delivery of the huge Airbus A 380 reminds one of the early 70ies of the last century. At that time a design problem on the 747 almost lead to the collapse of BOING Aircraft Industries. Unforgotten is the picture when the aircraft on its first flight broke down on the runway.
Restructuring Expert Dr. Nicole Essiger-Munk:
The near-default of BOING is an always present reminder!
The default of BOING, at that time, seemed to be inevitable. Only with the largest credits in banking history and Government guaranties the US aircraft manufacturer could be saved from defaulting.
If the A 380 crisis at AIRBUS (EADS) continues, a similar scenario could develop.
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| AIRBUS A 380 with EMIRATES logo on the fuselage shown in Dubai in flight over the Burj Al-Arab Hotel |
Management Errors and Shortage of Capital underestimated?
The rating agencies are about to revise the rating of the Airbus parent company EADS to reflect the higher credit risk. This would increase the cost of lending an estimated capital requirement of EURO 10 BN enormously, and at the same time scare Investors.
AIRBUS insolvent?
The Restructuring Expert Dr. Nicole Essiger-Munk warns of a default at AIRBUS INDUSTRIES and suggests a basic restructuring of the EADS Group. Suggested saving procedures remain unsatisfactory to reach a sustained establishment on solid ground and to prevent lack of capital.
Dubai in the role of the White Knight for AIRBUS?
In the prevailing scenario the United Arab Emirates could not only be financially strong Investors, but could also employ their impressive management know how and assist with their experience in running large projects.
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Large projects will be realized by Sheikh Mohammed in the shortest possible time
During her informative visit to the UAE the Author of her book: ”Insolvenzprophylaxe für Deutschland” (Restructuring policy for Germany) Dr. Nicole Essiger-Munk has studied this ability of the Emir of Dubai, the leader of the desert state, Sheikh Mohammed Bin Rashid Al-Maktoum. He has shown how huge Industrial- and Infrastructure Projects can be finished within a very short time.
The World’s largest Airport Dubai World Central is being built at Jebel Ali
While on the expanding Dubai International Airport the special terminal for the A 380 is being built, the airport at Jebel Ali is already under construction. The airport is laid out to have 6 runways and will be able to handle 120 Million passengers per year.
The Dubai World Central International Airport (JBX) is being built at
Jebel Ali and will be the largest airport of the World.
Together with the airport a new city is for one Million people is being created, with schools, the DAE University and a huge Logistics Center with direct connection to the largest man made port of Jebel Ali.
Dubai Aerospace reforms the future of air transport
One of the newest examples for Dubai’s ambitious aims in the air transport industry is the foundation of the Dubai Aerospace Enterprise (DAE).
This Billion Dollar Aerospace project of the United Arab Emirates will embrace all airline activities also that of EMIRATES and will be the world’s new yard stick in that industry. With the unique capital funding of 15 Billion US Dollars, the know how to produce aircraft components (DAE Engineering), its own Aerospace University (DAE University) and the boom in leasing aircraft (DAE Capital) the history of the air industry may well be re-written.
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EMIRATES Airlines have ordered a full years production of AIRBUS/BOING:
The airline EMIRATES with a majority of its shares owned by the Government and managed by Sheik Ahmed Bin Saeed Al-Maktoum, an uncle of the Emir, Chairman of EMIRATES AIRWAYS and President of the Aviation Board, with 43 firm orders for the A 380 is the largest single customer for this aircraft. The airline is growing in double digit figures and has ordered a total of 100 aircraft from AIRBUS/BOING. The late delivery of the A 380 endangers the expansion plans of EMIRATES. The indications are, that Dubai will play an active roll in the restructuring if AIRBUS to make certain its plans in the airline business is ensured.
Sheikh Ahmed Bin Saeed Al-Maktoum, Chairman of EMIRATES and President of the Aviation Board is uncle of
the ruling Emir.
Dubai’s entry into AIRBUS – with an option to further develop the aircraft manufacturer – would definitely firm up its position in the aircraft business.
An Airbus A 380 in the colors of EMIRATES AIRLINES from UAE.
The perspectives of growth in the neighborhood to booming markets of ASIA remove all doubts that Dubai will be the strategic hub and future center air traffic.
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